Binance has been a centralized cryptocurrency exchange since its establishment in 2017. Changpeng Zhao, a well-known software developer built the exchange back in the early days of Bitcoin. According to findings, as of October 2021, Binance has a crypto trading volume of up to USD 7.7 trillion and over 28.5 million members. Despite the fact that it is not particularly user-friendly, it provides an extensive range of trading options and features. The platform came to birth as a solution for experienced investors who had an extensive understanding of the market since its foundation. It’s important to keep in mind that the majority of its operations are confined to the United States. Binance’s key benefit is that it has exceptionally low costs. However, the market’s reception of its capacity to offer such minimal trading fees has stirred controversy in the past. Furthermore, Binance is subject to investigation in the United States. Consequently, the authorities have raised numerous regulatory concerns.
How to use Binance?
Users can access a wide selection of trading tools through Binance. The exchange creates Real-time charts to help traders track down financial data and logarithmically created graphs are included in the platform. Users and investors may quickly navigate and start trading on the Binance mobile app, desktop software, and website. Moreover, you may access your order book, history, portfolio, and trade charts through the Binance platform. Although Binance provides all of these options and functionalities, the majority of them are not available in the United States. Margin trading, as well as various order choices, are not available in the United States but are available in other nations.
Binance, according to Forbes, is one of the cryptocurrencies with the lowest fees in the industry. Despite the fact that US customers pay slightly greater costs than the rest of the world, the prices are still fairly cheaper in comparison to other platforms on the market. Fees for Binance customers differ based on their Binance balance and trading volume. In general, the smaller the fees, the bigger the trade volume. The fees for the wallet and cryptocurrency conversion are not necessary. Furthermore, ACH transfers are completely free. Nevertheless, debit cards incur a 4.5 percent cost, 0.50 percent for buying and selling crypto, and trading fees range from 0.00 percent to 0.1 percent. Remember that wire transfer costs only apply in the United States, where customers must pay $15.
How can you sign up for a Binance account?
- First, go to the Binance website.
- Select ‘get started’ and enter the required information. The verification procedure may take a few minutes in this phase.
- Authenticate using two-factor authentication
- Connect your payment method in step four.
- Make a deposit and begin trading.
Users can contact customer service using a Twitter account, send a ticket, or chat with the company. Customers have recently expressed their dissatisfaction with the customer service support team. While some customers have launched complaints about the tedious process of withdrawing funds. However, the majority of customers are satisfied with Binance’s services.