Binance is one of world’s most prominent crypto exchange and the factors mentioned in this Binance review will highlight why it is so. It is also the largest digital currency exchange in the world, due to its impressive trading volume. However, this is not the only factor that sets it apart from other crypto exchanges in the market.
Therefore, if you are interested in using this platform you should know is Binance safe and several other factors before you opt for it. Knowing these details can clarify what kind of services it offers and what you can expect if you use this exchange.
This is why, it is necessary for every potential user and new investor or trader to know the major features offered by an exchange to also determine why it is so popular and successful.
As a new crypto investor or trader you should know the details mentioned below about the famous Binance exchange.
Binance Review – What is the Exchange
Binance is one of the top crypto platforms in the world. It is a centralized crypto exchange that was established in 2017 in Hong Kong. It is a go-to crypto trading platform for a large audience, thanks to the high-end features and services it offers to the users.
As mentioned above, it manages a trading volume that is higher than any other crypto platform in the market. However, this is not only impressive aspect you should base your decision on.
As a potential user of the exchange you should also be familiar with the details mentioned below.
The staking feature supported by the platform is one of the most prominent and rare ones. Not every exchange offers support to staking as it can only be carried out on proof-of-stake blockchains.
This features allows the investors to put their crypto in a wallet or a collective pool. This results in rewards that the investors can claim.
Staking requires staked tokens for the validation of transactions.
Low and Transparent Fee
One of the most crucial factors addressed in this Binance review is the fee structure of the exchange. There are crypto platforms in the market that do not have a transparent fee structure and include hidden and additional charges as well. Using such an exchange can cause you to pay more than is required and even jeopardize your safety and funds.
Therefore, you should be sure about the fee charged by an exchange before you choose it to buy or trade crypto.
If you are interested in using Binance then you should know that it is known to be one of the cheapest crypto exchanges in the market. The fee it charges is not only fair but also transparent.
Here are the details of the fee you will have to pay as a user of the exchange.
- 0.02% to 0.1% trading fee for market makers
- 0.04% to 0.1% trading fee for market takers
- $1 to $15 withdrawal fee
Can the Fee be Reduced?
The fee charged by the Binance exchange is one of the lowest in the market. However, one remarkable aspect of the crypto exchange is that the fee mentioned above can be reduced further.
People who have a VIP level account or who pay the fee with BNB tokens can get discounts on the trading fee.
Security Protocols Used
One of the most crucial questions people should ask is, “is Binance safe?”. If you do not choose a secure platform then there is no use of all other impressive features it offers either.
Therefore, regardless of the platform you choose, make sure the one you opt for prioritizes your security and makes use of high-end security systems.
Binance is one of the safest platforms as it has strengthened its level of security over time and now uses some of the best and top-of-the-line security protocols as mentioned here:
- A.I. monitoring
- Cold wallets
- Two-factor authentication login
- Forensics monitoring
- Biometric logins
- Unusual account activity notifications
User Experience Offered
This Binance review is of extreme help to anyone looking to use the exchange, whether they are new to the crypto space or not.
Therefore, one of the details people should know, especially beginners, is the user experience offered by the platform. This is a user-friendly crypto exchange that is easy to navigate and has a simple interface.
This makes it a suitable exchange for beginners and experts alike.
The trading interface of the platform is also crucial to know about, especially if you are a beginner.
There are two categories of the trading interface.
The classic version is for new traders who want to place simple trades, whereas the advanced version is for the experts who want to place complex trades.
Learning the details mentioned above in this brief Binance review can be one of the best ways for you to determine why it is a prominent exchange.