What is Binance?
Binance is one of the largest exchanges, with deposit and withdrawal services for over 200 coins. In 2017, the trading services were introduced. With multi-tier and multi-clustered architectures, the exchange claims industry-leading security levels and provides high processing power with the potential to handle about 1.4 million orders per second. Binance trades over 150 coins, including common ones such as Bitcoin, Ethereum, Litecoin, and its own native BNB tokens.
Binance is potentially the fastest and cheapest way to go, whether you are a novice or an experienced investor looking for crypto trading. Binance doesn’t just trade cryptocurrencies, it also gives its traders a crypto wallet, where they can store their cryptocurrencies.
Security and Insurance
Binance is a relatively secure cryptocurrency exchange platform. They invest in innovations that are used to protect users’ accounts and transactions made on their platform. These innovations include artificial intelligence (AI) powered solutions used in identification and face recognition (If you agree to use the biometric authentication method to use Binance services). Binance also invests in big data analytics solutions that are used to track any transaction made on the platform to avoid malicious activities. Their security system also includes cyber forensic investigations that map the origin of every attempted misdeed on the platform.
In July 2018, Binance formed the Secure Asset Fund for Users (SAFU) and started to transfer 10% of all trading fees earned into this fund to provide protection, in case of security breaches.
Binance has some of the lowest trading fees out there. Traders using Binance’s futures exchange site enjoy lower fees of about 0.01% for makers and takers alike. It also gives a 50% transaction fee discount on trades made using BNB.
Making deposits on Binance is free (aside from blockchain fees that are always paid by the sender).
Binance’s limit depends on whether a trader has verification at Level 1 or 2. Users of Level 1 will exchange cryptocurrency prices of up to 2BTC a day. While for level 2 traders, the transaction limit is 100BTC a day.
Binance has no limit on the volume of cryptocurrency that a person can deposit.