The Binance Exchange: Advantages and Features
By Coinmatics on Altcoin Academy
Binance is a quite young yet popular exchange. It provides users with all the instruments for successful and convenient cryptocurrency experience.
The exchange has been operating since 2017. In such a short time, it has become one of those with the largest daily volumes. It is constantly developing, which attracts a huge number of users all over the world.
The virtual platform for cryptocurrency trading offers everything users need to trade successfully.
Advantages
The advantages of the Binance exchange are as follows:
- The interface is handy, simple, and intuitive.
- Wide range of languages.
- Wide range of cryptocurrency pairs.
- There is a native coin — Binance coin (BNB). It is steadily growing and can be used for trading.
- Fast operating. More than 1 million orders can be processed each second.
- No obligatory verification.
- The mobile app is available.
- Low commission fees. It is less than 0.1% of the amount you are exchanging. It can be halved by using BNB to pay the fees.
Another important advantage of Binance is a strong development team. The project is supported by major investors. One more reason why it is so popular: the support of ICOs. There is a section for cryptocurrency start-ups where the projects can enjoy the support. It is called Labs.
Users of the exchange highlight the referral program. For each invited friend, a user receives 20% of the referral commissions from the trading fees paid.
The exchange’s accounts are well protected by 2FA.
Start of work
To start trading at the exchange, one must register. There are a few steps.
- Visit Binance’s official website: https://www.binance.com.
- Click the Register or log in buttons on the top right side.
- Insert the email address and password in the opened tab. Confirm your age and agree on the terms of use.
- Enter a two-layer CAPTCHA.
- Wait for the confirmation email and click the link contained therein to confirm your registration.
- Upon completing the steps, you can log in the website by entering your email address and password.
Binance, unlike a range of other exchanges, doesn’t require obligatory verification. Upon completing the registration, a user automatically receives an account with a basic verification. Once it is done, the user can start trading.
However, there is a daily limit for a withdrawal, which is 2 BTC. It is sufficient for many users, but if you want to raise the limit, the second level of verification is required.
You will need to upload a scan of your passport and a photo of you holding the passport and a paper with the name of the exchange written on it. Once the data has been verified, the limit for withdrawal will be raised to 100 BTC.
If you need to increase the amount available for withdrawal for every 24 hours, the third level of verification must be completed. It can be done by contacting the Binance customer support team.
You will need to answer some questions and meet some additional requirements such as, for example, providing extra documents or personal data.
Features
There are two modes:
- Basic. Simple interface for basic financial operations.
- Advanced. The mode implies a more complex trading for experienced traders.
Basic interface consists of the following sections:
- There are cryptocurrency pairs to pick for an order on the top right side. Here, one can choose the main currency to compare with another coin (BTC, ETH, BNB, USDT).
- The red and green blocks on the left are order books. One can find buy and sell offers regarding different cryptocurrencies here.
- The block under the chart is used to compose an order. To do so, one needs to insert needed data on the corresponding lines. The most profitable price will be set automatically.
- The main section provides the chart of a cryptocurrency price’s dynamics.
- The lowest block contains data on the pending orders and the latest trades with a chosen cryptocurrency.
The advanced mode implies the same principles as the basic, but there are more instruments available. Trading on the Binance exchange, one can enter trading, market, and stop orders. Up to two orders can be opened at a time per each cryptocurrency pair.
Binance is well-suited for cryptocurrency trading. Such advantages as the diversity of cryptocurrency pairs, convenient deposits, and withdrawals, reliability, and security overshadow a few shortcomings that can arise during the use of the exchange.
The web site operates soundly; it is available in a variety of languages and provides users with an opportunity to profit the most from using it.
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