Table of Contents
- What is Binance Exchange?
- Binance Exchange Pros and Cons
- How to Create a Binance Exchange Account?
- Using Binance Exchange in Online Casinos
- Binance VIP Trade Volume Levels
- Binance Referral Program
- Binance Exchange Security
- What is Crypto Staking?
- What is Margin Trading?
- Binance Exchange Customer Support
- User Reviews
- Is Binance Trustworthy?
What is Binance Exchange?
Binance Exchange is a virtual, online exchange where active traders can buy, sell, or trade cryptocurrencies. Currently, Binance is the biggest crypto exchange in the world, supporting over 350 cryptocurrencies, from staples like Bitcoin and Ethereum to altcoins like Dogecoin, Litecoin, and Shiba. Moreover, Binance features its own native crypto called Binance Coin (BNB).
Users can deal with trading pairs, and futures, or stake their cryptos for a long period of time and earn interest in the process. Binance exchange also enables you to buy cryptos using assets from your debit card as well, so you are not indefinitely bound to your Binance wallet alone. Additional services provided by the Binance exchange are peer-to-peer trading, API trading, and OTC trading – all with minimal fees.
Binance Exchange Company Overview
Binance was founded in 2017 in Hong Kong by Changpeng Zhao, a developer formerly known for high-frequency trading software creation. It has the highest trading volume of cryptos, somewhere around $76 billion in just one day!
Although it started out in China, Binance moved its servers to Japan in 2017, avoiding the government ban on crypto trading in the same year. Binance is home to over 120 million users, and as the Binance homepage highlights, it features transaction fees of less than 0,10%.
As the world’s largest cryptocurrency exchange in 2018, Binance supports over 350 cryptos and over 50 fiat currencies. In 2019 Binance launched its stable coin and enabled credit card holders to use them in crypto trading. However, that same year Binance was the victim of a security breach that lead to the theft of 7,000 Bitcoin worth some $40 million at the time.
Stolen funds were allegedly recovered from the emergency insurance fund, but the company has still received some unwanted regulatory attention for money laundering and other illegal activities in 2021, tarnishing its reputation. Binance is well known for its grand purchases, sponsorships, and investments. It sponsored the African Cup of Nations in 2021, and Binance invested $500 million in Elon Musk’s acquisition of Twitter.
Binance Exchange Pros and Cons
- Withdrawal fees, especially with cards
- Chequered history
- Profitable staking can lock a lot of funds
- Complex Binance ecosystem
How to Create a Binance Exchange Account?
Note that users can switch between a simple, beginner-friendly interface, or an advanced trading interface. Users can also create an account directly on the Binance app, which is available for both iOS and Android operating devices.
Registration is very easy and takes up to two minutes. Simply follow these steps to get started:
- Go to the official website and click on [Register Here].
- Fill out the registration and complete your account verification.
- Receive the verification code via email and use it.
- Deposit crypto or fiat currency and start trading.
Optional: You can connect your credit/debit card with your digital wallet for more functionality. Also, feel free to take free educational courses on Binance academy and learn more about crypto trading, staking, etc.
Using Binance Exchange in Online Casinos
It’s safe to say that Binance is one of the best services you can get if you plan to gamble with cryptos. Regardless of the online casino type, your Binance account can handle all of your transactions using your Trust Wallet where you can store not only Binance’s native currency BNB but hundreds of cryptos more.
Binance offers superior deposit and withdrawal time, better privacy, bigger crypto bonuses, and exclusive crypto games. Still, it comes at the cost of less regulation and security in case of hacking intrusions and other criminal activity. Needless to say, cryptos are notoriously volatile. Making money can be equally swift and costly depending on timing, market changes, and responses of crypto holders.
Binance KYC Procedure
KYC is a necessary procedure used to counter money laundering, data theft, and many other issues. It all starts with you opening your Binance account, followed by this procedure:
In the verification department, Binance has three tiers – Verified (basic verification), Verified Plus, and Enterprise Verification. Here’s what they offer:
Binance Exchange Most Accepted Cryptocurrencies
Binance VIP Trade Volume Levels
The Binance VIP program includes four sub-programs for traders and investors – Trader VIP, Holder VIP, Investor VIP, and Borrower VIP. If you find the Binance cryptocurrency exchange interesting and you want to deal with spot trading and Binance futures, not to mention – stake your crypto assets and loan or borrow using margin trading, we definitely advise enlisting in the VIP and start enjoying different benefits. Here are the VIP tiers and their minimum requirements:
Binance VIP Benefits
Binance Referral Program
Compared to competitors, the Binance crypto exchange offers not only lower fees but the possibility to earn assets just by bringing more of your friends into the world of Binance trading. Similar to online casinos, Binance rewards you if you bring your friends or family. Here’s how it operates.
- Share your referral link with your friends on social media and other platforms.
- Invite your friends to open a Binance account and deposit $50 or more within 14 days.
- Both you and your friend will receive a 100 USDT cashback voucher.
- Invite your friends to register on Binance and you can earn Quarterly Bonus rewards from the Tiered Bonus program.
In addition, you can share the activity on your social media to attain more rewards (the Shared Bonus Activity).
There are a total of 6 tiers in the Tiered Bonus program. For the third, fifth, eighth, twelfth, seventeenth, and twentieth eligible referrals, you can get a Binance Gift Card worth up to 200 BUSD.
To be eligible for the Regular Rewards, you must complete Identity Verification within 7 days after the reward is available. Once you complete Identity Verification, it will be automatically distributed to your [Reward Center] within 48 hours.
The Quarterly Bonus is comprised of Tiered Bonus and Shared Bonus. Binance exchange uses the token’s closing price one week before the activity starts to produce the reward amount. When you complete Identity Verification, the reward will be automatically distributed to you within 48 hours.
Binance Cashback Voucher
You have to redeem the voucher within 7 days and once activated they are valid for 14 days. During those two weeks, you will receive the trading fee cashback in your Spot Wallet in USDT daily. For instance, if you traded on 1st December 2022, the cashback will be credited to your Spot Wallet on December 2nd, 2022.
Binance Account Trading Fees
Binance features one of the lowest transaction fees in the industry.
Now, let’s look at 9 levels of VIP-affected fee rates, depending on your Binance status and the amount of BNB you are holding and trading.
Binance Exchange Security
Binance exchange is not perfect and it had its share of troubles in the security department, but it is still one of the most reliable and transparent crypto exchanges we can count on. As you probably know, Binance was the target of successful hacker attacks in the past, and in 2019 it was inspected on grounds of money laundering, insider trading, and tax fraud.
Having said that, Binance has remained a reliable exchange platform that invests a lot of money and resources into security and protection.
What is Crypto Staking?
If you want to become a seasoned trader and make a passive income, staking is probably the best way to do it, but as with every other business it has its risks. Staking cryptos is similar to bank savings – you put aside a certain amount of assets and lend them to a third party which, in return, lets you reap different financial benefits.
For example, if you lock your 1 Litecoin for 120 days, you will get an annual interest rate of 7%, and you can get a whopping 10% if you stake 80 Mana tokens. Among many ways you can stake cryptos, two stand out as the most commonly used – DeFi staking and proof of stake staking.
Short for decentralized finance, DeFi projects are not yet fully developed and accepted due to the nature of trading, complex user interfaces, and the lack of public knowledge. You can opt for flexible and locked staking, the former will let you collect staked assets whenever you want, but the latter will yield higher interest rates. If you decide to exploit DeFi staking at Binance Exchange there are a couple of things you must remember.
Proof of Stake Staking
This method of staking requires fewer resources than Bitcoin’s proof of work mechanism, but they all share some similarities. You can deposit, or lock, your cryptos using a smart contract and perform different small tasks and collect rewards in return. Such tasks can include transaction validations, while your locked assets serve as collateral, deterring criminal activities with the possible loss of funds.
What is Margin Trading?
Essentially, margin trading is a way of trading goods and assets while using funds that are borrowed or provided by a third party. By doing so, traders are increasing the potential profit on large-scale transactions.
In traditional business models, the borrowed money is most often provided by investment bankers and brokers, but in the crypto world, you take the money from different traders who will reap an interest based on margin funds demand. Rarely, a crypto exchange might offer you some interesting margin deals as well.
Now, the bad news. Margin trading is most commonly used in stock and commodity markets due to its low volatility. Opting for margin trading with cryptos, on cryptocurrency exchanges, is totally possible but highly risky, which is why we recommend it to experienced traders only.
Binance Exchange Customer Support
Unfortunately, the Binance support team does not support a direct phone line, and we must contact them via 24/7 live chat, or via email service. Live chat comes in two forms, we can use the mobile app, or a regular computer with an ordinary internet browser. The best way to ask for assistance is via live chat. You will be greeted by a virtual assistant, and once you narrow down your problem you will be connected to a support agent.
When writing an email, list as much information as possible. Here’s what you should pay attention to. Use the email associated with your Binance US account when creating a ticket. Select the appropriate categories from the drop-down menus. Provide as many relevant details about your issue as possible. Keep an eye on your email inbox for our reply.
Sadly, although Binance has cool bots and clever support questionnaires, real live chat support people are hard to get. Be prepared to wait a little longer, and do not expect miracles when it comes to your problem-solving. Not the best support service in the world, a fact that users’ negative comments speak volumes about.
What do users like about Binance Exchange
Users love the fact that they can earn a passive income with little to no effort and without the need for bank accounts or bank transfers. A lot of casinos support Binance Coin, ensuring a quick withdrawal of money.
Daily trading volume is huge due to favorable trading fees and withdrawal fees. The trading platform includes advanced trading options, such as setting the trigger conditions that execute certain trade types. Additionally, excellent real-time tools used for analyzing markets open up business and gambling possibilities even for rookie crypto users.
What users dislike about Binance Exchange
The #1 problem is shady regulatory history and hacker intrusions prompting Binance to go under several investigations in the US alone. Speaking of the US, the platform isn’t available in 7 states including New York and Texas.
There are cases when the support team was too slow to respond, and a lot of customer complaints remained unresolved. Lastly, the user interface can be a bit difficult to grasp even for advanced traders.
Is Binance Trustworthy?
Congrats, you’ve made it to the end of our Binance review. So, what makes Binance stand out of the crowd, and is it any good for you and your trading and gambling style? As for gambling, you are good to go!
Binance is one of the best services in the world when it comes to online casinos, crypto conversions, and ultra-fast deposits and withdrawals. It supports a couple of hundred cryptos, so it’s virtually impossible to be limited in the diversity department. Binance is a good option if you want to taste all there is in the crypto investment sector, paired with low Binance fees.
You can do spot trading, Binance futures trading, staking cryptos, advancing in the VIP program, or even be involved in margin trading. There were some negative reviews and security breaches, but the company is transparent enough and it claims that the damages will be prepared for using an emergency insurance fund. Some users might be intimidated by the complex user interface, and a transaction fee on cards could be lower, but similar to some other major crypto exchanges, Binance’s pros outweigh the cons by a mile.
However, if you are still depending on customer support when trading cryptos, we advise you to either try some less complicated exchange first or be patient and learn more because the Binance support team is very hard to reach. Please, gamble responsibly.
Is Binance safe?
Yes, Binance is a safe crypto exchange website. Granted, the platform is far from ideal, but it provides reliable and efficient services even for the most demanding of users. Binance offers two-factor authentication, as well as other means of extra protection.
Is Binance good for online casinos?
Yes, your Binance wallet is a valuable asset in all crypto casinos, whether they are pure (cryptos only), or hybrid (fiat currencies are also accepted). Nowadays, a lot of online casinos readily accept Binance Coins as a valid payment method.
Is Binance available in my country/region?
Binance itself does not have a list of banned or supported countries we could use to give you a straight answer. But at the time of writing this text, Binance banned cryptocurrency trading in Ontario (Canada), China, Malaysia, Japan, Thailand, Bosnia and Herzegovina, Serbia, Myanmar, Iran, etc.
You can freely use Binance global platform in most EU and European countries, and in the USA, except in the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. In any case, please visit the Binance website and check your status in advance, because the list of banned countries is prone to frequent changes.
Is Binance good for beginners?
Due to Binance’s versatility and abundance of trading options, it can be a bit overwhelming for beginners. We suggest starting with Coinbase, Kraken, or Robinhood if you are new to crypto exchanges.