If you're interested in cryptocurrencies, you've probably heard of Binance, the world's largest digital asset exchange by trading volume. However, Binance's capabilities are much broader than just trading cryptocurrencies. 

Founded in 2017, Binance has quickly gained market leadership through a number of key advantages:

Low fees: Binance offers some of the lowest transaction fees among all cryptocurrency exchanges. This attracts a large number of traders, both beginners and experienced users.

Support for multiple cryptocurrencies: The platform supports trading in most popular cryptocurrencies, which makes it convenient for users with different investment preferences. No matter which digital assets you prefer, you will most likely find them on Binance.

Advanced products and services: Binance is constantly introducing new products and services. This includes opportunities for staking, futures, margin trading, as well as innovative financial instruments such as cryptocurrency derivatives and others.

High liquidity: As the largest exchange by trading volume, Binance provides high liquidity, which allows you to conduct large transactions without significant price fluctuations. This is especially important for traders dealing with large volumes.

Fast and reliable execution of transactions: Thanks to the powerful infrastructure, Binance can process a huge number of transactions per second. This means that users can expect their orders to be executed quickly, even during periods of high volatility.

Despite all its advantages, Binance, like other platforms, sometimes faces technical problems, especially during sudden spikes in traffic. However, such problems rarely occur, and the Binance team promptly fixes them, providing minimal inconvenience to users.

Thus, Binance not only provides reliable and efficient cryptocurrency trading, but also offers a wide range of additional features for its users, which makes it one of the most attractive platforms in the digital asset market.

Trading Platform

The Binance trading platform is a web trader built right into your browser, which eliminates the need to download and install software. At first glance, the interface of the Binance trading platform may seem complicated and less intuitive compared to other platforms in this sector. However, it has high functionality and offers a variety of trading tools.

Trading Platform Display Modes:

Classic Mode:

• Simple interface: This mode offers a more simplified display of available markets and is convenient for beginners. It minimizes visual complexity, allowing new traders to easily navigate and make trades.

   

Advanced Mode:

• Numerous graphical tools and indicators: In this mode, users have access to a wide range of market analysis tools, including various charts and indicators.

• A variety of order types: The Advanced mode provides many options for placing orders, which is useful for experienced traders who want to use more complex trading strategies.

• Additional Features: Includes additional settings and options that allow traders to customize the platform to their needs.

General experience with the Binance platform:

• Highly detailed: The platform is detailed and provides users with access to all the necessary information to make informed trading decisions.

• Fast order execution: One of the key advantages of the platform is the speed of order execution. Even with high market volatility, orders are executed quickly and efficiently.

• Intuitive operation: Despite the abundance of functions and features, the interface remains intuitive enough for users of all levels. The ease of navigation and quick access to the main functions make trading convenient and efficient.

Thus, the Binance trading platform, although it may seem complicated at first glance, provides high functionality and ease of use for both beginners and experienced traders. Fast execution of orders and a wide range of available tools make it one of the best solutions for trading cryptocurrencies in the modern market.

Trading commissions and fees

The commission structure on Binance is often superior to many cryptocurrency exchanges in a very competitive sector. The main features of Binance commissions include:

Fixed Transaction Fee: Binance charges a fixed fee of 0.1% for cryptocurrency transactions. This commission is one of the lowest in the industry and makes trading on the platform very profitable for users.

Discounts when paying in BNB: The commission can be further reduced by 25% if you pay it using the exchange's own cryptocurrency, BNB (Binance Coin). This means that the commission can be as low as 0.075%.

Discounts based on trading volumes and BNB held: Binance also offers additional discounts depending on your trading volumes and the amount of BNB you hold in your account. As a result, the commission can be reduced to 0.015% for traders with large volumes and significant BNB reserves.

No fees for deposits and withdrawals: Deposits and withdrawals through Binance are usually carried out without commission, especially when it comes to trading cryptocurrencies. The only fees that can be charged are network fees, which depend on the specific cryptocurrency and the current network load.

Withdrawal Limits: Withdrawal limits depend on the level of account verification. The standard withdrawal limit is up to 2 BTC within 24 hours. For fiat currencies, the withdrawal limit can reach 5,000 USD per day.

Together, Binance's commission structure makes it one of the most attractive platforms for trading cryptocurrencies, offering favorable conditions for traders of any level.

Binance Markets

Binance Spot Market

363 cryptocurrencies are traded on the Binance spot market, combined into 1,359 trading pairs. The average daily trading volume of the spot platform is $5.5 billion. The main cryptocurrency on the exchange is Bitcoin (BTC), with a daily trading volume of $1.5 billion. The most popular spot instrument is the BTCUSDT pair, which accounts for 25% of the trading volume (data for September 2023).

Cryptocurrencies are traded in pairs with stablecoins such as USDT, DAI, USDC, FDUSD, VAI, TUSD and BUSD. Pairs with quotes in BTC, BNB, ETH, XRP, TRX, DOT and DOGE are also available. Fiat pairs are represented in 13 world currencies, including EUR, RUB and UAH. Some trading tools are grouped into thematic subgroups, for example, "AI" for coins related to artificial intelligence, or "Meme" for "memcoins" like DOGE, SHIBA, PEPE.

The spot market also implements margin trading in cross-margin and isolated margin modes with leverage from 3x to 10x, depending on the specific trading instrument.

In addition, Binance offers leverage tokens (BLVT), which are traded like regular cryptocurrencies, but have built-in leverage and transaction direction. For example, by buying an ETHUP token, a trader bets on the growth of ETH. If the price of ETH on the spot market increases, then the value of the token increases proportionally, thanks to the built-in leverage. Usually such tokens have a relatively small leverage, about 2x. The leverage size and the direction of the transaction are indicated next to the token ticker.

Trading bots are also available on the Binance platform, including bots for trading on the spot market.

USDS-M Futures Market

USDS-M are contracts denominated in USDT and BUSD dollar stablecoins. This market is divided into three sections:

Perpetual contracts in USDT: 200 futures contracts.

Perpetual contracts in BUSD: 4 futures (BTCBUSD, ETHBUSD, XRPBUSD, BNBBUSD).

Supply contracts in USDT: quarterly contracts BTCUSDT and ETHUSDT. The exchange supports two contracts at the same time, for example, futures for September and December are available in August, and for March and June in January.

Transactions with USDS-M futures are paid in USDT and BUSD stablecoins. The trader must replenish the futures account and deposit guarantees in the appropriate stablecoin: USDT for contracts such as DOGEUSDT and ETHUSDT, and BUSD for BTCBUSD and ETHBUSD contracts.

Leverage from 1x to 125x is available on the USDS-M market, which can be used in cross- or isolated margin mode. Details on setting up and applying leverage are described in the article "Binance Leverage: How to set up and apply".

For beginners and those who want to test their strategies, a "Trading Simulator" is available in the futures section. This demo mode allows you to test derivative trading and the platform interface without the risk of losses. Applications in the simulator are not transferred to the real glass, but remain in the logs, which allows you to test the initial strategies.

The COIN-M Futures Market on Binance

The COIN-M futures market on Binance offers contracts denominated in cryptocurrency, while the valuation of these contracts is carried out in US dollars (USD). This market is divided into two main sections:

Perpetual COIN-M contracts: Represented by 41 futures with no fixed delivery date.

COIN-M Supply Contracts: Include 18 quarterly futures represented by 9 underlying assets. Two contracts are available for each cryptocurrency: one with the nearest delivery date, the second one a quarter after the first one.

The main feature of COIN-M is that transactions are paid in the corresponding cryptocurrency. This means that the trader must replenish his account in cryptocurrency, which is the base asset for the selected contract. For example, for a BTCUSD contract, you need to top up your account in BTC, for an XRPUSD contract — in XRP, and so on. The guarantee is also deposited in the coin of the underlying asset.

The leverage in the COIN-M market works similarly to the USDS-M market, providing the opportunity to use both cross-margin and isolated margin. The shoulder size varies from 1x to 125x. Traders can adjust and apply leverage depending on their strategy and risk level.

As in the USDS-M market, a "Trading Simulator" is available on the COIN-M market. This demo mode allows traders to test derivative trading and the platform interface without the risk of losing real funds. Orders in the simulator are not transferred to a real glass, but are stored in logs, which allows traders to work out their strategies.

Futures trading is often more difficult than spot trading, especially for beginners. This is due to the need to calculate the potential profit under the contract and choose the right amount of leverage. It can also be difficult for novice traders to understand what a quote on the Binance exchange is, especially when they see different prices for contracts with the same underlying asset. This can create confusion and complicate trading decisions.

The Binance COIN-M futures market offers ample opportunities for trading cryptocurrency-denominated contracts using a variety of tools and settings such as leverage and margin trading. However, in order to work successfully in this market, it is important for traders to carefully study all the features and mechanisms of futures trading in order to effectively manage their risks and maximize potential profits.

Rules for responsible trading on Binance

Responsible trading is an approach to trading aimed at increasing the psychological comfort of a trader and reducing the risks of monetary losses associated with emotional problems. This means that traders must be clearly aware of the risks and be responsible for their trades. Cryptocurrency exchanges, including Binance, have noticed that many users perceive trading as a game, not realizing that they manage significant amounts of money. This attitude leads to a "tilt" — a negative emotional state caused by a series of losing trades. In this state, traders often abandon their strategy and try to "recoup" quickly, which leads to even greater losses, especially when using leverage.

To promote responsible trading, Binance developers have implemented several features that remind traders of the seriousness of trading and their personal responsibility. The main principles include the development of self-discipline, continuous training and the introduction of protective functions on the platform. If a trader commits a series of losses or loses a significant amount, Binance displays a notification reminding of the risks associated with trading. In case of significant losses, the exchange may temporarily "freeze" the trader's account for several hours or days, while current positions are closed at the market price to prevent further losses. Traders can also voluntarily block their futures accounts or access to margin trading on the spot market, which helps to avoid impulsive decisions and reduces the risk of significant losses.

In addition, Binance publishes educational materials, including psychological aspects of trading, on its resources. These materials help traders better understand the risks and manage their emotions. The basic principles of responsible trading on Binance include the development of self-discipline, continuous training and the implementation of the protective functions of the platform. Traders must learn to control their emotions and follow a set strategy, even under stress or after a series of losses. Constant training and increasing the level of knowledge about trading and psychology helps traders to better understand the market and avoid mistakes related to emotional decisions. The integration of features such as temporary blocking and risk notifications helps traders maintain control and prevent impulsive actions. These measures promote a more informed approach to trading and help traders avoid significant losses associated with emotional problems and improper risk management.

Safety

The security of users' assets is the main priority of the Binance exchange. Various security measures are used for protection, including:

Two-factor authentication (2FA): This adds an additional layer of protection by requiring not only a password, but also a code that is generated on the user's mobile device.

   

Account connection control on different devices: Users can monitor and manage the devices from which they log in to their account, which helps prevent unauthorized access.

Anti-phishing protection in e-mail newsletters: Binance uses special measures to prevent phishing attacks, including individual anti-phishing codes in emails that help users recognize genuine messages from the exchange.

Insurance fund to ensure the safety of user deposits: Binance has created a deposit guarantee fund called SAFU (Secure Asset Fund for Users). This fund is filled with 10% of the fees charged by the platform and is intended to compensate users in case of hacking or other incidents.

Binance's history includes examples of successful application of these security measures. For example, in 2019, after a major hack, the exchange returned to users all stolen funds from the SAFU fund, demonstrating its commitment to protecting customer assets and maintaining trust.

Ensuring a high level of trust and transparency is vital to the success of any cryptocurrency exchange, and Binance pays great attention to this. One of the first steps towards creating a safe and reliable platform was the decision to move from China to Malta after the repression by the Chinese government in 2017. In Malta, Binance is regulated by the Virtual Financial Assets Act, which provides a degree of protection for traders, although this regulation is still evolving.

Binance also demonstrates high standards of personal security for traders, avoiding serious violations that have affected many other exchanges. Standard security measures include two-factor authentication, the use of multi-signature wallets, and cold storage options to protect funds. These efforts help Binance maintain its reputation as a safe and reliable cryptocurrency trading platform.

Support Service

One of the important aspects of the Binance customer support discussion is the number of languages available. The platform supports at least 15 languages, which makes it accessible to traders from all over the world.

Before contacting customer support, users can use the Frequently Asked Questions (FAQ) section on the Binance website. This section contains answers to many common questions, which allows you to quickly find the necessary information without having to contact specialists.

If the help of the support service is required, users can submit a request via the Binance website. The support service works around the clock and seven days a week, ensuring constant availability to solve any problems. In the application, you can specify the preferred method of communication — an email or a phone call.

Usually, follow-up actions occur quickly, and the information provided is of a high professional level, which corresponds to Binance's status as one of the largest cryptocurrency exchanges in the world. The high level of customer support helps Binance maintain user trust and effectively resolve emerging issues.