Challenge #3 | The best exchange |BINANCE | No 1steemCreated with Sketch.

in hive-175254 •  4 years ago 

Challenge #3 | The best exchange |BINANCE | No 1


Hello Friends,

It’s @besticofinder here. Today I’m going to talk about Binance crypto currency exchange. Binance is the exchange which I will rank for No 1, from the exchanges I love to use. So let’s see how it works.

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Overview

Crypto currencies are gaining reputation day by day. And lot of different crypto currencies are created with new different concepts and hundreds of exchanges are there where we can buy, sell and trade those crypto currencies. So it is very important to find out which exchange is the best to use. We have to consider lot of factors in selecting this such as safety, trading cost, withdrawal cost, trading pairs, trading volumes etc. Personally I have used around 30-40 exchanges. So from them I rank Binance for No 1. It’s the best exchange for me from most of the aspects. So today I’m going to educate you on Binance crypto currency exchange under following topics.

Content

  1. What is Binance crypto currency exchange?
  2. How to trade in Binance (A fundamental guide)
    2.1 How to deposit funds to Binance
    2.2 How to trade on Binance
    2.3 How to withdraw funds from Binance
  3. Advantages and Disadvantages of Binance
  4. What are that fees and Charges in Binance exchange?
  5. Crypto currencies supported by Binance
  6. Conclusion.

1. What is Binance crypto currency exchange?

The Binance exchange was created by Changpeng Zao in the year of 2017 and it has a Chinese origin. But currently it’s operating in Japan as japan is a very friendly country for crypto currencies. Binance exchange is for only crypto currency exchange purpose, not for fiat money. Binance can be considered as the biggest crypto currency exchange today when considering the trading volume. The daily trading volume exceeds 1 Billion USD in value. It improved very fast and currently it’s on the top in this subject.
We can list the highlighted features of Binance exchange as follows

✪ Binance is the exchange which support largest number of crypto currencies
✪ Binance exchange is user friendly. Even a new trader can navigate and work with trading easily.
✪ Users can deposit crypto assets from personal wallets or fiat from credit cards
✪ People can trade using any device desktop, mobile apps (google play, anroid APK, App store).
✪ Anytime customer support

2. How to trade in Binance (A fundamental guide)

Trading in Binance is very easy and simple. Even a newbie can figure it out. And if you need there are local support groups for most of the countries where you can ask for help. Here I will explain you the basic three things you need to know, that is depositing, trading and withdrawing.

2.1 How to deposit funds to Binance

To deposit funds to the Binance these are the steps you need to follow. First you have to create an account in this platform. Sign up process is very common. After that you have to first visit the home page of the exchange.

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Then click on Wallet ➔ Spot Wallet and then you will be directed to the below page.

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So this page shows all the details about your wallet in Binance. All the crypto currencies you have and amounts and everything. Then what you have to do is find the crypto currency you want to deposit. And then click on deposit and you will be directed to the below page.

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Here then you have to select the network you are going to deposit the relevant crypto currency. After selecting that you will receive the deposit address. Just copy it correctly and make the transaction to that address. So your assets will be in Binance wallet in minutes after few block confirmations.

2.2 How to trade on Binance

Trading on Binance is not a complex process. But you have the 100% responsibility on the decisions make on your money. Simply you decides what happens to your money so you need to do is with carefully and with a clear idea.

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I did a little tutorial video , please check the following video to get and idea about how to do a trade on Binance. So here I buy some steem form selling btc. So hope you can get a clear idea about Binance trading through this video.

2.3 How to withdraw funds from Binance

When withdrawing any crypto currency from Binance first thing you need to know is where to send it. That means you should have a wallet to transfer the particular crypto currency compatible. After that you have to consider the charges or fees for the withdrawal. So what you have to do is like previous go to the spot wallet and then select the particular crypto currency you need to withdraw and click on withdraw.

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After that you will arrive this page. So you have carefully select the network, copy down the wallet address and just click on withdraw button. Normally you have to do a google verification and an email verification to initiate this withdrawal process.

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3. Advantages and Disadvantages of Binance

So let’s consider what are the pros and cons of this Binance crypto currency exchange. When considering the advantages I love to talk about the safety and trust first. In that case I will definitely go for Binance. Binance is a platform which consider the security very much seriously. Binance requests 2FA (Two Factor Authentication) from all the users. So the transactions are much secured. And the second point is fee’s. When considering crypto –crypto trading Binance exchange has the lowers fees when comparing to other exchanges. It’s around 0.1% and very low actually. It’s a great advantage for the traders. Another plus point is that in Binance more than 100 Alt coins can be traded. So in a single platform you can trade variety of crypto currencies. So it’s a great advantage. As a trader there is another significant plus point. That is high trading volume. Simple idea of that is you can buy or sell any crypto currency very quickly as there is large buying and selling volume. And there are few negative points of Binance too. There are some complaints on delay of customer support and difficulties in depositing fiat money. But there are no serious disadvantages compared to other exchanges.

4. What are that fees and Charges in Binance exchange?

Binance platform has the lowest trading fees compared to other exchanges. The trading fee schedule of Binance is as follows. Reference

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And depositing and withdrawing fees varies on the crypto currency. You can find the rates here. For almost all the coins deposit is free and there is only a fee for withdrawing.

5. Crypto currencies supported by Binance

There are around 400 trading pares in Binance for more than 214 currencies with a total trading volume of $3 078 266 248 USD (270 473 BTC ) and it’s a massive platform.

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Source
This platform has the ability to process 1400000 orders for a second and it has over 10 million users from around the world.

6. Conclusion

When considering each and every fact we can see that Binance is safe and user-friendly crypto currency exchange. And it’s clear that advantages of this platform overweight’s disadvantages. I see no competition for binance from other competitors. The low fee’s play a major role in Binance’s success with the ability of the Binance development team. This is truly a great platform and can be considered as the hub of worldwide crypto traders.

Thank you
@besticofinder.

References:-

[1] Binance official Website
[2] Binance Review 2020 - by KANE PEPI
[3] Binance Review 2020 - by Veronica Eltz
[4] www.coingecko.com statics

This post is written as a reply to : steemcryptochallenge by @steemitblog
Cc:-
@steemitblog,
@steemcurator01,
@steemcurator02,

#steemcryptochallenge #srilanka #cryptocurrency #steemit #promo-steem #steemexclusive
hive-175254 steemcryptochallenge srilanka cryptocurrency steemit promo-steem steemexclusive
4 years ago by

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      ·  4 years ago 

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      ·  4 years ago 

    Yes i agree Binance is most trusted and worlds No 1 exchange,i am also using this exchange from last four years.

    In mobile also it work perfectly. Here trading fee is very less compare to other exchanges and having hood volume for all pairs.

    Nice post from you. Have a great day ahead.

    #twopercent #india #affable

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    [-]
      ·  4 years ago 

    Yes , that is true .. Thanks

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        ·  4 years ago 

      Congratulations! Your post has been selected as a daily Steemit truffle! It is listed on rank 19 of all contributions awarded today. You can find the TOP DAILY TRUFFLE PICKS HERE.

      I upvoted your contribution because to my mind your post is at least 4 SBD worth and should receive 90 votes. It's now up to the lovely Steemit community to make this come true.

      I am TrufflePig, an Artificial Intelligence Bot that helps minnows and content curators using Machine Learning. If you are curious how I select content, you can find an explanation here!

      Have a nice day and sincerely yours,
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          ·  4 years ago 

        Congratulations you are one of the winners of the Steem Crypto Challenge Month...

        Thank you for taking part

        The Steemit Team

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            ·  4 years ago 

          Thank you sir .

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            [-]
              ·  4 years ago (edited)

            I have read many positive comments about Binance and I am considering using it as well.

            Great post, @besticofinder.

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                ·  4 years ago 

              Thank you for the feedback ! It means a lot.

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                [-]
                  ·  4 years ago 

                thanks for giving us some ideas about the cryptocurrency exchanges on the net. I live in Cuba and we are coming to these new way of assets.

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                  [-]
                    ·  4 years ago 

                  Great to hear that ! cheers

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                    [-]
                      ·  4 years ago 

                    Binance has also been my best crypto exchange and I think it's definitely the crypto exchange with highest number of traders.

                    Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead ❤️💕💓

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                      [-]
                        ·  4 years ago 

                      Thanks for sharing, nice post

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                          ·  4 years ago 

                        Thank you

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                            ·  4 years ago 

                          It's nice to see that in more and more fields blockchain is being integrated. And it's successful not only because of cryptocurrencies. Blockchain provides high security and anonymity of transactions. This can improve many various fields starting with banking ending with gambling. I mean, if a casino integrates blockchain then you can stop worrying about the safety of your prizes. They will be paid out. For now, only fairspin.io is a true blockchain-casino but this is just the beginning. Well, asides gambling there are many options and fields where you can use this technology.

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