Whether you want to invest in or trade cryptocurrencies, you are likely to hear about Binance Exchange when you step into the crypto space. There are numerous crypto platforms in the market but they all offer various kinds of features that make some of them more suitable for experts than beginners.
Therefore, as a new trader or investor you need to know the details of an exchange before you opt for it to start trading or investing in crypto. While the Binance exchange is one of the most prominent and well-reputed exchange, you should still be familiar with the features it offers and doesn’t so you can determine how well it matches with your criteria and trading requirements.
Every crypto exchange has some pros and cons, however, it is not necessary that the drawbacks are too big for you to avoid using the platform. This is why, to be sure you need to know as many details as possible about the platform.
Here are some of the advantages and disadvantages of the exchange.
Benefits Offered by Binance
This is the largest cryptocurrency exchange in the world, thanks to its impressively high trading volume. Binance crypto exchange is, however, popular for several other features as well that are also the benefits it offers to its users.
Here are the details you need to know.
As a new crypto trader, it is crucial for you to find a platform that makes crypto trading easier for you. This is possible if you opt for a platform that has simple and straightforward interface. Fortunately for people interested in Binance, this exchange offers a beginner-friendly interface. It is smartly designed and easy to navigate. The desktop version even has all the features placed in specific categories that are easier for new users to find.
Binance platform also has two categories of trading interfaces, which are classic and advanced. The classic interface is for new traders looking to make simple trades, while the advanced version is for people who are experienced traders and look to make complex trades. The advance version also features some of the best trading tools.
People who want to know what is Binance should know that it is one of the best platforms in terms of fee charged to the users. This exchange charges one of the lowest fees in the market, which is also free of any kind of hidden charges.
The trading fee is based on the market maker and taker model and requires the users to pay:
- 02% to 0.1% trading fee (for market makers)
- 04% to 0.1% trading fee (for market takers)
To top it off, the trading fee can be reduced even more if:
- Users have a VIP level account
- Users pay the fee with BNB tokens
Several Payment Methods
Binance is one of the few cryptocurrency exchanges that does not rely on a single payment method but offers support to numerous payment methods. This offers more convenience to the users and makes crypto deposits or withdrawals easier.
The payment methods supported by the exchange are:
- Wire transfers
- Credit cards
- Wallet Transfers
- Debit cards
- P2P transfers
One of the Safest Platforms
People inquiring ‘is Binance safe?’ should know that not only is this exchange safe but it is one of the safest ones in the market.
Binance trading platform takes the security of the users very seriously and implements state-of-the-art security protocols that keep the funds, information and accounts of the users safe and secure.
Some of the safety protocols used by the exchange are:
- Forensics monitoring
- Notifications for unusual account activity
- I. monitoring
- Biometric logins
- Cold wallet storage
- Two-factor authentication logins
Binance staking is yet another feature and benefit you should know before you use the exchange. This is a unique feature that is not supported by many crypto platforms.
Staking basically allows crypto owners to put their crypto in a wallet or collective pool and get rewards in return. This is only achievable on blockchains that are built on proof-of-stake mechanisms and require staked tokens to validate the transactions.
Drawbacks of the Exchange
Even though Binance is highly prominent it is not flawless and has a few minor drawbacks that you should know about.
Here are the details to know about.
Separate Platform for US Residents
The Binance exchange is a global platform but it does not extend its services to the residents of USA. However, it is not completely cut off but instead the platform has a different version specifically designed for US customers.
Security Breach in the Past
This exchange is now one of the safest in the market, however, it did suffer from a security breach in 2019. The platform has now more than recovered and makes use of some of the best security systems to offer utmost safety.
Binance is one of the top platforms for a vast audience because it offers some of the best features and is ideal for all kinds of traders. However, if you are new to the crypto space you should first know the details mentioned above before you start using the exchange.