Binance Review (2020 UPDATED) — COINnws

Binance Review (2020 UPDATED) — COINnws

If you are planning to buy your first Bitcoin then you must be wondering where I can buy one.

There are multiple places to buy Bitcoin and also trade. The best way is to buy from an exchange where you can exchange your First cryptocurrency from your home Fiat currency or you are looking to trade one cryptocurrency against another one.

And if you’re looking for best, secure and reliable cryptocurrency exchange then Binance will be your first choice

Binance stands out from the crowd of tens of thousands of cryptocurrency exchanges because of its features and liquidity.

In this article we are going to have a deep dive into Binance exchange its history and review some of its features.

Binance Exchange

Binance is a world’s Leading cryptocurrency exchange buy/sell or trade Bitcoin, BNB, and hundreds of other cryptocurrencies in minutes.

Binance Exchange (binance.com)

Binance also ranks first on the top cryptocurrency exchange list of coinmarketcap.com based on various factors and the most important one is liquidity.

(liquidity = how much money for how much volume has been traded on Binance Exchange in USD)

Binance History

Binance was found by Changpeng Zhao (CZ) In 2017. Binance was initially based in China but later moved out of China due to China’s increasing regulation of cryptocurrency Now headquartered in Malta. – Wikipedia

Changpeng Zha (CZ)

 

Changpeng Zha (CZ)
Changpeng Zha (CZ)

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.

Changpeng Zhao (CZ) Also ranks 1st in Cointelegraph’s most important and influential people in the cryptocurrency and blockchain world.

He is highly active on Twitter. Shares on an average of about 1 to 5 tweets every day.

Binance Features/Products

Binance offers multiple features or products for cryptocurrency space ranging from simple basic fiat to crypto trading, P2P treading to highly sophisticated derivatives options for cryptocurrency traders or newbie

Binance Market

Binance Market
Binance Market

Binance offers 4 types of markets

  • BTC market: BTCXRP, BTC*X …
  • Stable coin market: USDT*X, BUSD*X …
  • BNB market: BNBBTC, BNB*X …
  • Altcoin market: XRP*X

(where X = any other cryptocurrency)

Markets nothing but where you can trade one currency pair to another one.

In the Binance market section I can watch all markets in one simple screen with the current price, changes in percentage, last 24-hour volume, and more.

Binance Spot Trading

Binance Sport Trading
Binance Spot Trading

Binance Sport trading is nothing but real-time spot buy and sell of cryptocurrencies from a potential buyer of Cryptocurrency to the potential seller of cryptocurrency.

Binance offers 4 types of Sporting options.

Basic Spot Trading

Basic Spot Trading
Basic Spot Trading

Binance Basics Spot trading Can be helpful for beginners. You can convert your one cryptocurrency to another cryptocurrency with just one single click.

The easiest way to trade a cryptocurrency on Binance.

Classic Spot Trading

Binance Classic Spot Trading
Binance Classic Spot Trading

Binance classic spot trading option is simple and easy to use for beginners. as it provides some of the core and basic training features in an easy to use interface which is widely acceptable to most of the traders.

Binance Advanced Spot Trading

Binance Advanced Spot Trading
Binance Advanced Spot Trading

With Binance Advanced spot trading you can have access to all trading tools necessary for advanced cryptocurrency trading from advanced chatting options to stop loss & and market death window.

Widely used by advance traders

Binance OTC Spot Trading

Binance OTC Spot Trading
Binance OTC Spot Trading

With a Binance OTC trading portal you can have access to better pricing and fast settlement for large trades.

Binance Third-party Payments

Binance Third-party Payments
Binance Third-party Payments

With Binance third-party payments you can buy currency from Binance third-party partners Simplex, Koinal, TrustToken, and Paxos.

Binance P2P

Binance P2P
Binance P2P

Binance peer to peer portal is finally used for trading or exchange of Fiat currency cryptocurrency.

USDT, BTC, BNB, BUSD, EOS, ETH – These cryptocurrencies are available against multiple Fiat currencies as follows.

EUR, GBP, AUD, CAD, CNY, MXN, HKD, VDN, NGN, RUB, UAH, INR, MYR, COP, BRL, ARS, PEN, ZAR, USD

As of today, only 18+ Fiat currencies are available in Binance p2p. there is hope that will add more fear in the future.

Fiat currencies mostly subjected to regulations, So most open countries are available for here for p2p

Buy Crypto with Credit Card

Binance Credit Card
Binance Credit Card

Binance also has the option to buy cryptocurrency/ Bitcoin from a bank debit card or credit card Issued by Visa and MasterCard.

Binance Derivatives

Binance Derivatives
Binance Derivatives

Recently Binance has announced advanced trading features, was requested by many of the advanced traders for a long time.

With Binance derivatives now you can make money by short-selling some cryptocurrencies like Bitcoin.

previously this feature was not available on the platform but now Anyone basic has access short-selling up to 125X leverage trading

Binance Futures

Binance Futures
Binance Futures

Binance futures allow you to long or short the market with 125x leverage.

Binance Leveraged Tokens

Binance Leveraged Tokens
Binance Leveraged Tokens

Leverage is a new feature added to Binance derivative where you can enjoy leverage without risk of liquidation

Right now only BTC leverage is available in the form of BTC UP-3X & BTC DOWN-3X

Binance KYC verify

To start the account verification and Know Your Customer (KYC) process, you are required to enable Two-Factor Authentication (2FA). If you have not done it yet, please activate 2FA.

KYC refers to a process that banks and other financial institutions use to gather identifying data and contact information from current and potential customers. Its purpose is to prevent fraud, money laundering, and other illicit activity, as well as the misuse of financial accounts.

Some identifying documents required by KYC processes include:

  • Driver’s License / Government-issued photo ID
  • Passport
  • Social security number
  • PAN card
  • Voter ID Card

Binance Finance

Binance Finance
Binance Finance

Binance Finance Is a range of Crypto Financial Services especially available to finance users Binance financial services includes,

  • Binance savings.
  • Binance staking
  • Binance pool
  • Binance debit card
  • Binance crypto loan

Binance Saving

Binance savings is a simple way to lend & earn.

With Binance Savings, you can choose from a wide suite of crypto saving options. Available in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and more.

Binance Savings products help maximize your benefit. Just hold your funds in the Binance Savings product you are subscribed to and grow your wealth with accruing interest.

Interest will be distributed to you every day (for Flexible Savings) or on the redemption date (for Locked Savings) automatically.

Two saving options available Binance Savings

Flexible Savings

Binance Saving
Binance Saving

Flexible Savings are your Crypto savings account. Just subscribe to your crypto to earn interest with the flexibility to withdraw your funds promptly at any time. It will also make good use of your idle funds with automatic purchases.

Locked Savings

Binance Locked Savings
Binance Locked Savings

Committed to holding your crypto? Now you can earn interest at the same time! Subscribe your crypto to locked savings periods for higher interest-earning

Binance Staking

Binance Staking
Binance Staking

Binance staking is a little bit the same as Binance saving, you earn rewards for depositing and holding coins and tokens.

Binance Pool

Binance Pool
Binance Pool

Binance pool is a comprehensive service dedicated to improving the income of miners. If you are a miner you can get some benefits to participating in Binance pool

Binance Debit Card

binance debit card
binance debit card

Binance debit card is an upcoming product by Binance where you can Load up your Binance card with crypto and pay with crypto worldwide. same as a normal debit card.

Binance Crypto Loan

Binance Crypto Loan
Binance Crypto Loan

Binance crypto loan is a fairly new product by Binance where you can get an instant loan secured by a crypto asset

with this you can borrow crypto & use if for the loan term. you need to pay the funds back with an interest rate

here are some promised benefits of borrowing money from Binance rather than other players in the crypto lending market

Binance has a huge variety of crypto available to borrow and use as collateral for a loan.

Binance control risk through different collateral rates in different currencies to make it easy to use.

Binance makes sure that the crypto you borrow can be withdrawn immediately no matter where you are.

Binance Fees

Binance Fees
Binance Fees

There are multiple levels in Binance fee structure based upon users trading volume of 30 days

If you are VIP zero level user and your last 30-day trading volume is less than 50 BTC you will be paying 0.1000% as fees for Transaction you make on the Binance platform.

Additional 25% discount using BNB token on your trading fees.

I suggest you have a look hack the official website for more information about the Binance fee.

Binance Referral

Binance Referral
Binance Referral

The Binance referral program is very simple. You need to share your referral link to someone or your friends and if that person joins from that link, you can earn up to 40% commission every time your friends make a trade on Binance.

Binance Crypto Pairs

Currently Binance has about 190+ Coins and 586+ cryptocurrency pairs to trade on the Binance market.

Top 10 cryptocurrency pair based upon the trading volume

  • BTC/USDT
  • ETH/USDT
  • LINK/USDT
  • BTC/BUSD
  • BCH/USDT
  • BUSD/USDT
  • XTZ/USDT
  • BNB/USDT
  • ETH/BTC
  • ETH/BTC
  • XRP/USDT

Binance.us

Unfortunately duty strong Chinese and US regulations you can not trade any cryptocurrency with USD on Binance .com

Binance.us
Binance.us

To address this problem and for other reasons Binance come up with a special trading platform for United states USA uses only.

Binance.com and Binance.us are separate, So Binance.us trading fees and trading rules can be different from Binance.com

Please check the resource or Important link section for official links to websites

Binance Chain

Binance Chain
Binance Chain

A community-driven blockchain with native DEX (decentralized exchange) functionality, enabling the issuing and exchanging of digital assets in a decentralized manner.

Binance Smart Chain: A Parallel Binance Chain to Enable Smart Contracts

Binance Smart Chain brings EVM-compatible programmability and native cross-chain communication with Binance Chain using an innovative consensus of Proof of Staked Authority.

  • Sovereign Blockchain
  • Cross-chain Interoperability
  • EVM-Compatible
  • Distributed Governance

Binance decentralized exchange (BDX)

Binance decentralized exchange (BDX)
Binance decentralized exchange (BDX)

Binance DEX Fast and secure decentralized digital asset exchange.

Binance coin (BNB)

As much can I understand the BNB utility token. Mainly used in the Binance ecosystem. the easiest explanation of BNB can be an exchange base utility token.

Binance coin (BNB)
Binance coin (BNB)

According to Binance whitepaper,

“All the BSC validators in the current validator set will be rewarded with transaction gas fees in BNB. As BNB is not an inflationary token, there will be no mining rewards as what Bitcoin and Ethereum network generate, and the gas fee is the major reward for validators. As BNB is also utility tokens with other use cases, delegators and validators will still enjoy other benefits of holding BNB.”

Also

“BNB powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.” – Binance .com/en/bnb

bnb Coinmarketcap
bnb Coinmarketcap

BNB Token BURN

Binance periodically burns or destroys BNB token in order to maintain its value reducing supply, which triggers a rise in the price of BNB token as there will be less BNB token in the market.

BNB plays a key role in Binance Launchpad (IEO’s) more on this later.

Binance USD

Binance USD
Binance USD

With the rise of stable-coins in the market, Binance also announced its own stable-coin BUSD.

“BUSD is a 1:1 USD-backed stable coin approved by the New York State Department of Financial Services (NYDFS), issued in partnership with Paxos” – Binance .com/en/busd

Binance Launchpad

Binance Launchpad
Binance Launchpad

After the uncertainty of ICO’s, there was a strong need for the secure platform where multiple blockchain projects can raise their many and cut down some of the marketing and infrastructure expenses.

Binance tapped into this opportunity and launched the Binance Launchpad.

Binance Launchpad is a token launch/sale platform for transformative crypto projects.

To participate in the Binance launch you must be a Binance .com user. Unfollow the Binance launchpad rules to participate in the token sale.

Generally, the token sell happens in the form of lottery tickets, you can buy one of these lottery tickets using BNB, USDT, BUSD token

We recommend you to go through the official website for more information on this.

Generally this is called an Initial exchange offer (IEO).

Binance App

Binance App
Binance App

Binance also has mobile crypto trading apps for almost all major operating systems. Apps are easy to use & handy when you’re away from your computer or laptop.

Binance App is available for Android and IOS users.

Binance Academy

Binance Academy
Binance Academy

One of its kind, Binance academy is full of tens of thousands of helpful articles and videos covering various topics such as Blockchain basics, blockchain economics, security, and how-to tutorials.

Binance Charity

Binance Charity
Binance Charity

Blockchain Charity Foundation is a nonprofit organization dedicated to achieving global Sustainable development by unlocking the power of blockchain.

Binance Cloud

Binance Cloud
Binance Cloud

Binance Cloud Is an enterprise exchange solution where you can build your crypto business in minutes with Binance and leverage the superior security, technology, and liquidity solutions of Binance.

Binance Info

Binance Info
Binance Info

Just another cryptocurrency information platform like coinmarketcap.com

Binance Labs

Binance Labs
Binance Labs

Binance Labs is the venture arm of Binance, established to incubate, invest and empower blockchain and cryptocurrency entrepreneurs and communities.

The mission of Binance Labs is to support industry projects that help grow the larger blockchain ecosystem, realizing the full potential of blockchain technology and its social impact, while increasing cryptocurrency adoption globally.

Binance recently announced a $50 million Blockchain India fund to accelerate the growth of blockchain projects in India.

We as a team of FOR.VISION also Planning to apply for the Blockchain India fund.

check out FOR.VISION for more details.

Binance Research

Binance Research
Binance Research

Binance Research provides institutional-grade analysis, in-depth insights, and unbiased information to all participants in the digital asset industry.

One of the finest but not Popolare Products of Binance, I Love It.

Trust Wallet

Trust Wallet
Trust Wallet

Trust Wallet is Binance ‘s official Crypto wallet. Trust wallet is helpful to store multiple cryptocurrencies on one wallet.

Binance History of Hacker Attacks

On may 2019 Hackers Stole $40 Million from Binance Cryptocurrency Exchange

Binance CEO Zhao Changpeng. “The hackers used a variety of techniques, including phishing, viruses, and other attacks,” wrote Zhao. “The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks.”

On the subject, Binance ’s security team had the following comment:

“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”

later on Binance Announcements – “Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.”

Binance has emergency insurance fund Secure Asset Fund for Users “SAFU”

SAFU, the Secure Asset Fund for Users is an emergency insurance fund. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users.

“To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.”

The origin of the term “SAFU”

During unscheduled maintenance, Changpeng Zhao (CZ), the Binance CEO, tweeted out to users stating: “Funds are safe”

After this, the phrase “Funds are safe” became regularly used by CZ to ensure users were aware that their funds were, in fact, safe.

Later, on May 19, 2018, a content creator named “Bizonacci” uploaded a video, titled “Funds Are Safu” on youtube. The video quickly spread and became a viral meme. The phrase “Funds are safe” was no longer used, and instead, the community began using the phrase “Funds are safu”

Binance Customer Support

Binance Support
Binance Support

Binance Customer Support Center is online 24/7 to help with your needs.

You can easily access Binance support by creating a ticket or you can use live chat.

Binance Beginners Guide or FAQ

Binance 2FA Guide?
What exactly is Two-Factor Authentication and why is it important? Let us walk you through the basics of 2FA and how to set up your 2FA on Binance.

How to Deposit on Binance?
New to Binance? This video will explain how to deposit from a cryptocurrency wallet onto Binance, a leading cryptocurrency exchange.

How to Withdraw on Binance
This video on Binance Academy will explain how to withdraw to a cryptocurrency wallet from Binance, the leading cryptocurrency exchange.

What Is a Market Order?
Market orders are executed instantly at the current market price, you pay the fees as a market taker. Learn about Market Orders on Binance Academy

What Is a Limit Order?
A limit order is an order that you place on the order book with a specific limit price or better. Learn about Limit Orders on Binance Academy.

What Is a Stop-Limit Order?
What is a stop-limit order? Learn about stop-limit orders and how you can use them while trading on Binance Exchange. Learn about orders at Binance Academy.

Anti-Phishing Code Guide
What is an anti-phishing code? How can it protect you from phishing? Learn about Binance ‘s anti-phishing code security feature in this video.

Withdrawal Address Whitelist
What is a withdrawal whitelist? Why is it important for the security of your assets? Learn how to set up a withdrawal whitelist and how it can benefit you.

Converting Dust on Binance
In terms of cryptocurrencies, dust refers to any small amount of coin or token. Binance allows you to convert your dust into BNB.

Please check this link for a more interactive Guide with video tutorials.

Official Binance Telegram Channels

Exchange Related Telegram Channels

Academy Related Telegram Channels

Info Related Telegram Channels

Binance Social Media Links

Binance Social Media Links
Binance Social Media Links

Important Links / Resources with Reference

The Review


Binance

PROS

  • Most trusted exchange
  • Wide range of crypto-pairs
  • High liquidity
  • Emergency insurance Secure Asset Fund “SAFU”
  • Both advance & basic features

CONS

  • Only crypto-crypto pairs
  • History of hacker attack
  • Centralized exchange



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