Binance’s cryptocurrency catalog is one of the largest. Binance has almost 400 different digital assets that you can trade. One of its advantages is that it adds to the list of cryptocurrencies, is not static, and is always up to date with the latest news.
Binance Overview: The Leading Cryptocurrency Exchange
This exchange is currently the most important in the world and is constantly working to remain so. Binance has added features that cannot be found on other exchange platforms, such as NFT, Ethereum 2.0 stacking, Bitcoin and Ethereum mining pool, cryptocurrency liquidity pool, decentralized exchange, proprietary blockchain, and even a decentralized exchange, among others.
Many elements allow it to differentiate itself from other centralized exchanges and attract users. It has chosen insolvent tokens, generating huge profits for users and the platform itself. It has also developed a decentralized exchange within its blockchain as a solution for the Decentralized Finance Ecosystem (DeFi). Also, the platform offers many passive income options and constantly runs contests and giveaways to increase engagement and online presence.
Getting to know Binance and its services
What does Binance offer us?
The platform not only offers us the opportunity to buy cryptocurrencies and trade but also offers many other options. Let’s look at the additional elements that this exchange offers:
- Binance exchange currently offers the ability to process 1.4 million transactions per second.
- The platform usually offers various types of promotions, gifts, and competitions, as well as reward programs with interesting incentives.
- The exchange has a binance app for both iOS and Android. This application allows us to access our balance wherever we are and work with ease.
- Binance exchange, like others, offers the opportunity to learn about various cryptocurrencies and blockchain. You can find interesting articles that are cataloged by user level.
- Binance has a special section where you can earn cryptocurrencies and tokens in different ways.
Account types
Three user account levels depend on the operations you want to perform.
- Basic. When you register on Binance, a basic account is activated, which allows you to deposit cryptocurrency without restrictions and withdraw a maximum of 2 BTC per day. The amount of 2 BTC per day is the sum of all withdrawals, regardless of the cryptocurrency withdrawn.
- Intermediate. To reach this level, you need to undergo an identity verification process. This process is based on uploading images of your identity document and facial recognition. Once your identity is verified, deposits and withdrawals using fiat currency are possible with a limit of $50,000 per day or $500,000 per month. Cryptocurrency deposits remain unlimited, but cryptocurrency withdrawals remain limited to 100 BTC per day, regardless of cryptocurrency. In addition, access to LPD, OTC, and the ability to obtain a Binance VISA card is provided.
- Advanced. This is the same process as the intermediate level but adds identity verification, which is based on uploading some kind of invoice or receipt that contains details and address. It offers the same benefits as the middle tier, changing only the deposit and withdrawal amounts. In this case, you can withdraw and/or deposit up to $200,000 per day and up to $2 million per month.
Features and Trading Options
The Binance exchange has various systems for exchanging cryptocurrencies. This service is open to all users, but its use depends on the knowledge and skills of the users. It offers a simplified Binance market service for beginner users, while also offering more advanced panels for those with more trading knowledge.
There are various types of cryptocurrency transactions on the platform. You can find spot, margin, futures, P2P, savings, and pool account systems. Please note that these services offer certain wallets to which you will have to add funds that are already on the platform or import them at some point. Binance has Spot as the simplest service for working with cryptocurrencies. This is a wallet that will provide access to all platform services.
Spot
A wallet that allows you to search for all cryptocurrencies present on the Binance platform. This shows balances, market price, and estimated value available in Bitcoin. To deposit a cryptocurrency or token on Binance, you simply need to find it in the spot wallet. When you find a token or cryptocurrency, click “Deposit” and copy the Binance wallet address. After making a deposit, you must wait for the transaction to be confirmed by the corresponding blockchain. The “Withdrawal” process is similar: in this case, you need to copy and paste the wallet address where you want to send the token or cryptocurrency.
Margin
It offers access to the Binance leverage market. Margin is a system designed for users with experience in exchanging and trading cryptocurrencies. This allows you to access credit through collateral and thus be able to trade in large volumes and follow advanced investment strategies such as Long and Short.
Futures
It offers a portfolio with leveraged services for advanced users. With a derivatives market service like Binance Futures, you can access 125x leverage.
Features of Binance Quarterly Futures Contracts:
- BTC Settlement: These contracts are settled using Bitcoin. They offer new users the ability to participate in these complex markets with greater ease.
- Expiration/Delivery Date: Quarterly Bitcoin Binance contracts expire on a specific date and time. Orders close 10 minutes before expiration.
- Contract Multiplier: The contract multiple represents the value of the contract. Each contract carries an equivalent representation of $100.
How to make money with Binance Finance
Binance offers a “Finance” section, which provides various solutions for earning cryptocurrencies and tokens.
Binance Earnings
This is the same as a fixed term. When we have cryptocurrencies but do not use them, we can earn passive income by entering them into this program. “Savings” offers us the opportunity to lend these cryptocurrencies and receive an annual income on the balance. There are two types of options:
- Flexible savings: we can enter at any time while the contract is valid. An annual interest rate of 1-2% is offered.
- Blocked Savings: Entry and exit dates for capital assets are established with time periods of 7, 14, 30, and 90 days. Here the return for the user is greater since up to 10% annual return can be offered depending on the cryptocurrency.
Smart Pool
This “Smart Pool” service from Binance offers mining for users performing proof-of-work consensus operations. In this case, Bitcoin or some of its derivatives are mined. Binance currently offers a mining pool for Bitcoin and Bitcoin Cash, two cryptocurrencies with the SHA-256 algorithm. It also offers a mining pool for Ethereum and its Ethash algorithm, but not other cryptocurrencies based on this algorithm.
Loans
The platform offers the opportunity to request a loan in various cryptocurrencies. As collateral for these cryptocurrencies that we borrow, we must deposit the same amount in another cryptocurrency. These are commonly referred to as cryptocurrency-backed loans. Currently, the platform offers loans for 7 days, 14 days, 30 days, 90 days, and 180 days. The fee will depend on the time period and type of loan you request, which typically ranges from a 13% fee to a 35% fee.
Liquid Swap (DeFi)
It offers the ability to add liquidity to different liquidity pools and thus earn profits. This is another version of decentralized exchange liquidity pools, designed for decentralized finance (DeFi). This is a good way to make money without having to do trading. This mechanism is very similar to the one offered by the decentralized exchange PancakeSwap, but here you can use Bitcoin, Tron, and other cryptocurrencies, which cannot be done in PancakeSwap since it only supports tokens from the Binance Smart Chain.
Binance fees
Binance Centralized Exchange is a company dedicated to making money. For this reason, the platform charges several fees depending on the transactions we perform. Let’s take a look at what fees may apply.
Withdrawal fee
If the transaction is carried out between internal exchange wallets, the commission will be returned to us after the transaction is completed.
General fees
| Regular trading (spot) | maximum 0.1% (the more binance coin you have in your account, the lower the fees will be) |
| Futures trading | maximum 0.04% (the more BNB you have in your account, the lower the fees will be) |
| Conversion | no commission |
| Deposits | no commission |
| Cryptocurrency card purchases | maximum 2% |
| Fiat deposits via bank transfer | 0.5% |
| Fiat deposits from Advcash | 0% |
| Fiat deposits for Ethan | 0.1% |
Maker and taker fees
The Binance fees may vary in percentage depending on several factors. They can vary depending on volume, balance, or whether you are acting as a maker or taker.
Buying cryptocurrency
To get started, you need to purchase cryptocurrencies, a service offered by Binance. There are three different mechanisms for purchasing cryptocurrencies:
- Credit/Debit Card: The exchange offers the ability to purchase various cryptocurrencies, tokens, and stablecoins using the card. To use this service, you need at least a mid-level account.
- Binance P2P Exchange: Another option is to buy cryptocurrency directly from other users. There are a large number of users who offer their cryptocurrencies, with Binance guaranteeing the security of the transaction.
Third-Party Pay: Binance allows you to purchase cryptocurrencies through third-party buying and selling platforms.
FAQ
The process of creating a new user account is simple, you just need to go to the Binance website. There you will be asked to enter your email account and password. Once you click the “Sign Up” button, you will be sent a verification code to make your account active. After that, you can make a Binance login to enter your account.
The Binance risk management system tracks every withdrawal and deposit attempt, 2FA, or password reset in real-time. In addition, it also tracks phone numbers, email addresses, or device changes. In case of suspicious actions, the system will automatically suspend the withdrawal of funds for up to 120 hours.
There are many benefits to using Binance Pay. You can send, receive, and spend cryptocurrency for everyday transactions securely and contactless. With support for a wide range of cryptocurrencies, including Bitcoin and stablecoins, you have a wide range of options to make payments or receive funds.
