You have made up your mind to become a crypto investor or a crypto trader and it is high time to choose a crypto exchange. A crypto exchange allows customers to trade cryptocurrencies for other assets such as fiat money or other digital currencies. It is a kind of business that usually takes bid-offers; these are transaction commissions for a service or exchanges simply charge fees. Crypto exchanges are also so called market makers. The top crypto exchanges are Binance and Coinbase. Today we will give you a detailed description of the Binance crypto exchange.
Binance’s history
Binance was launched in 2017 and next year it already became the biggest crypto exchange regarding the trade volume. The company was founded in Chine, but after governmental restrictions, the Binance company moved its servers and head quarter to Japan. In 2018, Binance signed up the agreement with the Government of Bermuda and the Malta Stock Exchange.
A year later Binance announced about the creation of Binance Jersey whose purpose was to expend its influence to the European market. The Jersey exchange started to offer fiat-crypto pairs including euro and British pound. Binance cooperates with Simplex that allows buying cryptocurrency by debit and credit cards including Visa and MasterCard. In 2020, the Binance company purchased the largest Indian crypto exchange WazirX and launched IEO Matic Network.
The process of verification
Verification is not obligatory on the Binance platform in case withdrawal does not exceed two Bitcoins a day and the user does not have intentions to work with fiat money. There are two types of verification: Standart and Profi.
The first type includes filling in the standard form with personal data, attachment of scans of documents and user’s photo. In addition, when the registration is completed it is necessary to download a Binance application and do several simple actions in front of the camera. Using standard verification users are able to withdraw 100 Bitcoins a day. The Profi verification requires a meeting with a Binance employee and allows users to withdraw any sum of money.
Pros and cons of using Binance
Among the advantages of Binance, we determine lower fees in comparison with other exchanges. The greatest plus is the variety of cryptocurrencies and trading pairs. The Binance exchange has a strong focus on altcoin trading. It covers nearly 600 different trading pairs between cryptocurrencies. What’s more, the platform provides more advanced charting.
What concerns disadvantages of the exchange, it is designed for more advanced users. It takes some time and knowledge to be aware of all the site features. The second thing to point out is that Binance US has a lower number of trading pairs, although there are still over 70 ones. In addition, Binance US does not support 13 states.
The world biggest exchange
Binance is the world biggest Bitcoin exchange and altcoin crypto exchange by volume. It completes more than 1,5m transactions per second. It is one of the fastest exchanges in the world. Binance is a great option for people who are eager to trade or invest in lesser-known altcoins. Speaking about security, the official wallet of Binance is Trust Wallet.
The wallet is decentralized and secure allowing users to send, receive and store their cryptocurrencies. In addition, Binance Academy provides a one-stop-shop for blockchain and resources for learning the crypto subject. Binance charity represents a not-for-profit foundation whose aim is to advance blockchain-enabled patronage and global continual development.