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Is Binance safe to use? A complete learner’s guide to trade on Binance

Binance is the leading platform for trading cryptocurrencies, and in this report, we will review all the things related to trading on Binance. It offers one of the easiest and the cheapest ways to trade for even a beginner. It has received favorable reviews from all the crypto community as it accepts users across the world.

Binance, a Hong Kong based crypto exchange developed by Changpeng Zhao in 2017, created the exchange after a successful Initial Coin Offering. Now, it provides the freedom to run a competitive exchange service. Since its launch, it has been doing well in terms of the 24 hour trading volume.

Binance allows many services, including Binance Exchange, where users can exchange fiat using several methods. The first method is peer-to-peer (P2P) trading, a neat feature connecting sellers and buyers of cryptos directly. The second method is SEPA or Wire transfer, where users can instantly buy the cryptos using SEPA and bank transfer. It doesn’t even require the transaction fee. Another method is Spot trading, where users have the option to select among three interfaces.

Binance offers a relatively easy and user friendly approach for trading. People can select between many cryptocurrencies, including Ether, Bitcoin, XRP, Tether, and BNB. It also offers leveraged futures trading; Binance Futures was launched in 2019, enabling the traders to speculate on the price of various cryptos such as Ethereum, Litecoin, Bitcoin Ripple, Litecoin, Chainlink, Cosmos, EOS, NANO, DASH, Basic Attention Token, and Bitcoin Cash. It allows choosing leverage up to 125x. On Binance, cryptos can be traded via three payment methods, i.e., Credit/ Debit Card, Bank transfer, and SEPA.

Talking about the Binance fees; it provides the lowest fees that start from 0.02% for makers and 0.04% for takers. Binance’s native token BNB even offers the users an extra discount on the trading fees. If you want to buy the cryptos from Binance, you need to sign up on the platform first. If you wish to withdraw the cryptos from Binance, then you have the option for AUD and RUB.

Binance is one of the safest platforms, which allows the users account protection through Two Factor Authentication. Although the platform has few cons, the pros always outweigh its cons. Binance is undoubtedly a significant player in the crypto world, where the exchange's lowest fees are one of the substantial factors. Binance is continuously adding new options for trading pairs that is a good thing for users. Although the fiat support is relatively limited, the platform offers a worldwide service with good customer support.