11 Best Features of the Binance Crypto Exchange Platform
Binance crypto exchange is hailed as the top crypto trading platform based on the best crypto features and worldwide trading volumes. It has an average daily trading volume of over 2 billion USD and processes more than 1.4 million transactions per second.
Top 11 Best Binance Features:
- Insurance protection to crypto traders
- Multi-level security
- Binance Academy gives you important knowledge along the way
- Easy options to buy Bitcoin and stablecoins
- Supports different types of orders
- Margin trading
- Binance is a powerhouse in terms of coin listings and trading volume
- Competitive fees
- Trade anytime and anywhere
- Decentralized crypto exchange platform
- Binance has an entire ecosystem for blockchain and cryptocurrency development that makes it one of the best crypto exchange platform
Binance Features Explained
Binance has a feature called “SAFU” which means Secure Asset Fund for Users. This is basically an emergency insurance fund that can provide the necessary protection to Binance traders in the event of hacks or extremely unpredictable circumstances. It was launched in July 2018 wherein 10% of all trading fees are allocated to SAFU and are stored in a cold wallet.
If you encounter Binance crypto traders posting “funds are SAFU” on social media or crypto forums, know that they are alluding to the expression “funds are safe” through the SAFU insurance feature.
Changpeng Zhao, company CEO and founder, claims on a Binance blog that they heavily invest in big data and artificial intelligence to protect their users from possible scams and virtual attacks. He says that they have successfully prevented the loss of funds from users’ crypto exchange wallets even when their email account got hacked and even when they got SIM swapped.
Binance makes sure that the traders keep their private keys and only use public keys for verifying certain transactions such as withdrawals and trading. To create an added layer of security, they offer different versions of API with the latest version supporting asymmetric encryption.
When you register to the Binance crypto exchange platform, you could enable different types of multi-level security features such as SMS verification, two-factor authentication (2FA), and U2F device authentication. But since sim swapping attacks have been recently high, Binance now discourages its users from using SMS verification.
Binance also complies with Know Your Customer (KYC) regulation. Although some traders who value their anonymity see this as problematic, it can help create another level of security. Through this, Binance would know how you look like and be able to detect anomalies from happening. This feature also enables Binance to help your family members access your crypto funds in case of your death. At least you know that your Bitcoins and altcoins don’t vanish into thin air, right?
No crypto trader starts perfectly informed about everything. Through Binance Academy, you can gain the necessary information to start your Bitcoin buy and sell or sustain your crypto trading venture.
Binance Academy lets you learn about blockchain technology and cryptocurrency at your own pace. Visiting the website gives you access to a vast collection of articles and videos that offer simple explanations to the most important questions in crypto trading.
Eager to hold Bitcoins? Binance gives you an easy and fast way to buy Bitcoin and other major altcoins. You can use your Visa or MasterCard debit or credit card to directly purchase Bitcoin on Binance. This very simple feature allows you to immediately change your traditional money into Bitcoin.
You can also buy stablecoins through a bank transfer by wiring money from your bank account to the providers of the stablecoins that are listed on Binance. After that, you can then use these coins to buy Bitcoin on Binance.
To cater to different trading goals and needs, Binance offers different crypto trading order types: market order, limit order, stop-limit order, and stop-trailing order.
If you are able to embrace greater risks for greater profits, perhaps you could be interested in margin trading. Binance supports margin trading to cater to users who want to access greater sums of capital to leverage their positions.
Binance has around 150 cryptocurrencies listed on its exchange platform with over 500 trading pairs. With such a large number of coins and pairs offered, you can easily diversify your assets and take advantage of cryptocurrency market movements for profit.
On April 29, 2020 Binance reached an all-time high of $11 billion in trading volume. On ordinary days, they have over $2 billion trading volume in 24 hours.
According to the Binance crypto trading website, they have a tiered trading fee which is according to the user’s VIP level which depends on the 30-day trading volume of the user. The lowest tier which is VIP 0 (less than 50 BTC trading volume in a month) gets 0.1% taker fee and 0.1% maker fee.
Binance has mobile, web, and desktop versions for more accessible crypto trading. It also allows API integration to your chosen crypto trading software such as Altrady.
What is Binance DEX? It is the decentralized cryptocurrency exchange platform of Binance or a peer-to-peer distributed system that allows users to exchange the digital assets issued and listed on Binance DEX. It has over 550,000 active wallets and 138 crypto pairs as of press time. Trading fees are only 0.04% if BNB is used.
As a leading company in the crypto industry Binance is involved in a complex ecosystem that touches blockchain research, development, funding, and more. Being part of the Binance community gives you a sense of fulfillment for having been part of a movement that promotes the mass adoption of cryptocurrencies.
Connect your Binance account to Altrady to take advantage of Altrady’s simple platform that is powered by advanced cryptocurrency tools for better trading.