Founded in 2017, Binance is now the largest cryptocurrency exchange in the world. This crypto exchange has achieved impressive growth and offers services to millions of users in hundreds of countries around the world.
However, the Binance exchange is not only known for its trading volume but for other services and features it offers to the users as well.
This crypto exchange also offers more than 400 trading pairs for the crypto traders and investors. There was also a security breach experienced by the exchange some time back. However, it now makes use of high-end security systems that ensure the utmost security and safety of users’ funds and information.
Here are other major and crucial factors to know about the exchange, especially if you want to use it for buying or trading crypto assets.
Security Systems of Binance
As mentioned above, this crypto exchange suffered from a security breach in 2019. However, since then no such incident has been reported as the platform now uses technologically advanced security features.
The cutting-edge technologies and security systems used by the platform limit the operations of the fraudsters and also eliminate the possibility of any kind of cyber threats or failure.
Therefore, if you want to know “is Binance safe?” then here are the security systems it uses to offer utmost security to the users.
- Cold wallet storage
- Biometric logins
- Alerting the users in case of any unusual activity on their accounts
- A.I. monitoring
- Two-factor authentication login
- Forensics monitoring
Supported Payment Methods
The payment methods supported by the Binance crypto exchange is yet another major factor you need to know if you want to use it. Some crypto exchanges in the market are dependent on a limited number of payment methods.
However, this exchange relies on more than one payment method, which means it extends convenience to a large audience. The kind of payment methods available at an exchange is one of the deciding factors for many crypto traders, especially if they prioritize their convenience above all else.
Fortunately, Binance has been designed to cater to the needs of every kind of crypto trader and supports the following payment methods.
- Credit cards
- Wire transfers
- Debit cards
- P2P transfers
- PayPal
- Wallet transfers
Trading Interface of the Exchange
If you want to know “what is Binance?” then you should know that it is a user-friendly platform that is suitable for every crypto trading, beginner and expert alike. This exchange not only has a simple and easy-to-navigate user interface, but the trading interface is equally outstanding.
People who are interested in spot trading can opt for the Binance exchange and choose any of the two available trading interfaces to trade digital assets.
The two trading interfaces available for the traders include:
- Classic
- Advanced
As the names suggest, the Classic trading interface is for the new crypto traders. It is easy to use and is ideal for people who want to make simple and straightforward trades.
On the other hand, the Advanced trading interface is designed for the expert traders and features trading tools that are useful for people who want to make complex trades.
Categorizing the trading interfaces is not the only way the Binance exchange facilitates beginners. This platform also offers educational content in the form of free guides and tutorials that help new traders in getting familiar with crypto trading and more.
Binance Fees to Know About
The Binance crypto exchange is known for several impressive factors, one of which is its fee structure. This crypto platform is known to be one of the cheapest exchanges in the crypto market and has a transparent fee structure without any hidden or additional charges.
People who look to buy or trade crypto prefer a platform where the fee is fair and safe from any kind of fraud.
The details about the fee charged by Binance are mentioned here.
- Market maker fee ranging from 0.02% to 0.1%
- Market taker fee ranging from 0.04% to 0.1%
- No direct deposit or withdrawal fee for FIAT
Staking on Binance
Binance staking is a crucial concept you need to be familiar with if you want to use this platform. Staking refers to the placing of ones’ crypto in a wallet or collective pool, which results in rewards for the owner of the crypto.
However, staking can only be achieved on proof-of-stake blockchains such as Binance and the transactions are only validated through staked tokens.
Conclusion!
Binance is a fantastic crypto exchange that offers numerous impressive features. This exchange caters to the needs of all crypto traders and stands out among its competition. Other important details about the crypto exchange are mentioned above.
