Binance Features: What You Need to Know

Binance is one of the most well-known names in crypto in 2021. It has the highest trading volumes and lists the most coins available for trading. However, when it comes to choosing what platform to trade on, it’s about more than popularity and big numbers. It’s about usefulness. Let’s look into what services Binance features.

What is Binance?

Binance is a centralized cryptocurrency exchange founded in 2017 by Changpeng Zhao. Zhao’s professional experience before then was in the development of advanced financial software, such as high-frequency trading software. He also served in an executive position at another cryptocurrency exchange, OKCoin. 

Since its launch, Binance grew quickly to reach its current position. However, the rise of this crypto giant was not smooth. In the ever-changing environment of cryptocurrency, government regulations are often several years behind the cutting edge. This was the case for Binance, which came into repeated conflict with government regulations of multiple countries in the years after it launched. Originally founded in China, Binance has since moved its operations several times.

Binance relocated from China to Japan and Taiwan, then eventually Malta. Eventually, founder Zhao—often referred to by insiders simply as CZ—declared that Binance had no headquarters, in the same sense that bitcoin has no headquarters.

Binance remains at odds with regulators in several countries, including the United States.

Despite its legal troubles, Binance remains one of the most well-known brands in the cryptocurrency exchange and trading business. In addition, Binance has branched into other crypto-related services, such as staking and running a smart contract blockchain. This diversification of services has helped to maintain Binance’s position as a leader in many categories in crypto.

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What Features Does Binance Offer?

In the business of centralized cryptocurrency exchange and trading, there is a lot of competition. Providing only the bare minimum of services is no longer enough to get customers. Binance offers a variety of features to make using it more convenient, safe, and profitable. A few of the Binance features are listed below.

Cryptocurrencies Supported

Apart from its low trading fees, one of the reasons Binance grew so popular among crypto traders when it launched was the number of different cryptocurrencies it listed. Where other centralized exchanges favored a more cautious approach to adding new listings, Binance favored quantity. Binance remains the leader among centralized exchanges in terms of the number of cryptocurrencies listed—over 500 different coins and tokens in 2021.

Types of Transactions Supported

Beyond basic buy and sell trades, many advanced crypto traders seek specialized and customizable transaction options. This allows them to make trades when specific conditions are met, and avoid losses when they are not. Other transactions like margin trading and short selling allow traders to magnify their profits (and losses) or bet against the market respectively. There are more than a dozen different transactions types offered on Binance. These features are a must-have for advanced traders.

Security Features

Security is a critical factor to consider when choosing an exchange and trading platform. It is of little use to be a very successful trader if there is always a risk that someone will steal all of your profits. Security features are important both on the backend and the frontend.

Frontend security is what you see and control as a user. Things like having a good password, and using two-factor authentication (2FA) make it more difficult for hackers to compromise your account by stealing only one piece of information.

Binance also offers address whitelisting, which means you can only withdraw funds from your Binance account to specific wallet addresses (or bank accounts) that you previously specified. Address whitelisting means that even if an attacker manages to defeat all the other security features on your account, they can only ever transfer funds to the accounts you have previously set. Adding or removing whitelisted accounts requires identity verification, which is difficult for a hacker to do using fraudulent details.

Backend security is what Binance controls as an organization, preventing attackers from accessing the crypto wallets that the exchange controls on behalf of users. You have no control over backend security, and it is often difficult to know what level of backend security an exchange has. Binance in particular was victim to a major attack in 2019. However, all customer funds that were lost during that attack were reimbursed by the exchange.

Rewards Center

Binance features a rewards center, which is a fun way to earn small amounts of crypto through quizzes, raffles, and other competitions. The rewards center also has special, time-limited promotions.

Advanced Charting

For technical trading (statistics-based) the most important requirement is accurate historical data. Technical traders attempt to predict future price changes by assuming that past prices have some effect on the future. This data is most easily presented and understood in the form of various types of graphs and charts.

Advanced charting is a crucial tool used by technical traders to understand long and short-term price movements. Binance’s advanced charting allows you to view and compare spot (moment-to-moment) and historical pricing for hundreds of different crypto assets, denoted in many different currencies.

For beginners who are unfamiliar with day trading, Binance’s interface also offers simplified views to make trading less confusing.

3rd Party Wallets

The prevailing wisdom in crypto is that it is better to keep your crypto in a crypto wallet that only you control. Traders who take security very seriously do not trust exchanges to handle backend security to keep their tokens safe. They often trade by transferring tokens directly to and from their wallet, never keeping them in the exchange for a long time.

If you also prefer to keep your crypto in your wallet, Binance supports all the major crypto wallet providers. You can use your wallet with your Binance trading account, without giving up custody of your crypto.

Final Thoughts  

Binance and Binance.US feature many products and services that make it safer, more convenient, and more profitable to trade on the platform. If you are an advanced crypto trader, Binance has features that can help you achieve your trading goals.