A Brief Binance Review for People New to Crypto Trading
A Binance review that gives a good look into the world’s largest cryptocurrency exchange can be the best way for people to know how well the platform matches their trading requirements and criteria.
If you are interested in trading crypto, you are likely to come across numerous trading platforms. Among those platforms, Binance is a prominent option not only because it is the largest exchange but also because of the remarkable features it offers to the users.
This Binance review exchange sheds light on some of the most unique and impressive features of the platform. Knowing these details can help you decide if you want to use the Binance exchange for buying or trading cryptocurrencies.
Binance Review – Where to Begin
Binance is a world-class crypto exchange that has been known for its impressive trading volume and several other features mentioned here.
This crypto trading platform was launched by Changpeng Zhao in 2017. It initially started in Hong Kong but had to be relocated due to strict regulations by the Chinese.
It is one of the top crypto exchanges in the world and offers support to more than 400 different trading pairs. This Binance trading review further highlights the features that make it one of the best platforms for trading crypto in the market.
User-friendly Platform
As a beginner, one of the first aspects you need to look at is the user-interface of the platform. The Binance exchange is smartly designed and executes all orders instantly. It is, therefore, a user-friendly platform that has a simple and easy-to-navigate interface.
It also categorizes all features of the exchange in a drop-down menu that makes it easy for beginners to find them.
Trading Platform
For specifically crypto traders, the Binance review also addresses the trading interface of the exchange. To make sure that every crypto trader is able to have an easy and good experience, the trading interface is divided into two categories.
- Classic
- Advanced
The classic interface is for people new to trading and those who want to make simple trades. The advanced interface, on the other hand, has been designed for professional traders and those who want to make complex trades. For such an audience, the platform also provides advanced trading tools and more.
Staking Feature
One of the most unique features mentioned in this Binance crypto exchange review is staking. This is essentially a feature that allows investors to put their crypto in a collective pool or crypto wallet and get rewards.
This is achievable on proof-of-stake blockchains and requires staked tokens for validation of transactions.
Highly Secure Exchange
This Binance review addresses one of the most crucial aspects of the platform, which is the level of security it offers to the users. Binance is known to be one of the safest cryptocurrency exchanges in the market.
It has an infallible security system that is strengthened by the implementation of several leading-edge security protocols.
Some of the security systems used by the platform include:
- Cold wallet storage
- I. monitoring
- Biometric logins
- Notifications for unusual account activity
- Forensics monitoring
- Two-factor authentication login
Several Payment Methods Available
Another highlighting and striking aspect of the platform, mentioned in this Binance trading review is the availability of a variety of payment methods.
Binance is one of those rare platforms that does not rely on a single payment method but offers numerous options to the users. Such a platform also allows the users to choose a payment method according to their convenience, making the overall experience smoother and easier.
The payment methods supported by the platform are:
- Wire transfers
- P2P transfers
- Credit cards
- PayPal
- Debit cards
- Wallet transfers
Trading Fees of the Exchange
The trading fees of an exchange is one of the aspects that can help make your decision easier, as a crypto trader. The fee structures of different exchanges vary based on the amount the users are required to pay. The fee is also different in terms of the amount and transparency offered by each exchange.
Some of the platforms do not charge a transparent fee structure because they include hidden or additional charges.
However, this Binance review also specifies the fact that the exchange charges one of the lowest fees in the market. It is also a transparent fee structure.
Here are the details of the fee you have to pay.
- The trading fee for market makers ranges from 0.02% to 0.1%
- The trading fee for market takers ranges from 0.04% to 0.1%
Tips to Reduce the Fees
The Binance crypto exchange review is one of the lowest fees platforms but the trading fee mentioned above can be reduced more if the users:
- Have a VIP level account
- Pay the trading fees with BNB tokens
Conclusion!
The Binance review mentioned above talks about some of the high-end features of the platform that is known to be the largest in the world. However, as a potential user of the exchange it is crucial to know the prominent features.
