Review of cryptocurrency exchange Binance 2023

What is Binance

The Binance crypto exchange is a blockchain ecosystem that combines the exchange directly with a turnover of more than $75 billion, as well as the supply of infrastructure for all areas of the industry:

• Trading in crypto assets and fiat instruments;
• Investments in a variety of products and directions;
• NFTs;
• Highest quality education for clients of any level of training;
• Decentralization of any structural solutions;
• Drawings, tournaments, and tasks for clients with solid cash prizes;
• Profitable affiliate program;
• Research on blockchain application industries;
• Incubator of new tokens and internal ecosystems;
• Charity projects.

This is not the whole list of what the Binance ecosystem is. Everyone will find a lot of new and interesting things for themselves.

What services does Binance offer

You can’t discuss Binance format platforms as a cryptocurrency exchange only, as the expansion of the industry has become a competitive advantage. Why work with many sites when everything you need is on one.

Platform for trading crypto assets

As the basis of any crypto exchange, the Binance trading platform combines more than 600 different tokens and coins combined into mutual trading pairs. There are also pairs with fiat instruments for those who are just getting to know the world of crypto trading.

Payment Gateway

The ability to replenish the account in many ways, both through the services of the exchange itself and through the P2P format, choosing a currency and exchange rate from hundreds of offers, as well as placing your exchange orders. Replenishment and withdrawal to payment cards are available. Binance acts as a guarantor for transactions. The average transaction duration is 4 minutes.

Purse

The Binance crypto exchange is a universal multi-wallet for all supported assets. Its security level is very high, as it is protected both by the exchange itself and by additional settings of client profiles. Do not neglect the security settings for your accounts.

Directly from the wallet, you can work with balances and create orders on the market, as well as convert them into the necessary assets at the current rate.

Investment Hub

Investments in cryptocurrency are more popular than classic investment requests. The profitability of a successful investment is from 100% per month. The risk is also great, but the ever-growing number of crypto millionaires makes it necessary to study these issues more deeply. Binance offers several investment options:

• Buying and holding coins until the price rises is a classic of the genre, designed for calm, balanced decisions with a willingness to wait;
• Staking – freezing coins on a special account at a percentage. A stable, but not particularly profitable investment in terms of interest. On the other hand, interest is charged in coins and if they grow well in value, double profit is obtained.
• Participation in airdrop programs and accrual of coins during network forks. Binance, by placing new coins in the ICO, motivates users to take part in the auction by giving away a certain number of coins for free. Moreover, for holders of a number of cryptocurrencies, when the blockchain is split or its block is recorded, new coins are credited to newly created accounts automatically.
• Automatic investment. It consists in creating an investment plan from coins and an accumulation period, for example, up to $100,000. Every reporting period, day, week, month, money is debited from the specified card and the selected assets are purchased at the current price. Thus, both a savings investment and an average purchase of an asset are obtained. All coins in this program are additionally charged interest on staking.

Provider of new tokens

Binance exists within its own ecosystem, which includes hundreds of different coins and tokens. Some of them are traded on the exchange as a trading asset. Taking a direct part in development support, the company’s focus group understands perfectly well what prospects the participants have. The most promising coins and companies go public with the support of Binance. Tracking the current activity of new listings allows you to buy assets at the lowest price and sell at the peak of primary interest. Profits are amazing.

NFT provider

NFTs have become a real breakthrough in the crypto industry, expanding the opportunities for earning and investing several times. Immediately, many serious exchanges appeared, where only NFT tokens are traded and only for cryptocurrency.

Binance also joined the new trend and implemented three directions at once:

• NFT Event – events dedicated to the appearance of new collections or the release of their NFTs by eminent people or companies, such as football clubs. As part of event ticks, users receive NFT tokens for little activity, which can then be profitably sold.
• NFT marketplace is a classic token exchange in the auction format. Despite the youth of the direction, some companies and individuals have become trends, and NTF arbitrage is shifted to the shoulders of automatic trading algorithms. Transactions are carried out for Binance USD (BUSD).

• Mystery Boxes is a tempting offer typical for this kind of trend. For a fixed fee, the user buys a case with unknown content. Most often it is equal to the cost of boxing. With some probability, unique or legendary NFTs can be caught, the sale of which at auction will bring a very high profit.

How Binance Works

The crypto exchange works with a focus on a balance between the security of customer funds and their mutual anonymity and the convenience and efficiency of using the company’s services.

Full-fledged work with Binance begins after identity verification. Personal information is stored in encrypted form on media not connected to the network and is used only to resolve disputes on the platform itself. Information is not transferred to third parties and structures.

Regarding assets in cryptocurrencies, most of them are withdrawn to cold storage to avoid their withdrawal in case of hacking. On the company’s accounts, only the balance necessary for free deposit / withdrawal.

Replenishment occurs almost instantly in all directions, except for P2P, where transfers are made manually by the participants in the transaction. The average duration of enrolment is 4 minutes.

Trading takes place with funds deposited into accounts in the respective trading pairs. In addition, the necessary coins, for example, for investment or payment for goods, can be exchanged instantly through the Binance exchange machine.

After the transaction is completed, the funds are available for withdrawal, investment or other transactions.

For everyone who is going to devote maximum time to crypto trading, training has been organized, and many materials have been collected regarding margin trading and complex transactions.

Binance Wallet

It supports all cryptocurrencies traded on the exchange, as well as fiat funds with which there are trading pairs. Each direction has its own payment methods. Cryptocurrencies are accepted from all addresses, and for each specific sender, you can generate your own receiving address to the same wallet for anonymity.

Fiat gateways work with those directions of replenishment that the state allows to use. These can be card transactions, money transfers or replenishment through self-service terminals.

The Binance Wallet is split into Spot Wallet and Margin Wallet:

• Spot – a wallet where all money from replenishment and transactions is credited, it is responsible for the bulk of operations;
• Margin wallet is a special wallet to which you need to manually transfer funds to trade for a decrease in crypto assets. This account holds a pledge of money against a loan on the cryptocurrency exchange, which the trader sells for a fall to buy it back cheaper than the selling price and make a profit. This type of trading is considered very risky and is only suitable for experienced traders after sufficient preparation.

Commission fees

An important part of the analysis before choosing an exchange is the fees. Many companies sin by attracting users with promotional offers that are not profitable for them at first glance. But in reality, it turns out that the system commissions and additional fees and payments work out all the bonuses and promotions a hundredfold.

Deposit fees

When replenishing an account, a commission of 0.5% -2% is charged from the card, depending on the currency and the amount of replenishment of the account. For exotic currencies and banks of countries that do not work with international netting systems, commissions may be higher.

With P2P replenishment, a commission of 0.35% is charged when placing your application for the purchase of cryptocurrency. When it is accepted by the seller, the maker (the one who placed the order) pays a commission. If you accept an already placed offer (taker), the transaction occurs without commission.

Fiat replenishment through interbank transfer systems and electronic payment systems is subject to a commission of 0.5% – 3.5% depending on the currency and method of depositing funds. Up-to-date information in each case is published next to the selected replenishment method.

Sometimes it is more profitable to make an additional transfer to a direction that is more profitable for depositing an account on Binance and enter with a lower commission than using the suggested options.

Withdrawal fees

Cryptocurrency withdrawals are only subject to a transaction fee by the supporting network. There are no additional fees from Binance. When paying through non-binance exchange services, additional fees may apply.

P2P withdrawal – a commission of 0.35% when creating an order at a favourable rate for the client. When accepting a placed offer, no commission is charged.

Withdrawal to fiat directions – the commission ranges from 0.5% to 3.5% depending on the direction of the withdrawal. Partner companies can change the conditions, follow the current display of information on the Binance website when withdrawing funds.

Transaction fees

As is customary, the size of the commission decreases when high trading volumes are reached during the trading month. The base rate for a novice trader ranges from 0.1% to 0.04% when the maximum trading volume is reached. When paying with BNB tokens, the fee is reduced by 25%.

Margin borrowing – Binance has a fee of 0.1% or less.

Other commissions for more complex transactions are no more than 0.15% and decrease with increasing trading volumes.

Important! For some transactions, commission fees can be combined, for example, for the use of margin + on the transaction itself, where this margin will be used.

The commission on Binance is one of the lowest among the TOP 10 companies in this area.

Bonuses and Promotions

Binance hosts a huge number of them and have created a special section on the site where all current offers for the client are displayed. The number of offers and their profitability depend on the level of the account, that is, on its monthly turnover.

A separate area is bonus deposits and promotions for new investment or trading instruments. So, Binance offers coupons for depositing small amounts of BUSD for a period of 7 days, with interest accrued immediately to the user’s account. This is how Binance shows the simplicity and profitability of staking.

There are also coupons for participation in various events and the accrual of coins as part of airdrops for active users.

Is the Binance exchange safe

The overall security level of Binance is at the “High” level. This is partly due to modern security algorithms and error analysis of companies that have been hacked in the past. On the other hand, blockchain and information encryption technologies have advanced a lot and are actively used by marketplace security people.

Part of the security issues lies on the shoulders of account holders. The higher the level of protection for the account itself and the linked devices is activated, the more difficult it will be for fraudsters to withdraw funds.

From the global loss of cryptocurrencies, as was the case with some platforms in the past, cold storages, which contain coins that are not involved in the current operation of the markets, are reliably protected. Moreover, a special fund created to compensate for any problems with current balances will cover any loss instantly without customers even noticing the change.

Pros and cons of Binance

In order not to repeat ourselves, we will make a small list. Let’s start with the negative:

• High commission for fiat deposits from some directions;
• A few fiat replenishment options, including anonymous ones;
• A few fiat withdrawal options, anonymously.

Now for the positive:

• High reliability;
• Low commission;
• Large selection of trading instruments;
• Investment block;
• Many additional directions;
• Operational support in all key languages;
• Fast deposits and withdrawals.

Conclusion

In summing up, it is worth noting that the Binance crypto exchange rightfully occupies a place in the ratings of the best cryptocurrency marketplaces. This is not even an exchange, but a whole infrastructure that allows you to generate coins, trade, invest, exchange, and so on.

Whether you are looking for an exchange to start your crypto trading journey or seeking a safe alternative to split your capital, Binance is the place to be.