Binance Exchange is a centralized place for cryptocurrency exchanges and is the top choice of crypto traders around the world. The information below will give you the most overview of Binance and help you make the choice of one of the two largest exchanges: Binance and Coinbase.
1. Information about Binance exchange:
Binance Exchange It is a place that allows users to exchange and buy and sell cryptocurrencies. Here, users can combine many different features of the exchange to optimize the transaction process with low fees and high security.
In other words, the Binance exchange is an integrated trading organization that provides users with everything crypto-related in one platform. Binance makes it simple for beginners to sign up and start trading, and advanced users can get technical through using custom API keys or trading with Binance’s advanced charts.
To experience these features on the Binance exchange, simply create a free account with your email address and set up your own password. After verifying your email address, you can secure your account with two-factor authentication and connect your bank account or credit card. At this point, you can start buying or cryptocurrencies right away.
2. How Binance exchange works:
Binance is a cryptocurrency exchange that functions similar to an online brokerage to buy, sell, and trade digital currencies. Users create an account and add funds through a standard financial account or a credit card to purchase cryptocurrency. Users can then withdraw those currencies to their digital wallets or use the Binance platform to trade.
For example, when buying Ethereum (ETH), Binance will act as a broker for the transaction. You will create a Binance account, connect your bank account, and submit an order to buy ETH. You are exchanging US Dollars for ETH and Binance is storing that ETH for you until you decide to sell, trade, or withdraw it.
3. How secure is the Binance exchange?
Binance security features include:
Partnership with Trust Wallet: Binance does not have a digital wallet of its own, but partners with Trust Wallet, a leader in the digital wallet space with over five million users. Trust Wallet secures your assets with a PIN, biometric access, an encryption key, and a 12-word recovery phrase.
Cryptocurrency Address Whitelist: Binance provides a whitelist of addresses, which makes it possible to restrict access to which addresses can withdraw your crypto. These addresses are saved in your address book, and block any other addresses from accessing your funds.
Two-factor authentication: Binance exchange also offers two-factor authentication (2FA) via SMS or the Google Authenticator app.
Advanced Verification: Advanced verification required by the Binance exchange to unlock more access to the platform (larger deposit/withdrawal limits, etc.). It also ensures no one else is using your identity to create fake accounts. To complete advanced verification, you’ll need to upload a government-issued photo ID and a photo of yourself.
Device management: Binance allows you to review all the devices that have access to your account and restrict any that you don’t recognize.
4. Binance Unique Features:
User Rewards: Binance regularly organizes giveaways and challenges to increase user engagement on their platform. Users can claim these prizes in the Binance rewards center. Binance also holds a crypto airdrop for the coins that are about to be listed on their platform.
Binance Academy – Binance Academy: Binance hosts its own free educational platform called Binance Academy. From crypto lessons for beginners to advanced tutorials on trading, Binance Academy is a hub where you can find a wealth of crypto material.
Lots of Trading Options: Binance offers one of the most diverse arrays of trading on any exchange. Here is a quick list of just some of the trading options available:
- Limit order
- Market order
- Limit stop order
- Market Stop Order
- Trailing stop order
- Post only order
- OCO (One-cancels-the-other) order
- TP/SL limit order (strategic order)
- Pool liquidity (Pool liquidity)
- Advanced charting: Binance allows users to create advanced chart views with hundreds of overlays and indicators through embedded TradingView charts.
- API Keys: Binance grants public access to their API keys, allowing third-party applications to integrate with Binance.
5. Should you use Binance or Coinbase?
Before giving an answer, let’s do a few basic comparisons below:
Both Binance and Coinbase are available globally but not in all countries (as of March 2021).
Binance is available in more than 180 countries worldwide, and they have built a separate platform for US users due to the strict KYC and anti-money laundering restrictions required by the US, that is Binance US. However, with no margin trading, crypto-to-crypto trading limits, higher sending and buying fees, and no credit card purchases, Binance US is not currently an option. great for the people of the United States at this time.
Meanwhile, Coinbase is currently offered in 100 countries with its full platform also available to US residents.
When comparing Binance and Coinbase, there are a lot of similarities. Both have access to similar currencies, both allow you to buy, sell, and trade your digital assets, and both provide user education for new entrants. cryptocurrency space. Coinbase is the easiest platform to use for beginners due to its minimalist design and great mobile app. Buying and selling crypto on Coinbase takes just a few basic taps and your crypto is always securely stored.
If you are not a US resident and want to dive deeper into the crypto world, then Binance is a great place to do it. With multiple trading options, easy-to-use platform, and access to over 500 cryptocurrencies, Binance is the top choice for most active traders.
When evaluating Binance and Coinbase, we should compare each platform based on ease of use, fee structure, security, unique features, and supported currencies.
Although Binance and Coinbase are both cryptocurrency exchanges, they offer very different user experiences. Binance offers more than almost any exchange on the market, with more features always being added. User education, beginner and advanced charts, lots of trading options and more make it a great value for crypto traders of all levels.
Coinbase is best suited for first-time crypto investors due to its simple interface and user education component. Coinbase fees are much higher than other exchanges, so people often look elsewhere, such as Binance exchange to trade large volumes.