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Why is Binance the top cryptocurrency exchange in the Philippines?

2021-03-29

Binance is among the world's leading platforms in trading that supports more than 200 coins for withdrawals and deposits. As a crypto trading platform, Binance provides highly competitive rates that can be the cheapest and most comfortable for any seasoned trader or beginner who wants to get into crypto trading. Since the platform accepts people worldwide to use it, it could get tons of great reviews on crypto trading. The exchange also recently became partners with third-party businesses like Simplex so that people can buy cryptocurrencies through wire transfer and credit cards at a premium. People in the United States can now trade through Binance-US as it is compatible with American trade regulations. 

An Overview on Binance

Binance is a cryptocurrency exchange based in Hong Kong that developer CZ or Changpeng Zhao launched last July 2017. The company of Zhao, Beijie Technology, was the one that created the exchange when it had a successful ICO that was able to raise $15 million. In return for their investment in the ICO, the investors receive BNB (Binance Coin) that they can use to pay for Binance fees or trade cryptocurrencies. Initially, the value of Binance was around $0.1. When it became more and more famous, the price of the coin got appreciated. Zhao and Beijie Technology were able to maintain an awe-inspiring track record in the industry. Included in Zhao's CV are high-profile positions like being Blockchain.com's technical director. His company is now responsible for providing trading systems for more than thirty platforms. Since they initially struggled with how the Chinese government viewed cryptocurrencies, Binance now has its servers run from highly lenient countries allowing it to become free to run a highly competitive exchange service. Because of the Chinese government's decisions, they had their IPs moved from Hong Kong to different locations. The company got registered in various places where people are operating it. Through this, the business will not get affected by a sole regulatory body. Since then, the trading exchange has experienced astounding success as it is now sitting in the top ten when it comes to trading volumes.

Binance Services: Binance Exchange

Binance has an exchange that allows people to have their fiat exchanged for coins like Bitcoin. Binance's P2P trading enables people to buy crypto through several ways:

Peer-to-Peer Trading Services

It has a great feature that provides a P2P (peer-to-peer) trading service as it directly connects the sellers and buyers of cryptocurrency. These fiat payments get facilitated with a wide variety of payment options that could depend on what the users prefer.

Debit or Credit Card

Binance was able to partner with Simplex so it can supply brokerage service through debit and credit cards. This service allows anyone to use their credit card to buy 31 different cryptocurrencies. Yet, when it comes to USD purchases, the service comes with a premium that can be as high as 3.5% for dollar purchases.

Wire Transfer of Money or SEPA

The integration of Binance with additional third-party providers lets users buy crypto with fiat directly through SEPA and direct bank transfer. Since there are no transaction fees with SEPA and wire deposits, this option can be desirable for many people. Yet, despite the availability of this payment method for specific fiat options like euros, CAD, and AUD, you may not be able to use it for US Dollar deposits. Lastly, you can have the Brave browser integrated with the Binance widget. Since it focuses on privacy, it allows people to buy and trade crypto using Binance. They can even use it to check out and manage their crypto portfolio.

Cryptocurrency Trading's Best Platform: Binance

Trading on Binance can be relatively easy as it is user-friendly and comes with an impressive array of cryptocurrencies that people can use for trading. It is in conjunction with the Bitcoin, Tether, BNB, XRP, and Ether trading pairs. Binance's fiat markets also have crypto and fiat pairs available. Here, people are allowed to choose from various interfaces such as "basic," classic," and "advanced" when it comes to trading in the order book style. Included here are options in margin trading, OTC, and peer-to-peer trading.

Margin Trading

Available for chosen trading pairs is margin trading. It lets users trade with a maximum of 10x leverage on specific coins. Users can select from the cross margin that lets your whole margin account balance be at risk. They can also choose from an isolated margin that allows potential losses to become restricted to one trading pair. Also offered by Binance is leveraged futures trading.

Spot Trading

In spot trading, people can choose from three interfaces that could depend on their level of experience. It has a classic interface that provides a quick view of the trading pairs and market. Because of that, it can be relatively easy to switch pairs. Because of the advanced view, users have access to highly advanced tools in charting. It may be difficult for people new to trading to see the difference between those two views as both appear highly complex. Less experienced traders can choose the primary option in quick trade as it lets them convert the coins at the market rate without the user of order books or charts.

Binance Trading Platform's Derivatives and Futures

Launched last 2019 was Binance Futures that lets traders speculate on the price of Bitcoin instead of buying and selling them. It includes Bitcoins and a wide array of famous altcoins for Ripple, Litecoin, Bitcoin Cash, and Ethereum. Leveraged trading of a maximum of 125x is what this platform allows so that traders could have their losses and profits multiplied by 125 or more than any significant platform. The balances in Binance Futures are held separately from the regular trading accounts of the users. It needs to get funded with USDT or Tether as collateral. It can be possible for every loss and profit to become realized in USDT. Binance Futures has a user interface that appears almost the same as the spot trading interface of Binance aside from some additional functions for viewing open positions and controlling leverage. Binance Futures has fees that are quite different compared to their spot markets as it has 0.04% of maximum trading fees on any trade. For "maker" trades and users with large volumes of trading every month, costs can be lower, which can add liquidity before the order book's execution. Futures can get offered by Binance, and they can have this collateralized through the use of altcoins or Bitcoins, which are under a different tab called "Coin Futures." Lastly, derivatives referred to as "Leveraged Tokens" is what Binance offers to provide DOWN and UP contracts for betting on specific cryptocurrencies' prices. These give the buyers leveraged exposure to cryptocurrencies without being at the risk of getting liquidated.

Binance Trading Platform and Binance Financing 

The newest addition to the services of Binance is the financing option:

Staking 

Staking service by Binance lets the users earn the returns from DeFi or decentralized finance coins that are proof-of-stake. Here, technical knowledge is not needed to stake the coins. It is somewhat the same as savings accounts as the staking service has available locked and flexible options.

Savings 

Because of Binance Savings, users with "locked" or "flexible" accounts are allowed to make a return when it comes to idle funds. Locked savings accounts on fixed-term deposits have higher interest than flexible savings accounts that yield variable rates in interest.

Crypto Loans

Binance users are offered loans in the form of USDT and BUSD with ETH or BTC as collateral. Because of this, people can quickly get their hands on stable coins as they maintain exposure to their cryptocurrency holdings and avoid the selling of crypto, which can be taxable. 

Binance Smart Pool 

The Smart Pool of Binance lets miners contribute to a bigger mining group that allows rewards to split. Automatically redirected to the most profitable cryptocurrency is hash power, which provides people with hands-free optimization.

Binance Visa Card 

Binance has a Visa Card that lets people have their cryptocurrency holdings spent in places that only accept fiat currency through debit or credit card. You can have your crypto holdings converted to fiat behind the scenes whenever you buy with zero fees so that you won't be required to have fiat held on-hand.

Binance Liquid Swap

The AMM (automated market-maker) platform, Binance Liquid Swap, is just like Uniswap. Here, users can have coins traded with less slippage that allows liquidity in exchange for a share of the fees. Since Liquid Swap is centralized, Uniswap and Binance's Liquid Swap are mainly different.

Payment Methods and Cryptocurrencies

Right now, there are more than 4 thousand cryptocurrencies available for withdrawals, trading, and deposit on the exchange. This includes the major altcoins like:

  • Ethereum (ETH) 

  • Stellar Lumens (XLM) 

  • Bitcoin (BTC) 

  • Ripple (XRP) 

  • Litecoin (LTC) 

  • TrueUSD (TUSD) 

  • Bitcoin Cash (BCH) 

  • Tether (USDT) 

  • Binance Coin (BNB) 

  • Chainlink (LINK) 

  • TRON (TRX) 

  • Basic Attention Token (BAT) 

  • Binance USD (BUSD) 

  • Nano (NANO) 

  • Dash (DASH) 

  • Cosmos (ATOM) 

  • EOS (EOS) 

  • Paxos Standard (PAX) 

It can be possible to have crypto traded for other crypto or fiat on trading platforms or use the following payment methods to buy them directly:

  • Bank Transfers

  • Debit or Credit card 

  • SEPA 

Binance Fees 

In terms of competition, Binance has a fee structure that is cutting edge. They have team members that had their knives sharpened to slice any opposition. It can be quite enticing for any trader who doesn't need fiat liquidation immediately to get into it as it comes with a 0.1% flat rate. Traders using the futures trading platform of Binance enjoy minimal fees as it starts at 0.04% for takers and 0.02% for makers. It allows every other significant exchange to get undercut as some charges more than 0.2%. This difference can be quite sizeable, primarily whenever you work on large orders. The native token of Binance, BNB, provides an added discount in trading of up to 50% whenever you work with the coin. As expected, deposits are free as the sender is the one that always pays them. It can be possible to have withdrawal fees applied even if they generally get correlated with the blockchain's transaction fees. For people to get a fair price, the withdrawal fee gets updated regularly.

Binance Limits

Binance has a straightforward limit structure as it only has withdrawal limits. A maximum of 2 BTC is what level 1 verified accounts can withdraw every 24 hours. 100 BTC is what level 2 verified accounts can draw for the same period. To get verified, you need to fill out the necessary KYC or Know Your Customer form and provide proof of identity and other documents.

Supported Countries 

Since Binance doesn't mention the countries that its exchange supports, it can be available worldwide. American customers can use Binance US after Binance could have its leading service withdrawn from the country. Since it didn't mention any exceptions for American citizens, Binance is now on the US Department of Financial Services' radar. It has the potential to violate the virtual currency regulations of New York.

Customer Reviews and Support

Since Binance provides excellent service, a lot of traders are interested in it. With its developers' proven track record, responsive exchange, and minimal fees, it is generally considered to be comprehensively successful despite its short lie. The website comes with an email contact form where you can send support inquiries. However, similar to any significant trading exchange, you may need to wait to get a response because of the sheer growth in its demand. You may have a chat with its customer service bot, but answers are mostly automated, and some of them are even in Chinese. Yet, since the website is entirely multilingual, anyone can converse with it in any 15 supported languages making it a tremendous global cryptocurrency exchange.

Binance In Comparison to Other Exchanges 

Exchange

Fees

Supported Countries

Binance 

Fees: 0.1%

Worldwide

Coinbase Pro 

Fees: 0.25% 

100+ 

Bittrex 

Fees: 0.25% 

Worldwide

Kraken

Fees: 0.16-0.26% 

Worldwide

Bitfinex

Fees: 0.1-0.2%

Non-US only

Conclusion: Is it Safe to Use Binance? 

When we pull everything together and look at Binance objectively, the pros far outweigh the cons. It is more than can be said for some other competitors. The exchange's low fees combined with the team's proven knowledge of building a trading platform is enough to make it a significant player. It's no wonder that success followed the service during its opening months. Add to this the ability to offer a truly worldwide service away from the Chinese government's grip, and there's not much to stop Beiji Technology. Relatively limited fiat support is a bit frustrating, but it's understandable in most circumstances. Binance is continuously adding more options, with EUR and GBP trading pairs already available.

Get into the Top Cryptocurrency Exchange in the Philippines: Binance

The prominent cryptocurrency exchange in terms of users and trading volume is Binance. It announced a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency.

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Integrating this will enable the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet without an added cost.

Because of the platform's zero transaction fees, it offers an escrow service. It aims to ensure that all of the cryptos will go to the users' wallets. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance's P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Start learning about Binance P2P trading by trading through Binance now