Binance Review

What is Binance? 

Where is Binance located? 

Binance, the world’s largest crypto exchange, initially claimed to be a decentralized company with no headquarters, but in March 2022 stated that it has a global holding company, the location of which is yet to be announced. 

Shortly after its inception, Binance attempted to set up headquarters in multiple countries before settling on the Cayman Islands, where it is still listed as of the beginning of 2023. 

Coin-Labs has been granted a fee discount benefit code from Binance in 2021. Therefore, if you sign up for Binance through Coin-Labs, you can participate in the event with discounts on fees and bonuses of up to $500.

Who owns Binance? 

CZ (Changpeng Zhao) is the CEO and founder of Binance. He established Binance in July of the 2017 bull run and rapidly boosted daily trading volume to over $20 billion. CZ, a passionate Bitcoin supporter, has accumulated wealth in cryptocurrencies, with most of his $4.5 billion net worth coming from his stake in Binance Holdings Ltd.

How does Binance work?

Binance is an online cryptocurrency exchange that supports trading in over 600 coins, including popular cryptocurrencies such as Bitcoin, Ethereum, and various stablecoins. It offers a crypto wallet for traders to securely store their assets and provides services for earning interest, transacting, and investment decision-making. 

Binance, primarily recognized for crypto-to-crypto trading, is known for having low transaction fees and high liquidity, offering discounts for users paying with its own Binance Coin (BNB) tokens. It prioritizes safety and security with its multi-tier and multi-clustered architecture, capable of processing 1.4 million orders per second. 

How Binance Became the World’s Biggest Exchange 

Simply put, when it comes to crypto exchanges, Binance is the king. The company has climbed the ranks in a remarkably short space of time, appearing from seemingly nowhere and growing its total users from 1.5 million in 2017 to over 89.5 million by 2022. 

During the bull run of 2021, it hit its 24-hour trading peak at a touch over $76 billion. Of course, highs can only last so long, but despite now being in a long and painful bear market, the platform still manages a very healthy average of $14-20 billion trading volume per day. 

There are various speculations on why Binance become so successful. One major factor is the marketplace’s strategy of expansion. 

On the 2nd of April 2020, Binance completed the purchase of the popular aggregated cryptocurrency data website, CoinMarketCap. The rumored purchase amount was $400 million, although neither side has officially disclosed the exact figure. The deal with CMC was just one of many expansion routes. To date, Binance boasts a complex ecosystem comprising myriad additional subsidiaries such as Binance Labs, Binance Launchpad, Binance Academy, Trust Wallet, and Binance Charity. 

Another reason for its success could be the out-of-box UX of the Binance App. After downloading the mobile application and completing KYC, a user is first presented with Binance Lite – a simplified version of the platform specifically designed for and aimed toward a wider, less tech-savvy audience. From a UI and UX standpoint, Binance is very intuitive to navigate, and its various features are easy to find. 

Money laundering on Binance with Ryuk gang 

Money laundering through Binance by the Ryuk gang has become a major concern and controversy for the exchange. The Ryuk gang, a notorious cybercrime group, infects target networks with malware, encrypts the data, and demands a ransom. They have used Binance to launder their proceeds from these attacks by converting the funds into cryptocurrencies and stablecoins. 

The Ryuk ransomware group is estimated to have earned over $150 million in Bitcoin from ransom payments globally. Today’s report shows that Ryuk has maintained its position as the most profitable ransomware group.

Despite Binance’s efforts to prevent such illicit activities, the challenge of money laundering remains prevalent in the whole crypto industry.

Binance NFT 

How to buy NFT on Binance 

With these simple 4 steps, you can purchase an NFT in your Binance App: 

1. Create Binance Account

To purchase an NFT on Binance, you must have a Binance account. Go to the website or app and sign up for a new account by filling out your personal information. 

Coin-Labs has been granted a fee discount benefit code from Binance in 2021. Therefore, if you sign up for Binance through Coin-Labs, you can participate in the event with discounts on fees and bonuses of up to $500.

2. Top Up Your Account

To purchase an NFT, you need to have funds in your Binance account. Go to the “Deposit” page, select your preferred method of deposit, and add funds. 

3. Browse Available NFTs

Once your account is funded, go to the “NFT” page to browse the available NFTs. 

4. Add NFT to Cart and Checkout

Once you have selected the NFT you want to purchase, add it to your cart. Review your order, then complete the checkout process using the funds in your Binance account.

Make sure to review the terms and conditions of Binance before making an NFT purchase.

How to sell NFT on Binance 

Binance also enables you to sell your NFT: 

1. Log In

To sell an NFT on Binance, you need to have a Binance account and be logged in. 

2. Go to the NFT Sales Page

Once you are logged in, go to the “NFT” page and click on the “Sell” tab. 

3. List NFT

Select the NFT and click “Sell NFT.” Fill out the details of the NFT you want to sell, including the floor price and other relevant information.

4. Complete the Sale

Review your listing and make sure all the information is correct. Once you have confirmed the listing, complete the sale by clicking “Submit” or “List for Sale.”

5. Withdraw Funds

Once your NFT is sold, the funds will be credited to your Binance account. Go to the “Withdraw” page and select your preferred method of withdrawal. 

How to add Binance Smart Chain to Metamask

Here are the steps to add Binance Smart Chain (BSC) to your Metamask wallet:

1. Install Metamask

To add Binance Smart Chain to Metamask, you need to have Metamask installed. Go to the Metamask website and install the browser extension for your preferred browser. If you already have a Metamask account, log in to your account.

2. Go to the Network Menu

In Metamask, click on the network dropdown menu and select “Custom RPC.” This will take you to the “Add Network” page.

3. Add Binance Smart Chain

On the “Add Network” page, fill out the following information:

• Network Name: Binance Smart Chain
• New RPC URL: https://bsc-dataseed.binance.org/
• Chain ID: 56
• Symbol: BNB
• Block Explorer URL: https://bscscan.com/

4. Save Network

Once you have filled out the information, click “Save.” Binance Smart Chain will now appear in the network dropdown menu in your Metamask wallet.

5. Switch to Binance Smart Chain

In the network dropdown menu, select “Binance Smart Chain.” Metamask will now be connected to the Binance Smart Chain network.

How to buy on the Binance app 

1.  Download Binance App and Log In

The easiest way to buy cryptocurrency on Binance is to download the Binance app on your mobile device. Go to the App Store or Google Play Store and download the Binance app. Once you have the Binance app, open it and log in to your Binance account. If you don’t have a Binance account, you will need to create one.

2. Go to the Buy Tab and Select

After logging in, go to the “Buy” tab on the Binance app. This is where you can buy cryptocurrencies, including Bitcoin, Ethereum, and many others. In the Buy tab, select the cryptocurrency you want to buy. You can search for the cryptocurrency by name or symbol.

3. Enter the Amount to Buy

Once you have selected the cryptocurrency, enter the amount you want to buy in either the cryptocurrency or your local currency. The app will calculate the conversion rate and display the total amount in your local currency.

4. Complete the Purchase

Review the details of the purchase, including the price, amount, and any fees. If everything is correct, complete the purchase by clicking “Buy.” Once the purchase is complete, you can view your holdings by going to the “Balances” tab in the Binance app. Your newly purchased cryptocurrency will be listed, along with the current market value, under your holdings.

How to transfer from Binance to Binance US 

1. Log In to Binance Accounts: To transfer from Binance to Binance.US, you must have accounts with both Binance and Binance.US. Log in to both of your accounts.
2. Check for Transfer Eligibility: Before initiating the transfer, make sure that the cryptocurrency you wish to transfer is supported by both platforms. 
3. Initiate Transfer on Binance: On Binance, go to the “Withdraw” tab and select the cryptocurrency you want to transfer. Enter the Binance.US deposit address, which can be found on the Binance.US website.
4. Confirm Transfer on Binance: Review the transfer details, including the amount and the Binance.US deposit address. If everything is correct, confirm the transfer by clicking “Submit.”
5. Monitor the Transfer: You can monitor the status of the transfer in the “History” tab on Binance. The transfer may take a few minutes to several hours, depending on the cryptocurrency and network conditions.
6. Receive the Transfer on Binance.US: Once the transfer is complete, the cryptocurrency will appear in your Binance.US account balance. You can view your transaction history in the “Balances” tab on Binance.US.

How to transfer from Coinbase to Binance

1. Log In to Coinbase and Binance Accounts: To transfer from Coinbase to Binance, you need to have accounts with both Coinbase and Binance. Log in to both of your accounts.
2. Check Transfer Eligibility: Before initiating the transfer, check if the cryptocurrency you want to transfer is supported by both Coinbase and Binance. Ensure that you meet any required KYC/AML regulations and minimum deposit amounts.
3. Obtain Binance Deposit Address: On Binance, go to the “Deposit” tab and select the cryptocurrency you want to transfer. Obtain the deposit address for that cryptocurrency, which will be used as the destination for the transfer from Coinbase.
4. Initiate Transfer on Coinbase: On Coinbase, go to the “Send” tab and select the cryptocurrency you want to transfer. Enter the Binance deposit address as the destination and the amount. Confirm the transfer details and initiate the transfer.

How to transfer from Binance to Coinbase

1. Log In to Coinbase and Binance Accounts: To transfer from Coinbase to Binance, you need to have accounts with both Coinbase and Binance. Log in to both of your accounts.
2. Check Transfer Eligibility: Before initiating the transfer, check if the cryptocurrency you want to transfer is supported by both Coinbase and Binance. Ensure that you meet any required KYC/AML regulations and minimum deposit amounts.
3. Obtain Coinbase Deposit Address: On Coinbase, go to the “Accounts” tab and select the cryptocurrency you want to transfer. Obtain the deposit address for that cryptocurrency, which will be used as the destination for the transfer from Binance.
4. Initiate Transfer on Binance: On Binance, go to the “Withdraw” tab and select the cryptocurrency you want to transfer. Enter the Coinbase deposit address as the destination and the amount. Confirm the transfer details and initiate the transfer.

How to access Binance from US

Accessing Binance from the US can be a challenge due to US regulations. The global platform Binance is unavailable for US users, and attempting to access it will result in a notification saying “Binance is unable to provide services to US users.” 

However, Binance.US is available, but it’s a separate company with limited options and restrictions, offering only 100 cryptocurrencies compared to over 600 on the main version. 

Additionally, its trading fees are sometimes higher. To access Binance from the US, consider using a VPN of your choice that would hide your IP address and make it appear as if you are accessing the site from another country.

How to buy Shiba Inu on Binance 

Binance recently delisted several trading pairs, including the SHIB/GBP pair. This caused some concerns among investors, but the SHIB token is still listed on the exchange and continues to be popular, ranking as the third-most-watched cryptocurrency in 2022 after Ethereum and Bitcoin. The reason behind the delisting of the SHIB/GBP pair is unknown, but it is speculated to be due to low liquidity. 

To buy Shiba, you can follow our step-by-step guide in the previous section or this Binance article.

When will Shiba be on Binance? 

Shiba Inu (SHIB) is still available on the Binance exchange as only one trading pair has been removed. 

How to stake on Binance 

To stake assets on Binance do the following: 

1. Login to your Binance account, and go to [Finance] – [Binance Earn].
2. Scroll down to [Locked Staking] and click [View More].
3. Click [DeFi Staking] to view available staking options with estimated yields, staking duration, minimum locked amount, and staking status.
4. Click [Stake Now] for the desired staking option to see details.
5. Choose between Flexible or Locked staking, adjust the duration and see the estimated annual percentage yield (APY).

“Flexible” allows redeeming staked assets at any time, while “Locked” staking offers higher yields by locking assets for a set time frame. Redeeming before the end of the lock period forfeits interest earned during staking. 

How to close Binance account 

To close a Binance account, follow these simple steps:

1. Login to your Binance account.
2. Go to [Account] – [Account Verification].
3. Scroll down to the bottom of the page and click [Close Account].
4. Verify your identity and provide a reason for closing the account.
5. Confirm the account closure.

Before closing the account, ensure to withdraw any remaining funds and cancel any open orders, because account closure is irreversible once it is closed.

Pros and Cons of Binance 

Pros of Binance 👍

• Large selection of cryptocurrencies: Binance offers an extensive range of cryptocurrencies to trade, including both popular and niche assets.
• Low fees: Binance has competitive trading fees compared to other exchanges and provides discounts for users who use Binance’s native token, BNB, to pay fees.
• Strong security measures: Binance has robust security measures, including multi-tier system architecture, secure wallet solutions, and two-factor authentication.
• Proof of Reserves: after the recent events with FTX, Binance underwent PoR that every customer can now view.

Cons of Binance👎

• Geographical restrictions: Binance is unavailable in some countries, including the United States, due to regulatory restrictions.
• Customer support issues: Binance has a large user base, which often results in long wait times for customer support.
• Potential for downtime: Binance, like any other centralized exchange, is susceptible to downtime during high-traffic periods or system upgrades.