Posted by: BitcoinMargin Updated Nov 21st, 2023

Binance facilitates an average of $65 billion worth of crypto trades, making it the largest and most prominent digital currency exchange platform today. Aside from the large volume of trades that it enables, the platform also provides other crypto services such as crypto derivatives, an NFT marketplace, and more.

In this Binance review, we’ll take an extensive look at what the platform has to offer and how to open an account to start trading. Let’s dive in.

What is Binance?

Established in 2017 by Changpeng Zhao, Binance grew to become the biggest digital asset exchange in the world within just 180 days. Today, it is responsible for over half of cryptocurrency trades and is a cornerstone of the cryptocurrency community.

Although Binance started as a cryptocurrency exchange, the platform has grown to become the leading blockchain ecosystem. So aside from being a platform that helps traders buy and sell crypto, Binance also offers a wide range of blockchain-related product offerings. These include the Binance Exchange, Binance Labs, Binance Research, Binance Academy, Binance Charity, Binance NFT, and Binance Feed.

Thanks to its continuous innovation and immense size, Binance has contributed to the greater liquidity of the crypto market. This has helped more people get into cryptocurrencies, learn about blockchain technology, and set a new standard for what investors can expect with any crypto exchange.

Binance has also greatly benefited from the release of smaller and less popular cryptocurrencies that might have otherwise suffered from a lack of liquidity. At the time of writing, the platform supports the trading of hundreds of coins and over a thousand different trading pairs.

Another way that Binance has supported the trading of cryptocurrencies is through its peer-to-peer (P2P) platform, Binance P2P. This platform allows individuals to purchase cryptocurrencies directly from merchants or other individuals. It has further facilitated the growth of the crypto space as many users use the P2P marketplace to buy and sell cryptocurrencies at competitive prices and fees.

What sets Binance apart from other centralized exchanges is its extensive selection of trading pairs, low transaction fees, and the variety of payment methods it provides. Both new and seasoned crypto traders stand to benefit from the versatile array of trading options and instruments that Binance offers.

Spot trading, the most popular feature on the platform, makes up the majority of Binance’s crypto exchanges. Here, popular cryptocurrencies such as BTC, ETH, and USDT can be bought and sold almost immediately. Digital assets here are traded at market price when conditions are met and these prices are updated in real time.

While Binance has enjoyed plenty of success as the leading ecosystem for digital assets, it’s not without its challenges. Regulatory scrutiny has been and will continue to be one of the biggest challenges for the company to face. Most recently in June of 2023, Binance stopped trading and deposits of crypto in USD in its US exchange.

Binance’s meteoric rise and expansive influence in the crypto space cannot be overstated. From humble beginnings in 2017 to its current status as the global blockchain ecosystem, the platform has continually pushed the boundaries of what a cryptocurrency exchange can be. Despite the evolving regulatory landscape, Binance is still likely to continue shaping and influencing the future of the cryptocurrency world.

Binance Pros & Cons

In this section, we’ll delve into the advantages and disadvantages of using Binance as your cryptocurrency trading platform. But before we get into detail on each of these aspects, here’s a list of Binance’s pros and cons.

Pros

  • Fast trade execution thanks to high liquidity
  • Extensive collection of coins and crypto pairs
  • Deposit using over 20 different fiat currencies
  • 24/7 customer support in over 40 languages
  • Customizable trading tools and charts
  • Crypto futures and options trading offered
  • Earn crypto passively through Binance Earn
  • Binance P2P for direct crypto purchases
  • Easily convert cryptocurrencies with zero fees

Cons

  • Subject to regulatory scrutiny from the US and the UK
  • The complexity of features can be overwhelming for beginners
  • Doesn’t offer a full range of services in all countries

One of the biggest advantages that Binance has over other platforms is the volume of trading going on in the exchange. Because there are so many traders and investors and cryptocurrencies are constantly changing hands, users can quickly execute their trades.

Its large selection of coins and pairs also makes it enticing for smaller traders looking for high-growth opportunities in their crypto investments.

The Binance platform also doesn’t just stop at being an exchange; it allows crypto investors to maximize their crypto gains through crypto futures and crypto options trading. Binance Earn, the crypto savings product, further broadens the scope for more ways to grow your crypto holdings.

While Binance offers a plethora of advantages, it’s not without its drawbacks. One of the most significant challenges that the platform faces is the changing regulatory landscape for cryptocurrencies. This can lead to sudden changes in service offerings as new laws and regulations are formed that might restrict certain digital assets and services.

The plethora of different crypto products offered is also a double-edged sword. Although having various crypto offerings provides greater versatility, this can also leave novice crypto traders overwhelmed with the sheer amount of features in the Binance platform.

Supported Cryptocurrencies and Markets

Binance compliments its high daily trading volume with a wide selection of cryptocurrencies, an active P2P market, and various crypto payment methods. Currently, the platform supports 363 coins and 1,372 trading pairs

In this portion of our Binance review, let’s examine the supported cryptocurrencies and markets on the platform.

Crypto Pairs

A crypto pair denotes the two digital assets being traded for one another. For example, when buying the Bitcoin (BTC)/TrueUSD(TUSD) pair on Binance, you are essentially purchasing BTC using TUSD as payment currency.

Stablecoins are often the payment cryptocurrencies used in crypto pairs because they are pegged to the value of a fiat currency. Because the US dollar is the world’s reserve currency, the most popular crypto pairs on the Binance spot trading market will often feature stablecoins for USD.

The number one crypto pair in the Binance Spot Trading market is Bitcoin/TrueUSD which makes up about 32% of the trading volume. After that, the next few top crypto pairs are BTC, ETH, USDC, TUSD, CYBER, and XRP paired with Tether (USDT). Over a thousand crypto pairs follow after.

P2P Market

Binance P2P enables individual account holders to buy or sell cryptocurrencies directly with each other in exchange for fiat currencies. Let’s explore the depth and breadth of this feature.

The P2P platform serves as a trade facilitator or middleman by listing down offers from both the buyers and the sellers on the site. Each list item shows the advertiser or user with the offering, the price, the minimum and maximum amount to be sold, and the payment method.

Cryptocurrencies offered are:

  • Tether (USDT)
  • Bitcoin (BTC)
  • Binance USD (BUSD)
  • Binance Coin (BNB)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Smooth Love Potion (SLP)
  • First Digital USD (FDUSD)

Not only does the platform provide a way for Binance users to broadcast their crypto offerings, but it also ensures that the transactions are done safely and delivered on time. All online trades are protected by escrow and Binance users must complete the identity verification security option to participate in the P2P.

Users can buy and sell cryptocurrencies with over 100 different payment methods which include bank transfers, PayPal, cash, and many other e-wallet payments.

Crypto Conversions

For quick and easy crypto conversions, Binance Convert lets users buy and sell their crypto holdings without having to go through the complex trading interface. This simple tool from Binance lets investors instantly convert crypto or fiat assets anytime with the asset’s live price from current market conditions.

The minimum and maximum trade requirements will vary depending on the crypto or fiat currency selected. For example, converting Cardano (ADA) into USDT requires a minimum of at least 0.38 ADA for the transaction to push through. If all of that wasn’t enough, Binance Convert allows for quick and effortless cryptocurrency exchanges between any available trading pairs on the platform, all at the remarkable advantage of zero fees.

Binance Futures

Futures trading is a significant part of Binance’s derivatives offerings which can be found in Binance Futures, the derivatives platform of the exchange. Here, Binance has provided retail crypto traders with an enhanced user experience, seamless performance, and numerous innovative products. Due to the increased risk involved when getting into futures contracts and crypto derivatives, it is generally recommended that only more advanced traders get into futures trading. However, Binance presents its futures trading platform as suitable for both advanced and novice traders as it is easy to use and navigate.

In terms of security, Binance Futures offers two-factor authentication (2FA) and has several anti-phishing measures. Furthermore, the platform also implements the Know Your Customer (KYC) scheme in compliance with anti-money laundering and financial crime prevention efforts.

It is important to note that any Binance user looking to start trading Bitcoin futures and other crypto derivatives through Binance Futures must first pass the quiz that tests the user’s knowledge of derivatives trading.

So now, let’s go through the more specific crypto derivatives products that Binance Futures showcases.

USDS-M Futures

USDS-M Futures a USD-margined futures that use stablecoins like USDT or BUSD as collateral. Here, profit and loss (PnL) are denominated in the stablecoin used. For example, BTCBUSD Perpetual’s profit and loss uses Binance USD (BUSD) as collateral, and profit and loss are denominated in BUSD.

Crypto pairs for USDS-M Futures can be grouped into different categories, including AI coins, Decentralized Finance (DeFi) coins, Decentralized Exchange (DEX) tokens, Metaverse coins, and more. This allows traders to find better opportunities since they can quickly reach market segments that may be trending.

Traders who prefer the stability of dollar-pegged stablecoins and simple calculations of profits and losses will find an appropriate trading experience in Binance’s USDS-M Futures platform. However, the interface will still require some getting used to—especially since any form of leveraged trading comes with its own set of risks.

COIN-M Futures

Those looking to gain exposure to crypto futures without having to convert their crypto assets into USDT or other stablecoins stand to benefit a lot from COIN-M Future on Finance. These are coin-margined futures that use base assets as collateral. For example, BTCUSD CM Quarterly 0929 (September 29th) uses BTC as collateral, and profit and loss are denominated in BTC.

Suppose a trader previously purchased ETH as a long-term investment and does not want to convert it to a stablecoin to open a USDS-M Futures position. Instead, they can look for the ETHUSD COIN-M (CM) contract wherein they can posit an initial margin of ETH to place the order.Overall, Coin-M Futures can be a good option for crypto traders who want to directly use their cryptocurrencies in their futures contracts. Like USDS-M Futures, COIN-M Futures are offered in perpetual or quarterly contracts.

Leverage and Margin

The maximum amount of leverage available for users in both USDS-M Futures and Coin-M Futures depends on the notional value of their position. Essentially, the larger the position, the lower the leverage allowed.

The table below shows the differing degrees of max leverage that can be achieved for BTCUSDT Perpetual and other details:

Notional Value (USDT)Max LeverageMaintenance Margin %Maintenance Amount
0 – 50,000125x0.40%0 USDT
50,000 – 250,000100x0.50%50 USDT
250,000 – 3,000,00050x1.00%1,300 USDT
3,000,000 – 20,000,00020x2.50%46,300 USDT
20,000,000 – 40,000,00010x5.00%546,300 USDT
40,000,000 – 100,000,0005x10.00%2,546,300 USDT
100,000,000 – 120,000,0004x12.50%5,046,300 USDT
120,000,000 – 200,000,0003x15.00%8,046,300 USDT
200,000,000 – 300,000,0002x25.00%28,046,300 USDT
300,000,000 – 500,000,0001x50.00%103,046,300 USDT

Just like in other futures trading platforms, the maintenance margin on Binance directly influences when a position might get automatically closed or “liquidated”. Binance Futures traders should look to close their positions before their account balances drop below the required maintenance margin.

Mock Trading

Mock trading is Binance’s paper trading feature which lets its users close and open positions with actual live market prices but without using real money. Most financial exchange platforms implement some sort of demo trading account like this one for training and understanding the platform better.

Binance Futures mock trading looks exactly like the real live trading interface. This gives traders the chance to tweak all the different trading tools, chart options, colors, displays, and other instruments provided.

Trading Bots

Binance trading bots can be used both for the crypto spot market and futures market. Grid trading is the most popular trading bot on Binance and it automates the buying and selling of crypto assets. For crypto futures contracts on Binance, the grid trading bot is programmed to put orders within a given price range and at different intervals.

Other algorithmic trading bots on the platform include the Time-Weighted Average Price (TWAP) strategy, Rebalancing Bot, and Spot DCA.

Binance Fees

The Binance platform has a competitive fee structure that is designed to cater to the millions of traders that it hosts. Below is a comprehensive table list of Binance’s fees:

FeeAmount
Crypto DepositNo fees
Crypto WithdrawalDepending on the token Flat fee paid to cover transaction cost, 0.29 USDT for TetherUS on BEP20
Fiat Deposit (EUR)1 EUR for SEPA Bank Transfer
Fiat Withdrawal (EUR)0 EUR for Zen, Advcash, and Etana
1.7% for VISA, and 1 EUR for SEPA
Spot Trading0.1% Maker and Taker (Regular User)
0.075% Maker and Taker (BNB discount)
USDS-M Futures (USDT)0.02% Maker and 0.40% Taker (Regular User)
0.018% Maker and 0.0300% Taker (BNB discount)
COIN-M Futures0.01% Maker and 0.05% Taker
Margin BorrowingDepending on the coin, 0.010799% for USDT
Inactivity FeeNone

Starting with deposits, Binance charges zero fees for crypto deposits, making it a cost-effective option for users looking to transfer their digital assets to the platform. When it comes to withdrawing cryptocurrencies, fees are token-specific and will generally have a flat fee that’s designed to cover the transaction cost.

Fiat deposit and withdrawal fees also vary depending on the currency and the transaction method. A SEPA bank transfer for depositing or withdrawing EUR incurs a minimal fee of just 1 EUR. Withdrawing EUR is even free when using payment methods in Zen, Advcash accounts, and Etana accounts.

Other trading fees include a 0.1% spread for spot trading, 0.02%/0.40% Maker/Taker fees for USDT-Futures, and 0.01%/0.05% Maker/Taker fees for COIN-M Futures. These fees are subject to VIP trade discounts that are measured based on BUSD or BNB spot trading volume. More details can be found on the Binance website. Since Binance’s fifth anniversary in mid-2022, the platform has also implemented a 25% trading fee discount when paying with BNB, the native token of the Binance crypto exchange. This discount can be applied for spot trading and USDS-M Futures and will stay valid until further notice from the platform.

User Experience

Navigating Binance for the first time can feel like stepping into a bustling marketplace of digital finance. Upon opening the platform’s homepage or dashboard, users are greeted with different features and products that are each vying for attention.

While initially, this abundance of crypto selections may seem overwhelming, Binance has put considerable thought into easing the learning curve for newcomers.

For one, since most users will be using the platform for buying, selling, and storing cryptocurrencies, Binance has made these options the most available from the get-go. The navigation bar gives options like Buy Crypto, Trade, Deposit, and Wallet for quick accessibility.

Additionally, Binance customer support service is always just a click away so that users can instantly look up the site’s FAQs, and help articles, and find instant chat support. The main Binance support page also features relevant dropdown guides, video tutorials, and comprehensive knowledge of all of Binance’s products.

Other quality-of-life features cannot be left out, such as the option for toggling the dark theme for the site which is conveniently located on the upper right-hand side. If users have the Binance mobile app installed, there is the added convenience of logging in via QR code, which skips the longer email and phone 2FA verifications.

Overall, the Binance user experience will likely be overwhelming at first due to the many features and crypto products presented. However, this quickly turns into an asset more than a liability as users get more and more acquainted with the platform. Binance successfully combines its breadth and depth with user-friendliness, a feat that has kept it ahead of its competitors for years.

Binance Charts, Tools, and Analysis

Both crypto and fiat traders will need to rely on certain signals and trends to make the most informative trades. Binance has much to offer in terms of technical analysis, advanced tools, and fundamentals.

 In this section, we will delve into the various chart options, trading features, and the analytical tools available on the platform.

Charts and Trading Tools

In both Binance Spot Trading and Binance Futures, charts are used to show the price action of cryptocurrencies or crypto pairs. This is displayed in the common candlestick pattern familiar to most traders and can be configured in varying time frames.

Several technical indicators can be added to the chart but only up to five main indicators and five sub indicators. The main technical indicators on Binance are the following:

  • MA – Moving Average
  • EMA – Exponential Moving Average
  • WMA – Weighted Moving Average
  • BOLL – Bollinger Bands
  • VWAP – Volume Weighted Average Price
  • AVL – Average Value Line
  • TRIX – Triple Exponentially Smoothed Average
  • SAR – Stop and Reverse

On the default view, the order book lies beside the chart and shows live buy and sell orders of the crypto pair. The leftmost side of the crypto exchange interface includes margin options, trading limits, take-profit and stop-loss configurations, and the margin ratio.

Customizable Trading Interface

The Binance trading interface is also completely modular. The different sections of the platform such as the charts, tickers, favorites bar, order book, purchase preferences, and positions can be moved around on the webpage.

This feature is especially useful for traders using multiple screens that also might not be symmetrical. For example, a trader might have one screen on landscape and one that’s portrait. When trading, this user can adjust the sizes and orientations of the charts, tickers, and other components to fit his or her preference.

Even the colors of the candlesticks, prices, and tickers can be set to three different settings: Traditional, Fresh, and Color vision deficiency (or colorblind mode).

Markets Data

All sorts of market data are readily available, specifically in Binance Futures. A Crypto Futures market overview shows the overall interest, long/short ratio, and volume of both USDS-M and COIN-M Futures. There’s also an Altcoin Week Index, which shows if altcoins are performing better than Bitcoin in the last 7 days or vice versa.

A market index is also available, showcasing the gains or losses of a particular market. These include but are not limited to DeFi, DEX, Infrastructure, and NFT. For instance, the DeFi market index card shows the average percent gain or loss of its 20 futures contracts. It will also show how many are up and how many are down.

Binance Earn

Binance Earn presents itself as a collection of crypto earnings products to help users find income opportunities for their held crypto assets. This one-stop service has been around since 2020 and has gone through several iterations and improvements to ultimately help users maximize their crypto gains.

Let’s go through some of the most popular crypto earnings products on Binance Earn.

Simple Earn

Simple Earn allows users to earn daily rewards by depositing their digital assets either on flexible or locked terms. At almost any time, users can redeem their deposited assets so they may retain flexibility and liquidity whilst still earning daily rewards.

Flexible earn terms offer rewards in the user’s Earn wallet and can be redeemed at any time. These assets can also be used as collateral for Binance flexible loans while still earning rewards. Locked earn terms, on the other hand, require the assets to be held until predetermined redemption dates but provide higher rewards.

With over 300 tokens supported for earning, Simple Earn is the most upfront solution for letting crypto assets grow.

ETH 2.0 Staking

Binance’s ETH 2.0 staking service provides all its users an accessible way to stake in Ethereum’s latest PoS protocol with just 0.1 ETH. All on-chain staking rewards are to be distributed to the users while Binance covers the validator expenses and other on-chain penalties. The platform applies a 10% fee on all staking rewards to offset the costs of providing the service.

Auto-Invest

Binance Auto-Invest lets traders streamline their cryptocurrency investments by automatically purchasing cryptocurrencies using the dollar-cost averaging (DCA) strategy. They can select their preferred cryptocurrencies and set up daily, weekly, bi-weekly, or monthly buying schedules. More than 220 cryptocurrencies can be auto-invested with over 20 payment options to choose from.

Binance Dual Investment

Binance users who don’t have the time to follow crypto markets all day or who want to make high-income opportunities when markets move sidewards can benefit from Binance Dual Investment. This financial product allows for the future buying or selling of targets for cryptocurrencies while also earning passively regardless of market direction. It’s designed for both advanced traders and long-term crypto holders.

Binance NFT

The Binance NFT Marketplace is a platform for trading various NFTs that come in the form of digital artworks and collectibles. The platform is powered by the Binance blockchain and provides high liquidity for users who wish to create, buy, and sell NFTs.

The top NFT collections on Binance are all from the Ethereum network and include:

  • Meetbits
  • Bored Ape Yacht Club (BAYC)
  • Mutant Ape Yacht Club (MAYC)
  • Azuki
  • Otherdeed for Otherside
  • Moonbirds
  • Wrapped Cryptopunks
  • CLONE X – X TAKASHI
  • Doodles

NFTs operating on the Binance Smart Chain utilize the BEP-721 protocol, which serves as Binance’s standard for most NFT marketplace features. Conversely, NFTs on the Ethereum network employ the ERC-721 protocol.

Also on Binance NFT is the Ape NFT Staking Program which offers a unique opportunity for owners of BAYC and MAYC NFTs to earn daily rewards in the form of ApeCoin (APE). Flexible term options are available, together with zero gas fees for staking, a competitive APR, and daily rewards. Staking for Bored Ape Kennel Club (BAKC) NFT is also slated to be introduced soon. The latest product on Binance NFT is the NFT Loan feature. This allows traders to leverage their NFT assets as collateral to obtain loans. The loan amount is calculated based on the NFT’s market value and its corresponding Loan-to-Value (LTV) ratio, making sure that the credit extended is proportional to the asset’s worth. Advantages of this service include instant borrowing, zero gas fees, liquidation protection, and competitive interest rates.

Binance Mobile App

Most popular trading platforms include a proprietary mobile app for users to access their accounts and make trades on the go. The Binance mobile app continues to provide a comprehensive trading platform in a mobile package, bringing the world of cryptocurrency to your fingertips.

One of the standout features of the Binance mobile app is the ability to toggle between the Binance Pro and Binance Lite interfaces. Binance Pro offers a full suite of advanced trading tools and charts for the veteran trader, while Binance Lite provides a simplified, easy-to-navigate experience for those just starting to trade crypto. This toggle feature ensures that users of all experience levels can best engage in the platform based on their needs.

Additionally, the app’s user interface is designed with intuitiveness in mind. Even in handheld form, executing trades, monitoring your portfolio, and accessing various features are easy. With just a few taps, users can buy or sell assets, passively earn crypto, and even participate in the latest token launches. The overall design is clean and optimized for user convenience.

In summary, the Binance mobile app provides a versatile yet secure trading environment for all types of crypto traders and investors. It’s a great one-stop solution for those looking to make the most of their crypto holdings whether at home or on the move. The mobile app is available for both iOS and Android devices.

Customer Service and Support

Customer service is a critical aspect of any trading platform, and Binance is no exception. Binance offers 24/7 customer support, ensuring that users get the needed assistance whenever they encounter any issues or simply have any questions. Users can find a widget at the bottom left of the Binance dashboard which can be opened to show the Binance Service Center. Here, various support features are offered, covering first the most common problems and then more nuanced ones. These include things like account verification, password issues, phone security, changing email addresses, and crypto deposits.

Binance account holders can also search Binance’s frequently asked questions (FAQs) to find help articles that would best help them solve their problems. These articles often feature an informative video that explains the topic at hand in an easily digestible way.

When users cannot find the answers they seek, they can look for further support services in Binance Bot. This chatbot is available in 17 different languages and tries to provide information and articles to any of Binance’s features. If that isn’t enough, they can eventually chat with a live customer service agent who will assist with the problem or inquiry.

Deposit and Withdrawal Methods

Binance offers plenty of ways for its users to fund their accounts and transfer their funds. Those with crypto assets stored in outside wallets can deposit them into their Binance accounts via the blockchain of the coin or token. They simply need to select a cryptocurrency and choose a network that will make the transaction, and a QR code and wallet address will be shown.

When depositing fiat currencies, users have multiple options like credit or debit cards (VISA or MasterCard), bank transfers, and e-wallets. Traders also have access to hundreds of payment methods when converting their fiat currencies into crypto via the P2P marketplace.

Accepted fiat currencies include:

  • Euro (EUR)
  • Turkish Lira (TRY)
  • Kazakhstani Tenge (KZT)
  • Australian Dollar (AUD)
  • Brazilian Real (BRL)
  • Russian Ruble (RUB)
  • Ukraine Hryvnia (UAH)
  • Vietnamese Dong (VND)
  • Ghanaian Cedi (GHS)
  • Philippine Peso (PHP)
  • South African Rand (ZAR)
  • New Zealand Dollar (NZD)
  • Bahraini Dinar (BHD)
  • Romanian Lei (RON)
  • Hungarian Forint (HUF)
  • Czech Koruny (CZK)
  • Polish Zlotych (PLN)
  • Kuwaiti Dinar (KWD)
  • Saudi Riyal (SAR)
  • Qatar Riyal (QAR)
  • Oman Rial (OMR)
  • Pakistani Rupee (PKR)
  • Uzbekistani Sum (UZS)
  • Nigerian Naira (NGN)
  • United Arab Emirates Dirham (AED)
  • Argentine Peso (ARS)
  • Colombian Peso (COP)
  • Japanese Yen (JPY)

How to Get Started on Binance

Now that we’ve covered Binance’s key features and products, let’s explore how you can start trading on the platform. Here is a step-by-step guide on how to get started.

Step 1: Register for Free

First, create a Binance account either through an existing email, cellphone number, Google Account, or Apple ID. After entering your email or number, Binance will send a verification code which you will need to complete the registration.

Step 2: Complete KYC

To gain full access to Binance’s features, you’ll need to accomplish the KYC protocol on Binance. When logging in, you will get a prompt that will ask you to fill in details and upload documents required by KYC. Depending on your region, these documents will include a driver’s license, government ID, passport, social security number, PAN card, or Voter ID card.

Step 3: Deposit Cryptocurrencies

Now that your Binance account is KYC compliant, the next step is to deposit cryptocurrencies into your account. To do this, you can click on the “Deposit” button on the top right of the navigation bar and select “Deposit Crypto”. Here, simply select a coin and network, then use your crypto wallet to send assets to your Binance account.

Step 4: Start Trading

With your account fully funded it’s time to open your first crypto trade on Binance. Look for the “Trade” option on the navbar and select Spot to open the spot trading interface. Select the crypto pair that you want to trade, select a price for the order, and click the “Buy” or “Sell” button to execute the trade order.

Conclusion

To conclude, Binance gives one of the most immersive crypto experiences that could be offered by a centralized exchange. For many, Binance might be the only crypto platform they need since most traders are looking for fast and reliable trading, investing, and earning services.

Despite facing numerous and continuous regulatory scrutiny, the platform still exists to provide value to millions of new and experienced crypto traders worldwide. Binance is responsible for tens of billions of dollars worth of cryptocurrencies traded daily; and for good reason. With a high-quality, versatile platform for crypto trading and a plethora of other blockchain products, it’s difficult not to recommend.

FAQs

  1. What is Binance?
    • Binance is the world’s largest cryptocurrency exchange, with an average trading volume of $65 billion per day. It was established in 2017 by Changpeng Zhao and is by far the most used centralized exchange in the crypto space.
  2. Who founded Binance?
    • Changpeng Zhao, also known as CZ, founded Binance back in 2017.
  3. What are crypto derivatives?
    • Crypto derivatives are financial instruments that derive their value from an underlying crypto asset like Bitcoin, Ethereum, or other cryptocurrencies. Trading crypto derivatives comes with the potential for higher returns compared to regular trading but also carries with it more risk.
  4. Can I trade with leverage on Binance?
    • Yes, leveraged trading on Binance is possible through products offered on Binance Futures such as crypto margins and options trading.
Posted by: BitcoinMargin Updated Nov 21st, 2023