Binance review

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AUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, KES, KZT, MXN, NGN, NOK, NZD, PEN, PLN, RUB, SEK, TRY, UAH, UGX
Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Bitcoin (BTC), Binance USD (BUSD), Compound (COMP), Dogecoin (DOGE), Ethereum Classic (ETC), and more
Depends on your 30 day trading volume. It begins from 0.01% and if you use BNB for paying Binance trading fees, the fees goes down to 0.075%.

Binance is the world’s largest cryptocurrency exchange in terms of trading volume and provides a large number of cryptocurrencies for trading.

 

Background Information about Binance

 

Founded in 2017, Binance is headquartered in Valletta, NA – Malta. The company was co-founded by Changpeng Zhao and Yi He. Changpeng Zhao, also known as CZ, is a Chinese-Canadian coder and is a serial entrepreneur with an impressive track record of successful startups. Yi He previously worked at OKCoin exchange and is the co-founder and CMO at Binance.

The exchange platform has gained huge popularity because of its high liquidity, low transaction fees, and lucrative discounts for customers. Furthermore, Binance has transformed into one of the most trusted cryptocurrency exchange platforms in the world and has also raised a total of $1 billion across 3 funding rounds. Binance is among the most liquid cryptocurrency exchange in Singapore.

 

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Binance Products in Singapore

 

Binance boasts a wide range of products to suit customer needs and enhance their experience in Singapore and worldwide. Some products of Binance include:

  • Binance Exchange: It is used for buying and selling cryptocurrency.
  • Binance Charity: This donation platform is dedicated to sustainable global development and blockchain technology.
  • Binance Cards: The Binance Visa crypto payment card offers flexibility for its customers to use as a payment option for everyday purchases.
  • Binance Labs: This initiative is used for empowering blockchain projects and the decentralized web.
  • Binance Launchpad: It is used for buying and earning new tokens directly on Binance.
  • Binance Research: This initiative provides institutional-grade analysis and in-depth insights into the digital asset industry.
  • Trust Wallet: It is the official, decentralized, secured Binance wallet used by over 5 million people worldwide.

Apart from the above-mentioned range of products, you can also enhance your cryptocurrency knowledge with Binance Academy, a comprehensive, one-stop guide providing resources on blockchain and cryptocurrency.

 

How to register on Binance in Singapore?

 

Follow the simple instructions below to complete the registration process on Binance:

1. Get registered: To register at Binance, you need to visit the Binance website and click on the register button. After you click on the register button, you’ll be redirected to the registration page, where you have to fill in the email address and create a password.

2. Accepting company policy: Next, you have to read and agree to Binance company policy/terms of use and click on the register.

3. Email verification: In the third step, you need to verify your email address to complete the registration process. Once you are done with the registration process, you will receive an email from Binance. It will contain a verification link, which you will have to click to verify your email address.

4. Securing account with 2FA: At last, when you login into your Binance account for the first time, you’ll receive a prompt to set up two-factor authentication. This is an additional security feature that gives you an extra form of password to keep your account secured.

For using 2FA, you need to enter the password used during registration and a second code which can be sent to the registered mobile number by SMS or created by the Google Authenticator app. You can download the Google Authenticator app from Google Play Store and Apple App Store.

After you have performed the above step-by-step process, you’ll be all set to trade cryptocurrencies on Binance.

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Binance

How to Trade on Binance in Singapore?

 

Once your account is created, you have to log in to your account on the Binance platform.
Upon logging into your account with an email address and password that you had entered while creating your account on Binance. Here, you will also have to enter your Google 2FA code.

Once you enter the account details, you’ll be redirected to a page with some additional instructions. You must read and agree to these instructions before you proceed.

The platform strongly advises its users against downloading any other plugins that claim to be associated with Binance (except Netcraft anti-phishing software). Moreover, Binance also advises against sharing the password with anyone and also calling a phone number from anyone who claims to be a Binance support member.

It is very important to follow the comprehensive list detailing all the steps to ensure the integrity of your account is not compromised.

After you agree to the instructions, you’ll be done with the initial process, and you can proceed to trade immediately.

It is crucial to note that first-level users may not need to verify their accounts. However, for level one, there is a withdrawal limit of 2BTC per day. For the second level, you will get a withdrawal limit of up to 100 BTC daily. But, to access the second level, you’ll have to follow the verification process that includes uploading photo ID and other verification documents.

Free quently asked questions

1 Is Binance trustworthy?

Binance exchange is the largest crypto exchange platform by trading volume and follows high standards of safety and security. The platform also has 2FA (two-factor authentication) that helps in increasing account security and is designed in a multi-tier architecture that offers high processing throughput. Binance processes over 1.4 million transactions per second.

2 Does Binance charge any fees on transactions?

Binance charges customers 0.1% transaction fees on all trades. The platform also offers a 50% discount on fees for trades made using Binance Coin.

3Are there any limits on deposits and withdrawals?

There is no minimum deposit limit on Binance; however, the platform does enforce some withdrawal limits based on the type of coin/token involved.