The digital currency exchange market is currently filled with a variety of choices. For this case, making a selection of the right trading or exchange platform can be a great challenge for both the veteran and novice cryptocurrency users.
Binance (BNB) is one of the popular cryptocurrency exchanges that were established in China. Their headquarters are currently in the Island of Malta. It has gained popularity for its numerous crypto to crypto trading services even if it is fairly new in this industry. Its continued advancements and popularity has been engineered much by its significant number of the current offering listing, friendly and professional attitude CEO and to cover it all, due to its low trading fees.
First timers to Binance platform quickly notices that the site offers two different digital currency trading options, that is the basic and advanced. Neither of the two options is such easy to use to the novice site users. But then, any individual with some bit of knowledge about digital currencies and how digital exchanges are done should be able to correctly and fast use the different services of the platform.
There is little difference between these two trading options; the advanced option provides users with such an in-depth technical analysis of information about digital currency value over time. The basic option dashboard at this time provider users several charts and graphs for the trading pairs, the trade history, and the order books.
In the part of the registration to this platform, personal details are not entailed. In a matter of fact, there is no verification required from a trader at any given point. The complete registration process itself even doesn’t take more than five minutes. The only stage that will take a bit of time is the bot verification stage. At the bot verification stage, you will be tasked to get a puzzle piece to drop on the empty spot that can take you a few tries to finish.
To talk on the side of verification, all the unverified accounts have a limitation of not exceeding 2BTC on daily basis for withdrawal. 100 BTC withdrawals are accepted for those who have fully verified their identity. The entire verification process might take a few days as since you have to provide all the required documents for verification. All deposits are always in question but then you are not limited when trading.
The exchange manages to offer its services all over the world even though it’s based in Hong Kong. Since fiats have not been included in this trade, there is no case of country restrictions at all. Limitations that are in place are from governments of various nations that have banned this digital currency or have placed some restriction on this kind of trade.
With the point of customer support, this platform has turned out to offer extensive FAQ part that is in place to provide answers to most asked question by the platform users. There is also in place the ticket/request system the interface users encounter bugs and other related issues while in operations. Binance provides regular updates and announcements on the marketplace.
Trading Binance is not much different as trading Poloniex and Bittrex in all aspects of existing options of payment. The greatest similarity among them all is that they are crypto to crypto oriented only. All the fiat methods and currencies that accompany them are completely not available. Users are only required to only withdraw or deposit crypto coins. For this kind of exchange, there are no options for credit cards or bank transfers.
Binance has been identified to be boasting a large digital money spectrum as for the cryptocurrencies. When trading is what is in question, there exist over 130 cryptos you can select from. In addition to this, there are over 200 trading pairs organized properly around USDT, Ethereum, Bitcoin and BNB.
Binance has employed two different expense sets when we talk of trading costs. The first set of expense is the general total trade fee that as ever stood at 0.1%. This is the cost these platform users incur no matter the volume or trading pair you choose. The only transactions that carry a discount of 50% on all trading pairs having a coin is the BNB transaction. For this case, you have 0.05% with BNB involved.
The second expense set is the withdrawal fees that normally vary on a daily basis from coin to coin. For instance on Bitcoin, the network fees of this crypto keep of changing depending on the number of required confirmations and the blockchain’s traffic. This is quite different from Binance as it doesn’t offer this kind of option, that is, you are entitled to the lowest possible fee but then you should expect the slowest transfer also.
With Binance, there is an anti-bot application that is in place to protect its interface users from spam attacks. There are also different security options in the account itself like the password manager, the API safety tools, withdrawal access manager, the anti-phishing code and the two-factor authentication.
The thing that makes Binance quite different and unique from other interfaces is because of the two-factor authentication that can be set by many different factors. There is in place both phone and Google authentications, but then, to be more secure you should consider the phone most. On the other hand, the address manager provides users with complete control over all the incoming withdrawal codes. As a user, you should set your notes right on each address prioritizing when and how you can make withdrawals.
Going through Binance platform’s ability to provide profitable and secure trading services, even though it is somehow strict does offer some different and unique features. The interface users have in place trading and exchange services along with a marketplace of IOC lab. There are also in place different security tools protecting the assets of the users.