Binance exchange is a name that is becoming the choice of many investors when the cryptocurrency market is growing and virtual currency exchange systems are also born more and more to serve the needs of users. Nearly in every rating chart, Binance is in the top 3 most popular. What makes many people decide to come to Binance, the answer will be in the overview review below.
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- Head office: Malta
- Recharge method
- Trading products: BNB, ETH, TRX, XRP + 265 coin pairs
- Fee: 0.1%
- Leverage: 125x
- Trading Platform: Website, IOS App, Android App
ADVANTAGES
+ Low transaction fees
+ High liquidity
+ Support many coins
+ High trading volume
DEFECT
- Slow processing speed when traffic is high
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- Do not allow transactions in currencies such as USD, EUR,...
Binance exchange website interface
Website interface is one of the important factors in evaluating Binance exchange. In general, Binance is one of the reputable virtual currency exchanges. Binance is quite easy to use, the sections are clearly divided to suit the different needs of customers. Whether you are a beginner or an investor, you can still understand how to register and perform trading steps on reputable virtual currency exchanges.
Binance Exchange Reputation
Overview of Binance exchange
Binance app review will give you the most overview of this exchange. Binance exchange (Binance coin exchange) is known to have one of the best virtual currency rates available today because of not only a strong security platform but also a highly regarded professional team. The platform accepts users from all over the world and has received positive reviews from every crypto community. Recently, the exchange is also partnering with 3rd party companies like Simplex to allow high-fee credit card purchases and bank transfers.
Which country is Binance exchange?
Binance is a Hong Kong-based virtual currency exchange created by developer Changpeng Zhao (aka CZ) in July 2017. Zhao Beijie Technology's company created the exchange after raising money. raised 15 million dollars. After controversies with the Chinese government's stance on cryptocurrencies, Binance has now located its servers from countries that are more open to cryptocurrencies. “In response to China's decisions, we will be transferring our IP from Hong Kong to a location outside of China. So we are registered to binance exchange and have headquarters in many other locations around the World. That way, we will never be influenced by a regulator,” Zhao explained.
Legal issue
Although the company was founded in China, they moved their headquarters to Japan prior to the Chinese government's crypto trading ban in 2017. In 2018, Binance established an office in Taiwan and Notice of move to Malta. But in 2020, the Malta Financial Services Authority (MFSA) clarified that Binance is neither officially registered nor regulated in the country.
Founded year
Launched in China in July 2017. Despite being late, Binance is still leading in the top of the most popular exchanges based on the most basic Binance evaluation criteria.
Trading volume
The exchange has enjoyed incredible success since it launched in the summer and it is currently in the top 10 for 24-hour trading volume on Coinmarketcap. Up to now, the trading volume on Binance exchange has reached 5.2 billion USD per day.
Security exchange Binance
Is Binance exchange reputable? Since a hacker attack took away more than 7000 BTC in May 2019, Bitcoin exchange Binance has increased security by introducing Universal 2nd Factor (U2F) and advanced authentication methods. its exchange monitoring capabilities. At the same time, Binance encourages users to enable two-factor authentication (2FA) using Google Authenticator or SMS authentication. Furthermore, traders have an option to whitelist addresses and set up anti-phishing codes. All withdrawals from binance to the bank must be confirmed by email.
Binance Exchange Trading Activities
Binance Exchange Fees and Liquidity
Trading Fees: Binance takes a 0.1% cut of every trade that takes place on its trading platform, making it one of the cheaper cryptocurrency exchanges on the web. As such, a 0.1% transaction fee applies to both spot and margin trading. You can also get substantial trading fee discounts when you use Binance Coin (BNB) (up to 25%), refer friends (up to 25%).
Low transaction fees also apply to Binance Futures. At the most basic level (VIP 0) you will pay 0.02% producer fee and 0.04% receiver fee. You can also get substantial trading fee discounts when you use Binance Coin (BNB) (up to 25%), refer friends (up to 25%). Together they make Binance one of the cheapest cryptocurrency networks in the industry.
Binance Exchange Fees
Liquidity: One of the factors that helps Binance to be in the top of reputable virtual currency exchanges is liquidity. The liquidity of this virtual currency exchange is high because the trading volume on Binance is extremely large, you can buy and sell coins in large quantities at any time.
Transaction limit
The trading limit of Binance exchange is regulated based on the customer's level, specifically as follows:
- Level 1 (unverified): trade/withdraw 2 BTC every 24 hours
- Level 2 (fully verified): 100 BTC every 24 hours trading/withdrawal
- Level 3 (for “whales”): Over 100 BTC every 24 hours
Therefore, if you are not trading or withdrawing more than 2 BTC every 24 hours, you can start with a tier 1 account and you do not need to go through KYC. For example, you want to withdraw 4 BTC, you can spread this over 48 hours to still meet the limits.
Leverage Review
Binance says that the exchange's new Forex leverage range will have lower fees, less risk, and a higher level of user protection compared to other products. More specifically, the token's leverage will change dynamically from 1.5x-3x depending on market conditions and will also not rebalance unless necessary. For comparison all FTX leveraged tokens have fixed leverage and will rebalance daily to maintain that leverage.
Deposit and withdraw money on Binance exchange
Deposit and withdrawal methods: Binance supports many different deposit and withdrawal methods, so customers will have more options when participating in trading on Binance exchange:
- Simplex (VISA and Mastercard)
- Bank Transfer SEPA
- iDeal bank transfer
- BANXA (bank card and bank transfer)
- Koinal (VISA, Mastercard and other major card processors)
- Paxful (300+ payment methods)
Processing speed: On June 6, Binance exchange announced a new version upgrade that makes the processing speed ten times faster and the ability to handle 100 times larger volumes than previous versions. old version.
Support when there is a problem: The processing speed of the Binance exchange's problems is highly appreciated. As long as you contact us, there will be more staff to work directly and fix it immediately. This is also one of the big plus points that make investors choose this exchange.
Binance Exchange Platform
The exchange's trading platforms: The three basic platforms that Binance uses are: Website, Andoird, and IOS, which are popular and familiar to users.
Website Interface: The Binance website and trading pages have been revamped in 2019 and are now easy to understand and navigate for both beginners and experienced users. It even offers the ability to move between basic, classic and advanced trading screens, so that experienced traders can benefit from having more information on one page. In contrast, less experienced traders can do token swaps without multiple windows and graphs.
Binance exchange customer support
Supported languages: Binance exchange supports many different languages such as: Chinese, English, Japanese, Korean, Russian, Spanish...
Customer support forms: There is a section on the homepage of Binance exchange that includes prepared answers to problems that customers have, you can go there to search for answers. answer to your problem. If your problem is not in the above section, you can contact the support team directly by sending questions directly at the customer support section.
Assessing the Binance exchange objectively, this is still the best choice for both beginners and professional traders. Security and safety features are one of the best evaluation parameters for people to decide to choose the Binance exchange. Hopefully, the above article has provided you with information about Binance exchange as well as answered questions about what is Binance exchange? Helps you have a better overview of this exchange, assisting in your investment process.
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