With so many exchanges for trading digital currency in the market, it may not be easy to get the best trading platform for Bitcoin and other cryptocurrencies. The more you learn about a particular exchange, the more capable you’ll be of making the right decision.
What Is Binance?
Binance is one of the most popular crypto exchanges in China. Some people consider it the best trading platform for Bitcoin. It offers crypto to crypto services globally and has gained popularity due to its list of impressive ICO listings and its relatively low trading fees.
How It Works
The exchange offers two options for trading on a basic and an advanced level. The interface isn’t exactly user-friendly and may only be easily understood by people who know how exchanges work.
The difference between the basic and the advanced version is that the advanced version provides more in-depth tech analysis of the value of digital currencies over time.
The first thing you need to do is Sign up as a registered user and log in. This part is simple, and you will not be required to verify your account in the first level. The withdrawal limit for the first level is 2BTC daily while the withdrawal limit for the second level is 100 BTC daily. You’ll be required to upload a valid photo ID and wait for approval to enjoy the withdrawal benefit of the second level. To get higher limits, you’ll need to contact the exchange support staff.
To fund your digital currency account, you’ll be presented with a list of currencies to choose from, but it is recommended that you stick to ETH or BTC. After funding, you can start trading.
Binance may be the best trading platform for Bitcoin if you are someone who has an idea of how cryptocurrency trading works. Due to the interface, someone who is about to start trading might have difficulty understanding the process.
Another major disadvantage of the exchange is that it currently only supports generating market orders and limits. There are no advanced trading options available yet.