February 04, 2022

What is Binance all about?

Binance is one of the leading crypto exchange platforms across the globe. It provides a robust choice of trading features and options to both beginners and professional investors.

Binance offers the Lite and Pro trading platforms for each experience level to accommodate both beginners and expert traders.

What is Binance all about?: eAskme
What is Binance all about?: eAskme

Binance makes a broad range of trading features through its mobile and desktop dashboards.

The exchange platform further lists hundreds of crypto pairs so investors can adequately diversify their portfolios.

With Binance, investors also can access various trading options like spot, futures, margins, and different types of market orders.

In addition to these features and tools, Binance also provides an NFT platform and comprehensive learning and trading platform.

Binance Overview:

Changpeng Zhao, a software developer, established Binance in 2017, with its headquarters in China.

Today, Binance is presently the biggest crypto exchange platform globally regarding trading volume.

Presently, the exchange platform is battling some regulatory issues in several countries. For instance, Binance is being investigated by the U.S. authorities on allegations of tax offenses and money laundering. Due to regulatory issues, Binance has also been banned in some countries worldwide.   

To offer clients enough digital assets to trade and invest, Binance provides hundreds of digital assets for its global client.

However, Binance must offer a different version of Binance to its U.S clients.

The U.S counterpart is known as Binance U.S, and it offers about 50 digital assets to U.S clients.

While professional traders may cherish the variety and wide range of digital assets Binance offers, beginners might find it confusing and overwhelming.

Cryptocurrencies Available on Binance:

Binance offers its clients over 369 digital coins, all available on its trading platform.

The exchange also supports a range of fiat currencies such as EUR, USD, AUD, HKD, INR.7, and GBP. Depending on the client's location, digital assert offering from Binance ranges from 50 to 590 crypto pairs.  

Some of the digital coins available on the platform include; Binance Coin (BNB), Dogecoin (DOGE), Token (VTHO), Matic Network (MATIC), Harmony (ONE), and VeChain (VET). Binance also offer common cryptocurrencies such as

Commissions and Fees:

One of Binance's competitive advantages is its low fees and commission charged on various transactions.

Compared to the global Binance, its fees are still cheaper than that of other top exchanges in the U.S., While U.S-based clients tend to pay more on Binance.  

Binance makes use of a taker/maker fee commission structure, and these fees differ based on Binance Coin's (BNB) balance and trading volume.

Generally, higher trade volumes are prone to get lower fees.

Binance further gives discounts on its fees based on the following;

  • Referral bonuses
  • Use of  Binance (BNB) coins in trades
  • Attaining a significant person (VIP) status. 


Binance offers standard security features, including Two-factor authentication (2FA) via short message service (SMS) and the Google Authenticator app. Binance.

U.S platform also makes available FDIC insurance on U.S. dollar balances stored in custodial bank accounts.

Even though these security features keep investors' accounts relatively safe, Binance's reputation continues to be a cause for worry.

The security features offered by Binance are also lower compared to other top crypto platforms.

Opening a Binance Account:

Opening an account with Binance is straightforward.

Follow these simple steps to open and own a Binance account;

  • Step 1: Go to the Binance website.
  • Step 2: Click on the "Register" button located at the right-hand corner. Input all necessary information. The registration process will only take some minutes.
  • Step 3: Activate 2FA
  • Step 4: Connect your payment method
  • Step 5: Make a funds deposit and begin trading

Customer Service:

Binance makes available three different options regarding customer support.

Clients can either submit a ticket, reach out through Twitter, or ask questions via chat.

The chatbox can be found at the bottom right corner of the support screen.

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