Whether you are new to crypto space or not, one exchange you might have come across is Binance. This platform is one of the most prominent ones in the crypto market and is popular not only among crypto traders but also crypto investors.
Choosing a cryptocurrency exchange for the first time is always a challenging and stressful task to achieve. This is especially difficult for people who have no prior experience or relevant information about the crypto space. This can also make it unsafe for novice parties as if they do not carefully choose a platform they can end up using an exchange that does not offer security to the users.
Therefore, if you are new to the crypto space and want to use the Binance exchange then here are some impressive factors you should know about the exchange.
Security Features of Binance
An exchange that prioritizes the safety and security of the users is one of the top platforms that you should opt for. Binance is one of the safest crypto exchanges in the market, thanks to the fact that it makes use of technologically advanced security systems.
The Binance crypto exchange did experience a security breach in 2019 and since then it has strengthened its security with the help of leading-edge security systems, some of which are mentioned below.
- AI monitoring
- Biometric logins
- Cold wallets
- Forensics monitoring
- Two-factor authentication login
- Unusual account activity alerts
If you want to know ‘what is Binance?’ then you should know that it is a powerful trading platform that caters to the needs of both beginners and experts alike. This is one of several reasons why Binance is a popular crypto trading platform. Find more details at Bitcoinsensus.com
The user-interface of the platform is also beginner-friendly as it executes the orders quickly and easily. The interface of the exchange has been smartly designed and has various features that are divided in different categories.
The trading interface of the exchange on the other hand is also easy-to-navigate and is divided into two categories. The two categories are namely:
- Classic – designed for beginners who place simple and straightforward trades
- Advanced – designed for expert who place complex trades
Staking on the Exchange
Binance staking is a major factor that you need to know about, especially if you are interested in using the crypto exchange. Staking means putting your crypto in a collective pool or wallet, which then results in rewards.
However, if you are interested in staking it is important for you to know that it can only be achieved on proof-of-stake blockchains. Any transaction of staking is only validated through staked tokens as well.
Binance is one of the platforms that offers outstanding features to the users and staking is one of them. Therefore, if you want to use any platform for buying or trading crypto you should be familiar with such information.
Payment Methods Supported by the Exchange
Payment method is yet another major aspect that needs to be considered before a cryptocurrency exchange is chosen for buying, selling, trading or even holding crypto.
As a beginner, you should know that there are platforms that only rely on one payment method. Then there are platforms that support several payment methods such as the Binance exchange.
Following are the payment methods supported by this advanced platform. Which makes it capable of handling a large audience interested in crypto trading and buying.
- Wire transfers
- Wallet transfers
- P2P transfers
- Debit cards
- Credit cards
Fees on the Exchange
Another outstanding feature of Binance is its fee structure. The fees of any cryptocurrency exchange is essential to analyze and check because it can help you determine whether the platform is suitable for you to use or not. Some platforms also charge a high fee that includes hidden or additional charges, which compromises the trustworthiness of the platform.
However, this exchange is known to be one of the cheapest crypto platforms and its fee details are mentioned as follows:
- Market maker trading fee: 0.02% to 0.1%
- Market taker trading fee: 0.04% to 0.1%
- Withdrawal fee: $1 to $15
Binance is the world’s largest crypto exchange as it has the highest trading volume in the market. This is one of several reasons why this exchange is one of the most popular and best ones in the crypto market. Apart from that some other impressive and remarkable features of the crypto exchange are mentioned above in detail. Therefore, if you are interested in using this platform then you should know these details and determine whether this is a suitable exchange for you or not.