Is Binance Exchange a Good Place to Start Your Trading Career? Find out in this Binance review.
Now that cryptocurrencies have been accepted around the world, this market is only spreading at an increasing pace. While there were some hurdles in the beginning, the big economies of the world don’t seem to have any issues with digital coins. It is just about right time for anyone to invest in this market and reap the benefits of its newness before things get too saturated. The more the world learns about cryptocurrencies, the more the competition will get tough in cryptocurrency markets. Now, some of the best cryptocurrency exchanges to start your crypto trading journey is binance.
Let’s take a look at what Binance is all about.
Binance – A Cryptocurrency Exchange
It started out as a cryptocurrency exchange from Hong Kong. However, it started to have troubles when China took a strict action against cryptocurrency exchanges. The best thing is that the team behind the exchange was quick to make adjustments and soon moved its operations outside of Hong Kong. The exchange is not very old. It only started its operations in 2017 but it gained popularity because of its reliability and Changpeng Zhao, the founder of the company. It provides a platform where anyone from around the world can trade cryptocurrencies with the peace of mind.
One of the things you have to know is that Binance has its own crypto coin as well. This was the coin that the company used when the exchange was launched. When you use this coin, you can enjoy certain discounts on the website that are not available to other traders. Due to the hard work of the team behind Binance, it is now among the top cryptocurrency exchanges of the world.
The Binance Platform
You can see the exchange rates changing in real time as soon as you land on the website. The exchange has tried to keep things as simple as possible to cater to the needs of the new traders. You might still have some problem understanding things if you are new to this market. The financial markets are increasing with time. In the beginning, you were only able to trade cryptocurrencies against cryptocurrencies. However, you can now exchange USD against all the available cryptocurrencies as well. The best thing is that all the different markets have been separated and put in different tabs.
The binance market is separate where you can enjoy the discounts on your trades too. The bitcoin market is the biggest market you can trade in.
Trading Conditions on Binance
When it comes to trading conditions, you have to find out how easy or difficult it will be for you to trade. Ease and difficulty can translate into affordability when it comes to cryptocurrency exchanges. This is an area where it won’t be wrong to call Binance better than most other crypto exchanges on the internet. It does not matter which altcoin you are trading on its platform, you will only have to pay 0.1% on your trades. This is the commission that you will pay to binance for providing you the exchange services. This 0.1% fee is the smallest among most other online exchanges, and that’s one of the reasons why so many traders prefer this exchange over many others.
Now, if you are one of the investors who invested in this technology when it was launching, Binance will reward you for that. As mentioned earlier, you can enjoy a further 25% discount on your trades if you hold binance coin, also written as BNB. Ripple faced some heat when it was launched. Many exchanges avoid it to this day and do not list it. However, you can find even Ripple on Binance.
Deposits and Withdrawals with Binance
This is one area where a lot of cryptocurrency traders are concerned because many online exchanges make things difficult for them. It does not feel nice when you have to pay an additional fee when you deposit something in your account. Some online exchanges and brokers like to take this responsibility on their shoulders. That’s what Binance does as well. When you sign up with Biinance and make any deposits, you don’t have to pay any fees. It is as simple as that – you don’t have to pay anything for the deposits. However, there are fees associated with withdrawals. They can change time to time and that’s why it is best to read the website when you are about to sign up with Binance.
One important thing you have to keep in mind here is the minimum amount you can deposit and withdraw. When it comes to withdrawing money from your account, you will benefit from providing more information. If you fill out the KYC form and are verified by the exchange, you can withdraw more money in a day than a person without a verified account. This policy is there to prevent people from using the platform for money laundering purposes.
Cryptocurrency Education with Binance
Just like forex and CFD brokers, you would expect Binance to educate its traders on the basics of cryptocurrency and its market. Some basic content about cryptocurrencies and blockchain is available on the website. The content on the website can have text and videos both for your education. If there is something in specific that you are looking for but can’t find on the website, you will have to send in your inquiry.
Binance Customer Support
The first thing you will have to refer to when you need help is the FAQs section on the website. The exchange team wants you to use this section for any concerns. There is a link for support documentation on the website as well. However, most of the information you will receive is related to your account on the exchange. If you have any general inquiries, you will have to sign up and follow the exchange on various social platforms such as Facebook, Telegram, Twitter, etc.
The biggest reason why so many crypto traders love Binance is because of how transparent it is with its terms and conditions. The exchange fees are also quite small. Not to mention, it remains one of the most reliable exchanges for crypto traders. If you are looking to start trading your digital coins, make Binance one of your top considerations.