A free but powerful online crypto exchange program
Binance is a free finance software that enables you to easily buy, trade, and hold popular cryptocurrencies. Available on both PC and mobile, this business and productivity program is a powerful crypto trading platform that offers safe transactions via various advanced security measures and payment methods.
As an online exchange platform, Binance is great for trading anywhere and anytime. It also offers an API if you’re interested in integrating your own trading application into Binance, and even supports QR codes for more secure logins and transactions. Additionally, it’s quite easy to use and customize for veteran traders.
What is Binance used for?
Named from the words "bitcoin" and "finance," Binance is one of the largest cryptocurrency exchanges in the world in terms of the daily crypto trading volume. It offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens and has some of the lowest transaction fees around. The services you can expect from this platform include purchasing, exchanging, trading, listing, and withdrawing cryptocurrencies. It also allows you to build your own portfolio at no cost, fund your account, and start your first foray into cryptocurrency.
Using the software is pretty simple, whether you’re on a desktop or mobile. After signing up for a Binance account, you can then create your portfolio and start adding funds through a variety of supported payment methods. Then, you must verify your identity through its verification process to secure your account. Afterward, you can now start handling your investments through the application.
What’s great about this platform is that it focuses on security and user protection. Its Secure Asset Fund for Users (SAFU) feature stores 10% of all trading fees to protect them. It also offers advanced access controls to let you restrict devices and addresses that can access your account. Plus, any transaction data is safe thanks to its end-to-end encryption.
Is Binance good for beginners?
Another great feature of Binance is its ease of use and customization—although it’s not fully designed for beginners in mind. After installation, the software provides multiple options for login, letting you either use your email address, mobile number, or QR code scanner to do so. You can even log in as a guest if you’ve yet to create an account.
On the left of the interface is a ribbon panel containing 7 icons: the Binance logo for the Home tab, Markets, Buy Crypto, Trade, Futures, Margin, and All. Some of these open a small pop-up that further shows multiple tabs. The “All” section, for instance, contains nearly every feature available on the platform—from your Account details to services such as Savings, Crypto Loans, and News.
You can customize how your desktop client behaves with its appearance and notifications via the Settings icon on the bottom-left corner. Meanwhile, the top has a search bar that lets you look up cryptocurrency trends. There’s no built-in tutorial, however, so beginner traders wouldn’t be able to easily navigate the software. Additionally, many of the features here display separate window pop-ups instead of simply operating within the application’s window—making things feel a bit cluttered.
Various features are available
All in all, Binance is a great online crypto exchange platform for those looking into virtual currencies. While it lacks some features that would make it more streamlined to use and easy for beginners, it still offers a myriad of tools and services to help you settle your cryptocurrency finances. Plus, its emphasis on security makes it a highly-recommended program to have.