Binance enjoys a huge popularity among online crypto exchange platforms with its main advantages being that it charges minimal withdrawal fees, while offering interested traders and investors the chance to purchase and exchange a great variety of different cryptocurrencies.
Binance Exchange is rightly considered one of the leading cryptocurrency exchanges globally, distinguished by the fact that it offers interested users the widest selection of cryptocurrency trading pairs than any other reliable exchange. As a result, Binance can currently boast as having the highest trading volume amongst crypto exchanges. Binance was founded in 2017 and just a couple of years later its growth and expansion has been remarkable, and even lead to the launching of its very own crypto currency, under the name Binance Coin. The Binance review below has been crafted with the aim of helping you discern whether Binance is the most suitable exchange to cover your own cryptocurrency trading and investing needs.
Easily accessible via either its website or the desktop or mobile version of its app, Binance allows its users to directly purchase crypto coins, using fiat currencies or other cryptos. Binance requires a sign-up process that is easy to complete, charges some of the lowest transaction fees around and offers more than 175 different digital assets for trading.
The accepted payment methods at Binance include wire transfers, debit and credit cards as well as bank account payments, while Binance can serve the crypto needs of users from more than 100 different countries across the world.
Its main pros as an exchange include that fact that it accepts credit and debit cards, requires a very easy sign up process, allows the deposit of funds for free and ensures the speedy execution of transactions.
On the downside, its cons include the fact that it charges considerable fees for withdrawing funds, as well as the fact that it has been hacked in the past and also the private keys for one’s crypto exchange account are held by Binance and not by each individual user.
Having briefly overviewed its basic features, let us now present the required process for signing up to Binance:
To be able to buy or sell crypto through Binance, you first need to sign up for a Binance Exchange account, which is an easy and straightforward process. What you need to choose first is the type of account to open, choosing between a verified and an unverified account.
Once you submit all the required information and documents, Binance will review your submission as soon as possible and notify you via email once your account verification process has been completed.
On Binance you can both directly buy, as well as trade cryptocurrencies. The digital assets available for trading are many more than those available for direct purchase, and in fact include the largest selection available with more than 175 crypto coins and tokens up for trading, including Bitcoin SV, Chainlink, EOS, Cosmos, Stellar and Cardano. The direct purchase of crypto coins can be done using fiat currencies or credit cards, and most popular cryptos are available for direct purchase such as Bitcoin, Cardano, Dogecoin, Litecoin, NEO, Ripple, Stellar ,Ethereum and Bitcoin Cash.
Through Binance you can buy any of the offered cryptocurrencies and pay via bank account, wire transfer and credit or debit card. The latter method ensures instant transactions, while the other two require 1 to 3 days to be completed. Moreover, when using your bank account, it is also possible to sell a cryptocurrency on the exchange as well.
Besides accessing their online website, you can also perform transactions on Binance through the mobile and desktop applications that they offer. These can meet the needs of most interested users, since the desktop application is available for MacOS and Windows, while the mobile app is available for iOS and Android.
Concerns about the safety of Binance arose in early 2019, when it was hacked for the whopping amount of 40 million USD. However, the exchange’s immediate response and the reimbursement of all the affected users, coupled with the fact that no similar incidents have been recorded since then, indicate that Binance is a safe venue for crypto purchasing and trading. Besides offering two-factor-authentication, Binance also employs universal factor authentication for added security purposes.
With buyers and sellers on Binance both paying 0.1% in transaction fees, this fee level is amongst the lowest in the crypto exchange industry, while the fee is subject to further reductions and discounts for those users choosing to hold more than 50 Bitcoin or 50 Binance Coin in their account for over a month. Moreover, the deposit of an asset into a Binance account is free. However, there are varying withdrawal fees imposed by Binance depending on the asset you wish to withdraw, while there are also minimum withdrawal amounts that you need to adhere by.
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