binance review

Since then, the token surged to $224 as of October 2023, becoming the fourth-largest altcoin by market cap. Although the exact details of how Binance keeps funds secure is missing from the website, the company has proven time and again that your coins are in good hands. Changpeng Zhao, CEO of Binance, has an impressive resume with years of experience in cryptocurrency.

Users can prepare spot trades to trigger in advance when a specific spot price is reached, known as a limit order. You can make spot trades on Binance through their trading page interface. A spot trade is a straightforward transaction between market participants (buyers and sellers) to trade at the current market rate, i.e., the spot price for immediate delivery. The Classic interface (previously named basic) is more straightforward and understandable for beginners who prefer a no-frills interface. However, the dashboard still gives you all the needed options to perform a buy/sell trade.

How to Withdraw from Binance?

There are no limits to the value of deposits you make, but if you want to withdraw cryptocurrency, then you would need to verify your account. This can be done by submitting identification, such as your passport. The biggest amount that a certain cryptocurrency exchange allows to be fluctuated in one trading session. There are more than 500 different cryptocurrencies available at Binance. They range from well-known coins such as Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH) and Litecoin (LTC), to smaller coins like Shiba Inu (SHIB) and ICON (ICX). Obviously, Binance Coin (BNB) makes the supported asset list, as well.

The platform also uses the native BNB token as a way to participate in the Initial Exchange Offerings. Finally, users can provide liquidity to pools and earn based on the liquidity being provided. While this seems like it should be risk-free it is actually high-risk. Over the last three and a half years, we have burned about 13% of the promised amount, with a total USD equivalent value (nominal) of $426,304,000.

Top Spot Exchanges

Most Binance platforms provide a fiat-to-crypto exchange for individuals to buy or sell Bitcoins for cash. But unlike traditional brokerage firms, cryptocurrency exchanges like Binance are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms binance review specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Binance’s dashboard allows you to view charts, market trends, your portfolio, and your current and past trades.