5 Things to Help you Determine if Binance is a Suitable Exchange

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Things to Help you Determine if Binance is a Suitable Exchange

Binance is a go-to trading platform for a large audience interested in trading digital assets. It is not only the largest crypto exchange in the world but is also one of the most impressive ones, thanks to its services and features.

Launched in 2017, this exchange has now risen through the ranks and proudly extends its services to hundreds of users around the world. It also supports a wide array of crypto assets and is a suitable exchange for the people who prefer keeping all their crypto in a single wallet.

The Binance exchange is a centralized crypto platform that consistently makes efforts to improve the services offered to the users. It is already known for its outstanding features, some of which are mentioned here in detail.

These features can help you determine if this exchange matches your criteria, trading requirements and more.

Binance Trading Fee

The fee structure of the exchange is one of the factors that quickly grabs the attention of people interested in buying, selling or trading digital assets. As compared to its competition in the market, this trading platform is known to charge one of the lowest fees. As a user, you won’t have to pay a high percentage for withdrawals and spot trades and it also ensures that the users do not lose any profits that they make.

Here are the details of the fee structure offered by the Binance exchange.

  • Market maker fee of 0.02% to 0.1% (for spot trades)
  • Market taker fee of 0.04% to 0.1% (for spot trades)
  • No fee for depositing or withdrawing fiat currencies
  • Overall withdrawal fee ranges from $1 to $15

If you want to understand what Binance is then you should know that it is a platform that aims to make crypto trading easy for everyone. The VIP level of the account users have can also decrease the fee.

Furthermore, if the BNB tokens are used to pay the fees the users can avail a discount of around 25% on the trading fee.

Security Systems

Binance is also known for the utmost security it offers to the users. It is common information that stepping into the crypto space is not completely risk-free. However, the risk can be mitigated to a great extent if the right exchange is chosen that makes use of some kind of security features.

After suffering from a security breach a few years ago, the exchange now uses the following leading-edge technologies to keep the users’ funds safe and secure.

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

Therefore, if you want to know if Binance is safe then you should know that it makes the effort to prevent any kind of cyber threats and failures. This is one of many reasons why this platform has a good reputation in the market.

Staking on the Exchange

Staking means lending the crypto that you own in a crypto wallet or a collective pool in order to get some kind of rewards from it. This is only achievable through proof-of-stake blockchains and staked tokens are required for the validation of the transactions.

Binance is one of the platforms that allows staking and it is an important concept that you need to know about before you step into the world of crypto. Binance staking requires you to get familiar with it as diving into it without proper information is unsuitable and unbeneficial.

Some of the digital assets you can stake on the exchange include:

  • ADA 
  • ATOM
  • BAKE
  • MATIC
  • SOL
  • XTZ

Customer Services Offered

The Binance exchange is one of the top platforms that is often a popular option among the crypto traders. Apart from the factors mentioned above, this platform is also known for offering impressive customer support services.

The security features mentioned above also contribute to the customer services in one way or another as it ensures the funds and information of the user is kept safe and secure.

User and Trading Interface

The user experience offered by the Binance crypto exchange is yet another major and important factor that should not be overlooked while looking for a crypto exchange for trading crypto.

Binance has a user-friendly interface and is smartly designed, which makes it easier for novice parties to easily navigate and find what they’re looking for. It is known to be a fast trading platform that executes the requests without delay.

It also has two different trading interfaces namely, Classic and Advanced and cater to the needs of beginners and experts, respectively.

Conclusion!

Binance is a popular platform, however, just because it is well-known does not necessarily mean that it will also be suitable for you to use. Therefore, as a first-timer, make sure you take a look at the features it offers and then decide accordingly.