Binance is still the largest crypto-to-crypto trading platform but has increased its offering of fiat-to-crypto services among other trading options to see it hold on as the largest cryptocurrency platform in the world.
The exchange’s low fees and a huge number of trading pairs, as well as strong security features, make it one of the platforms most people recommend for new users and seasoned traders alike. But if you are looking for a feature not available, here is a list of other exchange platforms you can consider.
2. On the registration page, please follow the on-screen instructions and insert the email address and password that you’ll use for your account. After reading the TOU carefully, click on [Create account].
- The password must be a combination of numbers and letters which contain at least 8 characters, one UPPER CASE letter, and one number.
- If you’ve been referred to register on Binance by a friend, make sure to fill in the right Referral ID (optional).
3. After clicking [register], please choose the option according to your circumstance.
4. After clicking, the system will send a verification code to your email that will be valid for 30 minutes. Please login to your email box to check and enter the verification code in time.
5. After entering the verification code, the following page will appear to show that you have successfully registered.
History of Binance
It was launched in July 2017 in China following an initial coin offering (ICO) that raised $15 million from investors, who received the native Binance Coin (BNB) in exchange for their capital. Key figures at the company are its founders, Changpeng Zhao and Yi He.
In 2017, the team moved its operations to Japan as China imposed a ban on cryptocurrency trading. The following year, Changpeng Zhao and the team opened offices in Taiwan, later announcing it was shifting base to the crypto-friendly EU state of Malta.
In 2019, the team announced the launch of Binance Jersey, a fiat-to-crypto platform that operates independently. It caters to European investors and lists EUR and GBP trading pairs.
In June 2019, the company announced it was partnering BAM Trading to launch Binance US. The move was seen as a pointer to seek greater regulatory oversight and dispel any lingering doubts as to its legality and security.
In 2020, Maltese authorities said that the exchange did not have regulatory approval to operate in the country.
It has an extensive team operating offices in over 40 countries across the world, including the UK, USA, France, Singapore, Germany, Uganda, and India.
The company completed a hat trick of acquisitions in 2019 and 2020. It acquired WazirX, the largest crypto exchange in India; then followed that up with analytics firm DappReview, and netted CoinMarketCap in a reported $400m acquisition.
Today, the exchange platform has registered over 15 million users, with its average daily trading volume hitting over $2 billion. The company website and businesses are accessible in multiple languages, including Chinese, English, Japanese, French, and Turkish among others.
Regulation and Security
Binance is a centralized cryptocurrency exchange, largely unregulated though the company has recently begun working closely with regulatory authorities in the US and UK. In June 2020, the company announced the launch of Binance UK, an FCA-regulated affiliate the exchange has earmarked for the UK and European investors. A US leg was also launched in 2020.
Security is a key feature of the ecosystem, and the company boasts a fairly solid score on this feature. However, it should be noted that the exchange suffered a security breach in May 2019 that resulted in the loss of 7000 Bitcoins after hackers compromised several user accounts. The exchange moved quickly to strengthen its security and created SAFU (Secure Asset Fund for Users) which is set aside from exchange fees to settle compensations in case of such losses.
The exchange also uses AI and cyber forensics to monitor exchange activities and Universal 2nd Factor (U2F) to authenticate transactions. Users, on the other hand, have access to a 2 step authentication or two-factor authentication (2FA) process.
If you have signed up for an account and would like to counter check what security level you have enabled, log in and head over to the Security dashboard. If you are using the app, click on “Account” and then “Security.”
Is Binance Safe?
It’s never going to be said in absolute terms that this or that cryptocurrency exchange is impenetrable. Like many of the top exchange platforms in the space, it is doing everything to ensure user funds are safe.
I’d say that, despite an earlier breach, it currently is one of those crypto platforms with the most robust security measures. The exchange’s wallets are secured with the latest technology, and its SAFU initiative provides a safety net.
The company has also ensured its users adhere to security protocols, including fulfilling KYC requirements before trading on the platform. If you are looking for a cryptocurrency exchange that you can use with a lot more confidence, then Binance should be on that list.
The reputation that it has achieved comes from the excellent team at its core, not least with figures like Changpeng Zhao who are highly respected in the industry. The platform has also continued to innovate and develop, offering a variety of products that users want in the crypto market.
Even when it got hacked in 2019, the quick action and establishment of SAFU to cover all the losses provided a massive reassurance to the platform’s large user base.
Although the platform provides access to more than 200 coins and tokens, all are listed based on a risk assessment framework, and any that violate set parameters are quickly delisted to protect users.
Is Binance for Me?
Yes, whether you are that newcomer trying to find their way around crypto trading or a seasoned hand looking to unearth the next trading gem.
I’m a Beginner
For the beginner, the Basic Interface provides a simple and easy to use dashboard. You can easily navigate the pages to buy, sell, or trade several top cryptocurrencies. Their order book here is pretty simple, just select the coin you want to Buy or Sell and click a few buttons to complete the process. A lot of help is also available from the Academy and an updated FAQ page.
If you are an old hand at trading and want something a little more advanced, the platform offers an Advanced Interface. Access all the sophistication in terms of charts and technical analysis tools as well as stop-loss and stop-limit orders. Margin trading, leveraging and other complex trades are made readily available.
Exchange Wallets: Features, Supported Cryptocurrencies, and Security
Binance offers a wallet service that allows its users to keep purchased crypto assets. But as the service is built-in, the company holds on to the private keys, which in crypto terms, means control over your assets is in the hands of the exchange when you deposit funds into the exchange account.
However, it takes the security of its users’ assets seriously and stores most of the deposited assets offline in cold wallets. The exchange has made it known that over 90% of the assets are at any given time stored in cold storage, with less than 10% in hot wallets.
Users can also use Trust Wallet, a popular crypto wallet they recently acquired, and which users can use to store several coins and tokens. If you don’t want to use the wallet, the exchange supports several other top wallets, including hardware devices that you can use to move your coins off the exchange.
The platform supports over 500 digital currencies, with trading pairs available against the top two coins BTC, and ETH as well as BNB and USDT.
Here is how to register on Binance
1. Register and Verify your ID: Go to the Binance website and register using your email and password. Verify the account by providing a 6-digit code sent to the email. You will get a “success” notification on the screen. For added security to your account, go to your dashboard and enable 2FA.
2. Make a Deposit: The next step is to deposit funds into your wallet. Click on deposit cash and select your currency and payment method. Add Bank card details and press “Verify Now.” Follow the instructions given to complete the process. You can also deposit crypto from an external wallet or use your credit card.
3. Purchase your Crypto: Once your wallet is credited with the funds, you can head to the “Buy Crypto” page and select your preferred coin. Add the payment option and follow the simple steps to purchase the crypto. If you don’t intend to store the coins on Binance, send them to an offline wallet.