Binance is a trusted crypto exchange where people from all over the world engage in crypto trades and exchanges. There are plenty of unique features that Binance offers to its worldwide community. This Binance review will discuss those features followed by the frequently asked questions. After you finish reading this article, you will have a complete understanding of how to use Binance and its services.
Table of Contents
- Binance intro – Compatibility of Binance Exchange
- Binance Review – How to trade on Binance
- Binance market – an overview
- How to buy cryptocurrency
- Binance Trading Fee
- Binance vs. Coinbase
- Advantages and Disadvantages of Binance
Binance is a Hong-Kong based crypto exchange founded by Changpeng Zhao. Zhao worked as a Technical Director in Blockchain.com and had a broad experience of working in the crypto market.
The first investors were rewarded with Binance Coin (BNB) as a gratitude for their investments. At the time of launch, the value of BNB was 0.1 USD.
At present, more than 30 trading companies use Binance Exchange to extend their services.
Following the restrictions on cryptocurrency from the Chinese government, Binance had to move its servers from Hong Kong to Malta.
Compatibility of Binance Exchange
Binance is compatible with all popular operating systems. Its applications can run on Android, Windows, IOS, and MAC-OS. To get started, you just need to download and install the application at your device. The Binance app has all the necessary features to make your life easy.
Binance also offers an API that can be integrated with any trading application. You can integrate this API with any application for any operating system. Using Binance API with your trading app will add more value to your services.
Binance Review – How to Trade on Binance?
Trading on Binance is very interesting. It offers five modules based on the level of users. The modules include.
Here’s the brief explanation of each:
Basic: In this module, users can trade their crypto assets with visual presentations. Here, you set the worth of crypto asset you want to trade and the target currency’s value.
Classic: Usually, the trade market trends are interpreted through charts. These charts let you know the upcoming trends of a currency. Although the classic module uses charts, they are not easy to understand for beginners. Therefore, only the users with prior experience in this field use this method for trading purposes.
Advanced: This module has access to all trading tools. The high-level knowledge of advanced modules by Binance will help you to make money via wise trades.
OTC: OTC by Binance is the corporate level platform where companies trade their securities. In this module, you can’t perform individual trades.
P2P: Peer to peer method is the most advanced module as it supports all types of trading over Binance. A few years back, Binance didn’t support fiat to crypto trade. But P2P by Binance has made it possible now. Moreover, it supports crypto to crypto trades as well.
Binance aims to provide users with an easy buying, selling, and trading platform. Here you can purchase crypto-assets and sell them whenever you want.
An Overview of Binance Market
At Binance, you can find information about various cryptocurrencies in the market. These are the modes that will help you check the worth of a cryptocurrency.
- BTC markets
- BNB market
- ALT market
- Fiat market
Clicking on these markets helps you determine the value of more than 100 crypto coins. For example, when you click the BTC Markets, you will find the value of XRP, Bitcoin Cash, and other cryptocurrencies against Bitcoin. The same goes for Binance Market. You can determine the value of all the major coins against BNB by clicking on Binance Market.
In these sections, you will also find information about when you should invest in a coin.
Here are some important features that you should know:
24-hour volume: It gives information about the trade volume of a particular cryptocurrency based on its trading trends in the last 24 hours.
Market Cap: This feature lets you know how much capital a cryptocurrency has. Currently, Bitcoin has the maximum market capital in the crypto industry.
24h high: It is the maximum value of a cryptocurrency that it gained during the last 24 hours. 24h low, on the other hand, is the minimum value of a cryptocurrency in the previous 24 hours. Both of them are worth knowing as their values change every minute.
Knowing the highs and lows of Binance will help you make wise trades and investments while making blind investments will cause you financial losses.
A Reliable Way To Buy Cryptocurrency
Binance is a great place to buy cryptocurrency. Typically, crypto beginners are unaware of how to buy cryptocurrency properly. As a result, the majority of them end up getting scammed. Binance solves this problem by offering three different options to buy over a hundred crypto assets. The options include:
- Credit/debit card – It is simple to obtain a cryptocurrency with debit/credit cards, and there is also no risk of getting scammed.
- Local vendors – Local vendors come over Binance to sell or buy cryptocurrencies. You can contact those vendors and make the payment to buy or sell cryptocurrency.
- Third-Party Payment – In this method, you buy a cryptocurrency and make payment to a third party. The third party then pays it to Binance. With that said, there are very few third parties that collaborate with Binance in this regard. Paxful, Koinal, BANXA are a few of them.
Binance Trading Fee
The trading fee is charged by a trading platform for opening a crypto trade. The same goes for the Binance. Its trading fee is relatively higher and varies based on the amount of trade. Here is the Binance fee chart for you to check the trading fee rates.
Binance vs. Coinbase
During its initial stages, it was impossible to trade fiat currency at Binance, but Coinbase supported it. Now, the P2P trading module by Binance enables you to trade off crypto with fiat and vice versa.
- The real difference between these two exchanges is the trading fees. Coinbase fees are relatively lower than Binance fees.
- Binance doesn’t make a difference between taker and maker. But, Coinbase charges lesser fees from the maker as compared to the taker.
- Coinbase Prime is a dedicated platform for corporate sectors to boost their revenues by selling shares. But, there is no such platform available at Binance.
So, these are a few key differences between Coinbase and Binance. However, the community of crypto users is satisfied with both crypto exchanges.
Advantages of Binance
- Many crypto exchanges don’t support trading, but Binance is an all in one platform that lets you open trades.
- Binance supports all the top operating systems by offering dedicated apps for each. MAC, IOS, Android, and Windows apps are available to simplify their users’ lives.
- Binance offers API for businesses to help them introduce their own trading apps.
- At Binance, you can trade from fiat to crypto, crypto to crypto, and crypto to fiat.
Disadvantages of Binance
- Fees are a bit higher as compared to other exchanges.
- Trading fees are the same for both takers and makers.
- Binance doesn’t offer a dedicated platform for the corporate sector to trade their assets. Only individual trades can take place here. On the other hand, Coinbase has a Coinbase Prime platform for the corporate sector to sell their company shares.
So this was our detailed Binance review to help you learn everything about its working model. We hope that it will help you make the right decision for your future trades. Good luck!