One of the most popular cryptocurrency exchanges in the crypto market is Binance. It is also the world’s largest exchange with an impressive trading volume. However, this is not the only reason for its popularity. This exchange is known for meeting the requirements of every interested party, experienced and inexperienced alike.
It is still important for potential users of the Binance exchange to know what the features are so they can determine if it is a good exchange for them or not. To be sure about the suitability of this exchange the interested parties should know the details that are mentioned below.
This is one of the centralized crypto exchanges and was established in 2017. It is based in Hong Kong and since its establishment it has outperformed most of its competition in the market.
It offers support to almost 400 trading pairs and extends its services to millions of users around the world.
One important aspect you can learn about this exchange is that it does not offer its services to users in the USA due to strict regulations implemented by the government. Therefore, if you are in the United States then you should consider looking for another platform to buy or trade crypto assets.
One common question people often ask is, “is Binance safe?”. This is not only common but also quite important for the users to know, especially the ones who are new to the crypto space. There are several platforms that do not take the security of the users’ funds very seriously. Using such an exchange makes the users vulnerable to cyber threats and failures.
Therefore, it is important to be sure about the security of a platform before you start using it. The impressive factor about Binance is that it prioritizes the security of its users.
It uses high-end security systems, some of which are mentioned below, to ensure that the users have a secure experience of buying or trading digital assets.
Here are the security systems offered by the platform:
- Cold wallets
- A.I. monitoring
- Biometric logins
- Forensics monitoring
- Two-factor authentication login
- Alerts the users in case of any unusual activity
Staking is a popular and somewhat beneficial process, if the investors and traders have a good idea regarding how it works. If the interested parties opt for staking without properly understanding the concept and without choosing the right platform, it can be financially harmful for them.
Binance staking basically means putting or delegating ones crypto in a wallet or collective pool to get rewards in return. However, it is not achievable on every kind of crypto exchange. Staking is only supported by proof-of-stake blockchains and transactions can only be validated through staked tokens.
Therefore, if you understand what staking is and you want to opt for it then you can choose to do so with Binance.
Among other factors that contribute to the success and popularity of the Binance crypto exchange, its fee structure also plays a key role. The fee charged by a platform is known to be one of the lowest in the market, which is why it grabs the eye of a large audience. The fee structure of the exchange is also fair and transparent and does not include any additional charges that are not disclosed to the users beforehand.
The Binance exchange follows the market maker and taker model when it comes to the fees. More details of the fee charged by the exchange are as follows:
- No direct deposit fees
- No direct withdrawal fees
- Market takers have to pay between 0.04% to 0.1%
- Market makers have to pay between 0.02% to 0.1%
As a potential user of Binance, it is also important for you to know that you can reduce the fee charged by the exchange even more. This depends on:
- Your VIP level account. People who have VIP level accounts can enjoy a deduction in their fees.
- Paying the fees with a BNB token can offer a discount to you as well.
The customer support offered by the Binance exchange is yet another factor that you need to know if you intend on using this platform. A team of expert customer service agents can help the new users in avoiding numerous problems and obstacles.
Therefore, people who are new to the crypto space can consider using Binance as it offers excellent customer support available at all times.
Binance is one of the top options for numerous crypto investors and traders around the world. If you are also interested in using this platform then you should know the features of the exchange mentioned above in detail.
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