Binance: Best Cryptocurrency platform? 

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Binance Cryptocurrency platform

Binance, the cryptocurrency platform, is one of the leading cryptocurrency buying and selling platforms by volume globally. Its user base is widespread across over 180 countries. Moreover, it has several features that are perfect for beginners and straightforward to use. 

The application offers many benefits that cater to anyone, from a whole crypto beginner to a “Defi degen.” Due to the growth in regulatory pressure in certain countries, Binance has expanded its regulatory compliance by implementing a reliable user verification method and removing (or limiting) certain controversial services, like security tokens and high leveraged trading. 

In this article, we will be reviewing the Binance cryptocurrency platform. We would leave no leaf unturned while explaining the nitty-gritty involved with the platform. 

How to buy and sell crypto on Binance?

Buying

An individual can buy crypto on Binance with fiat currency by linking their bank card to their wallet or by making a direct bank transfer. Moreover, one can even purchase crypto directly from other users via Binance P2P. 

This method allows people to look through a list of thousands of merchants on Binance and select their preferred vendor with the most convenient payment option. 

Binance P2P (peer-to-peer) system automatically displays the selected sellers based on the amount of crypto one aspires to buy with desired payment option. The release of the crypto is done on the account when the buyer confirms the payment.

Further, it is evident to note that buying crypto on Binance with fiat currency is not supported or allowed in some countries. Please make sure you follow your country’s laws when interacting with Binance. 

Selling 

Selling crypto on Binance is straightforward. To sell crypto

  • Head to the cash balance section on Binance. 
  • Then click on “sell crypto.” 
  • select the cryptocurrency to be sold. 
  • Then enter the amount, select the FIAT currency of choice, and hit the Sell button! 

The display of the total amount an individual receives is in the top left corner. A confirmation message will appear to confirm the request. Once all this is done, the transaction will be processed, and money will be transferred to the respective fiat wallet. 

Another way to sell crypto on Binance is via P2P trading. Click “Sell” on the top menu and enter the number of coins/tokens you want to sell. First, you will have to transfer the crypto you want to sell to your P2P wallet before proceeding to P2P trading. 

Select the payment method and execute. Easy! 

Also Read: Layer3, the Crypto Platform for DAOs

Unique Features of Binance the cryptocurrency platform

Binance offers a plethora of unique features to its users. Some of the essential ones are as follows: 

  1. User rewards: Binance consistently holds giveaways and challenges to increase user participation on their platform. Users can claim these prizes in the Binance rewards centre. Binance also hosts crypto airdrops for currencies that are soon-to-be listed on their platform.
  1. Binance Academy: Binance hosts its own free education platform called Binance Academy. Moreover, from beginner crypto lessons to advanced tutorials on trading, Binance Academy is a one-stop shop for all things crypto.
  2. The wide variety of trade options: Binance offers one of the widest arrays of trade types on any exchange. Here is a quick list of just some of the trade options available:
  • Limit order
  • Market order
  • Stop limit order
  • Stop market order
  • Post only order
  • Time in force limits orders
  • Limit TP/SL order (strategy order)
  • Margin trading
  • Pool liquidity
  • Peer-to-peer trading
  • Advanced charting: Binance allows users to create progressive charting views with hundreds of overlays and indicators via the embedded TradingView charts. 

    API keys: Binance gives the public access to its API keys, allowing third-party apps to integrate with Binance.

Is it safe to use? (Security features)

Binance, the cryptocurrency platform offers a robust secure transaction applicability system to its users. Its security features are as follows: 

  • Trust Wallet partnership: Binance does not have its own digital wallet but partners with Trust Wallet, a leader in the digital wallet space with over five million users. Trust Wallet secures your assets with a PIN, biometric access, encrypted key, and a 12-word recovery phrase.
  • Allow listing crypto addresses: Binance offers address allow listing, which is the ability to restrict access to lessons that can withdraw your cryptocurrency. Furthermore, these addresses are set aside in your address book, blocking other addresses from accessing your funds.
  • Two-factor authentication: Binance also offers two-factor authentication (2FA) via SMS or the Google Authenticator.
  • Advance verification: Binance advance proof is necessary to unlock more access to the platform (more significant deposit/withdrawal limits, etc.). It also makes sure no one else uses your identity to create a fake account. 

Also Read: Best Loan Softwares for 2022

Fees

Binance only charges fees for withdrawals, not deposits. Prices in certain transactions like crypto withdrawals will fluctuate based on network congestion. 

On withdrawals, each coin has its varying withdrawal fees. Additionally, if one trades and pays in the native token, Binance Coin (BNB), the costs decrease by 25%. Binance owes much of its popularity to its low rates & fees and discounted trading with BNB.

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