Binance, number one: the DigitalGain.net review
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Updated December 13, 2021
If you want to start operating with cryptocurrencies you must necessarily use an Exchange and create one to make transactions with electronic currencies.
if you haven’t done it yet, we suggest you also use Binance: an easy-to-use, complete and reliable tool. In short, the ideal for both beginners and experts.
How Binance was born: a bit of history
Binance’s CEO is called Changpeng Zhao and he started from a background of important experiences in the world of digital exchanges, having collaborated in trading systems and having also participated in important initiatives in the world of crypto such as Blockchain.info and OKCoin.
The Binance platform is thus initially implanted in China and then, after some time, moves to its servers in Japan and Taiwan, when the Chinese government bans the trading of cryptocurrencies.
As of January 2018, Binance, in a very short time, becomes the largest cryptocurrency exchange in the world with a market capitalization of approximately $ 1.3 billion.
Also in 2018, Binance begins to enter into agreements, collaborations and memoranda of understanding with the government of Malta, an initiative aimed at gaining visibility also on the European continent.
The memorandum of understanding with Simplex (Israeli payment processor), which allows you to purchase cryptocurrency with the most popular credit cards, including Visa and MasterCard, dates back to the beginning of 2019.
The now historic security breach with consequent theft of 7,000 Bitcoins dates back to May 7, 2019. This serious fact, however, did not result in losses to the violated accounts thanks to the security fund that Binance constantly sets aside to protect its users from this possibility.
The screenshot taken from the Coinmarketcup website shows how Binance is currently the number one exchange in the world by analyzing all the parameters: trading volume in 24 hours, media liquidity, weekly visits, number of markets and crypto.
Binance in detail
The services offered are essentially those of many other standard exchanges: trading, listing, fundraising and withdrawal of cryptocurrencies.
In addition to this, the “Binance Launchpad” allows you to launch your own tokens and raise funds for your ICO.
Binance also has a blockchain technology incubator called “Binance Labs”, geared towards promoting pre-ICO projects.
In fact, a concrete help for teams who have the opportunity to finance their own innovative initiatives and ideas.
KYC requirements to get started
To trade, the suggestion is complete the KYC requirements and, after completing your account, you can add the useful funds in the dedicated wallets provided directly by Binance.
Commercial orders supported
Binance supports various of orders: limit, market and stop-limit.
Limit trades are executed at the limit price set by the trader, market orders are immediate and executed at the best available price, while stop-limit orders become valid orders when the price reaches a certain specified level.
Fees applied to transactions and deposits / withdrawals
Binance is highly regarded for crypto-to-crypto trading and the Binance exchange is very popular due to its low transaction fees, high liquidity and additional discounts by paying with the native BNB (Binance Coin) token.
Binance initially funded itself by launching the Binance Coin (BNB) through an ICO in July 2017. The success of the BNB utility token has been enormous, rising from 10 cents to the current $ 560.
Then check the current dollar value of the BNB token on this link.
The BNB token remains very useful for taking advantage of low-cost transactions and will remain the best currency for decentralized exchanges that Binance plans to implement.
There is no fee for cryptocurrency deposits, but is required for their withdrawal, varying from crypto to crypto.
Here is an image with the fees applied by Binance:
About safety
Binance uses military-grade security standards, multi-tier and multi-cluster architecture that can deliver transaction processing throughput of approximately 1.4 million orders per second.
As previously reported, Binance has suffered a Bitcoin theft in the past, but users have been in full. This episode started hashtag that became a marketing vehicle: #BinanceIsSAFU acronym for the fund used to compensate hacked accounts (Secure Asset Fund for Users).
The supported cryptocurrencies
Binance supports hundreds of cryptocurrencies, including the native BNB token, and the list continues to grow. For a complete overview you can visit the dedicated web page.
How to buy cryptocurrencies
In addition to crypto-to-crypto trading, with the possibility of direct deposit, it’s possible to buy cryptocurrencies using a credit card.
To do this, just use the “Buy crypto” menu. On the page that opens, you can select which currency to buy, with which currency and the order amount.
The total cost will be based on the order amount and the current market price, (including fees). The order confirmation window and “Go to payment” will appear. Finally you will have to enter your card details (VISA, MasterCard) and your personal data.
Customer service
Customer service is highly regarded and has telephone numbers for help in many languages.
In general, the assistance section is really complete. You can send requests and the response time is guaranteed within 24 hours and there is also live chat support.
Of note is the recruitment campaign called “Binance Angels” which selects digital currency enthusiasts who can be included in the large Binance team in the future.
There are also tutorials and automatic help made available on the website, they are numerous and really complete and therefore able to solve most of the requests. The list of F.A.Q. is complete and includes the space dedicated to announcements.
Open your account on Binance
It is really very simple: Once you have clicked on the “Register” button, you just need to follow the instructions provided step by step.
The only precaution concerns the possibility that the confirmation email does not arrive, in which case check the “spam” folder. Inside the email you will find the confirmation number to enter.
At this point the account has been created and you can start trading on Binance.
As can be seen from the image above, there are 4 steps to operate without limits on Binance:
Entering the account details;
Verification of the email;
Entering the mobile phone number;
Verify mobile phone number.
Once the account creation and validation process has been completed, it will be possible to start operating on Binance.
We can: Deposit fiat currency (such as Euros or Dollars for example);
Receive cryptocurrency;
Buying cryptocurrency with a credit card.
It is always advisable, once the account is opened, to secure the account by choosing the two-factor authentication of the Google Authenticator app, available for both iPhone and Android devices.
Document’s verification
For modest volumes, Binance does not require verification for both: purchase and sale and also for sending to external wallets.
If you want to operate with larger amounts, authentication becomes necessary.
Depositing on Binance
To deposit on Binance, for example to carry out trading operations, it should be noted that Binance does not operate directly with deposits in Euros or Dollars.
In fact, it is possible to deposit with fiat coins, but, to carry out trading, these are converted into Bitcoin, Ethereum, Binance coin or Theter.
At the end of the deposit, you will be able to start trading.
Trading on Binance
Binance trading is really simple and intuitive: you use the “Trade” menu item which will show all the trading options you can use, from the simplest to the most professional (see figure below).
All options are easy-to-use and guided.
Withdraw from Binance
To withdraw from Binance, you will have to log into your account, go to “Wallet“ and select the “Funding wallet” option.
Also in this case you will be guided in an intuitive way to choose the target currency, amount and wallet.
The Binance App for smartphones
We suggest to download the app for smartphones (both for iOS and for Android).
In fact, with this app you can use many of the features of the Web platform, including fiat gateway, Futures, Options, Spot and margin trading, P2P trading and more.
It is a very easy to use app and often uses an even simpler and more intuitive interface than the desktop version.
Final judgment on Binance
The opinion of the writer of this review on Binance is absolutely positive. Compared to other valid Exchanges, Binance has strengths that make it safe and effective for trading and storing cryptocurrencies.
Among these strengths, we highlight the high number of cryptocurrencies and above all the low amount of fees that make transactions much cheaper.
Finally, other features described above should be highlighted, such as the fact that the platform is truly user-friendly with many functions available to users and the now well-known safety and reliability.
Finally, we would like to highlight how the referral-code system confers registration bonuses. Therefore, by using the DigitalGain referral link you will contribute in a concrete way to our project.
