Binance is a trading platform for cryptocurrencies only. It supports withdrawal and deposit as well as an exchange of more than 100 cryptos to cryptos at a very reasonable cost. It is the best platform for you if you want to trade cryptocurrency with cryptocurrency. People from all over the world dealing in cryptos are using this crypto exchange successfully for a long time. Today it also allows purchases of cryptos through credit card against some fee, after partnering with Simplex.
Overview of Binance
Changpeng Zhao, a developer from Hong Kong, has launched Binance in July 2017 as a cryptocurrency exchange through Beijie Technology, his company, after raising successfully $15 million through an ICO. The ICO investors were given BNB, Binance Coin, to pay the fee of Binance as well as trading cryptocurrencies. The price of BNB increased with the increase in the popularity of Binance otherwise its initial value was $0.1.
Today the company of the founder of this exchange is providing systems to trade to more than 30 platforms of crypto trading. Since the launch of this exchange, it is considered as one of the top 10 trading platforms that trade round the clock.
Services provided by Binance
Being a crypto exchange Binance does not support any fiat currency to avoid the interference of any regulations and work in a free environment. It offers two types of trading options – Basic interface and Advanced interface from which traders can choose as per their preferences.
The basic option of Binance makes it easier to change pairs after having a rapid view of trading pairs and the market. The advanced interface allows you to use advanced tools for charting. Anyone can use both of these interfaces easily as they allow the users to trade in impressive pairs like Ether, Bitcoin, XRP, Tether, and BNB, etc. Moreover, Binance has started a service for brokerage after partnering with Simplex to allow its users to use their credit card to purchase 6 types of cryptos against 3.5% of the purchase price.
Methods of payment and Currencies
The deposits are accepted and withdrawals are made by Binance only in crypto coins backed by it. You can use its brokerage service to use your credit card to buy cryptos like Ripple, Bitcoin, Ethereum, Binance Coin, Bitcoin Cash, and Litecoin. All the major cryptocurrencies including Ripple, Litecoin, and Bitcoin Cash, etc. can be withdrawn and deposited with the exchange in almost 100 numbers.
Fee of Binance
Binance offers a competitive fee structure to make it more attractive than its competitors. It charges a trading fee at a flat rate of 0.1% to make it more attractive than others which charge up to 0.2%. You can also get a 25% additional discount on the trading fee if you use BNB, Binance coin, for trading. There is no fee except the fee of Blockchain for depositing in your Binance account but to withdraw from your account you will have to pay along with the transaction fee of the Blockchain.
Limits of Binance
The structure of Binance is very limited. Every 24 hours up to 2 Bitcoins can be withdrawn from a non-verified account but from a verified account 100 Bitcoins can be withdrawn.
So to sign up with Binance you should provide your identity proof along with your KYC form to verify you and your account.