Binance

Binance is currently the leading blockchain ecosystem in the world. The Binance platform is trusted by millions of users around the world. It offers a wide range of unique financial products, including the world's largest digital asset exchange:

• Binance Exchange is the world's largest cryptocurrency exchange in terms of trading volume.
• Binance Labs is a venture fund and accelerator created to find and support Web3 projects.
• Binance Research is a system that provides institutional-level analysis, in-depth analytics and objective information for all participants in the crypto industry.
• Binance Academy is a learning platform that provides free training in the field of blockchain and cryptocurrencies in more than 10 languages. The platform is publicly available.Binance Charity is a non—profit organization working on Web3 technologies.
• Binance NFT is the official Binance NFT marketplace that improves user interaction with NFT.
• Binance Feed is a news platform where all the latest news is published in Web3, contains content from cryptocurrency experts, crypto enthusiasts and the media.

Binance is the leading blockchain ecosystem, which includes: Binance exchange, Labs, Launchpad, Academy, Research, Trust Wallet, Charity, NFT and many other platforms.

The founder of the company Changpeng Zhao (Changpeng Zhao or CZ) launched Binance in July 2017, is an expert in the field of blockchain. Co-founder Yi He is responsible for the business, marketing and strategy of the Binance brand. The company was founded in China, but later moved to Taiwan.

Advantages and features of Binance

• There is a p2p platform.
• There is a wallet.
• The possibility of replenishment with both fiat currencies and cryptocurrencies.
• The possibility of withdrawal to fiat.
• Withdrawal limits are higher than those of competitors.
• The trading platform has a wide functionality.
• Margin trading using leverage.
• Bitcoin futures trading services are provided.
• A large number of assets available for trading on the platform, derivative trading.
• The ability to store tokens on a specialized Trust Wallet.
• Loans secured by tokens are available.
• A lot of additional functionality, financial products.

Disadvantages of Binance

• Customer Support: Historically, Binance has been criticized for inadequate customer support, with reports of delayed responses and unresolved issues. Although efforts have been made to improve, some users still find the support lacking.
• Complex User Interface: The platform offers a wide array of features, which can be overwhelming for newcomers. The complexity of the interface may lead to confusion and potential trading errors for less experienced users.
• Limited U.S. Access: In the United States, Binance operates through Binance.US, which offers a reduced selection of cryptocurrencies and services compared to its global platform, leading to dissatisfaction among U.S. users. 

Registration and verification on Binance

To register an account on the exchange, the Binance must be entered:

• Email address or phone number.
• Password.
• For potential clients of the crypto exchange who register by invitation, you need to specify the referral ID.

Confirm your account using a link from an e-mail or SMS. The account must be protected. To do this, in the "Security" tab, select one of the 6 proposed identification options.

A registered trader in his personal account gets access to replenishment of the balance, minimum daily withdrawal of funds and trading on the spot market.

To get full access to the Binance cryptocurrency exchange, it is necessary to pass the verification of the trading account.

For verification, it is necessary to provide personal data, scans of the identity document (ID card, passport). Multi-level verification: "basic", "extended" and "corporate" verifications. After passing each level, the limit on the withdrawal of fiat and cryptocurrencies increases, access to the functionality of a centralized exchange expands. For the "basic" verification, a scan of the identity document is required. For the "extended" - a document confirming the address of residence, for example, a certificate-an invoice for the payment of housing and communal services.

How to Deposit Money on Binance

Main Ways to Fund Your Binance Account:

• Using a credit or debit card for fiat deposits.
• Buying cryptocurrency via P2P trading.
• Depositing fiat currency through payment systems.
• Direct transfer of cryptocurrency from another wallet.
• Depositing via platforms like Tokocrypto, Binance TR.
• Internal transfers between Binance accounts.

To deposit funds on Binance, verification is required. After completing at least one level of verification, follow these steps:

1. Log in to your Binance account.
2. Go to “Wallet” → “Fiat and Spot” and select the currency you want to deposit.
3. If depositing cryptocurrency, ensure the correct blockchain network is selected for the coin.
4. Click “Deposit”.

Depositing Cryptocurrency:

1. Binance will provide a wallet address for your deposit.
2. Use your external wallet or exchange to send the funds to this address.
3. Confirm the transaction on the sending platform.
4. Once the transaction is confirmed on the blockchain, the funds will appear in your Binance account.

Depositing Fiat:

Simply select the appropriate deposit method and follow the instructions to complete the payment.

How to Withdraw Money from Binance

Verification is required for withdrawals, including identity verification using a passport or driver's license.

Ways to Withdraw Funds from Binance:

• Directly to a bank card.
• Through electronic payment systems.
• Using crypto exchange services.
• Via P2P transfers.

Withdrawing Cryptocurrency via the Binance App:

1. Open the Binance App, go to Wallet → Spot → Withdraw.
2. Select the cryptocurrency (e.g., BNB) and tap Send via Crypto Network.
3. Enter the recipient address and select the correct network. Be careful when choosing the network—incorrect selection may result in a loss of funds.
4. Enter the withdrawal amount. The transaction fee and the final amount will be displayed.
5. Confirm the transaction, ensuring all details are correct.
6. Complete the two-factor authentication (2FA) process.
7. Wait for the blockchain confirmation to finalize the transaction.

P2P on Binance

Binance P2P is a peer-to-peer trading platform that allows users to buy and sell crypto directly with fiat currency while avoiding deposit and withdrawal fees.

Users can choose from professional traders’ offers or create their own listings. Transactions are typically completed within minutes.

Verification for Binance P2P

Like other Binance services, KYC verification is required to access P2P trading.

Setting Up 2FA for P2P

Binance will prompt you to enable 2FA after registration or before using P2P trading. You can set up 2FA using:

• Phone number
• Email
• Google Authenticator

Without 2FA, trading on Binance P2P is not allowed.

Adding a Payment Method for P2P

To trade fiat-to-crypto, Binance P2P requires linking a payment method. To link a card:

1. Go to Payments → P2P → Add Payment Method.
2. Enter your card details.
3. You can link up to 20 payment methods.
4. The cardholder's name must match your Binance profile name. Payments to third-party accounts are not allowed.

Types of P2P Trading Modes on Binance:

Standard P2P Trading: Users apply filters and choose the best available offer. Direct communication with the seller is possible. More customization options for transactions.

Pros:

• Ability to select the best deal.
• Direct interaction with sellers.
• More control over transactions.

Cons:

• Takes longer to find the right offer.
• Risk of fraudulent sellers (though Binance minimizes this risk).

Express P2P Trading: Binance automatically selects the best available rate. Works like a crypto exchange or converter.

Pros:

• Fast and easy process.
• No need to interact with sellers.
• Automatic and risk-free transactions.

Cons:

• No option to browse multiple offers.
• Only supports crypto-to-fiat trading, not crypto-to-crypto.

Express trading is ideal for beginners or when a quick transaction is needed, while Standard P2P provides more flexibility and better rates.

Binance Token (BNB)

Binance Coin (BNB) is Binance’s native token and is widely used in the crypto ecosystem. It has high liquidity and offers up to 25% discounts on trading fees.

Use Cases for BNB:

• Paying trading fees on Binance.
• Trading in BNB pairs.
• Investments and DeFi applications.
• Participation in Binance Smart Chain (BSC) projects.

BNB Burning Mechanism: Binance periodically burns (destroys) BNB tokens to reduce supply and increase token value.

Staking on Binance

Binance offers two types of staking:

• Fixed Staking
• DeFi Staking

Fixed Staking

Users can lock their assets for a fixed period to earn rewards.

• Staking PoS Coins (Proof of Stake) – Rewards depend on the number of tokens staked.
• Non-PoS Tokens – Staking for liquidity providing, margin lending, etc.

Rewards are displayed next to each token and credited daily. Early withdrawal is allowed, but accrued rewards will be deducted.

DeFi Staking on Binance

Binance DeFi staking is an opportunity for ordinary users to participate in decentralized projects with a high entry threshold. Binance guarantees payments to clients even if the market falls. Binance pools funds provided by clients and acts on their behalf. The final profit is distributed among clients according to the size of their deposits.

The DeFi staking interface is similar to the fixed staking interface. You can participate in a DeFi project in one click.

Binance Trading Fees & Conditions

Fee structure is tiered based on monthly trading volume.

For users trading up to 50 BTC per month, the default spot trading fee is 0.1% for both makers and takers.

Discounts Available:

• 25% fee reduction when using BNB tokens.
• Referral bonuses.

VIP Levels (Based on Trading Volume):

• Maker fees: 0.0120% – 0.09%
• Taker fees: 0.0240% – 0.1%

Futures Trading Fees:

• USDT-M Futures (Maker/Taker): 0.02% / 0.05%
• COIN-M Futures (Maker/Taker): 0.02% / 0.05%

Futures fees are significantly lower than spot trading fees, and discounts apply based on trading volume.