For the year 2021, the cryptocurrency scene is thriving and this boom is not going to take a dip anytime soon. Both the crypto and exchange market for digital currency is filled with a wide range of choices and for active participants, choosing the perfect platform for trading or exchange can be quite the task. And it doesn’t matter what level you’re in novice or veteran.
The crypto market, like any other industry, is spearheaded by big shots who set the pace for others to follow and in the exchange space, one of such top-notch players is Binance, a well-known crypto exchange launched in China before the company moved its headquarters to Europe’s Island of Malta which is more crypto-inclined than China.
Since their grand entrance onto the scene in 2017, Binance has been at the front lines and their excellence keeps raising the roof. If you happen to be a newbie to Binance, one of the first things you will notice is the pair of options they offer for trading digital currency. These options are labeled basic and advanced.
Be warned though. Both options are great starts for people with very little background in cryptocurrencies. You’re in luck though if you know the basics of how exchanges work, meaning you will easily get acquainted with the platform and the variety of services Binance offers.
As you probably deduced, the advanced version of Binance provides a broader technical analysis of the worth of cryptocurrencies per time. To enjoy all that Binance has to offer, users are to first create an account. It’s simple, easy, and does not need verification for level 1 which has a 2BTC a day withdrawal limit.
When users reach level 2, they will then be required to upload a photo identification and wait till they get approved. This waiting period is dependent on how busy the support staff of the site is and this level allows users 100BTC daily.
After this, Binance allows users to fund their Binance accounts with an array of digital currencies. Highly recommended options are ETH or BTC and you can fund your account by visiting the “Funds” > “Deposits / Withdrawals” link at the top of Binance’s site. Select your desired currency and click deposit to receive your wallet address.
One more thing that makes Binance stand out among other trading is its capacity to support a wide array of support coins. This includes:
- Bitcoin Gold
- Bitcoin Cash
- Ethereum Classic
- Ripple etc.
The procedure of adding new coins and tokens on Binance is also very smooth and quick. What this means for users is that they can buy them cheaply, allowing them to profit more down the road.
Also on Binance, every trade a user makes is an average of 0.1%. Users who decide to pay through the native Binance token will get a sweet 50% discount on the trading fee.
For each digital currency you deal on Binance, withdrawal fees vary. ETC and BTC both cost 0.0005 per withdrawal and in terms of limit to transfer, Binance has no limit and you don’t have to be verified to withdraw. As we mentioned before, verification will simply set you up as a level 2 user, eliminating any further restrictions as a user on Binance.