Understanding Why Binance is One of the Most Popular Crypto Exchanges

 Understanding Why Binance is One of the Most Popular Crypto Exchanges

Binance is one of the most popular cryptocurrency exchanges in the world. One of the most obvious reasons for that is it is capable of handling more trading volume than other exchanges, which makes it the world’s biggest crypto exchange.

However, this is not the only significant aspect of the platform. It is a popular option among crypto investors and especially traders. The reason is its outstanding features and quality of services offered to the users.

The Binance exchange was established in 2017 and has grown to be more prominent than most of its competition. The wide array of trading pairs, its security, and other such details make it a stand-out option for new and experienced crypto investors and traders.

Here is what you need to know about the exchange to get an idea about its popularity. If the features offered by the exchange meet your criteria and trading requirements, you can choose the platform for buying, selling, or trading digital assets.

Trading Pairs Available on Binance

The Binance crypto exchange is an outstanding platform that caters to the needs of beginners as well as experts. It is a versatile and capable platform that has around 400 trading pairs available. According to its Data Analytics, this is one of the things that grabs the attention of the crypto traders and investors, especially the ones who haven’t decided which digital asset to opt for.

The benefit of choosing such an exchange that supports a wide array of digital assets is that it gives numerous options to the users and makes it easy for them to choose a crypto asset for buying or trading.

Safety and Security

Many first-time users often ask, “is Binance safe?”, which is important to know before you move on with the exchange. As a beginner, you should analyze the security offered by each exchange and not just Binance.

This can help you choose a platform that takes the security of the users seriously and avoid using an exchange that does not.

This exchange did experience a security breach a few years ago. However, it now implies cutting-edge and strict security features to ensure that the user funds are kept safe and the security of the platform is not violated in any way.

Here are some of the security systems used by Binance.

  • Cold storage wallets
  • Biometric logins
  • Unusual account activity alerts
  • Two-factor authentication login
  • Forensics monitoring
  • AI monitoring

Staking on the Exchange

One of the most important factors every user of the exchange should know about is Binance staking. This is an essential factor that needs to be properly understood before the users opt for it.

Staking basically means putting the crypto you own in a collective pool or a wallet in order to earn rewards. This can only be done on proof-of-stake blockchains and the transactions are validated through staked tokens only.

The Binance exchange is one of the platforms that support staking.

Fees to be Paid at Binance

Every crypto exchange charges some kind of fee that the users have to pay. It can be a deposit, withdrawal or gas fee. However, the amount that the exchange charges vary from one crypto exchange to another.

Therefore, it is important and essential for every crypto investor and trader to make sure that the exchange they choose charges a fair and transparent fee. Binance is one of the platforms that have such a fee structure and is free of any hidden or additional charges as well.

Here is what you will be required to pay if you choose the Binance crypto exchange.

  • Maker fee from 0.02% to 0.1% (for spot trading)
  • Taker fee from 0.04% to 0.1% (for spot trading)
  • No direct deposit fee
  • No direct withdrawal fee

Binance exchange is already known for charging one of the lowest fees, however, the fee can be reduced even more depending on the VIP account level that you have. You can also get a 25% discount on the fee if you pay it through BNB token (Binance Coin).

Final Takeaways!

Binance is a popular crypto exchange, however, you need to know why it is well-known and the features it offers to the users. There are numerous options in the market. Knowing the details of different exchanges such as this one can help you determine if it is a good platform for you or not. Therefore, you should know the details mentioned above.

SophiaWatson

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