Digital currencies have been one of the most talked about topics lately. However, with a wide variety of choices now available in the digital currency market, it can be quite difficult to choose the right crypto currency exchange.
The potential to lose funds due to hacks or theft is a very real threat.
When choosing the best crypto currency exchange to keep your funds safe, fees low and excitement high when it comes to crypto currency investing and trading…
We choose Binance!
Check out this Binance exchange review to see why.
What is Binance?
Widely known for its crypto to crypto exchange services, Binance started in China. However, its headquarters was later moved to Malta – one of the most crypto-friendly places on earth.
Since its launch in July 2017, Binance’s popularity has been rapidly increasing mainly due to its simple model and impressive Initial Coin Offering listing.
Some other factors that contributed to the platform’s popularity are:
- Neat user interface
- High speed processing
- Availability in many languages
- Low trading fees
A key feature that made Binance different from other crypto-currency exchange platforms was how it was being used.
Originally Binance was mainly being used to trade cryptocurrencies. This was due to the fact the company hosted many of the alt-coins currently in the market.
However, since the start of 2019. Binance now allows you to purchase cryptocurrency with most credit cards and some FIAT currencies. This change offers easier access for people looking to get involved with crypto as Binance continues to spread world wide.
With an average of around $6 billion worth of asset trading in a week, Binance is the world’s second largest crypto exchange platform by volume.
What is BNB?
Binance crypto exchange has its own crypto coin, called BNB.
BNB can be used to pay trading fees, exchange fees, or withdrawal fees. A major benefit of using the BNB coins is that you will get 50%, 25%, 12.5%, and 6.25% discount for the first four years respectively.
In 2018, Binance the company ran a #useBNB social adoption campaign that appeared to be a success. New applications found use cases for BNB. Use cases like using BNB for travel, luxury purchases or just every day expenses.
Due to the success and increasing popularity of the Binance crypto exchange and BNB coin. Many new crypto tokens and coins companies are listing their currency on the platform. While other crypto currency exchanges are listing BNB.
How Does Binance Crypto Exchange Work?
Binance Crypto Exchange offers basic and advanced options for trading virtual currencies. What sets the two versions apart is that the advanced exchange offers a more in-depth technical analysis of the currency value.
Both Basic and Advanced options come with Binance Academy, Binance DEX and Binance Affiliate Program access.
Inside the Binance Crypto Exchange you are given a digital wallet compatible with each of the individual currencies being offered.
Make deposits, trade with others or make crypto compatible purchases directly from the Binance exchange app on your phone, tablet.
How Do You Open An Account On Binance?
Binance exchange sign up process is very simple. All you have to do is to visit the website, click on the register button, and provide the required information.
You will instantly receive a confirmation email.
On the first login, you will be asked to enable 2-factor authentication, also called 2FA, for enhanced account security. As soon as you complete this step, you can begin depositing funds in your account. When depositing funds, you will be provided a list of all the coins that are available on Binance crypto exchange. However, experts recommend sticking with Ethereum, Bitcoin and BNB.
There is a different wallet for each coin. You will want to make sure that you deposit a coin to its own wallet. If you mistakenly submit coins in the wrong wallet, you could lose all your funds.
Once your account is funded, you can begin to trade, invest, and exchange in different currency pairs.
While Binance is a great platform overall, there is one factor that has been considered a downside by some people. This is because Binance can only be used for generating limit and market orders. This may hinder some, but saves so many more from mistaking trading their funds for an unanticipated discount.
Currency Trading on Binance
If you have ever used any cryptocurrency exchange, you wouldn’t have any problem using this platform.
Simply choose the currency you want to trade in – the available options are Bitcoin, Ethereum, BNB (Binance’s own coin), or Tether (USDT). Then select the currency you want to trade it with. You will then get a list of bids people have made to buy and sell your selected currency.
You can now place an order by selecting the price you are willing to pay and the amount of currency you are looking to buy.
A unique feature of the Binance crypto exchange is that the company holds different competitions on a regular basis, enabling the users to win exciting prizes.
Despite the fact that Binance crypto exchange is new, the platform has managed to win the trust of not only its users but also the digital currency community.
However, there are some concerns regarding the security measures taken to protect the users’ funds.
Will Binance be able to win more customers by resolving the concerns?
Only time will tell!
Binance Exchange Review Final Thoughts
If you are looking to get started with cryptocurrency and don’t want to struggle.
Binance is the way to go!
Nothing in crypto is guaranteed or perfect. The industry is still very new. But when it comes to being at the right place at the right time.
Binance Exchange is all that and more. We can’t wait to see Binance DEX.
I started out as a customer, now I’m a promoter.
We believe Binance and the BNB coin will be around for years to come.
Follow them on twitter for daily updates.