While there may be several cryptocurrency exchanges in the market, the one that seems to top the charts globally is undoubtedly Binance. Though still new to American traders, this exchange platform has been used by hundreds of traders worldwide because of its ease of use, special features, and the multitude of digital currencies it offers.
Binance, which is also the world's largest cryptocurrency exchange, had recently launched a separate outpost for American investors and traders. Though it does not offer as many currencies as its parent company, it still has more cryptocurrencies than its US counterparts, which is over fifty. Because of this and the other benefits it provides, it is not hard to see why this intuitive trading platform has become so popular.
This article will shed light on the reasons why you should choose Binance for trading and exchanging cryptocurrencies. By the end, you will have a better idea of whether this platform is the right one for you or not.
What is Binance?
Binance is the largest crypto exchange in the world, based on daily trading volume. Based in Hong Kong, Binance offers users an affordable way to buy and sell a range of cryptocurrencies. Here, you can trade in popular coins like Bitcoin and Ethereum, and you can even find the rarest and lesser-known currencies as well. All in all, Binance offers over one hundred and eighty cryptocurrencies to trade-in. This feature is what sets Binance apart from the rest of the exchanges.
Moreover, compared to most exchanges, Binance has the lowest trading fees. The exchange platform has proven itself to be one of the most reliable and transparent ones out there. Binance offers two choices for digital currency trading for its users; one is the basic kind, while the other is the advanced one.
Even though Binance offers a basic feature, don't expect the interface to be completely easy to use. Both choices are best for experienced traders who know how to trade digital currencies. However, the advanced level is for traders who want to use further technical resources and tools for an in-depth technical analysis.
Why You Should Choose Binance for Crypto Trading
There are several compelling reasons why you should choose Binance for your crypto trading and exchanging services. These features draw more users to this trading platform and make it one of the largest in the world. Here are some of the reasons why Binance could be well worth your time:
1. Ease of Use
One of the main reasons Binance remains at the top is that it offers ease of use through its interface. For example, they offer a multitude of language options; some of the languages you can use this platform on include English, German, Chinese, French, Vietnamese, Spanish, Malay, and much more.
You can easily buy and sell crypto using Binance after choosing your preferred path from Buy Cryptocurrency, Basic, Advanced, and OTC. Newcomers to the crypto trading space will find the Buy Cryptocurrency and Basic paths easy to use, and they can quickly learn how to buy coins and add their preferred payment method.
For the more experienced traders, they can choose the advanced path where they can access more sophisticated features for digital trading. Some of these include real-time price changes, stop-limit orders, and a range of trading options.
Binance offers excellent security for all of its users. In fact, it is one of the most secure exchange platforms out there. One of the security features it offers is two-factor authentication for all users, wherein the platform sends you a code either to your number or email that you will need to use in order to log in. Similarly, you will also need to set up an anti-phishing code. This will help prevent any hacks from taking place.
Moreover, what makes Binance a secure exchange platform is also the fact that you will need to verify your account when you make it and each time you log in. For example, you will need to do this by uploading a government-issued ID. Additionally, you can also use your own preferred crypto wallet to store your coins and currency. Or, you can use Binance's preferred crypto wallet partner.
3. Variety of Features and Currencies
You can use the Binance platform either through a mobile application or their website. Either way, you can leverage a range of features that will allow you to buy and sell coins easily and swiftly. As we mentioned earlier, you can choose from the four paths that it offers: Basic, Advanced, Buy Cryptocurrency, and OTC. Hence, it offers a multitude of features to all kinds of traders, from beginners to novices.
Similarly, you can even trade the rarest coins in the market using Binance, which you are likely unable to do with any other type of exchange platform. When it comes to trading altcoins, Binance dominates the market. For the US Binance outpost, you can trade over fifty types of cryptocurrencies, which is still a lot compared to other exchanges in the US market. Worldwide, Binance offers more than one hundred and eighty digital currencies.
Other than that, you can also find more than 500 crypto assets and pairs tradable. Additionally, some other excellent features of Binance include multiple payment options, several trading options. Lastly, Binance also offers its own exchange token, BNB, which gives you several discounts on the platform. It even provides you with exclusive rights such as lower trading fees and the ability to convert low crypto balances into BNB.
4. Low Trading Fee
Another feature that sets Binance apart from its competitors is undoubtedly the fact that it has the lowest trading fees in the industry. While other exchanges charge a trading fee of around 0.25% or more, Binance takes only 0.1% of a fee on all transactions. This feature is what most users appreciate the exchange platform for. Even the US outpost for Binance offers much lower trading fees compared to other platforms in the country.
5. Excellent Customer Support Services
When dealing with finances and crypto, you need support and reassurance from the exchange platform you are using. This is what you get when you use Binance. They have a dedicated team of customer support that is available around the clock. If you are a beginner or newcomer to the platform, they can walk you through each of the features, products, and functions they have. They also thoroughly answer any of the queries you might have.
If they have any issues, customers can send ticket requests via the Binance portal. They also provide a live chat feature for real-time assistance. The platform has been consistently expanding its customer support team to provide you with excellent services all the time.
Frequently Asked Questions
Now that you know about the most compelling reasons why Binance for Crypto Trading is one of the best in the industry, you might have some questions. Here we will answer some of the most common questions regarding Binance.
Is Binance Good for Beginners?
Binance is a really good fit for beginners because the entire design, whether the website or mobile application, is user-friendly. The sign-up process is quick and simple, taking only a few minutes. As a beginner, you can also buy and sell currencies and deposit your funds easily. The platform also provides resources and information so you can stay up to date and have no issues in crypto trading. Lastly, you can contact the customer support staff, who provide 24/7 assistance if you come across issues.
Is Binance Safe?
The exchange platform is completely safe and secure. As mentioned earlier, it has multiple design features that make it hack-free. Moreover, it also includes two-step authentication, passwords, and face ID to enter your account to protect it. All in all, account security is maintained through Binance.
What Payment Methods are Accepted on Binance?
Binance supports several payment methods, which adds to its user-friendliness. These include bank transfers, credit or debit cards, and cash. However, it does charge a certain amount of fee on each of these methods.
Binance is one of the fastest-growing exchange platforms in the crypto trading industry. It offers a wide range of features and cryptocurrencies that sets it apart from its competitors. But that's not all; many traders are drawn towards it due to its ease and simplicity of use, excellent customer support, and low trading fee.
Needless to say, this is one of the best exchange platforms for traders worldwide and is excellent for both beginners and novices. Whether you choose Binance for crypto trading or not, it is important to understand that investing in cryptocurrencies can be risky since the market is volatile. Hence, it would be wise if you invest only as much as you are willing to lose.