The Binance cryptocurrency Exchange is currently one of the world’s largest cryptocurrency exchanges, where over 200 digital currencies are available for purchase. This exchange is considered one of the most stable and secure. Binance is characterized by very high liquidity, which unfortunately cannot be observed on other (smaller or younger) foreign and euroepan platforms for trading and exchanging digital currencies.
Initially, the seat of this Binance exchange was Shanghai, then it was moved to Hong Kong and now its headquarters is in Malta. Although it is only less than 3 years old, it has gained the trust of several million users around the world during this time. Its turnover reaches billions of dollars. Unfortunately, Binance mainly allows you to exchange cryptocurrencies for other digital currencies. In other words, to start using this exchange, you must first buy Bitcoin, Ethereum (ETH) or Binance Coin or Theter on another (e.g. BitBay cryptocurrency exchange), and only then you will be able to buy other interesting cryptocurrencies and tokens with these electronic currencies whole world. Although for some time the Binance exchange has also been developing the option of buying digital currencies through credit card cards. You can buy in several dozen different traditional currencies and sell in several major currencies.
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In our opinion, the Binance exchange alone offers great opportunities for buying cryptocurrencies and subsequent trading, however, it is slightly less transparent and more difficult to use than the european BitBay exchange. However, for people who are looking for a big exchange of encrypted electronic currencies, this is definitely the best choice. In recent months, the Binance exchange underwent a “facelift” and now using it has become much simpler and more convenient for users. Continuous development of this platform is also visible. Recently, it also announced the acquisition of one of the Indian stock exchanges, thanks to which it opened to another large market.
Of course, there are many different foreign cryptocurrency exchanges, e.g. Cryptopia (New Zealand), HitBTC, KuCoin, Bittrex, Bitfinex, Coinbase and OKEx, and many others. It is worth being careful when choosing the right cryptocurrency exchange because you often entrust a large portion of savings to them. In the latest ranking of the world’s best cryptocurrency exchanges – the Binance exchange took 8th place!
The Binance Exchange uses advanced mechanisms to improve the security of the exchange, users and transactions concluded on it, such as:
CTF – Counter Terrorist Financing (translation – financing of the fight against terrorism)
KYC – Know-Your-Customer (translate – Know your customer)
AML – Anti-Money Laundering (anti-money laundering)
By creating an account, you provide personal data, which includes contact details (email address, name and password). You can also add a phone number to your SMS or Google Authenticator account, which will be used for 2FA verification to increase security.
The Binance Marketplace monitors and collects tracking information related to usage, such as date and time of access, device identification, operating system, browser type and IP address. This service usage data supports Binance in ensuring that the interface will be available to users on all platforms and can help with criminal investigations.
For all personal and corporate user accounts, the Binance exchange collects transaction information, including deposit snapshots, account balances, trading history, withdrawals, order activity and distribution history. This transaction data is monitored for suspicious commercial activities to protect against user fraud and to resolve legal matters.
Binance uses the collected information to protect the platform, user accounts and archives. This uses IP addresses and cookie data to protect against automatic abuse such as spam, phishing and DDoS (Distributed Denial of Service) attacks.
They analyze trading activities to detect suspicious behavior early to prevent potential fraud and loss of funds for bad entities.
Therefore, buying bitcoin in this way does not give full anonymity to criminals, and law enforcement authorities give the opportunity to track suspicious users.
The appearance of cryptocurrency price charts on individual platforms usually does not differ much in the basic layout. The differences appear when it comes to PRO charts. Here, it happens that some cryptocurrency exchanges stand out from others. Some of them do not allow trading via a mobile application. The Binance exchange offers very interesting and wide possibilities of access to charts and the use of technical analysis tools.
It is worth remembering that on many platforms specific software is used, so-called bots that connect to the exchange through the API plug-in and perform various commercial transactions. Another important issue for many users is having before the cryptocurrency exchange the so-called affiliate programs that reward you for referring more users. It is worth asking if users have good opinions about the affiliate program because it is not always the rule.
Binance is one of the leaders among the global cryptocurrency exchanges. Its offer consists of over 600 coins and is based on market commission fees, while guaranteeing users easy and intuitive operation of the panel.
Account registration provides similar ease. The whole operation will take a few minutes. All you have to do is enter the official Binance website and click “Register”, which you will find in the right part of the top menu of the site.
A window will pop up in which you only need to enter your email address and password. Make sure that your password is strong enough, which will reduce the risk of hacking by unauthorized persons. You can also enter the referrer ID. Finally, accept the regulations and click “Create Account”. At the end, Binance Market will verify that you are not a bot by displaying a simple puzzle to solve.
After completing the registration process on Binance you will receive a verification email. Verify it by clicking the appropriate link in the message you received and activate your account. After creating and activating your account, you should complete your data and verify your identity. You can do this by sending a scan of your passport, ID card or driving license. After choosing the document we have to send your selfie. Binance will juxtapose them with the photo on the document and allow us to verify our identity.
The Binance exchange provides the ability to easily and quickly deposit and withdraw funds. All we have to do is complete a short form in the ‘Withdrawal’ tab in the user panel. Enter the wallet address for cryptocurrency transfer here. In case the “Network Congestion Withdraw delay” message appears after entering the wallet address, wait until address maintenance is completed and try again later.
The Binance exchange allows you to pay only cryptocurrency. It is not possible to withdraw FIAT currencies – e.g. PLN, EUR, GBP or USD. You should always be very careful when withdrawing and depositing funds, especially when entering your wallet address.
You can make a cryptocurrency deposit on Binance from the user panel in the ‘Funds’ tab. In the menu, select the balance option, and then select the Deposit button on the cryptocurrency that you want to deposit into your account. Then log in to your wallet and make a transfer to the address displayed in Binance.
In addition, for the sake of our security, we should always set up two-step account verification 2FA. It should also be remembered that deposits of some cryptocurrencies require an additional code that will allow you to link your transaction on the Binance exchange with the completed transaction. The mechanism is intended to provide users with greater security of operations.
A good idea that will allow you to marginalize the stress of transferring a large amount of funds is to make a test transfer to your wallet for the smallest amount possible. We can perform a similar operation by transferring funds to our own account on the Binance exchange.
In addition to the above, there are many other large foreign cryptocurrency exchanges, e.g.
GDAX (Digital Currency Trading and Exchange Portal – Coinbase based in the United States)
Bitstamp (US / Luxembourg / England cryptocurrency market)
Kraken (one of the first Bitcoin exchange in the US)
An important argument is certainly also a large selection of electronic currencies including many of the best cryptocurrencies.
According to the Coincapmarket.com website, the Binance cryptocurrency exchange is currently one of the largest (in terms of turnover) Bitcoin exchange in the world, i.e. the turnover is the highest on it.
At the time of writing this article, the second-largest Bitcoin trading exchange is Bitfinex, which allows trading in traditional currencies is a very good alternative to other foreign cryptocurrency trading platforms. Unfortunately, Bitfinex only trades in US dollars and of course in pairs with other digital currencies.
Now you have complete information and comparison between the largest foreign bitcoin exchange – Binance, and other electronic currency purchase and sale platforms.
Is Binance the best cryptocurrency exchange in the world? We leave the answer to this question.
Remember that trading digital currency is extremely risky. Make every effort to ensure that all your investment decisions are well thought out. The final decisions regarding the choice of the cryptocurrency exchange remain with you. Unfortunately, due to the anonymity of cryptocurrency transactions, they are susceptible to use by criminals and often attacked to take over funds from the stock exchange or customers. Until now, however (thankfully), the Binance stock exchange has not suffered any major problems of this type, and if they appeared, it would come out with a “defensive hand”. That is why we devoted so much time to it and set up our own accounts there.
We wish you many successful investment decisions and informed choices on this difficult and risky market. Still, it’s worth getting interested in the digital currency market. This is an extremely exciting market. Blockchain technology is developing very dynamically through a wide variety of projects. The growing use of cryptocurrencies means that more investors want to be in possession of digital currencies. This facilitates the Binance cryptocurrency exchange, among others. In many of our articles we write about which projects are the most interesting, what is happening in them or how their prices develop. In this way, we try to provide you with as much information as possible so that you can make the best investment decisions. This is what we all wish you again and we keep our fingers crossed for it.