Binance
Conclusions
To conclude everything up, Binance is now one of the best cryptocurrency exchanges available on the market. It is a reliable and fast platform with an excellent, user-friendly interface that suits all kinds of traders. It offers all the basic stuff like depositing, trading, and withdrawing funds, which works just fine, so Cryptoset.gg team can advice you to sign up on Binance if you have not done it yet!
With all the given above information, you can form your opinion about the exchange and you are ready to start operating there. For more useful information, make sure to check other sections of Cryptoset, as we regularly update them with new insights, guides, news and other useful information!
Binance Review: What is Binance?
Back in 2017-2019 many people believed that crypto is just a huge scam scheme which is never going to gain a worldwide popularity. Back there, very few saw its huge upside potential for income, security and independence. Despite all the uncertainty, now in 2024 probably everyone has heard about Bitcoin or Ethereum at least once in their life. As the popularity of cryptocurrencies rises, an increasing number of exchanges are being established to allow users to purchase, trade, and skate them. The quantity of options has grown to such big numbers, that it may now be challenging to select which exchange to utilize. Nowadays exchanges market has something to offer for both novice traders and experienced chads offering unique features and tools so it is important to understand your needs to find the best suitable option for you!
Binance was established in 2017 and it is now one of the most popular crypto exchanges around the world. Thanks to a list of advantages over the competitors, the project manages to get onboard millions of crypto enthusiasts, who are logging into Binance daily to do trading, check markets and transfer funds. From this article you are going to discover what is Binance, understand its key pros and cons, get familiar with its functionality and finally make a decision on registering or skipping. Keep on reading as we start!
The optimal way to start a Binance review is a definition of the concept. Binance is an exchange platform that facilitates exchanges between cryptocurrency and fiat currencies. At the moment, more than 10,000 individual cryptocurrencies can be found there, with new ones being created almost every day! Binance also works with real currencies called fiat such as US dollars (USD), euros (EUR) Great Britain pounds (GBP) and many others. In simple words, Binance not only allows you to exchange between cryptocurrencies (like BTC to ETH; ETH to Doge, ETH to SHIB and so on) but also literally buy Bitcoin by depositing your USD. This is the first reason why the platform is considered to be a great choice for both newbies and advanced users.
Binance exchange was first established in 2017 in China. The name of its founder is Changpeng Zhao although most people just know him as CZ. But since China has highly tight restrictions regarding cryptocurrencies, the exchange has relocated to Japan shortly before the Chinese government restricted cryptocurrency companies at all. Binance subsequently moved to Malta and at the moment has no official company headquarters.
Even though, Binance is now one of the largest exchanges on a market, back in 2017 CZ did not have enough funds to cover launch expenses. As a result, an initial coin offering (ICO) was used to obtain funds prior to the project's start. This is a lot like crowdfunding, in which investors can contribute to the startup costs of a company, but in case of ICO participants invest Bitcoin rather than fiat money. For their investments users received binance coin. This coin now well known as BNB was originally built on the Ethereum blockchain and managed to grow from $0.1036 in 2017 to a price point of over $400 at the beginning of 2024. In total, CZ managed to raise the equivalent $15 million ICO which allowed him to launch a project which soon enough will gain enormous popularity around the world, allow launching a Binance chain and take part in the biggest business processes around all the planet.
Since its founding in 2017, Binance indeed has experienced great success. At the moment, the project is the biggest exchange for trading altcoins, with an average of over $1 billion in trades per day. Binance wallet is commonly known in almost any country thanks to a powerful and competent marketing. The exchange is now accessible on both desktop and mobile devices, which makes crypto more accessible to everyone. Finally, everyone who is familiar with altcoins and crypto in general definitely knows what is Binance coin, as it has always been a wise investment.
Advantages of Binance
As an every commercial product offered on an open market, Binance team does their best to constantly improve the exchange to provide the best refined trading experience to each user. In order to get familiar with Binance, an investigation of its main advantages should be carried out. Here are some of them:
Enormous Altcoins List;
At Binance, you can currently find over 10,000 different cryptocurrencies, and new ones are added practically daily! You can find anything starting from BTC or ETH, ending with “just-launched” altcoins noone knows about yet, meme coins like DOGE and other. The fact that the Binance exchange lists so many different cryptocurrencies is one of the key factors contributing to its popularity.
Low fees rates;
Even despite the fact that more and more chains are launched regularly offering lower and lower transactions fees, Binance costs are still among the lowest in the market.
Scam prevention assurance;
Before being able to list on Binance, each new token is verified by their developer team. If you see a certain token listed on Binance, you can be sure that every single line of a code was carefully checked by a professional to assure there is no scam possibility there. This feature is widely used by users, as it is a kind of quality and legit assurance.
Security of your profile and assets;
With Binance, security of your data and assets is taken seriously. When registering you will be prompted to enable two-factor authentication (2FA) with Google Auth, email or a phone number. From the Binance’s side, to protect users’ accounts the exchange uses the CryptoCurrency Security Standard (CCSS). The protocol is an industry-standard for major exchanges and of course it is used here too. Your account is safe.
Prizes and rewarding programs;
On the Binance exchange, regular traders can win rewards. These rewards are constantly changing and in most cases include free crypto. Needless to say that, Binance often offers boosted referral system, which allows both referrer and referee receive solid rewards. Of course you are not going to make millions with that, but it is always great to get some free tokens, right?
ICO listings;
Binance has a reputation for listing new coins as soon as their initial coin offering (ICO) is over. However, getting listed is not that easy, a project should first prove it is worthy to get on Binance.
Considering the above-mentioned, we can conclude that Binance platform definitely has a list of strong advantages onboard. Each point is surely crucial for customer and contributes to success. Once we understand a background and the key advantages of the exchange, it is time to get a closer look at how to register.
How to Use Binance?
Reading about the platform’s review you may ask: How to use Binance and how do I get it? This is basically what is going to be described next. On Cryptoset.gg our team consists of passionate professionals, most of which are deep in trading. Having huge experience with a variety of exchanges, the vast majority of our team uses Binance wallet as a main tool for performing operations with crypto.
Keep on reading to find detailed step-by-step guides on how to create your profile, make a deposit or a withdrawal and do some trading. This information is going to be useful for both new-to-crypto users asking “How to use Binance?” and also for experienced as a short reminder of the principal features of the exchange. Enjoy!
Create Binance account
Signing up on Binance is easy and takes no more that 5 minutes to get done. If you are looking for a guide on how to open an account at Binance you are in a right place:
Click "Register" after going to the Binance homepage.
Your email address must be entered, and you must select a secure password. Remember it or write it done somewhere in a safe place!
Lastly, you must confirm your email address. This is how you successfully create Binance account!
As it was already mentioned, the exchange cares about your account security. That is why, after completing all the steps described above you will get a Binance register notification with a recommendation to enable 2FA and secure your account. To do that simply follow the instructions on your screen. Keep in mind that a phone number will be needed to complete it successfully.
How to Deposit and Withdraw cryptocurrency on Binance
To start using your new account you should complete your first deposit. On Binance it is done very fast and easy. You also have a variety of depositing options to choose so it should not be any difficult. Here is a step-by-step guide how to get the job done:
Point the mouse pointer on Wallet and select "Fiat and Spot".
A new window will open when you click the Deposits button.
At this point, you have to decide the payment processor and currency to utilize. If you selected a bank card as your preferred mode of deposit, you will then be prompted to enter the amount you would want to deposit and be required to add your card.
Your balance on Binance should be replenished in a matter of minutes after a few confirmation windows, presuming you've already completed all applicable KYC procedures. Voila, you have completed your first deposit!
However, to be able to properly use Binace, you should also be aware of how to withdraw funds from your account. The process itself is similar to depositing and here is how it is done:
Go to the your Dashboard and find “Withdraw” button.
Select a currency and withdrawal method. Here you should clarify withdrawal details such as a sum of withdrawal, payment method and other details. If you have not added your bank card yet, you should add it on this step here. Additionally, you may be asked to send a small amount of your fiat currency to a Binance-owned bank account to verify your bank account. Be ready for that.
Once everything is specified click “Continue” to proceed. The transaction is going to be processed
If you choose not to choose to withdraw coins (basically send coins to other wallet), you should choose the corresponding currency on a withdrawal page and paste the wallet address where you would like to send tokens to.
As you can see there is nothing complicated in depositing and withdrawing funds from Binance. Everything is done in a matter of a few clicks and having these guides in front of you definitely is not going to experience any difficulties.
How to Trade on Binance
Now that your account is prepared, it is crucial that you educate yourself as much as possible about cryptocurrency, trading, and the workings of the market before you begin to trade.
So, your account is verified and replenished with some funds. You are now ready to select your first pair to trade. A trading pair consists of two cryptocurrencies that can be exchanged for one another. For instance, you might trade the Bitcoin and Tether trading pair, BTC/USDT, or BTC/LTC - Bitcoin and Litecoin or any other pair you may like. To begin go to Trade section and choose Classic view from the dropdown list. Once it is done, chart will be displayed to you. On your right you can see “Favorites”, from where you should choose a currency you have loaded your account with and which you are going to trade with. Selecting a paid you are going to be able to see a “Market” option, allowing you to trade your currency for another one. To complete the deal simply choose a quantity of coins you would like to buy and click “Buy”. In this window Binance also offers a “Limit” option - a feature allowing you to type in an exact price you would like to buy the tokens at, but this option is a better use for more experienced traders.
This is how to trade crypto on Binance in short. Trading interface offers much more options to explore and use, so get yourself onboard and discover trading in full. We advise making use of Binance Academy to access Binance's top-notch educational resources. You may discover how to increase your income and succeed with bitcoin by accessing free courses, articles, and videos there. Big gains are waiting for you so what are you waiting for?
Who Should Use Binance?
All the basic features described earlier are available for all the users who passed basic verification process with all the KYC parts. As you have already seen, Binance offers a wide functionality for regular users, which is a significant advantage for new users.
However, the exchange also has something to offer to more advanced traders, who are seeking for more analytic data to have control over. The solution is called Binance Advanced and basically is a trading interface which provides user with advanced trading features, stats, graphs and other useful information to maximize profits. With this interface, more sophisticated graphs are available to observe, for instance, if you are curious about the fluctuations in price between Ethereum and Bitcoin. You may see the starting, maximum, lowest, and closing prices of a cryptocurrency over a given time period by using candlestick bars. This functionality is definitely a gem for those who really needs it.
To sum up, Binance is a great choice both as the first exchange to start exploring and as a powerful trading tool for storing and multiplying your crypto portfolio. Its flexibility and versatility are clearly one of the reasons of the exchanges enormous popularity around the world.
