Exchange Binance: on the exchange: how much are the commissions and fees? How does wallet registration proceed without verification and how to make a deposit to the account? Check the reviews!
For quite some time, trading with “virtual coins ” is becoming increasingly popular. This means of income is already used not just by corporations but also by “average” citizens. This is a quick, as well as risky way to earn quite a large sum of money. But as they say – “if you don’t risk anything, you risk everything”!
Exchange Binance – general information
Although it was established only in mid-2017, the Binance exchange is one of the fastest-growing cryptocurrency exchanges, and a year after its launch, it became the largest in the world. Currently, it consists of 20 companies registered in different countries. The Binance exchange has become a leader in the crypto industry in a relatively short time – quite an achievement, because looking at the reality, the competition is huge!
Its rapid growth is primarily due to its hassle-free operation and smart marketing moves. The lack of verification and the allocation of well-deserved bonuses have also attracted new users. According to available data, Binance now has 8 million users from all over the world! The platform is translated into as many as 12 languages – including Polish.
The founder of the platform is Changpeng Zhao, who had quite a lot of experience in the cryptocurrency industry at the time of the platform’s development. He has been working with exchange software since his youth. He is a supporter of the original version of cryptocurrencies – he sees the industry’s future as decentralized rather than constantly changing regulations.
The Binance exchange also created a guarantee fund, which created even more sympathy and trust among future users towards the new crypto exchange. The money in the previously mentioned fund will serve as compensation in case of incurred losses of users due to a fault of the platform. As of July 2018, 10% of the profits from transaction fees are earmarked precisely to feed this all-important fund that protects users.
To help fund and provide implementation procedures for cryptocurrency-based products and services to start-up companies – the “Binance Labs” program has been created. This is a move that has additionally earned the company more sympathy among its younger “peers”. The goal, as mentioned earlier, is to help start-ups that work with blockchain technology increase public awareness while also helping cryptocurrency ecosystems grow.
The browser and mobile-based wallet on the Binance exchange
The wallet on a bitcoin exchange serves a vital function – it allows you to upload, download, and store digital assets. The Binance wallet is provided by Trust – a portable, and most importantly, a secure form of a mobile wallet.
Transactions can be conducted from a smartphone as well as a computer. To authorize transactions from your computer, you need to use the Binance DEX exchange, and this is possible due to the integration of the WalletCollect protocol with the Trust Wallet. On the other hand, to execute transactions from your smartphone, you need to integrate your mobile Trust Wallet with your PC.
Fees and commissions on the Exchange Binance
It comes as no surprise that the Binance exchange charges its users some fees like all other cryptocurrency exchanges. The commission for hacker and hacker orders is only 0.1%. However, it can be reduced to as low as 0.075% if paid using the Binance Coin token. The commission for buying cryptocurrencies using credit or debit cards is 1.8% of the transaction, and the commission for a EUR deposit via the SEPA system (which is a type of foreign transfer that we can use only in a bank located in the member states of the European Union) is €0.5.
Cryptocurrency deposits are always free and without any commissions – this is the biggest advantage. However, withdrawals in the same form require commissions for “miners” who process transactions. They vary for each currency.
Users who have been using the platform for a while can count on increasingly lower commissions. After just one year, the fees can become lower by 50%, after two by 75%, after three by 87.5% – after four years of using the service, the fees drop by an incredible 94.25%!
What opinions does the Exchange stock Binance market have? What do they write on the forum?
Users respond very positively to the Binance exchange – some of the biggest advantages mentioned are smooth operation, the variety of altcoins, the provision of liquidity in trading, and something that tempted so many to use the platform, namely the lack of account verification. The biggest advantage that shows that the platform has no plans to stop its activity is the constant development and implementation of new solutions. Of course, Binance has its flaws as well – the one most often mentioned by the reviewers, as with any exchange, is the possibility of hacker attacks.
The Binance exchange has made a big entrance and will not withdraw from the industry anytime soon. On the contrary, it faces new challenges and gladly welcomes new users. Positive reviews also contribute to the fact that Binance is still on top – helping its users, funding, providing support to smaller companies – not everyone in the crypto industry would dare to do that. It’s clear that the founders were perfectly prepared to bring this project to life. People’s delight also shows that this cryptocurrency exchange, seemingly the same as all the rest, differs in its functioning and operates perfectly.
Registration, verification, and logging-in on Binance
To register and use the Binance website, you need to enter your email address and password, then activate your account through the link sent to your email address. As you can see, this is a swift process.
The two-step account verification is also worth mentioning, which will secure your account profile. It is not required, but it makes your work much easier, and you can feel a little bit safer while on the web.
Payment and withdrawal to the account – Exchange stock Binance
To deposit funds into your account, you have to go to your profile icon and then choose the “Deposit” option. . You can then select the particular cryptocurrency or token you wish to deposit into your account. The token or cryptocurrency selection form is on the left side of the page, and the deposit details are on the right side. The process is different in BNB (Binance Coin), in which case a special MEMO ID is required.
Withdrawal of funds is very similar, except that you must go to the withdrawal section and enter the wallet address for deposits and fill out the form.