Exchange Binance: fees, account deposit and commissions? Check out the reviews, digital wallet, learn about the exchange, registration and verification.
Nowadays, earning money through cryptocurrencies is very popular. Binance is one of the most famous cryptocurrency exchanges in the world. Although it was established three years ago, after a year of its existence it became the largest exchange in the world. Currently, there are over 15 million registered users on Binance. What should you know about the Binance exchange? We provide the answer in the following article. We encourage you to read it carefully!
Exchange Binance – general information
The Binance cryptocurrency exchange has operated on the market since 2017. It was established in China, and later moved to Japan, though at the end of the day Malta became its headquarters and it remains so to this day. The founder of Binance is Changpeng Zhao – a Chinese engineer and investor, and a very famous individual in the world of cryptocurrency. For many years, Zhao has been developing an extremely popular cryptocurrency wallet – blockchain.info. In 2018 he was recognized as one of the richest people in the cryptocurrency community. The Binance exchange is not only about cryptocurrencies – but the whole system is also concentrated around virtual tokens, currencies or blockchain. The Binance platform is available in 17 languages, thanks to the volunteers who support the development of the exchange. One of the most important Binance products is the Binance Coin (BNB) virtual currency. The goal of its creation by developers was to minimize commissions for transactions on the exchange. Actually, there are far more possibilities of using BNB. Binance Coin is one of the most popular cryptocurrencies.
A browser and mobile wallet on the Binance exchange
A browser or mobile wallet on the Binance exchange is provided by Trust. By using the virtual wallet it is possible to send, receive and store various digital resources. Also worth mentioning is the built-in browser for decentralized applications (dApps).
For those who prefer to make transactions using their computer, they can do so via Binance DEX thanks to the integration of the WalletConnect protocol with Trust Wallet. The interaction on Binance DEX can be established without the risk that private keys will be exposed. Transactions can be authorized from a smartphone – all you need to do is synchronize your Trust Wallet mobile wallet with your computer. Trust Wallet is a decentralized mobile wallet that is secure and has a very simple interface.
Fees and commissions on the Exchange Binance
The Binance exchange, like other cryptocurrency exchanges, charges the users specific fees. The basic fee is 0.1% for each transaction that will be carried out on the platform. However, it can be reduced to 0.05% by making transactions using Binance Coin (BNB).
Users who have been using the exchange for a long time can count on lower commissions. After just one year of using the Binance exchange, the fees become 50% lower, after two years by 75%, after three years by 87.5% and after four years by 94.25%. At the Binance exchange you also have to pay a fee for paying out the money you have accumulated. These fees vary, the current amount of such fees is displayed on the exchange’s website.
Signing up, verification and logging in Binance
The sign-up process on the Binance exchange is relatively simple. To do so, you need to provide your e-mail address and enter a hard to guess password. Then click the verification link, sent to the email address you provided earlier. Your account will be activated. In order to additionally secure your profile, it is worth enabling two-stage verification.
Each user registered on the platform has a daily withdrawal limit of two bitcoins. The limit can be increased up to one hundred bitcoins if a copy of personal documents such as a passport, driver’s license or an ID card is uploaded to the account.
What opinions does the Exchange stock Binance market have? What do they write on the forum?
The Binance cryptocurrency exchange mostly gained positive user reviews. Online forum users praise its clear interface and the extensive educational platform. Often mentioned advantages include extremely low commissions, no need to verify the account and a large selection of altcoins. According to the users, the Binance exchange runs very smoothly, and the huge database of cryptocurrencies that can be traded is a great advantage. Other advantages of Binance, which are mentioned on the forums include: numerous payment options, having your own token, ensuring smooth trading and constant development of the platform. As with any exchange, there are also some disadvantages. There are only few drawbacks, but users complain primarily about the lack of KNF regulation and no telephone customer service. A disadvantage may also be the possibility of a hacker attack, but this is a risk in the case of every cryptocurrency exchange.
Payment and withdrawal to the account – Exchange stock Binance
It is not possible to deposit funds on the Binance cryptocurrency exchange by means of a transfer in a regular currency, such as the euro or dollar. In order to use Binance, it is required to hold an account on another exchange that accepts fiat currencies, then purchase the chosen amount of cryptocurrency and deposit it on Binance. A new feature of the exchange, however, is the fact that you can purchase the cryptocurrencies using a payment card.
Deposits on Binance can be made completely free of charge, so Binance does not charge any deposit commission. When it comes to withdrawals to your account, the process is very simple. First, you need to choose a cryptocurrency, paste the wallet address, and enter the amount of currencies that are being withdrawn.