Launched in 2017 by Chinese-Canadian developer Chanpeng Zhao, Binance is one of the most trusted and preferred crypto exchanges in the industry. The company is currently based in Malta and still stays on top of the league with competitive fees and a range of products. In order to see how the company keeps its position in the game, we have to look at what makes it special in the eyes of crypto traders.
Is Binance Safe?
When it comes to safety, it is possible to say that Binance put a great value on it and has always tried to create a secure trading environment.
While the company was located first in China, it decided to move to Malta due to the Chinese government’s crackdown on crypto trading. Currently, Binance is regulated by the Maltese Virtual Financial Assets Act. Some might say Malta does not provide a strong regulatory framework; however, this move is a good sign for the intention of the company.
In terms of personal security, Binance is one step ahead of its competitors. The exchange provides 2- factor authentication as standard in addition to both multi-signature wallets and cold storage options to traders in order to make them comfortable to go with any option they want.
The Range of Products
This may be the biggest strength of Binance as they offer trading options with more than 200 cryptocurrencies. The deposit and withdrawal with cryptocurrencies is also a possibility for traders who do not prefer to hold onto fiat currency.
The company had been serving only as a crypto-to-crypto exchange for a long time, but they managed to add fiat-to-crypto trading to their system recently. Now, more than 30 fiat currencies from all around the world are available to trade and deposit on Binance.
In addition to the number of currencies, leverage is also an option on Binance. Some cryptocurrency futures can be traded with leverage up to 125:1 and more and more coins keep being added to the portfolio of the exchange.
Fees & Commissions
The fee system of Binance is surprising since many trusted exchanges go with a high level of fees. Binance only charges a fee of 0.1% on crypto-to-crypto trades and the ratio stays the same for a major part of fiat-to-crypto trades
As you already know, Binance has its own coin, BNB and the fee can decrease further up to 25% if you choose to trade with BNB coin. The trading volume and how much BNB you have in your account are also other determinants of fee discounts. Fees can go down to 0.015% in best scenarios.
Deposit and withdrawals are usually fee-free except for some minimal network costs which can vary according to the type and amount of cryptocurrency you want to withdraw.
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