Binance Review 2021
Nov 5, 2023
What is Binance?
Binance is the largest cryptocurrency exchange in the world in terms of trading volume and its users are spread out across 180 countries. The Binance platform is user-friendly and has several unique features that are perfect for beginners. That is not to say that it isn’t suitable for experienced traders. Also unique about Binance is the Binance Academy, which refers to a wide array of resources that teach you all you need to know about crypto, trading, and smart investment.
History of Binance
The Binance platform was created in 2017 by Yi He and Changpeng Zhao. The two founders were former executives at the formerly Chinese crypto trading platform OKCoin (now based in the US). Binance gets its name from a combination of two words; Binary and Finance and these two words perfectly summarize the function of the platform.
Due to their positions and intimate interaction with the world of cryptocurrency, it was only natural that these two founders would end up gaining a deep understanding of the needs of investors, thereby making for a great foundation for Binance.
In order to raise funds, the co-founders planned for an ICO or Initial Coin Offering, where they offered investors 100 million Binance Coins. This event raised the Company $15 million USD thanks to the excitement around cryptocurrency at the time. The co-founders decided to spend 50 percent of the funds raised on branding and marketing, 35 percent on upgrading and improving the Binance platform, and 15 percent was kept aside for emergencies.\
How to Buy Crypto on Binance
Create an account
Creating a Binance account is actually quite easy. First, visit the official Binance website and click on the “Register” button, which will lead you to a signup form.
Simply follow all the steps required to open an account.
Verify your identity
To complete your identity verification, click on the dropdown menu indicated below and click on “Identification”. A detailed overview of the verification process can be found on Binance's help desk.
Deposit money and buy crypto
After completing all steps, your account is ready for trading. The Binance platform allows either deposit fiat currency, cryptocurrency, or a direct purchase of crypto using your credit card.
Transfering money to Binance is the lowest cost method to buy crypto on Binance. To do so, click on "Wallet" and "Fiat & Spot". Next, select the "Deposit" button.
Then, simply follow the steps provided by the platform. A more detailed description is also available on Binance's help desk.
Once you deposited money on Binance, it's time to start trading. Your dollars or euros will be automatically credited to your fiat wallet, which will allow you to trade crypto using Binance's "P2P Trading" and "Cash Balance" features. You can access these feature by hovering "Buy Crypto" in the menu bar.
More advances users will want to use the P2P Trading option, because it allows more advanced trades like stop losses or limit buys. Beginners are better served with the Cash Balance option, but be vary that this will incur additional fees.
Paying directly with credit card is the easiest way buy crypto on Binance. Simply click on "Buy Crypto" and "Credit/Debit Card" to get to the purchase screen. Next enter the USD or EUR amount you want and select the crypto you would like to buy.
Finish your purchase by entering your credit card details and (if required) confirming your purchase with Visa 3D-Secure or MasterCard SecureCode.
Binance has an app that works perfectly with all mobile devices and you can conveniently log in and trade on the move; on the bus, in the park, in your workplace, you name it. Binance also sends you regular updates on the crypto market to allow you to make informed decisions for each trade you make. The Binance mobile app is compatible with both iOS and Android devices.
Features of Binance
Available Payment Methods
The Binance platform offers a host of payment methods to its users. These include:
- Cryptocurrency Deposits
- Bank Deposit
- Credit/Debit Card
- PTP Trading through your Bank: 60+ Options Available
- 3rd Party Payment: Simplex and Via Banxa
Limits and Fees
Binance recommends that its users choose the bank deposit option. With this option, you will incur a flat fee of roughly $1 for deposits. If you are using Mastercard or Visa you will incur a 1.8% deposit fee.
Spot trading (i.e. the P2P Trading option) incurs a 0.1% fee, while direct purchases of crypto using cash balances incur a 0.5% trading fee.
Is Binance Trustworthy?
According to Binance, it is therefore imperative that the company takes all possible measures to ensure the security of its users’ assets and investments.
For starters, Binance incorporates a two-factor-authentication (2FA) for all your accounts and we recommend that you activate yours once you create an account on the platform. The two-factor-authentication feature sends a unique code to your personal phone number via text message every time you attempt to log onto your device.
That means that any unauthorized person would only be able to gain access to your account if they had both your account password, phone password, and actual possession of your phone, which is, honestly, quite unlikely.
Binance also advices users to bookmark the official website on all their devices to ensure that they are always logging onto the correct website. Scammers have been known to send users’ pop-ups and SMSs, luring them to access a clone version on the site where they can gather sensitive information they can use to access a user account.
Ignore any dubious request that asks for your password or two-factor-authentication code, or links that direct you “Back to a Safe Place”. That includes prompts from persons alleging to be Binance staff or Customer Care. Remember, you are the only person that has the right to have information related to your account. To ward away scammers, ensure that your devices are fitted with a strong, active antivirus, which will further prevent the leaking or loss of sensitive information.
Binance has also increased its international compliance with regulatory authorities in various countries due to the increasing regulatory pressure, whose purpose is both to protect users and to ensure that crypto exchanges are not exploited for nefarious purposes. To this end, Binance has also limited some controversial services such as high leveraged trading and security tokens
Today, there are countless platforms in the crypto exchange market, all competing to get investor/trader attention. To stand out of the crowd and become the biggest crypto exchange platform in terms of volume is no small feat, but that is exactly what Binance has been able to accomplish. That in itself speaks to the quality and reliability of the platform.
From its daily operations to the technology it applies, Binance has created one of the most ideal spaces for cryptocurrency trading. Further, considering its history, investment decisions, and constant growth, it is clear to see that the Company is always striving towards better methods to serve its clientele. With all that effort, it’s no wonder Binance is amonh the top crypto exchanges.