Binance is the world’s biggest cryptocurrency exchange, boasting over 155 million users. Besides trading, the platform offers other crypto-related services. But is Binance the ideal exchange for you? This guide will help you answer that question. We will explore all of Binance’s features to determine whether the platform suits your needs.
Unpacking Binance
According to CoinMarketCap, Binance is the most trusted crypto exchange in the world, with a trust score of 9.7. By comparison, its main competitor, Coinbase, comes in second with 8.7 as its trust score.
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Binance began its operations in early 2017. It is the brainchild of He Yi and Changpeng Zhao. The duo plays important active roles in the exchange, with the former serving as Binance’s Chief Marketing Officer and the latter as CEO.
As of October 2023, Binance supports over 380 crypto assets and more than 1,500 trading pairs. Since January, the exchange has been recording an average 24-hour trading volume of $4.9 billion. But this figure is way below the $60 billion worth of trades it processed daily in 2021.
Binance has several subsidiaries, including Binance Turkey and Binance US. The former is ranked as the 33rd biggest crypto exchange by trading volume, while the latter takes the 51st position.
How to Sign Up With Binance
To access Binance’s products and services, you need to create a trading account. To do this, download the exchange’s app on the Play Store or App Store, then enter your email/phone number and provide a strong password.
After creating the account, the next step involves verifying it. To do so, provide the requested government-issued documents, usually an ID card or driver’s license and a passport. After that, you can explore everything that Binance has to offer.
Do you get a welcome offer? Yes! Being a leading exchange, Binance has several reward programs like a Welcome bonus and Learn to Earn.
Is Binance a Regulated Cryptocurrency Exchange?
Binance complies with several policies, including the Know Your Customer and anti-money laundering rules. Moreover, the exchange has secured licenses from various regulators across the world. It is licensed to operate in Italy, Sweden, Poland, France, Dubai, Japan, Indonesia, Abu Dhabi, Bahrain, and more.
Regarding controversies, Zhao and Binance have been targeted in recent months by the United States regulators. In July 2023, the CEO was accused of commingling user funds, while Binance was accused of offering unregistered securities by the Securities and Exchnage Commission.
Despite the regulatory attacks, Binance retains its market leader status.
Binance Major Features
Spot Trading and Cryptocurrency Conversions
Binance allows users to participate in spot trading. It is the easiest way for beginners to purchase their first digital currency. Additionally, you can use the platform’s “Convert” functionality to exchange one cryptocurrency for another at minimal fees.
Margin Trading
With Binance, you can engage in margin trading to boost your profits. The exchange offers leverage of up to 25x. It is important to understand the risks related to margin trading before participating.
Peer-to-Peer (P2P) Trading
It is possible to trade directly with other Binance users through the exchange’s P2P platform. Peer-to-peer trades do not attract any trading fees. As of October, you can trade 11 cryptocurrencies, including Bitcoin and USDT, on Binance P2P.
Trading Bots
If you find manual trading exhausting, sign up with Binance to automate your trading strategies using its bots, which are free of charge.
Binance Earn
Binance offers various opportunities for users to earn passively. Through the platform, you can stake on Ethereum and provide liquidity to various token pools to earn rewards.
Binance Launchpad
Are you a Web3 developer looking to launch your token? You can submit your application to Binance. If approved, the exchange will help you launch your token through its “Launchpad” feature. So far, Binance has facilitated the launch of over 80 tokens.
Final Thoughts
Being a market leader, Binance prioritizes user safety. It adopts various security measures to offer customers a secure trading environment. Moreover, the exchange’s easy-to-use interface makes it an ideal platform for novice investors/traders looking to step into crypto.