Binance information
Description
Binance is one of the best-known and largest exchanges in the cryptospace. In addition to a classic exchange, Binance offers OTC (Over the Counter) transactions for large customers and various other functions. The very well documented API for traders and trading bots is of course particularly exciting at Binance. With the introduction of the BNB token, which is its own utility token, Binance continues to successfully advance.
BNB Token
The BNB token is the symbol and example of a successful IEO (Inter Exchange Offering) on a platform. With the Binance token, fees can be saved directly when trading on the platform. Of course, there can hardly be a better use case for a trading platform. In addition, tokens worth several million dollars have been destroyed by the burning process in recent months. These actions not only make the value stable, but also keep increasing it.
Usability
The platform offers an experience mode which unlocks many other tools and functions. Basically, you operate Binance like any other crypto exchange. It won't hurt to have an understanding of the order book, limit and market order, despite the clear interface.
Fees
The subject of fees is particularly important for traders. Binance relies on so-called VIP levels. The more trading volume a trader has, the less he will end up paying for his trades. A distinction is always made between maker and taker fees. Makers place limit orders in the order book and takers use a market order directly. If you do not pay your fees with BNB tokens, 0.1000% maker and 0.1000% taker will be charged. If you pay with BNB tokens, you get a 25% discount on your fees. For more information on fees, see Fees on the Binance website.
Questions & answers
We have summarized the most important questions and answers about this provider for you and tried to answer them.
- Problems with deposit and withdrawal?
- What advantage do I have with the BNB token?
- Can I delete my Binance account?
- Is Binance serious?
Problems with deposit and withdrawal?
Fortunately, such issues can be solved very easily in the blockchain world. Binance offers a deposit address and at the same time a transaction ID is always linked with the payout. This means that every process can be transparently traced by you and the support. An email to support usually solves any problem. Make sure, however, that you always send the support as much information as possible and necessary. Don't type out addresses, it's best to copy addresses. Always compare the first and last characters of an address again before sending.
What advantage do I have with the BNB token?
If you pay your trading fees with BNB tokens, you will receive a 25% discount. On the other hand, there is the risk of the token itself losing its value. Basically, the BNB token is a kind of prepayment for the exchange. The BNB token is actively traded and can therefore also gain or lose value.
Can I delete my Binance account?
Yes, there is a function in the customer area to deactivate the account. However, it is important at this point that the previous transactions on the blockchain and with the provider are retained. Certainly personal data, etc. will still be available in the company's backups.
Is Binance serious?
Binance has long been one of the largest and most well-known crypto exchanges in the world. In the end, such exchanges always earn, regardless of whether a trader makes a profit or a loss. We believe Binance can be called a reputable exchange, even if the exchange seems to be unregulated and does not have a sufficient site notice. Even after being hacked, all users were refunded their credit within a few days.