Binance platform overview and evaluation

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Trading platformsWeb, Mobile
Deposit optionsWire, Visa, Mastercard
Withdrawal optionsWire, Visa, Mastercard
Assets available for tradingCrypto, CFD
Demo accountYES
Commission for withdrawalYES
The lowest deposit amount$1
Year Founded2017

Since 2017, Binance was able to achieve a prominent and advanced position in crypto trading. It is classified as the fastest growing digital currency trading platform globally; it attracted many investors of this type of financial asset worldwide. Thanks to the services, it provides a great deal of diversity and distinction.

Binance Valuation

Binance was established in 2017, but its founders have years of experience in online trading. This factor shortened a lot of time and effort to achieve its tremendous and rapid progress.

Within only six months of its launch, it became included in the ranking of the most important cryptocurrency trading platforms – and one of the most prominent trading companies in general – in the world.

The Binance platform has managed to make a real breakthrough in the online trading of cryptocurrencies. It provides the highest levels of security, which is the central pillar of any financial activity and the first criteria that traders are looking for.

It also provides many exceptional services and effective forms of support, in the forefront of which is providing a vast list of digital currencies available to trade through and the remarkable decrease in the value of the fees and commissions they charge.

Binance Fees

The low fees are at the forefront of the factors that distinguish the Binance cryptocurrency trading platform from its competitors. Thus it has managed to achieve the most challenging equation and has become, in the estimation of many, the most effective and least expensive cryptocurrency trading platform at the same time. Below we review the estimated value of the fees imposed on the most famous currencies available through the platform.

CryptocurrencyThe minimum limit for withdrawalEstimated fee
BitcoinBTC 0.002BTC 0.0005
EthereumETH 0.02ETH 1.01
LitecoinLTC 0.02LTC 0.01
RippleXRP 22XRP 0.5
MoneroXMR 0.1XMR 0.04

* Commissions change from one period to another.

The Binance platform is the lowest in fees and commissions among all the active platforms in the cryptocurrency exchange, as the closest and strongest competitors to it charge a fee of about 0,0008 on Bitcoin and about 0,00085 on Bitcoin Cash, which explains the difference in the fee estimation, which makes Binance as the favorite platform for most traders.

The volume of transactions

Binance represents the world’s largest market for trading and storing cryptocurrencies, as well as the fastest growing platform of this type. The definitive evidence is that the average daily trading volume is estimated at $ 2 billion, while the average number of transactions per second is more than 1,400,000.

While evaluating the Binance platform, you should know that it is the most attractive cryptocurrency exchange for investors. In January 2018 – shortly after its launch – it was forced to stop the service of opening new accounts due to its sufficiency achievement due to continuous increasing rates of demand for opening Trading accounts through it.

Is it a safe platform to trade?

Binance pays excellent attention to protection and security and includes extensive and detailed answers about the mechanisms for protecting accounts in the technical support department.

It provides pieces of advice to its clients to protect them from falling victims to potential fraud attempts. It also allows them to have the personal verification feature through the identity verification program of the company Google.

Practical experience has shown that the platform follows a tight security protocol that enables it to respond quickly in case of exposure to any danger. There was an attempt to penetrate the Binance platform and several other cryptocurrency platforms in 2018. Still, Binance was the most coherent as its system was able to distinguish illegal financial exchanges. This made losses limited to the accounts of the hackers themselves without harming any of the clients.

Advantages of trading with Binance

The spectacular and rapid success of the Binance trading platform was a natural result of the many components that made it the most attractive among the largest and most famous trading platforms in the world, the following are the most prominent of these advantages:

  • List of available currencies

A massive list of digital currencies available, including the most famous currencies in the world such as “Bitcoin, Litecoin, Ethereum.” This gives the users greater freedom when making deals and doubles the chances of making profits.

  • Low commissions

Some trader considers the fees charged by the brokerage company as wasted money that detracts from the value of their profits, but you do not need to worry about this when trading through the Binance platform because it imposes minimal fees on the transactions conducted through it and withdrawals, as we mentioned earlier.

  • Motivational prizes

The platform supports the system of incentive prizes for regular traders. These prizes take many forms and change from time to time. Still, they often include obtaining free digital currencies to increase the value of the invested capital and increase the value of the opened positions when trading.

  • BNB currency

One of the advantages of trading through the Binance platform is that it has its digital currency referred to as the symbol (BNB), and it also offers unique advantages for traders of that currency, which include great discounts of up to 50%.

  • Buying and trading in one place

It is customary for those wishing to trade digital currencies to obtain them from the buying sites and then deposit them in trading accounts. Still, the Binance platform – to excel in excellence – allows its users to buy digital currencies through it, which makes it easier and safer.

  • Technical Support

The platform provides an efficient, responsive, 24/7 technical support service.

Is Binance a good option for beginners?

Binance has been designed in a way that suits traders from various segments. Professional investors can make the most of it and grow their investments in an unprecedented way. Beginners also will not face the slightest difficulty; they can initiate deals seamlessly, either on the web platform or via the mobile app.

Binance platform supports beginners in various ways. It helps them develop their knowledge and upgrade their trading skills by providing educational media through the Binance Academy section, ensuring that they build their skills and gain more experience to trade safely and effectively and reap the desired profits.

We provide highly profitable free signals created by our own team of analysts, which are also participating in building market updates, risk analysis, etc.

Below you can watch our educational Binance Complete Tutorial: For Beginners.

The most prominent services available on Binance

The platform has gained tremendous and fast fame among investors thanks to the diversity and variety of services provided, making it the first choice for those wishing to invest in cryptocurrencies.

  • Pairs Trading

The leading service available through the platform is to provide the opportunity to trade the most popular cryptocurrencies in pairs and reap profits through spreads.

  • Wallet service

Traders can use their Binance account as a dedicated wallet to hold their digital currencies.

  • P2P trading

The “peer-to-peer” trading mode available on the Binance platform allows clients to buy and sell between each other directly, and the platform here – as a brokerage – ensures the completion of these transactions safely and smoothly.

Final Thought

The launch of the Binance platform was a real leap in cryptocurrency trading and deserved to be described as the world leader platform.

Whaletank Team

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