Understanding the Major Features of Binance as a Potential User

Binance is popularly known as the world’s largest digital currency exchange. It has numerous outstanding features apart from the fact that it has the highest trading volume. However, there are several other aspects you need to know about the exchange if you want to use it and buy or trade crypto.

Every novice party, interested in stepping into the crypto space for the first time should be familiar with the features offered by the exchange they want to choose. Similarly, if you are a potential user of the Binance exchange you need to know about the fee structure, security and several other factors.

Once you have these details you can match them with your trading requirements and criteria and choose the exchange if it ticks all the right boxes for you.

Here are the major features you need to know about the platform.

Staking on Binance

One of the most distinguishing factors about the exchange is Binance staking. Staking means putting the crypto you own into a collective pool or a crypto wallet. This results in rewards that the users can enjoy who opt for staking.

Staking is fairly simple and does not require the interested parties to have any trading skills. This is also only achievable on proof-of-stake blockchains and the transactions are only validated by staked tokens.

Therefore, if you want to use the Binance crypto exchange then you should know that it supports staking as well.

Security Offered

Security offered by an exchange is one of the main concerns of every potential user, regardless of the platform they intend on using. Similarly, if you want to know ‘is Binance safe?’ then you should know some details.

A few years back, Binance did suffer from a security breach. However, since then, the exchange has used state-of-the-art safety technologies that ensure the funds and any information of the users are kept safe from cyber threats and failures of any kind.

The key security systems available on the platform are mentioned as follows:

  • Unusual account activity alerts
  • Two-factor authentication login
  • Forensics monitoring
  • Cold wallets
  • Biometric logins
  • AI monitoring

Security offered by an exchange should be every investors and traders’ priority as well as the platform’s main concern. The Binance exchange is one of the platforms that takes the security of the users very seriously.

Supported Payment Methods

If you want to know ‘what is Binance?’ then you should know that it is a centralized crypto exchange that offers support to more than one payment method. There are some platforms that only rely on a single payment method. Such exchange attracts a limited audience. On the other hand, exchanges that offer support to multiple payment methods, such as Binance, are considered to be capable enough of handling a large audience interested in crypto investing or trading.

Here are the payment methods of withdrawals and deposits that are supported by the exchange:

  • Wire transfers
  • Wallet transfers
  • Peer-to-peer (P2P) exchange
  • PayPal
  • Debit cards
  • Credit cards

If any of the supported payment methods mentioned above match what you have been looking for then you can consider using the exchange for buying or trading crypto.

Trading and User Interface

The Binance crypto exchange is one of the best platforms in the crypto market as it caters to the needs of novice as well as experienced crypto traders and investors. The reason being this exchange has an easy-to-navigate interface.

However, it doesn’t only have a simple user interface, but it also has a simple and straightforward trading interface.

The trading interface of Binance is divided into two categories, namely:

  • Classic
  • Advanced

The classic trading interface is for the crypto traders who are new to the crypto space and want to place simple and straightforward trades.

On the other hand, the advanced trading interface is for experienced crypto traders who want to make more advanced and complex trades.

This exchange also supports the novice crypto traders by offering them free tutorials and guides that help them learn about crypto trading and more.

Fee Structure of Binance

Binance is one of the cheapest cryptocurrency exchanges in the market, which is yet another reason why it grabs the attention of a large audience. This exchange has a transparent fee structure that does not include any hidden or additional charges.

The details of the fee charged by this exchange are mentioned below:

  • Market maker fee that ranges from 0.02% to 0.1%
  • Market taker fee that ranges from 0.04% to 0.1%
  • Withdrawal fee that ranges from $1 to $15

Final Takeaways!

Binance is a popular crypto exchange that is known for numerous impressive reasons. This exchange is one of the best ones in the market. Therefore, as a potential user you should have the information mentioned above.