Binance Kenya Review (2023): A Comprehensive Review of the Leading Cryptocurrency Exchange Platform
Get a comprehensive review of Binance, the leading cryptocurrency exchange platform, including information on registration and verification, depositing and purchasing cryptocurrencies, trading options, security measures, customer support, and mobile app features
Binance is a leading cryptocurrency exchange platform that has grown exponentially since its inception in 2017. The name "Binance" is a combination of "binary" and "finance," which reflects the platform's focus on both fiat and digital currencies. Binance was founded by Changpeng Zhao, who raised over $15 million in a successful initial public offering in June of 2017.
In just a few short years, Binance has become the world's largest exchange platform by volume. The platform's homepage is simple yet comprehensive, featuring drop-down menus that lead to a wide range of features, real-time cryptocurrency quotes, and invitations to download the mobile and desktop app. The homepage is displayed in English by default, but it can be easily switched to Kenya with a single click.
Registration and Verification on Binance
Signing up for a Binance account is quick and easy. All you need is an email address and a complex password. Unlike many other platforms, Binance does not require identity verification to start trading. However, unverified accounts have a withdrawal limit of 0.06 BTC per day (previously 2 BTC) and cannot generate an API key as of August 2021.
To fully access all of Binance's features and remove the withdrawal limits, you will need to go through the account verification process, which requires an identity document, phone number, and proof of address that is less than three months old. We recommend enabling two-factor authentication for added security.
Depositing and Purchasing Cryptocurrencies on Binance
There are several ways to deposit and purchase cryptocurrencies on Binance. You can buy directly with a credit card (which requires identity verification and incurs a 1.8% fee), use P2P transactions, or go through third-party services like Banxa or Simplex. Binance no longer offers SEPA transfers due to compliance issues with some regulators, but it does offer instant purchases through Advcash and other methods.
Something new that Binance has introduced is the option for one-click recurring purchases, also known as "dollar-cost averaging." This feature allows users to smooth out the risk associated with short-term volatility by making regular, automatic purchases of cryptocurrencies on the market.
Trading in Binance
Binance offers a wide range of trading options, including spot, margin, and futures trading. The platform also has a large selection of trading pairs, with over 500 cryptocurrencies available to trade. One unique feature of Binance is its "Launchpad" program, which allows users to participate in initial exchange offerings (IEOs) and potentially get in on the ground floor of promising new projects.
Binance's trading interface is user-friendly and customizable, with a variety of charting tools and technical indicators available. The platform also offers a "Tradeview" feature that allows users to view the order book, trading history, and other data in real-time.
Binance's Security Measures
Binance places a strong emphasis on security and has implemented a number of measures to protect its users' assets. These measures include the use of cold wallets, advanced encryption techniques, and regular audits. In addition, Binance has a "Secure Asset Fund for Users" (SAFU) that is dedicated to safeguarding users' funds in the event of a hack or other security incident.
Binance's Customer Support
Binance has a dedicated customer support team that is available to help users with any issues or questions they may have. The platform offers a comprehensive FAQ section as well as a support center where users can submit tickets for specific issues. Binance also has a strong presence on social media and is known for its quick response times.
Binance's Mobile App and Other Features
In addition to its desktop platform, Binance also has a mobile app that is available for both iOS and Android devices. The app has all of the same features as the desktop platform, making it easy for users to trade on the go.
Other notable features of Binance include its loyalty program, which rewards users with discounts on trading fees for each referral they bring to the platform, and its "Binance Academy," which offers a range of educational resources for users interested in learning more about cryptocurrencies and blockchain technology.
In conclusion, Binance is a comprehensive and user-friendly cryptocurrency exchange platform that offers a wide range of features and trading options. Its focus on security, customer support, and innovation make it a top choice for both novice and experienced cryptocurrency traders.
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