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Cryptocurrency traders often struggle to decide which crypto exchange is best suited for their needs. Since many cryptocurrency exchanges allow us to buy, sell and hold our crypto assets, sometimes it becomes difficult for beginners to select one. This article is for you if you are one of those investors who have just entered the crypto article. In this article, we will talk about the largest cryptocurrency exchange in the world, Binance; However, before going any further, let us first understand that there are many factors that investors should consider when choosing a crypto exchange.

These factors include the history of the cryptocurrency exchange, its safety and security features, supported assets, fees, and payment methods.

Created in 2017, Binance is the world’s leading crypto exchange today. The platform enables crypto-to-crypto trading in over 600 cryptocurrencies and virtual tokens. These include Bitcoin (BTC) and Altcoins like Ether (ETH), Litecoin (LTC) and Dogecoin (DOGE), with its own token, Binance Coin (BNB). If you are an investor who does not want to hold your digital assets with an exchange, then Binance is for you as it also provides a Trust Wallet for investors to store their electronic funds.

What makes Binance different from other crypto exchanges?

Binance is believed to have the lowest transaction fees among all cryptocurrency exchanges. Also, the exchange has high liquidity and offers discounts to users who pay with BNB crypto tokens.

The platform also claims to maintain a high quality of safety and security, with a multi-tier and multi-cluster architecture. Moreover, it claims to be able to process around 1.4 million commands per second. Some additional services provided by Binance include listing, delisting or withdrawing cryptocurrencies and fundraising. Users wishing to launch their own tokens can also use the crypto exchange platform to raise funds via Initial Coin Offerings (ICO).

Binance Options Trading Fees

According to the latest announcement, Binance charges transaction fees after opening or closing a position. The transaction fee rate is 0.02%. In addition, exercise fees are charged when Options are exercised. The exercise fee rate is 0.015%.

Advantages and disadvantages of Binance

Binance offers crypto enthusiasts a variety of trading tools. These include the Binance App, Binance Website, and Binance Desktop App. Binance only averages 2 out of 5 stars from 3,654 Trustpilot reviews.

trustpilot review on binance

Should I use Binance?

Binance is best suited for experienced investors who are looking for advanced trading options and plenty of analytics to back up their investment strategy. The crypto exchange is less preferred for beginners who are more concerned with convenience and security. Novice users will face a learning curve; however, it will get easier once they figure it out. With over 600 cryptocurrencies, low fees, and a presence in over 180 countries, Binance is considered a great choice for non-US residents looking for a sophisticated platform.

How to trade on Binance?

The most crucial factor that made users choose Binance as their trading platform is the ease and speed with which they can trade cryptocurrencies. Depending on the user experience, the exchange very aptly provides different types of trading interfaces. Five easy steps for beginners to trade on Binance include:

  • Step 1: Register Account – There are various options for users to register a Binance account. A Binance Account can be registered from the Binance App, Binance Website, or Binance Desktop App with your email address/phone number.
  • 2nd step: Complete Verification – Users can complete identity verification on their Binance account to unlock fiat deposit as well as withdrawal limits. It usually only takes a few minutes to complete this process. This includes verifying your basic account information, providing identity documents, and uploading a selfie or portrait.
  • Step 3: Crypto deposit – If you own cryptos in another wallet, you can deposit them in your Binance wallet
  • Step 4: Buy Crypto – Depending on their country, users can deposit around 50 fiat currencies, such as EUR, BRL, and AUD, into their Binance account via wire transfer and credit card. Once deposited, users can use the deposited currency to purchase Crypto directly. One can also buy cryptocurrency directly using their credit or debit card either on the Binance website or in Lite mode on the Binance app. Here, Crypto can also be purchased using P2P methods.
  • Step 5: Explore Binance’s Versatile Products – Spot Trading: Users can start exploring Binance’s adaptable trading products after getting their first Crypto. One can trade hundreds of Crypto and BNB in ​​the spot market. BNB powers the Binance ecosystem as it is the native coin of the Binance Chain. BNB has various use cases, such as paying trading fees on Binance Exchange and Binance DEX and paying for goods and services online and in-store.

Is Binance safe to hold your cryptocurrency?

Although Binance is one of the best crypto exchanges, users are recommended to store their funds in a hardware wallet, especially for long-term savings. Hackers can target cryptocurrencies held online. Binance provides hot storage, but using your cold storage is safer with a hardware wallet. A hardware wallet is basically a device that is not connected to any internet connection. every time you want to access your digital currency, you need to plug it into your computer.

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