Binance: full review of the online cryptocurrency platform

Binance is a popular online cryptocurrency exchange platform that was founded in 2017 by Changpen Zhao, a software developer who had previously worked on numerous blockchain projects. Binance started out as a simple cryptocurrency exchange, but over time has managed to grow into one of the most widespread and reliable platforms in the world.

The platform allows users to buy, sell and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin and many others. Binance also offers a number of advanced features for experienced traders, such as margin trading, futures trading and options trading. The exchange is known for its low commissions, fast order execution, and user-friendly interface.

Binance was created in 2017 by Changpen Zhao, also known as CZ. He was born in China and grew up in Canada. He studied computer science at McGill University in Montreal, then worked at several technology companies, including Bloomberg and Blockchain.info.

CZ entered the cryptocurrency world in 2013, joining Blockchain.info as head of development. He later founded his own company, Fusion Systems, which supplied high-frequency trading systems to financial institutions.

Interested in blockchain technology, CZ decided to create his own cryptocurrency exchange platform. He founded Binance in 2017 and quickly gained a reputation as a visionary entrepreneur and supporter of the cryptocurrency industry.

• Spot trading is the simplest type of trading offered by Binance. It involves buying and selling cryptocurrencies at the spot (current at the time of the transaction) price.
• Margin trading - a more advanced type of trading, which allows traders to borrow funds from the exchange to increase the volume of transactions. 
• Futures trading - allows traders to buy and sell futures contracts on various cryptocurrencies, allowing them to profit from market price movements.
• Options trading is a type of derivative trading that allows traders to speculate on the price of cryptocurrencies without actually owning them.

• The Binance Academy is an educational platform that offers free materials on blockchain, cryptocurrencies, and trading.
• Binance Launchpad is a platform that allows blockchain projects to launch their own ICOs and raise funds from the Binance community. It has helped many innovative projects raise the funds needed to bring their ideas to life.
• Binance Charity is a nonprofit organization that uses blockchain technology to fund social projects. It has helped launch several initiatives to help those in need, including the COVID-19 relief campaign and a project to provide clean water to poor countries.
• The Binance Visa Card is a card that allows users to spend their cryptocurrencies anywhere Visa is accepted. It allows users to easily convert their cryptocurrency holdings into fiat currency and use it for everyday payments.
• Binance NFT is a non-fungible token (NFT) marketplace launched by Binance. You can learn more about what NFTs are here. Binance NFT offers a wide variety of NFTs including artwork, collectibles, gaming items, and more. Binance NFT utilizes the Binance Smart Chain blockchain to provide secure and transparent transactions. Users can buy, sell and trade NFTs on Binance NFT using BNB, Binance token, ETH, BTC and other assets.

• A huge number of cryptocurrencies for trading, in the range almost all known and demanded by investors with the exception of the newest and questionable. 
• Binance charges some of the lowest commissions in the industry, with a standard fee of 0.1% per transaction. Users who own a Binance BNB token can get additional discounts on commissions.
• One of the highest trading volumes in the industry, which means users can easily buy and sell cryptocurrencies at competitive prices.
• Advanced security measures - two-factor authentication, cold storage.

• Current market capitalization is $6.46 billion;
• Revenue in 2022 is $12 billion;
• The collateralization of the exchange's liabilities with reserves - 101%;
• Market share - 54%
• 128 million users.

Binance's official website is www.binance.com. It is available in many languages and offers a full set of features and tools for cryptocurrency trading, including charts, price alerts, and news updates. Users can access their account information, deposit and withdraw funds, and contact support through the website.

In addition to the website, Binance offers a mobile app for iOS and Android. The mobile app provides users with all the same features and tools as the website, including the ability to buy, sell, and trade cryptocurrencies. In addition, the app supports features such as fingerprint and facial recognition for added security.

Binance Ukraine is the Ukrainian version of the Binance cryptocurrency exchange. It offers Ukrainian users access to a wide range of cryptocurrency products and services:

• Cryptocurrency trading: Binance Ukraine offers a wide range of cryptocurrency pairs for trading, including BTC/USDT, ETH/USDT, BNB/USDT, etc.
• Deposits and Withdrawals: Binance Ukraine supports a wide range of deposit and withdrawal methods, including bank transfers, cards, e-wallets, and P2P trading.
• Margin Trading: Binance Ukraine offers financing services such as margin trading and futures.
• Payment: Binance Ukraine allows you to use cryptocurrencies to pay for goods and services with a Binance Card.
• Academy: Binance Ukraine offers educational resources for beginners and experienced traders.

Binance Ukraine also offers a number of additional features designed for Ukrainian users. For example, the exchange offers support for the Ukrainian language and the hryvnia as fiat currency.

Binance offers a huge selection of cryptocurrencies that users can buy and sell on the platform. As of April 2023, Binance has more than 1,000 registered cryptocurrencies, including major coins such as Bitcoin, Ethereum, Binance Coin and Ripple, as well as many lesser-known altcoins.

Binance is known as a universal cryptocurrency exchange, offering a wide range of coins in various categories, including Stablecoins, DeFi tokens, NFT and more.

Binance has established itself as one of the most reliable and secure cryptocurrency exchanges in the industry. The platform has implemented advanced security measures to protect users' funds and data, including two-factor authentication, SSL encryption and phishing protection.

Binance is regulated in several jurisdictions, including the United States, Europe and Asia. The company has received various licenses and certifications, including a license to use virtual currencies from the New York State Department of Financial Services. 

To start trading on Binance, users must create an account and pass required KYC ("Know Your Customer") and AML ("Anti-Money Laundering") verification procedures. Once an account is created and verified, users can deposit funds into their account using a variety of payment methods, including bank transfers, credit cards and cryptocurrencies.

After depositing funds, users get access to the trading platform and can place buy or sell orders according to the chosen trading strategy.

Binance also offers advanced trading features, including margin trading and futures trading, which allows you to trade with leverage and take advantage of market volatility.

Spot trading on Binance is the process of buying and selling cryptocurrencies on the local spot market, where users can exchange one cryptocurrency for another at the current market price.

After depositing funds into an account, a user accesses the trading platform and places buy or sell orders according to their trading strategy. Binance offers a number of order types, including market, limit, and stop-limit orders, allowing you to customize your trades to meet your specific needs.

Margin and futures trading are two advanced trading options offered by Binance that allow users to trade with leverage and take advantage of market volatility.

• Margin trading allows you to borrow funds to trade cryptocurrencies using leverage, which helps increase potential profits but also comes with increased risk. To use margin trading, users must first activate the feature in their account and pledge in. They can then borrow funds and use them to make leveraged trades.
• Futures trading allows the trading of cryptocurrency futures contracts, which are agreements to buy or sell a particular asset at a predetermined price at a future date. Futures trading also involves the use of leverage, and users can choose different futures contracts with different expiration dates and different methods of settlement.

• For spot trading, Binance charges a 0.1% commission on each transaction for both buyer and seller. However, users can get discounts on trading fees if they use Binance's native cryptocurrency, BNB.
• Margin trading on Binance is also subject to a 0.1% fee, but users are charged an interest rate on any funds borrowed for trading.
• When trading futures on Binance, users are charged a commission of 0.02% to 0.04% depending on the type of contract and trading volume. 

Commissions also depend on the level of the user:

Binance offers a wide range of cryptocurrencies to trade on its platform. Among them are such popular cryptocurrencies as Bitcoin, Ethereum and Binance's own cryptocurrency - BNB, as well as many altcoins and lesser-known cryptocurrencies.

The most popular trading pairs:

• BTC - USD.
• ETH - USD.
• DOT - USD.
• XRP - USD.
• SHIB - USD.
• USDT - USD.
• BUSD - USD.
• BNB - USD.

A market order is the main type of order on Binance. When a market order is placed, it is executed at the current market price.

A market buy order is executed at the best available sell price, although this can sometimes lead to slippage.

A limit order is an order to buy or sell a cryptocurrency at a specific price. When the market reaches the specified price, the order will be executed.

Limit orders help traders avoid slippage because they can set a specific price they are willing to pay for the cryptocurrency.

A stop-loss order is a type of order that allows traders to limit their potential losses by automatically selling a cryptocurrency at a specific price. When the market reaches the specified stop price, the order becomes marketable and is executed at the best price available. Stop-loss orders are useful for traders who want to limit their potential losses if the market moves in their favor.

With steaking, users can earn rewards by locking their cryptocurrencies for a certain period of time.

The list is constantly updated, some of the most profitable offers from last year:

Binance Earn is a suite of products that allow users to earn passive income from their cryptocurrency assets. Binance Earn offers a wide range of products:
Simple Earn is a quick investment with flexible terms and conditions. Users have access to hundreds of tokens and the estimated returns range from 0.06% to 23.00% depending on the type of coin.

Here the user can choose to invest with flexible or fixed terms. Flexible terms allow the investor to withdraw his funds together with earnings at any convenient moment, while fixed terms offer greater profits, but the user's tokens are locked for a certain period chosen by him.

In addition, there is also "Auto Subscription": this is a feature that allows users to automatically place their cryptocurrency assets into Binance Earn products when they mature. This can be convenient for users who want to earn passive income from their assets without having to manually place them into Binance Earn products every time.

Bi-currency investing on Binance is a product that allows users to buy or sell cryptocurrency at a selected price at a specified date in the future.

Such investments give you the opportunity to buy cryptocurrency at a lower price and sell it at a higher price. This guarantees you high rewards and passive income regardless of the market direction. The user can choose where to invest from the large selection of crypto assets available.

There are two types of products: "Buy Cheap" and "Sell Expensive". The first option allows you to purchase cryptocurrency (e.g. BTC) with stablecoins at a lower price in the future. If the price is reached, you receive the cryptocurrency, while you are left with your stablecoins if the price is not reached.

The second option gives you the opportunity to sell your cryptocurrency (e.g. BTC for USDT) at a higher price in the future. If the goal is reached, your cryptocurrency will be sold, otherwise it will stay with you. In both cases, you will receive rewards for holding the cryptocurrency, which are converted into stablecoins when the target price is reached.

In addition, the user will receive rewards in steiblcoins, which corresponds to the percentage promised when subscribing.

On Binance Earn, it is also possible to participate in liquidity farming and swap farming.

Liquidity farming and swap farming are two similar products on Binance Earn that allow users to earn rewards for providing liquidity to decentralized exchanges (DEXs).

In liquidity farming, users provide two tokens to a liquidity pool. These tokens are used to enable users to exchange between the two tokens on the DEX. In exchange for providing liquidity, users are rewarded in the form of new tokens that are created by DEX.

In swap-farming, users provide one token to the liquidity pool. This token is used to enable users to swap between two tokens on DEX. In exchange for providing liquidity, users are rewarded in the form of a new token that is created by DEX.

The main difference between liquidity farming and swap farming is that in liquidity farming, users provide two tokens, while in swap farming, users provide one token.

Binance Coin (BNB) is a cryptocurrency created by Binance, which is used as its own token.

Binance launched BNB in 2017 as an ERC-20 token on the Ethereum blockchain.

In 2019, however, it switched to its own blockchain, Binance Chain, and moved BNB into its own network as a mainnet coin. And in February 2020, BNB was migrated to BSC (Binance Smart Chain). This happened as part of the BSC 1.0 update. BSC is a customizable blockchain created by Binance to support decentralized applications (DApps).
BNB has several applications on the exchange: 

• Paying commissions on Binance: Binance users can use BNB to pay commissions on the exchange. The fees for using BNB are lower than the fees for using fiat currencies or other cryptocurrencies.
• Participate in Binance Launchpad: Binance Launchpad is a platform for launching new projects on BSC. Users can use BNB to purchase tokens for new projects that are being listed on Binance.

Binance Feed is a platform that provides users with access to a variety of content on cryptocurrencies and Web3.Binance Feed features news, articles, analysis, interviews and other content from leading experts, Web3 projects and cryptocurrency media sources.

In fact, Binance Feed is a kind of Twitter-like social network designed specifically for cryptans. Here the user can subscribe to official Binance accounts (Binance Academy, Binance News, Binance Announcements and Binance Blog) to keep up with the latest news. In addition, each user can also foul other authors from the Web3 world on this platform, and of course, it is possible to share interesting facts with others. Users can edit their profile on Binance Feed, just like on other social networks.

Not so long ago, the exchange introduced a new function - copytrading. Copytrading is a feature that allows users to automatically copy trades of other traders. With the help of this feature, users can "choose" their trader to copy.The peculiarity of copytrading is that the trader who is copied also earns from it: 10% of earnings from successful trades of subscribers go to him.

In order to choose a trader to copy, you need to go to your Binance Futures account and find the copy trading tab there. After that, you will see a list of portfolios offered for copying. There is a test copying function (it is necessary to make sure that the trader is successful).

Each user can study portfolios in detail: see the trader's PnL, as well as his ROI for 7, 30 and 90 days. In addition, you can chat directly with this person and see the PnL of copy traders.

Binance offers a wide range of bonuses and promotions for its users. To get acquainted with the list of "pluses" you should go to the "Bonus Center" section.
After registering on the exchange, each user can get a welcome bonus of $100. This amount is divided into three parts:

• A $5 coupon that you get when you make a deposit of $50 or more in fiat currency.
• A $50 cashback voucher for depositing cryptocurrency in an amount equivalent to the face value of the voucher.
• A $45 voucher for making a transaction of $100 or more on the spot market.

In addition, the exchange gives you the opportunity to get a $20 voucher for rebate trading commission if you pass KYC verification (you can learn more about what KYC is here).

The exchange also offers the opportunity to earn points and later exchange them for vouchers. Binance points are additional bonus points included in the Binance loyalty program. They can be earned by completing various tasks, participating in campaigns, playing games or performing other activities in the "Bonus Center". These points allow users to receive additional privileges. In the rewards store, users can spend their accumulated points on a variety of rewards, including Binance vouchers, gift cards, game items, and even the opportunity to make a charitable donation.

The referral program on the Binance exchange allows users to receive 20% of the trading commission brought by their referrals. That is, a person who has referred other users will receive a profit every time his invitee trades.This applies to all trades that the invited user makes on any of Binance's spot (margin) or futures markets. In addition, the user can provide a discount on trading commissions to their referrals if they sign up through their referral link (typically a 10% discount on commissions).

Binance Affiliates is a program for Binance affiliates. Its main goal is to attract new users. All members of this program receive a Binance verification badge and can enjoy the additional benefits it provides. In order to be included in this list, an affiliate must bring in a certain number of users each month.

In addition, partners have the opportunity to receive additional funds (up to 4000 USDT) if they attract more new referrals, and they in turn will exceed the volume of monthly trades specified in the previous table.

Overall, Binance offers a full range of cryptocurrency services for both investors and traders. Additionally, the company is engaged in research activities.
Binance Research is a division of Binance that conducts in-depth analysis and research on blockchain projects and the cryptocurrency market. It regularly prepares reports on various topics in the industry to help investors and traders make more informed decisions.

WhiteBIT is a cryptocurrency platform founded in 2018 and headquartered in Estonia. 

One of the main differences between WhiteBIT and Binance is their geographic focus. While Binance is a global platform serving users from all over the world, WhiteBIT has a more limited focus on serving customers in Europe.

In terms of trading options, WhiteBIT offers spot and margin trading, as well as a number of trading tools and indicators. In fact, WhiteBit is a full-fledged competitor to Binance, as it offers a full set of trading tools and features. Therefore, when choosing, many traders are guided by the details that are relevant to them and not to a wide range of users. For example, a European may prefer WhiteBit because it is a European exchange, and an American - Binance, because it is more global.

Binance exchange is one of the largest cryptocurrency exchanges in the world. It has been functioning since 2017, and during this time it was able to prove its reliability and safety. The platform presents a large number of financial instruments, thanks to which each user can earn money on what he is interested in. However, the exchange is quite expensive in terms of commissions (and the greater the amount earned, the greater the commission, respectively, sometimes these percentages can bite hard), unlike, for example, WhiteBIT.
In addition, the platform is also the most regulated: without KYC, the user will not be able to use almost any function (except for input, of course, but the output will be unavailable). If somehow you received cryptocurrency on your wallet, some of which was seen in suspicious activities, the probability that you will get a ban from the exchange without the possibility of recovery is extremely high.

However, despite all the actions that are applied to users to work "in the white", the exchange is not as transparent as, for example, Coinbase. Partly for this reason, the SEC sued the crypto platform and ex-CEO Changpeng Zhao (CZ) in 2023, bringing 13 charges against the exchange. A little later, the exchange pleaded guilty to violating sanctions and anti-money laundering laws and agreed to a $4.3 billion fine. At the same time, CZ resigned as CEO of the company, also pleading guilty to violating the Bank Secrecy Act. Zhao is now free as he has paid a $50 million fine as well as a $175 million bail. However, despite this, legal institutions have long been unable to determine whether Zhao is allowed to leave the U.S. for fear that he may not be able to return. This has prompted speculation that the sentence is already known before the hearing, which is scheduled for April this year.... Zhao faces up to a year and a half in prison. Interestingly, the SBF accused CZ of "beginning the end" of its FTX platform exactly a year before the proceedings with CZ and it was then that Zhao tried to "promote" his platform as "the best place for new projects and users" and a year later CZ itself found itself in the spotlight from the regulator.

Against the backdrop of all these events, the native token of the BNB cryptocurrency exchange is also under pressure, although it is currently rising with the market: in November 2023, after the platform and CZ pleaded guilty, the value of the token fell by more than 15%. What will happen to it after the verdict? How will the exchange's users react, given that distrust of the exchange is growing every year and Binance's market share is already falling? The denouement is imminent.