What began as a simple utility token has grown into much more. The original goal of BNB (Binance) was to pay cheaper Binance trading costs, but that was merely the start. BSC’s underlying blockchain technology is expected to be innovative and forward-thinking in 2021.

Binance Overview

Binance is the world’s largest cryptocurrency exchange, according to CoinMarketCap, based on trading volume and exchange score. Binance grew under the leadership of Changpeng Zhao, who launched it in 2017. Binance claimed the top spot within six months after its launch and remains in that position today. Binance’s growth was so meteoric that they had to suspend registrations in 2018. Today, Binance offers 45+ fiat currencies and 380+ cryptocurrencies to traders globally.

Types of Trading & Order Types

Binance offers Futures Contracts, Options, and Leverage Tokens.

  • Futures: Futures represent the value of a specific cryptocurrency but are not the actual price of crypto.
  • Options: Options allow traders to trade the underlying asset at a predetermined price before a specific date or on it to hedge or earn through speculation.
  • Binance Leveraged Tokens: Binance Leveraged Tokens give leveraged exposure to the underlying asset and can be traded on the spot market.

To trade cryptocurrency, one has to place orders. Binance offers various types of orders to their customers. These include:

  • Market Order: A market order is a command or order to buy/sell immediately at the current price.
  • Limit order: A limit order is a command or order to buy/sell at a particular limit or price.
  • Stop Limit Order: A Stop Limit order is a pre-set order executed automatically when a price limit or a better price is reached.
  • Stop Market Order: A Stop Market order is a pre-set order executed automatically at the market price when a particular price is crossed.

The other types of orders offered by Binance are

  • Trailing Stop Order
  • Post Only Order
  • Limit TP/SL Order

Is Verification Required – Verification Levels & Fees?

Effective August 2021, Binance requires mandatory intermediate verification, which consists of entering personal information, identity verification using a government-issued ID card, and facial recognition. Intermediate verification is compulsory to access all Binance products and services.

Furthermore, there are two levels of verification:

Verified: The ‘Verified’ level allows deposit and withdrawal of $50,000/- daily.

Verified Plus: ‘Verified Plus’ level provides deposit and withdrawal of $200,000/- daily.

Binance charges no fees on deposits but charges a withdrawal fee on crypto assets. You can find out about these on Binance’s Fee Rate page.

Binance charges as low as 0.1% for spot trading (buying and selling crypto) with a 25% discount on payment using Binance’s BNB. Binance’s trading fee page lists all the trading types along with the fee structure.

Binance Security Features

Binance provides top-notch security through the following features:

  • 2FA (two-factor authentication)
  • Allowlisted devices
  • Anti-phishing codes
  • U2F (universal two-factor authentication)

Binance Pros & Cons

Let us take you through the advantages and disadvantages of Binance to help you decide if Binance is the crypto exchange for you.

Pros:

  • Easy-to-use interface
  • Lower fees than competitors
  • A wide-ranged offering of cryptos
  • Great customer support service

Cons:

  • No telephonic customer support
  • Mandatory intermediate verification
  • Not available to US citizens (Binance.Us for US citizens)

Final Words/Conclusion

Binance has established itself as a premier name in the cryptocurrency world. With a wide range of cryptos to offer and low trading fees, anyone can trade cryptocurrency with Binance. Binance has been ranked as the best cryptocurrency exchange by various magazines. It is suited for both new traders and experienced ones. Binance also offers a lot of derivatives such as futures, options, and leveraged coins. Bottom line: It is the best platform to start one’s journey of crypto trading.

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