At the moment, the digital currency exchange market is filled with a wide range of options, so choosing the right exchange or trading platform can be very cumbersome for both beginners and experienced cryptocurrencies users.
Cryptocurrencies have become a very popular form of investment in recent years, so no one should be surprised by the large selection of platforms that enable transactions. One of them is Binance.
Binance, who’s behind the project?
Binance is a popular cryptocurrencies exchange, which was launched in China, but like many other crypto markets, has recently decided to move to Malta, where cryptocurrency friendly laws are in force. Despite the fact that Binance is relatively short on the market, thanks to its professionalism, low commisions and many investment options, it quickly became a popular.
Binance, one of the youngest crypt exchanges that operate on a large scale, was opened in July 2017 in China. A quick success may come as a surprise, but if we consider the fact that the founders worked earlier on the creation of other stock exchanges, the matter will be much easier to explain. Binance owes its position in the world’s top cryptocurrencies exchanges list because of easy operation, low transaction fees and availability in many languages.
Binance advantages and disadvantages
The security of the Binance stock exchange is rated as good, although it is true that the stock exchange experienced a serious hacking attack in May 2019. Binance encourages users to include 2-component authentication (2FA) using Google Authenticator or SMS authentication. Another way to help maintain security is to configure the antiphising code.
For more helpful information, please refer to the FAQ, which was created for stock exchange users. Please note that all transactions require e-mail confirmation. Binance uses the latest security solutions. The system is based on artificial intelligence, which analyzes huge data sets and constantly conducts research to detect suspicious activities on the stock market.
Binance has also proved that it can take care of investors’ interests, even in times of real danger. In 2018, burglaries took place, but they were reversed. Since July 2018, a special asset fund has also been operating, which disburses money in the event of a serious burglary.
Binance verification and security
Usability is one of the biggest advantages of Binance. The website and trading sites are easy to navigate and transparent for each user, as well as other trading options. The Exchange also provides the ability to switch between trading screens so that more experienced traders can benefit from a much wider range of data from a single screen.
Verification is also very fast, with responsible people responding almost immediately. Although Binance does not have a dedicated customer service line, the reliable web-based system ensures that traders can always count on quick help. A big advantage of the stock exchange is also that it offers access on mobile devices through applications for Android and iOS.
Binance commissions and limits
One of the things you should always pay attention to when choosing a cryptovalut exchange on which you want to invest are commissions and limits. Binance usually charges a commission, which is about 0.1% for each trade. The discount is given to those who use the Binance tokens to pay for their transactions. All this makes the additional fees on Binance one of the lowest on the market. The case gets a little complicated when it comes to withdrawals, because each cryptocurrency has its own commissions.
The good news is that on the Binance stock exchange there are no limits. There is no limit on transfers and the amount of deposit. In order to have access to the full potential, however, it is necessary to verify, which in addition to providing accurate personal data, also requires the sending of a photo with a document of identity held in your face.