Binance Review 2022: The Platform Simplified!

Disclaimer: We have purchased and sold several tokens on the Binance exchange. This updated review in 2022 explains the sign up process, a quick Binance overview and our recommendations

The recent boom of cryptocurrency has become the centre spot for new-age investors. The massive returns have made the digital crypto ecosystem a centre for traders, investors, and organizations of all types. 

However, if you’re new to the crypto ecosystem and have been experiencing FOMO, it’s time you open an account with Binance today. This weblog walks you through a fundamental review of the Binance exchange and how you can get started as a beginner investor. 

binance review

Binance: An Overview

Founded by Changpeng Zhao and Yi He, Binance is a crypto-to-crypto exchange platform that has been around since 2017. Currently the largest cryptocurrency trading platform, Binance is a jack-of-all-trades in 2022! 

The platform offers everything you might need around cryptocurrencies. Its simplified UI makes it simple for beginners to get started with the trading process; all you need is a sign-up. Additionally the platform includes some advanced elements such as trades, charts, and custom API keys.

Security Over The Platform

Binance offers a mix of the following security protocols: 

  1. Whitelist crypto addresses: Binance offers address whitelisting, restricting other addresses in your address book to try and withdraw your cryptocurrency. 
  2. Two-factor authentication: The platform offers a 2FA security feature via Google Authenticator and SMS services. 
  3. Trust wallet partnership: Trust Wallet adds to one of the most trusted security elements of the platform. Since Binance doesn’t have its own wallet, the partnership with one of the most trusted wallets secures your assets using biometric access, PIN, encrypted key, and a 12-word recovery phase. 
  4. Advanced verification: The advance verification features include submitting a government-issued ID proof and a photo of yourself. 

Binance Fees 2022

Fees are another crucial aspect of the Binance platform! Touted to be the lowest in the industry, the fees might vary for users based in the U.S. Talking of the fee structure, the platform employs a maker/taker fee structure, and the fee which might vary on the trading platform of the Binance Coin (BNB) balance. In general, the higher your trade volume, the lower the fee needs to be paid. 

The platform also allows users to access fee discounts in the following manner:

  1. Referral bonuses
  2. Using Binance (BNB) coins in trades 
  3. Securing the VIP status by trading assets in lump sum amounts. 

Lastly, Binance users might also come across other fee structures. To help you understand better, here’s a chart:

Payment Type

Fees

Wallet

N/A

Debit cards 

4.5%

ACH transfer

Free

Crypto conversion 

N/A

Wire transfer 

$15 for U.S. customers

Trades

0.00% to 0.1%

Buy/Sell Crypto

0.50%

Now that you have a basic idea of the Binance platform, let’s figure out the key basics around operating over the exchange. 

Steps To Open A Binance Account

As a new user, you’re likely to be perplexed about how to navigate the platform. Therefore, follow these steps to open a Binance account: 

1

Step 1

Once you’ve visited the Binance website, click on the “Get Started” button present on the top right-hand corner of the screen.

2

Step 2

Post clicking the button, all you need to do is enter your personal information that validates your account. (Note: The process might take a few minutes. Binance takes a few minutes to verify the registration process and your account information).

3

Step 3

Enable 2FA with Google Authenticator for better security.

4

Step 4

Link your desired method of payment.

5

Step 4

Deposit funds and start trading.

Invest Wisely!

That’s all the basics you need to gather around Binance as an exchange platform. However, if you’re new to the platform, we suggest you trade wisely with limited token options. Once you start trading with cryptos, ensure that you have done all the necessary research. All the best! 

Click here to visit the official Binance website

Binance Review 2022: The Platform Simplified!

Binance screen shot

Disclaimer: We have purchased and sold several tokens on the Binance exchange. This updated review in 2022 explains the sign up process, a quick Binance overview and our recommendations

The recent boom of cryptocurrency has become the centre spot for new-age investors. The massive returns have made the digital crypto ecosystem a centre for traders, investors, and organizations of all types. 

However, if you’re new to the crypto ecosystem and have been experiencing FOMO, it’s time you open an account with Binance today. This weblog walks you through a fundamental review of the Binance exchange and how you can get started as a beginner investor. 

Binance: An Overview 

Founded by Changpeng Zhao and Yi He, Binance is a crypto-to-crypto exchange platform that has been around since 2017. Currently the largest cryptocurrency trading platform, Binance is a jack-of-all-trades in 2022! 

The platform offers everything you might need around cryptocurrencies. Its simplified UI makes it simple for beginners to get started with the trading process; all you need is a sign-up. Additionally the platform includes some advanced elements such as trades, charts, and custom API keys.

Security Over The Platform

Binance offers a mix of the following security protocols: 

  1. Whitelist crypto addresses: Binance offers address whitelisting, restricting other addresses in your address book to try and withdraw your cryptocurrency. 
  2. Two-factor authentication: The platform offers a 2FA security feature via Google Authenticator and SMS services. 
  3. Trust wallet partnership: Trust Wallet adds to one of the most trusted security elements of the platform. Since Binance doesn’t have its own wallet, the partnership with one of the most trusted wallets secures your assets using biometric access, PIN, encrypted key, and a 12-word recovery phase. 
  4. Advanced verification: The advance verification features include submitting a government-issued ID proof and a photo of yourself. 
Binance Fees 2022

Fees are another crucial aspect of the Binance platform! Touted to be the lowest in the industry, the fees might vary for users based in the U.S. Talking of the fee structure, the platform employs a maker/taker fee structure, and the fee which might vary on the trading platform of the Binance Coin (BNB) balance. In general, the higher your trade volume, the lower the fee needs to be paid. 

The platform also allows users to access fee discounts in the following manner:

  1. Referral bonuses
  2. Using Binance (BNB) coins in trades 
  3. Securing the VIP status by trading assets in lump sum amounts. 

Lastly, Binance users might also come across other fee structures. To help you understand better, here’s a chart:

Payment Type

Fees

Wallet

N/A

Debit cards 

4.5%

ACH transfer

Free

Crypto conversion 

N/A

Wire transfer 

$15 for U.S. customers

Trades

0.00% to 0.1%

Buy/Sell Crypto

0.50%

Now that you have a basic idea of the Binance platform, let’s figure out the key basics around operating over the exchange. 

Steps To Open A Binance Account

As a new user, you’re likely to be perplexed about how to navigate the platform. Therefore, follow these steps to open a Binance account: 

Step 1: Once you’ve visited the Binance website, click on the “Get Started” button present on the top right-hand corner of the screen. 

Step 2: Post clicking the button, all you need to do is enter your personal information that validates your account. 

(Note: The process might take a few minutes. Binance takes a few minutes to verify the registration process and your account information).

Step 3: Enable 2FA with Google Authenticator for better security. 

Step 4: Link your desired method of payment. 

Step 5: Deposit funds and start trading.

Invest Wisely!

That’s all the basics you need to gather around Binance as an exchange platform. However, if you’re new to the platform, we suggest you trade wisely with limited token options. Once you start trading with cryptos, ensure that you have done all the necessary research. All the best! 

Click here to visit the official Binance website

PROS

Hover Here

1. Low fees in comparison to it’s main competitors
2. As of March 2022 over 500 coins to trade
3. The platform provides two factor authentication
4. The Binance website allows viewing in multiple languages
5. 24/7 support available the options available are chat or to submit a ticket
6. Provides support for peer-to-peer, spot and margin trading
7. Good deposit options
8. Binance app is available for download to your IOS or android device

CONS

Hover Here

1. The exchange has been hacked in the past with over 40 million stolen. This is equivalent to approximately 7000 Bitcoin at that time.
2. For a first time trader the platform may be overwhelming
3. Not all tokens are available to trade for US citizens
4. Regulatory Issues

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