In this article, we will examine the Binance cryptocurrency exchange, its technical features, usage, advantages and disadvantages.
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Introduction
The first Blockchain technology was conceptualized in 2008 by a person or group of people known as Satoshi Nakamoto. Later, Nakamoto invented Bitcoin. We can think of this as the beginning of a new money revolution. The beginning of the digital money revolution.
Since the invention of Bitcoin, “Cryptocurrency and Blockchain” technology has developed and spread to the world and Cryptocurrencies have begun to be used. Accordingly, after Bitcoin, which played the role of the main cryptocurrency, "Alternative Coins" called Altcoins were produced and offered to people. Bitcoin and the cryptocurrencies we call Altcoins are now offered everywhere and easily accessible to everyone, and their numbers have exceeded tens of thousands.
Cryptocurrencies are used by millions of people in the world in buying and selling transactions. In addition, buying and selling transactions are made in hundreds of thousands of parities on the exchanges every second. The platform where cryptocurrencies are bought and sold is called "Cryptocurrency Exchange".
The most important among cryptocurrency exchanges are CEX (Centralized Exchange) that is "Central Cryptocurrency Exchanges".
There are hundreds of CEX exchanges operating in the cryptocurrency ecosystem and in connection with it. One of these exchanges is the Binance cryptocurrency exchange.
In this article, we will examine the Binance cryptocurrency exchange.
Binance Exchange Technical Information
Exchange Name: Binance Cryptocurrency Exchange
Sector: CEX (Centralized Exchange)
Official Website:https://www.binance.com/tr
Exchange Token: Yes, there is. BNB Token
Number of Listed Coins: 390+
Average Weekly Visitors: Average 12 Million People+
24-Hour Trading Volume: Average $10 Billion+
What is Binance?
Binance is a cryptocurrency exchange that provides a platform for trading a variety of cryptocurrencies. As of January 2018, Binance was the world's largest cryptocurrency exchange by trading volume.
Binance was founded by Changpeng Zhao [CZ], a developer who previously developed "High Frequency Trading" software. Binance was initially based in China, but later left China due to China's increasing cryptocurrency regulations.
At Binance, we believe that everyone, no matter who you are or where you come from, should have the freedom to earn, hold, spend, share, and give money.
With an average daily trading volume of over $10 billion, 1,400,000+ transactions per second, and 24/7 customer support in 40 languages, the exchange is a world leader in the industry.
Binance is the world's leading Blockchain ecosystem, with a product selection that includes the world's largest digital asset exchange. The exchange's mission is to be an infrastructure service provider in the crypto world.
If you liked this article, you can also read my article titled How to Deposit Money to Binance Exchange? {alertSuccess}
What are Binance Commission Fees?
Users who register to the Binance exchange can make four different types of transactions: Spot and Margin transactions, and USD-M and COIM-M futures.
Users can benefit from a 25% discount on Spot and transaction fees, 10% on USD-M and COIN-M Futures transactions, and 5% on Margin transactions by using BNB, the Binance exchange's exchange and discount token.
Binance does not charge fees for fiat and crypto deposit fees. Withdrawal fees are determined by the blockchain network in cryptocurrencies. In fiat currencies, they are paid within the framework of the recipient bank's fee schedules or agreements made between banks and Binance.
In addition, if you register with a Reference Code, you can benefit from more commission discounts.
The current Binance commission rates are as follows. These rates may change over time.
Spot and Margin Transactions Commission Rates
Market Maker: 0.10%
Market Taker: 0.10%
USD-M Futures Transactions Commission Rates
Market Maker: 0.020%
Market Taker: 0.050%
COIN-M Futures Transactions Commission Rates
Market Maker: 0.020%
Market Taker: 0.050%
What Units Does the Binance Ecosystem Consist Of?
The Binance platform is trusted by millions of people worldwide and the platform includes an unrivaled portfolio of financial products.
Binance Exchange: Binance Exchange is the largest crypto exchange by trading volume.
BNB Chain: BNB Chain is a community-supported Blockchain software system that includes developers and contributors from all over the world.
Trust Wallet: Binance's official crypto wallet, Trust Wallet, is a secure, decentralized wallet where users can send, receive, and store digital assets.
Binance Research: Binance Research provides institutional-grade research reports, data-driven insights, and analysis for investors in the crypto space.
LaunchPad and LaunchPool: Binance Exchange is the largest crypto exchange by trading volume. With this feature, it leads the way in Altcoin listings.
For more information about Binance Launchpool, you can read the article What is Binance LaunchPool? How to Join? {alertSuccess}
Binance Labs: Binance Labs is an infrastructure impact fund and initiative that aims to incubate, invest in, and power Blockchain projects.
Binance Charity: Binance charity and aid work. It is a non-profit foundation dedicated to supporting Blockchain-powered charities and global sustainable development.
Binance Academy: Binance Academy is a free learning center that offers free blockchain and crypto training in over 20 languages.
There are many other entities on the exchange.
Is Binance ID Verification Required?
Yes. ID verification is a standard procedure adopted by the finance and crypto industries. Just as stock exchanges require ID verification before opening an account, crypto exchanges may also require it.
Its main purpose is to ensure that stock exchanges and crypto exchanges have detailed information about their customers and users. This process includes verifying identity information and assessing potential risks, as well as complying with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CTF) regulations.
How Does Binance Referral Program Work?
Codes that are used before registering on cryptocurrency exchanges and that allow you to earn discounts on your purchases and sales and receive gifts at certain rates are called "Referral Code or Invitation Code".
Before registering on Binance cryptocurrency exchange, you must have a "Referral Code or Invitation Code" in order to earn discounts on your purchases and sales and receive your gifts. In other words, you need this code. The referral program on Binance cryptocurrency exchange is also built on this basis and works on this basis.
What are the Benefits of Using Binance Referral Code?
If you register without any Referral Code, you cannot benefit from commission discounts on purchases and sales transactions, cashback, that is, cash rewards given at certain rates for your transactions, and some advantages and gifts.
If you use a Reference Code, you will earn commission discounts, cashback, some advantages and gifts. With these features, new users who will register to cryptocurrency exchanges look for a Reference Code.
If you register without a Referral Code, you will no longer be able to add a Referral Code after you register. So before registering, do not forget to find and add the best referral codes for you. {alertWarning}
The important thing here is to find the best and real Referral Code.
Binance Referral Code Click Here to Register and Open an Account on Binance Exchange.{alertSuccess}
What are the Pros and Cons of Binance Exchange?
Pros
Competitive Commission Fees: Binance offers highly competitive commission fees for spot and futures transactions. With the BNB exchange token, users pay lower commission fees. Users who register with a referral benefit from additional commission discounts.Wide Range of Trading Pairs: Binance is one of the cryptocurrency exchanges with the widest range of trading pairs in the world. Hundreds of cryptocurrencies are listed on the exchange board.
Trading Volume and Near-Zero Slippage Rate: Binance is a very liquid exchange. The trading volume is quite high. Users perform their buy and sell transactions with almost zero slippage rate in trading pairs.
Advanced Security Features: Binance takes various security measures to protect its cryptocurrency assets. High-level security measures are required by the exchange. Users are protected with 2-step verification, Google Authenticator, and similar security measures.
User-Friendly Interface: Binance's web interface is very user-friendly for beginners and experienced users. The mobile application is constantly updated and the user experience is kept at the highest level.
Cons
Technical Issues: Binance is complained about by some users due to technical problems. It has been determined that some problems are caused by the user. These problems may be caused by the users' current internet providers or electronic devices.
Customer Support: Although the exchange provides 24/7 customer support, Binance's customer support is considered inadequate by some users. The fact that this service, which can only be reached in writing, does not have any MH number and cannot be reached by voice increases these complaints.
Local Regulations: Binance cannot operate in some countries due to local regulations.
Summary, Conclusion and Analysis
In summary, it is an undeniable fact that Binance is the best cryptocurrency exchange in the world among centralized exchanges. Every investor loves an exchange where the commission fees are competitive, the transaction volume is high and the slippage rates are close to zero.
The exchange, which has hundreds of cryptocurrencies and trading pairs, also includes Spot, Margin and Futures transactions.
The size of the exchange ecosystem is dazzling. BNB Blockchain network, Trust Wallet cryptocurrency wallet and dozens of similar successful platforms are connected to the exchange. There is also an NFT market within the exchange.
Binance, which entered the Turkish market quite successfully with Binance TR, quickly took the lead in the country.
In conclusion, Binance is a very good option for trading cryptocurrencies. Better yet is the exchange itself. Among centralized exchanges, other exchanges can only be used as an option to the Binance exchange. But it should not be forgotten that there is never a perfect formation. Current deficiencies can be covered by other cryptocurrency exchanges.
However, it is necessary to be careful about the deficiencies such as technical problems, lack of live customer support, and local regulations, which are very rare, and that every type of investment carries risks.
Binance Exchange Analysis Points
| Category | Score | Description | |
|---|---|---|---|
| Reliability | 5 | The most reliable cryptocurrency exchange. | |
| Ease of Use | 5 | Very easy to use. | |
| Commission Rates and Fees | 4.5 | Commission rates are quite low. | |
| Product Variety | 5 | Excellent product range. | |
| Overall Score | 5 | The best cryptocurrency exchange without a doubt. | |
To Support the Referral Brotherhood Platform Register on Binance Exchange with the Referral Code GTKTSIOD {alertSuccess}
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