Binance Review 2022: בינאנס קרוב אלי
Complete Breakdown of The Crypto Exchange.
Founded in 2017 in Hong Kong, Binance has quickly grown to become one of the worlds largest cryptocurrency exchanges.
They grew so fast they actually suspended registrations in January 2018. They now serve 263 cryptocurrencies and over 30 fiat currencies to customers all over the world with no deposit fees and very competitive trading fees (0-0.1%).
Web Address: www.binance.com.
My Binance Review summary:
Overall Binance is a great option for buying/trading crypto, they recently integrated with SEPA which makes depositing super easy with no fees. Their trading fees are super competitive with the maximum being 0.1% (with ways of reducing it). Binance also have no shortage of options with access to nearly 250 cryptocurrencies. On the down side, however, Binance’s platform can be overwhelming for beginners as there are just so many options and due to regulation they have limited options available to US citizens.
Binance supported currencies:
List of supported cryptocurrencies.
FET IOST NEO KMD BNB FUN SC NEBL BTC SNT DASH ARDR OMG GXS WAN GTO ETH DGB XMR MITH ZEC SKY DCR NCASH XRP AION XEM PIVX ZIL SYS WAVES MANA BCH WTC VET POLY LSK CMT BTS RLC EOS BAT USDT KNC BTG NULS BCD REQ XVG NAS ETC LOOM ONT XZC REP THETA LTC LRC ICX GAS NANO LINK MKR CVC ADA ELF QTUM BNT STEEM POWR PPT POA XLM ARK STORJ CTXC ZRX HOT DOGE.
List of supported fiat currencies.
ED HUF PEN AUD IDR PLN ARS ILS RON BGN INR RUB CAD KES SAR CHF KRW SGD COP KZT SEK CZK MXN THB DKK NGN TRY EUR NOK UAH GBP NZD USD HKD PHP VND HRK ZAR.
Binance’s Exchange lets users exchange fiat currencies for Bitcoin and other cryptocurrencies. Binance offers several ways of doing this, including the following:
Under the P2P (peer-to-peer) feature, Binance allows sellers and buyers of cryptocurrencies to trade directly. This feature allows for fiat payments, with users able to choose from different payment options depending on their preferences.
Binance partners with Simplex to give users a brokerage service. Under this service, users can purchase 31 cryptocurrencies using their credit or debit. Users who use this service are charged a 3.5% premium for purchases done using USD.
Binance has also partnered with 3rd party payment providers to allow users to buy cryptocurrencies using fiat through bank transfers and SEPA. Because both SEPA and wire deposits do not attract a transaction fee, this option has become very popular among Binance users.
The one downside is that this option is only open for a limited number of fiats, including AUD, binance go metamask CAD, and Euros, and it is not available for USD.
If you want to trade crypto through your browser, you can also use the Binance widget that is only available on the Brave browser. Brave is a privacy-focused browser, and this widget allows you to trade as well as view and manage your portfolio.
Binance Trading Platform.
Binance is one of the easiest trading platforms with a simple and intuitive user interface. There is a large selection of cryptocurrencies to trade. Additionally, users can trade Ether, Bitcoin, Tether, כמה זמן לוקח לסגת XRP, BNB pairs as well as crypto/fiat pairs on the fiat market.
Traders get to choose between "Advanced", "Classic" and "Basic" trading interfaces for different styles of trading including order book, ogeysiiska dib u eegista xisaabta binance reddit P2P, over the counter, and margin trading options.
Users who want to get into spot trading can choose between three interfaces. These interfaces align with different excel levels. The classic interface allows users to see market and trading pairs easily which makes it easy to switch between different pairs.
The advanced interface allows traders to use the advanced charting tools. If both of these options seem too complex for you, then you can choose the basic option. Although its functionality is limited, this view still allows less experienced traders to trade coins without having to view charts or deal with order books.
Margin trading is only available for a select few trading pairs, with users able to leverage up to 10x on some pairs. Cross margin trading is very risky as it risks your whole account, while isolated margin trading only risks the trading pair you are looking at in that instance.
Binance Futures and Derivatives.
Binance Futures is a relatively new feature as it started in 2019. Binance Futures lets users speculate on the price of Bitcoin and altcoins such as Ethereum, Ripple, Litecoin, Bitcoin Cash, and more. When speculating like this, traders do not have to actually purchase or sell these assets.
Binance also allows traders to leverage their trades up to 125 times. This is a risky move because even if traders can multiply their profits by 125x, their losses are multiplied by the same factor too. This leverage is higher than you would find on any other reputable platform.
The balances used in speculation are held in a separate account and must be collateralized using Tether (USDT).
Binance Futures’ interface is very similar to the trading interface. The only differences include functions such as the ability to view open positions and functions that allow traders to control leverage.
The fees on Binance Futures stand at a maximum of 0.04% on any trade. The fees are lower for traders who have massive monthly trading volumes or whose trades often increase liquidity in the order book before they are executed.
Binance now allows users to earn interest on idle funds. You can choose between a "locked" or "flexible" account. Flexible accounts will offer variable interest yields while locked accounts will give you higher interest rates through a locked deposit.
The platform also offers a staking service that allows users to earn returns on decentralized coins (DeFi) and proof-of-stake finance without having in-depth knowledge on how to stake coins. Just like their savings account, these have both a locked and flexible option.
Binance Smart Pool.
Binance also allows users to join smart pools. These are mining pools that automatically split rewards among users. The pool’s hash power will also automatically be redirected to the cryptocurrency that is the most profitable at any given moment, which is a great way to optimize returns without being actively involved.
Binance Visa Card.
The Binance Visa Card is a great product that allows you to rapidly convert and use crypto in places that only accept fiat money. In the background, your crypto funds will be transferred into fiat currency free of charge. This way, you will not have to hold fiat per se.
Crypto Loans.binance cryptocurrency exchange
also allows users to borrow USDT or BUSD which will be collateralized with ETH or BTC. You’ll be able to get your hands on stablecoins, while still having exposure to crypto and avoiding taxes for selling coins.
Binance Liquid Swap.
This is an automated market maker (AMM) platform that is similar in many ways to Uniswap. Users are able to trade coins on Liquid swap with little slippage. Liquidity can also be exchanged for a share of fees.binance cryptocurrency exchange
fees & limits:
When trading crypto-to-crypto the standard flat fee of 0.1% applies. You can get a discount of 25% if you choose to pay your fees via Binance’s own coin(BNB).
It is also possible to reduce your base trading fees to as low as a 0.02% maker fee and a 0.04% taker fee by holding different amounts of BNB and reaching certain trading levels.
What is BNB?
Binance Deposit Fees:
Binance does not charge a deposit fee for fiat currencies however they do charge a small fee for transferring your cryptocurrency to Binance.