Binance is the biggest exchange when we look at volume. We already pointed this out a few times. In volume, they’re even 7 times bigger than number two on the list. But does this make Binance also the best exchange? We are going to give you three reasons why we think they are.
The three reasons we give you, are not the only reasons. However, we think that they stand out. So, let’s have a look at what these three reasons are. What makes Binance the best exchange?
Fun fact 💡
#BTC trading fees on #Binance is still 0%.— Binance (@binance) August 24, 2022
1. Low Fees
Binance and Binance.US are well known for their low fees. We wrote an article in which we compare both exchanges. Low fees were also one of the benefits we pointed out.
Binance works with maker and taker fees. They charge 0.1% for both takers and makers. That is already one of the lowest fees around. However, holding at least 25 BNB or paying transaction fees with BNB gets you a discount. The more BNB you hold, the more discount first makers receive and later also takers.
It really starts to add up when you pay transaction fees with BNB. You receive at least 25% discount on each maker or taker transaction. For Future trading, this is still 10%.
To top this off, you pay zero fees on selected fiat and stablecoin BTC pairs. There are also zero fees on the ETH/BUSD pair. Seven other USD stablecoin pairs profit from this promotion.
Furthermore, Binance offers an easy way to get BNB as a reward. Once you use Binance Swap Farming, selected pairs have BNB rewards.
Enjoying 0 fee #BTC trading?
Well, we've got more good news for you. $ETH trading will soon be free on #Binance too!
Starting from August 26, you'll pay 0 fees when trading the $ETH/#BUSD spot trading pair.
➡️ https://t.co/FeELJnBu0P pic.twitter.com/rdydMACG60
— Binance (@binance) August 23, 2022
2. Biggest Choice for Converting Fiat to Crypto
Binance currently offers at least 4 different options to convert fiat to crypto. This includes up to 80 fiat currencies. But, before you can start depositing any fiat, there’s one important step to remember. You need to enable 2FA and complete your identity verification. Deposit options can also differ between countries.
You can see this in the picture below, which shows deposits with Euro. It offers a cash balance. However, when you pay with USD, this option is not available. Instead, now you can use a third-party payment. See the picture above P2P trading. So, let’s have a look at some options.
Bank deposit
Different fiat currencies have different payment options. Please check them, so you are aware of what your options are. This variety of options can have different costs attached to it as well. In return, you will receive the BUSD stablecoin. For example, when depositing USD, Binance uses SWIFT. There are no transaction fees for this. However, your bank may charge you for this transfer. Binance does charge a $15 fee for withdrawals in fiat.
Credit/debit card
Credit or debit card deposits will give you up to 80 different fiat options. However, Binance charges up to 2% Binance.US even charges up to 4.5% for credit card payments. Credit card deposits may be convenient. You can store up to 5 credit or debit cards on Binance. But remember, there are other free options available.
P2P trading
P2P is when you buy crypto straight from another Binance users with fiat. You can do this in your country and use your countries’ currency. There are no intermediaries, so there are also no commissions. To use this service, you need to set up SMS authentication. Binance offers this service in over 80 countries.
Third-party payments
The third-party payments are only available for USD. You will receive BUSD. There are three options; Simplex, BANCA, and Paxos. With each option, you will leave the Binance platform.
Cash Balance
The cash balance option is available for almost 30 fiat currencies. For instance, AUD, Euro, GBP, or HKD. It is worth noting that the USD is not included in this option.
3. Great Ecosystem of Apps
One of the things we enjoy and like on Binance is its great ecosystem. As they say; ‘Spreading freedom of money and building the infrastructure for the blockchain ecosystem’.
Their ecosystem has four building blocks. In each of these blocks, you can find at least one segment of their ecosystem. So, let’s go and have a look at these components.
Blockchain and Crypto Asset Exchange
This hosts their exchange. This is where you can trade well over 350 coins in over 1460 trading pairs. Their BNB coin fuels the exchange.
Investment & Fundraising
Here we see two components.
- Labs — The Binance team is always on the lookout for teams that improve the crypto and blockchain space. If they find a suitable candidate, they invest in it. In this way, they help to grow the industry.
- Launchpad — Here you can buy new tokens that launch on Binance. For example, Stepn launched here.
Digital Asset Research
This part of the ecosystem hosts no less than three components.
- Info — This is the Crypto Information Platform. Here you can find the current crypto prices. There’s also a ‘Top Gaining’ and ‘Top Losing’ page. Makes for some good research! Furthermore, you can also find a page with new cryptocurrencies here.
- Research — Here the Binance team does research into specific projects. They also analyze various parts of the crypto space. For example, a deep dive into tokenomics.
- Academy — This is a great learning tool about crypto and blockchain. Everything and anything the team explains in this section. A great research tool. Newbies to crypto can find valuable information here.
Support & Adoption
This section offers two components to the ecosystem.
- Charity — The first-ever blockchain-enabled transparent donation platform. Almost 5300 donations raised almost 3,200 BTC.
- Trust Wallet — This is the world’s largest non-custodial wallet. This means that you are in control of the private keys. Binance partnered with Trust Wallet in June 2022.
$BUSD is one of the only fully regulated, licensed, and fiat-backed stablecoins available.
Unlock the full #Binance ecosystem and secure some peace of mind with one of the market’s most secure stablecoins 👇https://t.co/fNfBtUBp1p
— Binance (@binance) May 16, 2022
Conclusion
We showed you three reasons why we think that Binance is the best CEX. Their low fees, options for converting fiat to crypto, and their ecosystem. They all stand out and make Binance as big as they are. But this is not all. Binance also has the largest Futures market and the biggest, best priced Spot market. Plenty of other reasons to cement our view. We also wrote an article how you can sign up for Binance.
- Get a $100 instant bonus with a first-time deposit of $50 within 7 days,
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Binance Global
Binance US
For further details visit our special Binance Page. Terms & Conditions Apply.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Binance. Copyright Altcoin Buzz Pte Ltd.
