Six years ago, the number of platforms for exchanging digital currencies could be counted on one hand. Now every week, a new cryptocurrency exchange appears around the globe. Their total number is in the hundreds.

Each exchange platform has unique features that set it apart from the competition. One offers a huge selection of trading pairs, the second offers low commissions for exchange operations or even their absence, and the advantage of third is enhanced security settings.

Exchanges that cannot withstand competition are closed. Now there is a tendency when weak players to leave the market. According to the Cryptowisser service, 75 trading platforms have been liquidated since the beginning of 2021, up 56% year-on-year.

Therefore, to survive and succeed, the crypto exchange must take into account the current requests of traders and investors. In addition to the minimum commissions, a large list of available currencies, convenient payment methods, and enhanced protection, offer other opportunities for making money in the modern cryptocurrency market.

The first on this list is the Chinese cryptocurrency exchange Binance. For several years it has been the confident leader of the entire crypto market. Binance is a young crypto exchange. It was launched in 2017. But the platform began to gain popularity at lightning speed and quickly settled in the first position in the world ranking. In January 2018, Binance became the # 1 exchange by trading volume. As of January 25, 2021, the 24-hour trading volume on Binance is $ 13,799,679,998 or 399,067 BTC.

The cryptocurrency community enthusiastically welcomed the new player, offering favorable trading conditions from the very beginning: a loyal commission policy and an impressive set of trading tools. 

The history of the Binance exchange

Binance cryptocurrency exchange is registered in Malta and belongs to the Shanghai company Beijing Technology. The company is run by 43-year-old Zhao Changpeng, who previously headed the Blockchain development department and was one of the owners of the Chinese crypto exchange OKCoin.

Working for OKCoin as a chief technology specialist, the future creator of Binance began to think about his crypto exchange. Changpeng did not dare to launch his project for a long time, but then 2017 came, when the boom of ICO projects covered the crypto industry. During the crowd sale, the CEO of Binance raised the required $ 15 million in just a month, which finally confirmed his belief in cryptocurrency.

The Binance founder’s name appears regularly in Forbes rankings. And the rest of the team are professionals with successful experience working on Wall Street in cryptocurrency technologies. Binance is run by the best of the best, and the team’s output speaks for itself.

Binance Exchange Review

Nowadays Binance is the largest cryptocurrency exchange used by millions of traders around the world. At first, Binance offered only cryptocurrency exchange. It was strictly a cryptocurrency exchange, and all transactions within the platform were carried out using digital money.

In November 2019, Binance started working with fiat. 6 fiat currencies became available to exchange users: USD, EUR, RUB, UAH, KZT, and TRY.

In February 2020, Binance added support for direct cryptocurrency purchases using Visa and MasterCard through a Simplex payment processor. The list includes the national currencies of 15 countries.

In October 2020, Binance offered the opportunity to exchange cryptocurrencies for cash in person. This service can be used by qualified merchants through the Binance peer-to-peer platform. Bitcoin, Ethereum, USDT, BNB, BUSD, and EOS are supported for exchange. Binance is now considered the fastest-growing trading platform.

Binance exchange’s official website

The binance.com domain was registered on April 1, 2017. By the end of that year, more than 3 million users had registered on the site.

At the beginning of 2021, the number of clients exceeded 37 million, which confirms the fact of the rapid success of Binance. There were cases when the team had to temporarily close the registration of new accounts, as there were more applications than the platform could process.

Now everyone can become a Binance client. Every day, developers record 0.6-1.1 million active traders who carry out transactions using the trading platform.

Binance works with international trading in mind. The official website works in 21 languages. Multilingualism is a great advantage of the exchange targeting clients from all over the world. Users get access to trading in their native language, which simplifies the work with the platform.

Registration on the official Binance website

Step-by-step instructions on how to register on Binance:

1. Go to the official website of the exchange, and on the main page in the upper right corner, select the Registration button;

2. Choose a registration method: Email/Mobile;
3. Indicate the current email or phone number with a code, and enter and confirm the password.

4. A password for working on a cryptocurrency exchange should be as reliable as possible and contain upper and lower case letters, and numbers. It should not be the same as other passwords that you use to work with other services.
5. Check the box next to I have read and agree to Binance’s Terms of Service;
6. Click Create Account.

If the registration form is filled in correctly, then a notification will be sent to the specified email about the need to confirm the email address. To confirm your Binance account, you need to enter the 6-digit confirmation code that you received by email.

Verification on the Binance exchange

Each new user of the exchange receives a VIP 0 status.

There are a total of 10 trading commission levels on Binance, ranging from VIP 0 to VIP 9.

The zero trading fee is 0.1% for everyone and 0.075% when using Binance Coin (BNB), the platform’s internal tokens.

Identity verification on Binance is optional, but there is a limitation on the withdrawal of funds – up to 2 BTC per day. Therefore, for active trading, it is better to go through verification and remove all restrictions.

After verification, the user receives VIP 1 status and can withdraw more than 100 BTC per day.

To do this, in your account, click on the profile icon and select the Verification menu.

Identity verification

Identity confirmation is the 1st stage of verification. It will increase the available withdrawal limit to 100 BTC and the deposit limits for selected local currencies. To pass identity verification:

1. Select a country/region and click Start;

2. Enter basic information: name, surname, date of birth, address of residence, then click Send and continue;
3. Select the type of document: identity card, passport, driver’s license;
4. Load the passport page with a photo: choose to make or upload a photo. For extended verification, the system will also ask you to upload a portrait photo.

Address verification

Address confirmation is the 2nd stage of verification. It will allow you to increase the limit for depositing funds through some fiat channels. The ability to verify the address will appear after a successfully passed identity verification. Thus, Binance offers its clients a tiered VIP trading program. The higher the trading volume, the lower the commission and the higher the withdrawal limits.

So, makers with VIP 0 status pay a trading commission of 0.1% (when paying with BNB – 0.075%), the amount of which with VIP 9 status will be only 0.02% (when paying with BNB – 0.0150%).

Depositing funds to the Binance exchange 

The next step after registering and verifying your account is to top up your balance on Binance. Now, operations for depositing and withdrawing money on Binance are carried out with both digital cash and fiat. Moreover, Binance offers to purchase cryptocurrency using a VISA / Mastercard credit card.

The minimum amount of depositing with fiat is not limited, and the maximum and commission depend on the chosen method. For example, the commission for depositing with bank cards is 3.1%. Depositing with cryptocurrency is limited only by the functionality of the network itself and its commissions.

Withdrawing funds from the Binance exchange

Withdrawal of funds, as well as depositing, is carried out through your account on the website of the Binance exchange:

1. Log in to the system by entering your data and password;
2. Once logged in, click on Wallet and then Spot Wallet. After that, click on the Withdraw button at the top right of the page.

3. Enter the abbreviation / full name or select the token you want to withdraw.

4. Let’s take Bitcoin (BTC) as an example. Copy the address into the Recipient’s BTC Address field and enter the withdrawal amount. The system will automatically calculate the processing fee and give the actual amount that will be received.

5. After that, you will need to go through security verification:

• If you have not connected two-factor authentication, you will need to connect it first;
• If you have already connected 2FA before, click Get Code and enter the required codes;
• For account security, the confirmation email will be valid for 30 minutes. Check and enter the code in time.

6. In the letter, double-check the cryptocurrency, amount, and withdrawal address. If you received an email to confirm the withdrawal, but this withdrawal was not made by you, disable your account and contact our support team as soon as possible.

7. After you successfully withdraw funds from Binance, you can check the withdrawal history on the page. Select Wallet, then Spot Account, and click Transaction History. Select Withdraw and Date to find the corresponding withdrawal record.

Buying cryptocurrency

Binance provides its users with the ability to quickly buy cryptocurrency, and it can be done in several ways:

• Bank transfer

You can pay for the purchase of cryptocurrency using a bank transfer.

• Credit and debit cards

A quick purchase on the site is also possible with bank cards.

• P2P (Peer-to-Peer) trade

You can buy cryptocurrency from other users under individually agreed conditions – and pay for purchases with bank cards and in more than 60 other ways.

• Fiat balance

You can pay for the purchase of cryptocurrency from your fiat balance on the exchange.

• Third-Party Partners

You can also buy cryptocurrency on the exchange through third-party partners Simplex.com, Banxa, Poli, and Bpay, offering their terms. When working with third-party services, you leave binance.com and go to the partner’s website. Therefore, first, carefully read the Terms of Service of a particular third-party service.

Trade

The main advantage that the Binance exchange has received such success is the variety of trading pairs. As of January 25, 2021, 879 trading pairs are available on Binance. Among the coins that are traded on Binance, you can find both the top and very young ones, launched immediately after the ICO, as well as rare coins.

Binance also provides several trading modes for users with different backgrounds in the crypto sphere. With a large daily trading volume, the Binance exchange can provide cryptocurrency trading at a basic and advanced level. Types of trading on the Binance exchange:

Basic

It is the easiest way to start trading in minutes. The trader will only need to indicate the direction of trade and the amount.

Classic 

Classic trading has a simple interface that will be understandable even for beginners. Here, you can not only make deals but track quotes of trading pairs and market operations.

Advanced

The advanced trading platform is designed for experienced traders and provides full access to all trading instruments on one screen.

Margin 

The trading platform provides an opportunity to trade with high leverage, which increases the profitability of transactions. However, it also increases the risks.

OTC (over-the-counter) deal

This section is intended for concluding transactions for large amounts (from 250 BTC) under the best conditions.

P2P (Peer-to-Peer)

Direct transactions between users, the terms of which, including the rate and method of payment, are chosen independently by the seller and the buyer.

Types of orders on the Binance exchange

When creating an order to buy or sell an asset, users can select the type of order. Binance supports the following types of orders:

Limit order

It is an order to buy or sell an asset at a price better than the current one. It is understood that the price will rise or fall to a certain limit, after which it will reverse in the desired direction.

Market order 

It is an order to quickly buy or sell an asset at the best currently available price. Such orders are executed based on limit orders that were previously placed in the order book.

Stop Limit Order 

It is an order that sends a limit buy or sell order when the specified trigger stop price is reached or exceeded. Such an order consists of two main components: the stop price and the limit price. When the asset price reaches or surpasses the stop price, the order becomes executable and enters the market as a limit order (that is, an order to buy or sell at a given or better price).

OCO Order (One Cancel The Other) 

It is an interchangeable order that allows you to place two trades at the same time. It combines a limit order with a stop-limit order, provided that only one of the two is executed. Thus, as soon as one of the orders is partially or completely executed, the second is automatically canceled.

Additional features of the Binance exchange

Unlike many other exchanges, Binance is not limited to trading only and offers traders many useful products for them:

Trade and exchange

The exchange offers over 800 trading pairs, as well as the ability to fast exchange.

Binance Access

Through powerful API integration through Binance Access, owners of other platforms and websites can provide their customers with access to the exchange’s trading functionality.

Academy

For those who have just started studying the world of blockchain, Binance has developed an academy where all the necessary information is collected to study the blockchain, the digital economy, and the basics of trading.

BCF (Blockchain Charity Foundation)

It is the Binance social program, with the help of which users can donate to charity and the development of social projects around the world. Fundraising is completely transparent, all transactions are recorded on the blockchain.

Card

The Binance exchange changed the understanding of cryptocurrency payments by issuing Binance cards. Anyone can order a card for themselves on the exchange website and pay with cryptocurrency at any point around the globe.

Info

In the Info section, users can find out the latest news from the crypto world, track changes in the value of cryptocurrencies, and read reports from Binance and third-party companies, whose activities are in one way or another related to digital coins.

Binance Labs 

It is a venture arm of Binance that is created to support entrepreneurs developing industrial projects. With the help of Binance Labs, startups can loudly announce themselves to the whole world. Investors can find a project with a working product.

Launchpad

The platform allows startups to launch their tokens for successful fundraising and subsequent listing on the exchange. The startup selection process is very strict, but the project provides an opportunity to show your idea to more than 10 million Binance users.

The Binance Research platform

The Binance Research platform provides users with investment-grade analysis and objective analytical information about cryptocurrency projects and the industry in general.

Trust Wallet

It is a reliable and secure mobile crypto wallet that provides easy access to assets and quick purchase of cryptocurrencies for fiat.

Conclusion

Many users would not hesitate to recommend Binance as a cryptocurrency trading platform. Binance is a top-level project and an example for other services of what a modern cryptocurrency exchange should be.

From design to content, Binance sets trends for the entire cryptocurrency market. Besides, the project team is trying to develop business in different directions: they added support for trading against fiat, acquired the WazirX exchange, thereby making an entry into the lucrative Indian market, and opened up the possibility of p2p trading using cryptocurrency and fiat currencies. Also, Binance entered the cryptocurrency mining industry by launching its mining pool.

The Binance development team strives to improve not only their platform but the entire blockchain industry. It launches effective products that contribute to the emergence of new projects in the industry and the popularization of cryptocurrencies in general.