All you need to know about Binance Exchange
If you are interested in buying/selling cryptocurrencies, you need to find the right exchange. Numerous rankings and forums recommend different platform options, especially Binance. But what is Binance, and why is it so popular? Firstly, it is one of the leading cryptocurrency exchanges in the world. It has not only gained popularity among traders, but also their trust. Secondly, this exchange offers competitive commissions and modern trading tools.
In the fast-paced world of digital assets, this review will help you understand all aspects of working with this exchange and make an informed decision on whether this cryptocurrency exchange is suitable for your investment goals.
Binance mobile app
Users can conveniently access the full functionality of the exchange directly from their smartphones with the Binance app. Just like on the website, you will be able to easily access the information or tools that you need. It makes trading easy with its intuitive interface and support for multiple languages, including Malaysian. In addition, the app is updated frequently to add new features and improve performance.
You can download Binance for free from the App Store or Google Play on Android and iOS. This makes trading cryptocurrencies available anytime, anywhere.
Securely store and manage cryptoassets with Binance Wallet
Use Wallet because it is the best way to securely store and manage your cryptocurrency. The exchange has developed this solution for Malaysians and people from other nations who wish to keep their crypto assets safe, while at the same time ensuring they are effectively managed. The Binance Wallet is versatile and has been seamlessly integrated into the exchange’s digital system. With reference to your trading style and financial outlay, you can be able to select the appropriate wallet. This could be spot, financial and futures wallet.
Trading Tools on Binance
Traders can work effectively in the cryptocurrency market with Binance‘s wide range of trading tools. It can be classic trading of cryptocurrency pairs or contracts for the buy/sell of assets in the future. You will have access to advanced risk hedging tools. Users can also make direct exchanges on the P2P platform. Experienced traders can create trading bots and automate strategies with the help of the API.
Tools | Leverage | Minimum deposit | Commission |
Spot | 1x | No minimum | 0.1% (depending on VIP level and use of BNB to pay commissions) |
Margin trading | Up to 10x | Depending on the pair | 0.02% – 0.1% + interest on borrowed funds (depending on asset and term) |
Futures | Up to 125x | Depending on the contract | 0.02% – 0.04% (depending on VIP level) |
Options | – | Depending on the contract | Winning |
P2P | 1x | No minimum | 0% for buyers, sellers may pay a commission (depending on transaction terms and currency) |
A number of analytical tools are also available on the exchange:
- Multi-indicator advanced charts
- Real-time order book
- Liquidity assessment market depth
- Technical analysis tools
Importantly, all of these tools are available through a single Binance Wallet, which makes managing assets easy and allows you to quickly move funds between different types of trading.
Commissions and Fees on Binance
Commissions are an integral part of cryptocurrency trading. However, the Binance exchange offers a fair and transparent commission structure. Traders can calculate the cost of a successful buy and sell in advance.
- Trading commission. Whenever you trade, 0.1% is charged. They have a discount of 25% for using a BNB in settling commissions.
- Charges for deposits as well as withdrawals. In most cases, deposits using cryptocurrencies do not attract any charges, whereas withdrawal fees differ between various cryptocurrencies and networks.
- Binance P2P fees are free on buyers. However, charges vary for sellers depending on the transaction’s varying terms.
- Free to get the Card issued and to make the first few withdrawals per month. After that, you will be charged a small fee to withdraw.
To minimize fees, it is recommended that you
- Use BNB to pay transaction fees
- Get additional discounts by upgrading your account
- Follow the app for promotions and special offers
Cryptocurrencies on Binance
The Binance exchange allows you to buy, sell or store more than 350 cryptocurrencies. You can find the most popular ones not only in Malaysia but all over the world. You can find the newest and most promising ones. Either way, you can combine and buy different cryptocurrencies.
Bitcoin
Bitcoin (BTC) is one of the most popular cryptocurrencies. Users can exchange BTC for Malaysian Ringgit and other fiat currencies. They can also store bitcoin in a secure wallet or pay with a Binance card.
Binance Coin
Binance Coin is the platform’s native token, providing users with several benefits. You can store it and earn passive income. If you use the Coin, you will be able to get discounted trading commissions. You can also buy and sell tokens on the Binance Launchpad.
Litecoin
Litecoin (LTC) is a popular alternative to bitcoin that is available on Binance. It is known for its stability, high transaction speeds and low fees. This makes LTC attractive to users from Malaysia. You can participate in LTC futures trading with high leverage, which opens up new trading opportunities.
Security on Binance
Cryptocurrency trading requires a special level of security and data integrity. This Exchange offers a number of advanced solutions to protect assets and ensure secure access to accounts.
- Two-Factor Authentication (2FA). Definitely a must for Binance login and important transactions.
- SAFU (Secure Asset Fund for Users). An insurance fund for the protection of users’ funds in case of unforeseen situations.
- Cold Storage. The majority of crypto assets are stored in an offline wallet that cannot be accessed by hackers.
- Anti-Phishing Code. Prevents phishing attacks with an unique system.
Binance account registration
You need to create a personal account before you can trade cryptocurrencies on the Binance exchange. You can access a wide range of services and features through a simple registration process.
- Visit the official website.
- Click the “Register” button and choose how to create an account: by email or by phone.
- Fill in the required information and create a strong password.
- You will need to read and agree to the terms and conditions of the service.
- Verify by confirming your email or phone number.
- To increase your limits and access additional features, go through the KYC process by submitting the required documents.
You will be automatically login to Binance after completing the registration process. The first step is to familiarize yourself with the interface and the tools at your disposal. In this way, you will be able to implement your trading strategy in the right way and maximize your profits.
FAQ
Binance adds new forex pairs on a regular basis, typically several times per month. Users can learn about new listings through official announcements on the website or in the mobile app, which can be easily downloaded to a mobile device.
Bitcoin, Ethereum and local projects like Proton and Ethpad are most popular among Malaysian users. Stablecoins are also in high demand. Especially when paired with the Malaysian Ringgit.
The main liquidity for trading on the Binance exchange is provided by the largest cryptocurrencies by capitalization, such as Bitcoin, Ethereum, BNB, as well as the popular stablecoins USDT and BUSD. Most of the other cryptocurrencies on the platform are based on these assets.