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Hear From The Binance Product Team: Answering Your Top Questions

2022-07-27

Every goal we achieve at Binance starts with the community. We listen, understand, and implement feedback from our users. To create more direct lines with the community, we recently launched the Binance Team AMA series, starting with Binance Product and Design Head Mayur Kamat. Now, you can ask all your top questions and hear the answers directly from our team members.

Join the discussion in our global Telegram community today, and let us know which AMA we should do next! If you weren't there for the AMA with our product team, we've gathered all the questions and responses posted below.

A Recap of The Product Team's AMA

What makes Binance different? Why should I choose it over other platforms?

Binance is the world's largest crypto exchange by trading volume. We provide some of the lowest fees. But, most importantly, we are committed to protecting users with strict protocols and cutting-edge technological solutions.

So far, we've built an incredibly robust KYC system compliant in over 200 jurisdictions and backed by industry-leading partners. We also have a Secure Asset Fund for Users (SAFU), an emergency fund designed to protect our customers. Today, the SAFU holds some $1 billion in funds.

How do you keep transactions and personal data safe on Binance?

From day one, user protection has been our top priority. We safeguard the majority of user funds in offline cold storage facilities while our risk management system analyzes every withdrawal attempt in real-time. We protect all personal user data with advanced data encryption. 

In short, we do everything to keep Binance users and their funds SAFU.

What is the product focus in the current market?

To empower our customers by prioritizing education and user experience. 

This includes building more intuitive interfaces, simplifying the trading process, and helping our community navigate the digital asset space in the safest way possible.

What product or service do you recommend to users?

We strongly encourage our users to do their own research (DYOR), so they can decide which product/service best suits their individual needs. We also urge users to trade wisely (don't fall for FOMO or FUD) and always be aware of the risks associated with digital assets.

What are the recent critical product releases?

We've made the login process even more secure by introducing two-factor authentication (2FA) via hardware security keys on both the Binance app and website. On top of that, we've optimized the sign-up flow and implemented passwordless login.

What are some cool upcoming products? Can you give us a sneak peek?

As a part of our continuous push to protect the Binance community and ecosystem, we're upping efforts to create a more user-friendly KYC flow that complies with local regulations. 

Another product we're planning on releasing soon is related to helping users file their taxes. So keep your eyes on our announcements page!

I'm new to crypto and would like to learn more. What resources do you recommend?

Binance Academy is a great place for beginners to learn more about topics related to blockchain, crypto, security in the digital asset space, and much more. 

If you want to stay up to date with the crypto space, our Binance Blog covers the industry's hottest trends, fun lifestyle-centric topics, and the latest news around Binance.

I'm interested in working for Binance. What are the openings?

Great! We're always looking to expand the ever-growing Binance family with top talent passionate about Web3. Check out our careers page for a wide range of available openings.

I have some feedback for the Binance app/website. How can I reach out?

If you've noticed any issues, please contact our customer support, and we'll look into them closely. Alternatively, if you have any other suggestions for the Binance app or website, you can reach out to us via our social media channels on Twitter, Telegram, etc.

How can users trade cryptocurrency on Binance?

There are various ways to trade crypto on Binance, from beginner-friendly spot trading to margin and futures trading, which requires more extensive knowledge.

However, don't forget to do your own research (DYOR) and make sure you understand the risks involved before you trade.

How can users learn to trade responsibly?

Trading responsibly is about having complete control over your trading behavior and ensuring that you are prepared to face all possible outcomes of your decisions. It also means not risking more money than you can afford to lose.

Here are my three tips to help you be a more responsible trader:

  1. Self-discipline: Exercising self-discipline and knowing when to stop is vital to avoiding unhealthy habits, such as compulsive trading, that could lead to negative consequences.

  2. Educate yourself: Trading is complicated — there are no shortcuts. Users must educate themselves so that they can make well-informed decisions.

  3. Protect your capital: Risk management is a core concept every trader should know. Doing everything possible to minimize risks is the best way to avoid preventable losses and maximize opportunity.

What are some advanced trading features?

  1. Cooling-Off Period: The Cooling-Off Period allows users to temporarily stop margin or futures trading activities for a specified period. Users can also use the feature to limit their trading activities, especially when they feel pressured by losses.

  2. Strategy Trading: The Strategy Trading page provides a comprehensive display of Spot, Futures, and Grid Trading strategies, along with their performance and popularity with other users. Traders can also replicate the parameters of the most popular strategies.

  3. Order History on chart: Users can now see their recently executed orders on the price chart. They can use this feature to review their trading history, share it with friends, and even work to improve their trading skills by learning from experience. This feature is available on the Binance app, web, and desktop clients.

  4. Multiple Charts layout: Binance users can monitor up to six price charts on the same page via the Multiple Charts layout. This feature is available on our web and desktop client.

  5. Customized Indicator: This advanced feature allows users to build and display self-defined indicators on their charts. Currently, the customized indicator feature requires basic coding knowledge and is only available on the Binance desktop client.

Are you planning to add more products to Binance Earn?

Yes, the team is always looking to add new assets every month. We now have 268 assets on Binance Earn.

How do I join the Binance Angel Program?

Please go to this page for the Binance Angel application.

What are your Web3 mass adoption plans?

Keep building! More use cases = more users = more adoption. Binance Pay and Card are important products that will solve many real-world Web3 use cases. Plus, NFTs are getting pretty innovative as well.

Stay Tuned For Our Next AMA

If you missed out on this AMA, follow us on Twitter and join our Telegram community to stay up-to-date with future Binance community events. You can also read a summary of our recent Reddit AMA with Binance CEO and cofounder CZ.

Updated on March 28, 2023.