Binance Trading Platform Review

Binance Trading Platform Review
  • About Binance  crypto exchange
  • What are the Fees & Charges?
  • Can you Deposit/Withdraw?
  • What are the Pros & Cons?
  • Is Binance Safe?
  • How to start trading with Binance?

 

Binance Trading Platform Review

Binance is a cryptocurrency exchange that was founded by Chinese entrepreneurs in 2017, its founders are Changpeng Zhao and Yi He, who had originally worked in other Digital currency startups like Blockchain.info and OKcoin. Binance became very popular since it has started operating and is now one of the top 10 largest crypto exchanges. Why is Binance so popular? Mainly because of it’s clean interface, a massive number of Initial Coin Offering listings and relatively low trading fees. Binance is a crypto only exchange and does not accept fiat currencies at all.

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Binance platform trading fees and charges

Deposit fee: It’s free to deposit money to the binance exchange platform.

Trading fee: Binance charges 0.1% trading fee. When you own BNB (Binance coin), you can choose to to the trading fee with BNB and deduct 50% of the overall trading fee.

Withdrawal fee: the fees vary regularly and also change between different coins. The over all withdrawal fee won’t be higher than $10.

 

Binance Trading Pros and cons

 

Pros

  • Trading fees are fairly low, especially if traders choose to use the in-house BNB coin.
  • Binance is user-friendly for both beginners and advanced traders.
  • Backed by a team with a proven record in the Crypto ecosystem.
  • Allows support for 100+ different cryptocurrencies.

Cons

  • The exchange collects & stores user data and keep tracks of their tradings.
  • 2-factor authentication is only supported with Chinese numbers.
  • The platform is user-friendly, however, the Mobile app for Android is a bit hard to use.

Is Binance safe to use and trade?

Saving your digital coins on an exchange platform is never the preferred option. As you don’t have full control on the currencies themselves, they are all located on the exchange’s servers. Having said that, Binance is considered to be a well-established platform backed by heavy investors. The 2-factor authentication adds another layer of trust to its traders.

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How to start trading on Binance?

It’s fairly easy to start trading with Binance. Simply sign up with Binance and click “Registry” in the top right corner of the website. Then Verify your email address and make sure to use the 2-step authentication for an additional layer of safety.

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