Binance Crypto-Exchange Review

Binance offers a wide range of products and services such as Margin trading, P2P, Strategy Trading, Staking, Saving, Launchpool, Auto-Invest, Dual Investment, Launchpad, Liquidity Swap Farming, and many more. In addition to this, Binance offers Visa Card, and Binance Pay features to its users enabling them to use cryptocurrencies in daily life online and offline with zero fees and cashback of up to 8%.

Binance has its own native token—Binance Coin (BNB) underpinned by the BSC — Binance Smart Chain, and it's used in Binance as an investment coin, and when the trader uses BNB as trading fees, Binance offers a discount. Thus, it helps to grow BNB in the blockchain ecosystem.

Binance offers an excellent NFT market to its users using BUSD (Binance USD). In addition to this, Binance offers IGO (Initial Game Offering), the top-tier gaming undertaking, especially for Binance NFT. The user can launch via mystery boxes, auction, or pay the fixed price or mystery boxes.

Binance Charity is the first non-profit organization that works on blockchain technology dedicated to achieving the development of global sustainability, helping people in need, donating funds for people who are hit by natural calamities, planting more trees, helping poor people fight inequality, protecting animals, and many more. Every month Binance is committed to raising funds, partnering with various organizations, and directly transferring the raised money to the people in need or the organization for a cause.

Crypto Farming, also known as Yield Farming, is a process of locking up or staking the digital asset in exchange for a new token or interest. The returns are measured in APY — annual percentage yields. Binance offers “Swap Farming” — a crypto trading method using Automated Market Maker (AMM) based on a pool of liquidity, allowing the user to swap cryptocurrencies pairs and earn BNB tokens in addition to the share of fee income. There are 100+ cryptocurrencies pairs available in Swap Farming with a 0.2000% fee.

To ensure the highest security and fair trading experience, Binance new users must complete KYC (Know Your Customer) to perform a higher trader volume. In addition, Binance’s compliance program is up to date. It has partnered with advanced, highly secured technology providers such as Cipher Trace, Elliptic, TRM, Refinitiv, Jumio, and Onfido to ensure the crypto exchange platform follows global regulations.

Why choose Binance Exchange as your Crypto Exchange partner?

• Binance supports 61 fiat currencies:
• Binance supports three stable currencies BUSD (Binance USD), USDC (Coinbase USD Coin), and USDT (Tether).
• Binance application is available to download on multiple platforms — App Store, Android APK, Google Play, MacOS, Windows, Linux, and API.
• Similar to Google Authenticator, Binance has developed its own Authenticator, ensuring the maximum safety of the traders.
• AXS (Axie Infinity Shard) on Binance offers up to 105.32% APY on locked staking, up to 25.00% APY on fixed savings, and up to 6.00% APY on flexible savings.
• Binance tutorials are available in six regional languages (India)— Hindi, Gujarati, Kannada, Marathi, Tamil, Telugu, and Sinhalese.
• Trading offers on Binance are spot, margin, P2P, swap, strategy trading, and derivatives trading.
• Binance offers fan tokens for the NFT market, enabling the users to purchase limited-edition NFTs.
• Binance offers multiple earning features to its users — investment, savings, staking, dual investments, auto investments, and BNB Vault.
• Binance offers a Binance Pay feature where the users can shop with digital coins at 10+ stores online.
• Binance Visa Card by Binance works like a regular debit card and the user can transfer the crypto balance into a funding wallet and use it at PoS. The user can enjoy up to 8% cashback.

How to Open a Crypto Trading Account on Binance?

• You will get three options:
• Slide the puzzle to complete the security verification.
• Enter your mobile number and password you wish to keep.
• Go to Binance website — https://www.binance.com/en-IN
  • Deposit Crypto to Start Trading — transferring your digital assets from another platform to Binance.
  • Buy Crypto with Credit Card
  • Buy Crypto using Binance P2P — Peer-to-Peer marketplace.

While to start trading, it is recommended to complete the verification process and activate 2FA to secure the account.

• Go to DASHBOARD — click on the right top icon.
• Under 2FA, click on verify and choose “Enable Binance/Google Authenticator” (recommended) or Email Verification.
• Click on “Identification” on the left of the tab.
• Click on “Start Now” under the “Verified” tab.
• Personal Information:
  • Enter your full name and DOB.
  • Enter your residential address, PIN Code, City, and PAN Card number.
• Identity Verification — choose one: Government-issued ID card, Passport, or Driver’s License.

(Please note: Binance only accepts live document photo verification. The user cannot upload the picture of the document).

• Facial Recognition. Take a selfie

Supported Crypto Currencies in Binance

Binance is the world's most comprehensive crypto exchange platform offering more than 700 cryptocurrencies, including BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), SOL (Solana), ADA (Cardano), AVAX (Avalanche), and many more. In addition, Binance also offers three stable digital coins — BUSD (Binance USD), USDC (Coinbase USD Coin), and USDT (Tether).

How to deposit money and withdraw money in Binance exchange?

DEPOSIT VIA WEBSITE

• Log in to https://www.binance.com/en
• You will get two options — login with email or mobile number.
• Complete the security verification
• Click on “Buy Crypto” and choose the option from P2P Trading or Third Party payment via WazirX or Simplex
  OR alternately click on the “Wallet” icon located on the right of the page and click on Fiat and Spot > Deposit.

  Please Note: Simplex is only available in selected countries — Hungary,  Austria, Netherlands, Portugal, Belgium, Spain, Bulgaria, Cyprus, Czech Republic, Iceland, Denmark, Estonia, France, Finland, Germany, Greece, Ireland, Italy, Latvia, Sweden, Slovenia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Romania, Slovakia, and The United Kingdom.

DEPOSIT VIA MOBILE APP

• Log in to your Binance app.
• Click on the little face icon located in the top left corner of the app.
• You will get an option of Binance Lite. Toggle off, and you will be redirected to the Binance Pro app.
• Click on “wallets” in the bottom right corner.
• Click on “deposit.”
• You will get two options — Crypto or Cash
• Click on cash and currency to deposit via P2P Trading or Credit/Debit Card (Visa or Mastercard) option.

Once the amount reflects on Binance Trust Wallet, the user will be able to buy cryptocurrencies.

WITHDRAWAL VIA WEBSITE

• Go to Binance website — https://www.binance.com/en
• Click on Wallet on the right corner of the site — Fiat and Spot > Withdraw
• You will get two options — Withdraw Crypto or Withdraw Fiat.
• Withdraw Crypto:
  • Select the digital coin you wish to withdraw.
  • Put the address and select the network.
• Withdraw Fiat:
  • Select the currency to withdraw
  • Select where you want the Fiat to be credited.

WITHDRAWAL VIA MOBILE APP

• Log in to your Binance app.
• Click on “wallets” in the bottom right corner.
• Click on “withdraw” and select what you wish to withdraw, crypto or cash.
• Follow the procedure.

Special Offer by Binance

1. Referral Program:

   Binance offers a unique referral program where users can design a referral percentage. However, users with less than 500 BNB can only earn up to 20% referral commission. While the users that have more than 500 BNB and active traders on Binance can enjoy up to 40% referral commissions.

   Under the referral program account, the user can keep track of the referral (spot trading, futures trading, or mining), the commission rebate (commission the user earns from referring a friend), and the referral kickback (the commission earned from a friend's referral link).

2. Binance Affiliates Program:

   An affiliate program refers to promoting the product or services through an affiliate's own marketing channels and in an exchange of commission. Binance offers users two kinds of affiliate programs — Spot Affiliate and Futures Affiliate. The user can pick anyone or do both and earn up to 50% commissions on every eligible trade.

   The user must apply by filling the form online, and upon qualifying, the Binance team will create a referral link that the user needs to use while promoting.

   A new affiliate marketer will be given up for 90 days, and only those affiliates will be allowed for affiliate marketing that qualifies the below criteria.

   1. Get 10 new active traders with a minimum of 50 BTC trading volumes. (Spot Trading commission — 41% and Futures Trading Commission — 30%)
   2. Get 100 new active traders with a minimum of 500 BTC trading volumes. (Spot Trading commission — 50% and Futures Trading Commission — 30%).
3. Binance Gift Card

   Binance Gift Card is one of the perfect gifts you can give to your family or friends looking forward to investing in cryptocurrencies or a birthday or gratitude or wedding gift. The gift card comes with attractive themes — birthday, holidays, thank you, congratulations, GIF cards, and many more.

   Please note: Binance Gift Card is currently only available on Binance Mobile App. However, the Binance Website trader can scan the QR code to get the Binance Gift Card Mobile link's direct link.

   To get a Gift Card, the user mandates to transfer the digital asset from the spot/trading wallet to the funding wallet. First, enter the digital coin type (For instance, BTC) and the gift amount. Next, enter the two-factor authorization code. The amount will be debited from the fiat/spot wallet and credit in your funding wallet for the Gift Card. Copy the Gift Card code and send it to your friends/families via email.

Binance Security Feature

To safeguard the user's digital assets, Binance offers four types of security features:

1. Binance/Google Authenticator: The Binance team highly recommends this one. The user needs to select either to activate Google Authenticator or Binance Authenticator with a 16 key code authentication.
2. SMS Authentication: Six digits OTP sent on the user's mobile number via SMS. 
3. Email Authentication: It is mandatory to activate email authentication. It adds an extra layer of security while depositing and withdrawing digital assets.
4. Security Key Authentication: Yubikey on Binance works on NFC — Near-Field Communication cryptographic technology to safeguard the accounts. Currently, only Binance's website is supporting the “Security Key Authentication” method. In addition to this, the user who has activated Security Key Authentication with Yubikey won’t be able to withdraw the amount from the mobile application; the service will be restricted to website withdrawal only as the key code works only on the website.

Product & Services of Binance

TRADE

1. Convert: Binance crypto convert portal allows users to convert their digital coins at zero fees and quick balance transfer on Binance Spot Wallet. There are two options available — Market and Limit, and there are more than 50 cryptocurrency pairs available.
2. Classic: Classic trading on Binance offers spot and margin trading up to 10X leverage. Spot trading includes limit, market, and stop-limit.
3. Advance: Advance crypto trading is suitable for the advanced traders
4. Margin: Binance offers Margin trading with extra security as the leverage can be risky with some traders; therefore, to make sure the trader has complete knowledge of Margin trading, the user needs to finish a 12 questions quiz. Once the user completes the quiz with the maximum correct answers, it allows them to access the portal and do cross or isolated margin trading.
   • Cross Margin — allowing the trader to utilize the available margin balance on all of their accounts on Binance.
   • Isolated Margin—allowing the trader to use a certain amount, and when the Margin falls below the set amount, the position is liquidated. The position keeps on updating every 5 minutes.
5. P2P: Peer-to-Peer trading allows users to trade directly with other traders from anywhere globally. In addition, it will enable the user to buy eight digital coins — USDT, BTC, BUSD, BNB, ETH, ADA, TRX, and SHIB via UPI, bank transfer, IMPS, PhonePe, Google Pay, and PayTM. Binance P2P trading is protected by Escrow. Therefore when the seller posted an ad for the digital coin, Escrow automatically reserved the amount of crypto for the ad. Thus, if the seller doesn’t transfer the crypto after the payment, the Escrow will release the amount they reserved.
6. Strategy Trading: Binance offers algorithmic trading with python, enabling the traders to design powerful crypto trading strategies in spot and futures trading to earn more profits. In addition, the feature allows the user to stream real-time high-frequency crypto data.
7. Swap Farming: Binance introduces the first-ever crypto trading that uses the AMM — Automated Market Maker method to allow the traders to swap the digital assets pairs. For instance, swap USDT (Tether) and BNB (Binance Coin). Binance swap farming offers low fees and stable prices for large transactions. Binance currently provides up to 50% BNB fee returns for each crypto swap.
8. Fan Token: A fan token is a form of digital coin that allows the users to have a variety of fan-related perks such as sports, rewards, and many more. Fan token works like NFT (Non-Fungible Tokens) with a slight difference of — NFT provides ownership of the work and cannot be exchanged, while Fan Token can be exchanged with other products. Fan tokens allow the users to build a close-knit community of people with the same interest. Cryptocurrencies do not back fan Token. The token prices are usually defined by the number of people supporting the coin. Various famous football clubs — Santos FC (Brazil), FC Porto (Portugal), S.S. Lazio (Italy), and many more have launched their Fan Token for their followers.

FINANCE

1. Binance Earn
   • Staking: Binance offers two types of stalking — Locked and DeFi Staking. There are 80+ coins the trader can stalk in a locked staking platform and for up to 90 days lock-in period. In comparison, there are 15+ coins in the DeFi staking platform with a flexible lock-in period (minimum one day).
   • Savings: Binance offers two types of savings — Flexible and Locked Savings. The flexible saving plan provides an interest rate of up to 6% without any lock-in period. While Locked Saving plans offer returns up to 25% with a lock-in period of a minimum of 7/14/15 days.
   • Launchpool: Launchpool on Binance offers users to stake BNB, BUSD, and other crypto tokens to earn free new tokens. The launch pool rewards are provided to the users hourly, and they can claim them at any time. In addition, the reward can also be tradable immediately.
   • Auto Invest: Auto Invest plan is available on eight digital assets — BNB, BTC, ETH, SOL, ADA, DT, XRP, and AVAX for the 3/6/12/36 months plan. Earn up to 3000+% for 36 months.
2. BNB Vault: BNB Vault is a yield aggregator that combines staking, launch pool, and flexible investment and enables the trader to earn up to 20% APY.
3. Dual Investment: Dual Investment is one of the unique investment plans offered by Binance that allows the user to deposit digital assets and earn an improved yield based on the two digital assets on the delivery date. The user requires to put a bet on the underlying asset. For instance, if the user deposits BTC and bets on BUSD price will lower, the underlying asset will be BTC. The settlement price is linked as the underlying asset.

   There are two types of Dual Investment:

   • Up-and-Exercised product
     • The product will be “exercised” when the settlement price is more than the strike price.
     • The product will not be “not exercised” if the settlement price is less than the strike price.
     • The interest will be calculated as — (The Subscription Amount X The Strike Price) X [1 + (APY % X No. of deposit Days/365)]
   • Down-and-Exercised product
     • The product will be “exercised” when the settlement price is less than the strike price.
     •  The product will not be “not exercised” if the settlement price is more than the strike price.
     • The interest will be calculated as — (The Subscription Amount / The Strike Price) X [1 + (APY % X No. of deposit Days/365)].
4. Launchpad
   Launchpad on Binance is a token launch platform that offers a safe crowdfunding platform for all crypto projects. Binance Launchpad has completed 20+ projects and raised USD 57.8 million with more than 14,50,000 participants.

   The user needs to submit the request, and once the Binance teams approve, the user will be able to upload their project on the Binance platform.

5. Liquidity Farming: Binance Liquidity Farming is a platform on Binance Centralized Exchange that lets traders invest in digital assets with the Decentralized Exchanges method. Liquidity Farming has a significant liquidity pool funded by traders with asset requirements and utilized by swap traders who have to buy/sell digital coins.

PRODUCTS

1. Academy: Binance Academy offers outstanding learning for blockchain, cryptocurrency, technology, security, and many more. Understand how the trading exchange works, how to earn more profit with less risk in cryptocurrency, create a strategy trading, and many more. Binance Academy offers blog and video tutorials for all users for free. In addition to this, Binance Academy also has a 272 glossary, helping the user to understand the crypto and blockchain terms.
2. Charity: Binance Charity is the first Global transparent charity platform helping to reduce poverty, assisting the people in fighting inequality, ensuring the health of the people and environment, and many more. Binance Charity has raised 1,944 BTC with 2,924 total donations and 1,013,281 total end beneficiaries. Binance Charity ensures 100% transparently; the amount is directly transferred to the people in need. Furthermore, Binance Charity accepts crypto transfers and Master/Visa cards.
3. Card: Binance Visa Card offers users the opportunity to spend at 60+ million merchants worldwide. The user needs to transfer their digital coins, which they wish to use, from the spot wallet to the funding wallet. Similar to bank debit cards, the user can use the Binance Card online or offline at the merchant shop without any transaction fees. Moreover, the user can get up to 8% cashback on eligible payments. In addition to this, all the Binance Visa Cards are 100% safe and developed with the highest security.
4. Labs: Binance Labs is an incubator designed on blockchain technology to identify, invest, and empower startups, creators, and various communities, helping them grow their business on the blockchain ecosystem. Binance Labs has completed 100+ projects in 25+ countries across 5+ continents in 3+ years.
5. Research: Binance Research offers in-depth insights and analysis on blockchain technology and digital assets to all users across the Binance platform.
6. NFT: Binance NFT Marketplace gathers global creators, digital artists, crypto fans, and digital asset collectors under one roof. The Binance team also recommended digital creators whose work is commendable, such as DNAxCAT, Bubble Comics, and many more. There are 100+ collections on Binance NFT, including gaming. In addition to this, Binance also has exclusive premium events — exhibitions, unique creations, and many more.
7. featured. market: Featured by Binance is a decentralized global platform that offers the creators tools to showcase their NFT Creations, sell, or mint helping their creation to reach globally via open accessibility.
8. Binance Pay: Binance Pay by Binance is a contactless, globally accepted digital assets payment platform that allows users to send crypto to their friends and families with zero fees. In addition to this, it also allows the user to pay at the merchant that accepts Binance Pay. There are 10+ merchants where users can use their cryptocurrencies, such as travel booking at Travala.com, shop electronics at Uquid Digital, buying gift cards with Bitcoin at CoinsBee, shop on shopping.io, and many more.
9. Binance Live: Binance Live offers users to participate in live streaming sessions. Almost twice or thrice a week, Binance has live sessions with various digital creators or hosts a master class.

Conclusion

Binance is one of the most extensive platforms that offer many features under one roof. However, crypto trading is subject to market risk. Therefore, it is highly advisable to consult a financial expert before starting trading. Though Binance offers high security and chooses only high-quality digital coins on its platform, the company will not be responsible for any user's trading losses.

Please note: Binance is currently under investigation by the Internal Revenue Service and the United States Department of Justice on allegations of tax offenses and money laundering. In June 2021, Binance blocked its crypto exchange services in Ontario, Canada. In addition to this Binance Singapore is closing its services from 13th February 2022. 

Frequently Asked Questions: