{"id":8364,"date":"2022-08-29T00:15:00","date_gmt":"2022-08-29T08:15:00","guid":{"rendered":"https:\/\/www.cultofmoney.com\/?p=8364"},"modified":"2022-08-28T19:12:41","modified_gmt":"2022-08-29T03:12:41","slug":"nftfi-review","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/nftfi-review\/","title":{"rendered":"NFTfi Review | Borrow And Lend On Your NFTs"},"content":{"rendered":"<p><span><img decoding=\"async\" alt=\"NFTfi Review\" data-id=\"8369\" data-init-width=\"1200\" data-init-height=\"628\" title=\"CoM_1200x628_NFTfi_Review\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2022\/08\/CoM_1200x628_NFTfi_Review.jpg\" data-width=\"360\" data-height=\"188\" data-link-wrap=\"true\" style=\"\" width=\"360\" height=\"188\"><\/span><\/p>\n<p>NFTfi is a protocol that aims to unlock the liquidity for non fungible tokens.<\/p>\n<p>It is a simple peer-to-peer (p2p) marketplace for collateralized NFT loans. It basically allows borrowers to put up their collectibles, art, or any approved NFT (ERC-721) for a loan and lenders to make offers to lend in return for interest.<\/p>\n<p>They are the one of the early pioneers in the space since 2020. Let&#8217;s dive in and learn more about NFTfi.<\/p>\n<p><span><img decoding=\"async\" alt=\"NFTfi logo\" data-id=\"8376\" data-init-width=\"1500\" data-init-height=\"1500\" title=\"NFTfi\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2022\/08\/NFTfi.jpeg\" data-width=\"175\" data-height=\"175\" data-link-wrap=\"true\" style=\"\" mt-d=\"0\" loading=\"lazy\" width=\"175\" height=\"175\"><\/span><\/p>\n<p><strong>Quick Summary<\/strong><\/p>\n<ul>\n<li><span style=\"\">One of the earliest P2P NFT lending platforms<\/span><\/li>\n<li><span>Receive wETH or DAI<\/span><\/li>\n<li><span>Become a lender an earn interest<\/span><\/li>\n<\/ul>\n<table data-rows=\"6\" data-cols=\"2\" style=\"--tve-border-width:1px;\">\n<thead>\n<tr>\n<th rowspan=\"1\" colspan=\"2\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Binance Details<\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Product Name<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Binance.com and Binance.us<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Product Type<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Cryptocurrency Exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Supported Coins<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">500+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Interest Rates<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">0.10% Maker And Taker Fee<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Promotions<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">Earn up to $100 in rewards<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"t-1639670297037\">Pros &amp; Cons<\/h2>\n<p style=\"text-align: center;\"><strong>Pros<\/strong><\/p>\n<ul>\n<li><span style=\"\">Support for over 500 cryptocurrencies<\/span><\/li>\n<li><span>Low trading fees, withdrawal fees, and no deposit fees<\/span><\/li>\n<li><span>Multiple ways to earn rewards with your crypto<\/span><\/li>\n<li><span>High liquidity<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Cons<\/strong><\/p>\n<ul>\n<li><span style=\"\">Number of Binance.com features can be overwhelming for beginners<\/span><\/li>\n<li><span>U.S. users must use Binance.us which isn\u2019t nearly as comprehensive as Binance.com<\/span><\/li>\n<\/ul>\n<h2 id=\"t-1639670297038\">Who Is Binance?<\/h2>\n<p>Binance is a global cryptocurrency exchange that began in 2017. <a href=\"https:\/\/coinmarketcap.com\/rankings\/exchanges\/\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener\">Currently<\/a>, Binance is the largest <a href=\"https:\/\/www.cultofmoney.com\/best-cryptocurrency-exchanges\/\" style=\"outline: none;\">cryptocurrency exchange<\/a> in the world in terms of 24 hour trading volume, surpassing the likes of <a href=\"https:\/\/www.cultofmoney.com\/coinbase-review\/\" style=\"outline: none;\">Coinbase<\/a>, <a href=\"https:\/\/www.cultofmoney.com\/kucoin-review\/\" style=\"outline: none;\">KuCoin<\/a>, and dozens of other contenders.<\/p>\n<p><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image4-2.png\"><img decoding=\"async\" alt=\"Screenshot of Binance homepage\" data-id=\"4936\" data-init-width=\"1879\" data-init-height=\"689\" title=\"Binance homepage\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image4-2.png\" data-width=\"702\" data-height=\"257\" data-link-wrap=\"true\" width=\"702\" height=\"257\"><\/a><\/span><\/p>\n<p>Originally, Binance had its headquarters in China. However, due to regulatory challenges, Binance now has several offices around the globe.<\/p>\n<h2 id=\"t-1639670297039\">Binance Features<\/h2>\n<p><a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Binance<\/a> is the largest exchange in terms of trading volume, and this isn\u2019t exactly surprising. With competitive fees, extensive coin support, and numerous trading features, it\u2019s a comprehensive platform.However, investors must know the difference between the Binance.com and Binance.us platforms, as well as how they can take advantage of Binance.com\u2019s extensive offerings.<\/p>\n<h3>Binance.com vs Binance.us<\/h3>\n<p>Binance.com is the company\u2019s main cryptocurrency exchange and is where you get most of the features. Currently, U.S. investors must use Binance.us instead. This exchange lets you trade 60 cryptocurrencies, including <a href=\"https:\/\/www.cultofmoney.com\/what-is-bitcoin\/\" style=\"outline: none;\">Bitcoin<\/a>, Chainlink, Ethereum, <a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-sol-solana\/\" style=\"outline: none;\">Solana<\/a>, and USDT.Overall, Binance.us is a quick, low-fee way to buy and sell cryptocurrency from your phone or computer. However, it\u2019s not nearly as comprehensive as Binance.com. Furthermore, Binance.us isn\u2019t available in several states, including<\/p>\n<ul>\n<li>Connecticut<\/li>\n<li>Hawaii<\/li>\n<li>Idaho<\/li>\n<li>Louisiana<\/li>\n<li>New York<\/li>\n<li>Texas<\/li>\n<li>Vermont<\/li>\n<\/ul>\n<p>Because of state restrictions and a smaller list of supported coins, U.S. investors may be better off using exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/coinbase\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Coinbase<\/a> or <a href=\"https:\/\/www.cultofmoney.com\/go\/gemini\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Gemini<\/a> that are based in the United States.However, for international investors, Binance.com is definitely one of the best exchanges out there because of its range of features.<\/p>\n<h3>Buy Cryptocurrencies<\/h3>\n<p>Binance.com supports numerous funding options for cryptocurrency purchases, including:<\/p>\n<ul>\n<li><strong>Bank Deposit<\/strong>: Buy cryptocurrency with regular fiat after making a bank transfer from your bank account to your Binance account.<\/li>\n<li><strong>Debit And Credit<\/strong>: Use your debit or credit card to buy cryptocurrency.<\/li>\n<li><strong>Binance P2P<\/strong>: Buy and sell cryptocurrency on Binance\u2019s global peer-to-peer marketplace.<\/li>\n<li><strong>Third-Party Payment<\/strong>: Use third-party providers like Simplex and Paxos to purchase cryptocurrency.<\/li>\n<\/ul>\n<p>You can make purchases with USD or a dozen other currencies. This payment flexibility is one of the reasons Binance is popular around the world.Binance also supports over 500 cryptocurrencies, including leading tokens like Bitcoin and <a href=\"https:\/\/www.cultofmoney.com\/what-is-ethereum\/\" style=\"outline: none;\">Ethereum<\/a> as well as smaller altcoins.<\/p>\n<h3>Cryptocurrency Trading<\/h3>\n<p><a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Binance<\/a> caters to beginner investors because of the range of purchasing options and currencies it supports. Additionally, Binance has numerous trading tools that are useful for more active investors:<\/p>\n<ul>\n<li><strong>Convert And Over-The-Counter (OTC)<\/strong>: Convert cryptocurrencies you hold into other cryptocurrencies and stablecoins. You can also place OTC trades over $10,000 USDT. This helps you avoid fees and keeps trades private between buyers and sellers, letting people move larger amounts of crypto without potentially disrupting markets.<\/li>\n<li><strong>Spot Trading<\/strong>: View live cryptocurrency prices and available trading pairs. Binance lets you place limit, market, and stop-limit orders. Binance also has an advanced trading view that includes more data, technical indicators, and trading tools for investors.<\/li>\n<li><strong>Margin Trading<\/strong>: Get up to 10x leverage on your trades for certain trading pairs.<\/li>\n<li><strong>Futures Trading<\/strong>: Use leverage to open long or short positions on various cryptocurrencies versus trading at spot price.<\/li>\n<li><strong>Liquid Swap<\/strong>: Swap two cryptocurrencies or fiat using Binance\u2019s liquidity pool. Alternatively, deposit your cryptocurrency or fiat to add liquidity to the pool to earn interest and from transaction fees.<\/li>\n<\/ul>\n<p>For completely new cryptocurrency investors, features like margin and futures trading look intimidating. Even spot trading has a learning curve with all of the technical analysis and data you get upfront.<\/p>\n<p><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image2-3.png\"><img decoding=\"async\" alt=\"Screenshot of the Binance trading platform\" data-id=\"4938\" data-init-width=\"1890\" data-init-height=\"887\" title=\"Binance trading platform\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image2-3.png\" data-width=\"702\" data-height=\"329\" data-link-wrap=\"true\" width=\"702\" height=\"329\"><\/a><\/span><\/p>\n<p>Screenshot of the Binance trading platform<\/p>\n<p>However, beginner investors should be able to quickly learn how to buy and sell crypto while advanced traders have all the tools they need. The fact you can also earn passive income by adding liquidity to Binance\u2019s liquidity pool is another enticing feature.<\/p>\n<h3>Cryptocurrency Wallet<\/h3>\n<p>Binance has an extension-based wallet you can use to send and receive funds. Binance also recommends using TrustWallet, a mobile cryptocurrency wallet that supports dozens of cryptocurrencies.You can <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-wallets\/\" style=\"outline: none;\">use your own wallet<\/a> as well, including popular options like MetaMask and <a href=\"https:\/\/www.cultofmoney.com\/ledger-wallet-review\/\">Ledger<\/a>. Generally, it\u2019s best to have more control over your wallet and private keys. So try to avoid holding large amounts of cryptocurrencies on an exchange if you\u2019re not actively trading.<\/p>\n<h3>Binance Card<\/h3>\n<p>Like Coinbase and other exchanges, Binance has its own c<a href=\"https:\/\/thecollegeinvestor.com\/38809\/best-crypto-rewards-credit-cards\/\" target=\"_blank\" style=\"outline: currentcolor none medium;\" rel=\"noopener\">ryptocurrency rewards card<\/a>. The Binance Card is a Visa debit card that works anywhere that accepts Visa.<\/p>\n<p>With this card, you transfer crypto from your spot wallet to your funding wallet. From there, you can spend cryptocurrency on daily purchases, and Binance doesn\u2019t charge administrative or processing fees.Cardholders earn up to 8% cash back in the form of Binanance Coin (BNB), the platform\u2019s native currency. Binance pays cash back daily, but your cash-back rate depends on how much BNB you hold on average in your Binance wallet.Here\u2019s how Binance\u2019s BNB reward tiers break down:<\/p>\n<table data-rows=\"9\" data-cols=\"3\" style=\"border: 1px solid rgb(0, 0, 0); --tve-border-width:1px;\">\n<thead>\n<tr>\n<th rowspan=\"1\" colspan=\"3\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\"><strong>Binance Card Reward Tiers<\/strong><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\"><strong>Card Level<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\"><strong>BNB Monthly Average Balance<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>BNB Rewards<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">1<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">0<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\">0.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">2<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">1<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\">2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">3<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">10<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\">3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">4<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">40<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">5<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">100<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">6<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">250<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">7<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">600<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: center;\">8%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>BNB has traded around $400 to $600 for much of 2021 and is currently around $570. Therefore, reaching card level 2 and unlocking 2% cash back isn\u2019t prohibitively expensive. But for higher tiers, you\u2019re looking at thousands or hundreds of thousands of dollars in BNB requirements.A 2% rate is still competitive, but compare the Binance Card to cards from companies like <a href=\"https:\/\/www.cultofmoney.com\/go\/cryptodotcom\" style=\"outline: none;\" target=\"_blank\" rel=\"noopener sponsored\">Crypto.com<\/a> and Coinbase. Rates can change, and different cards have various perks and reward tiers that might suit your spending habits more than others. Plus, Binance Card is only available in Europe so U.S. consumers can\u2019t apply.<\/p>\n<h3>Crypto-Backed Loans<\/h3>\n<p>One advantage of holding cryptocurrency is that you can leverage it to take out loans. This lets you borrow certain cryptocurrencies for staking, margin trading, or to help cover emergency expenses. Binance has numerous cryptocurrencies that you can borrow, including:<\/p>\n<ul>\n<li>ATOM<\/li>\n<li>AAVE<\/li>\n<li>BTC<\/li>\n<li>COMP<\/li>\n<li>ETH<\/li>\n<li>LINK<\/li>\n<li>SOL<\/li>\n<li>SUSHI<\/li>\n<li>USDC<\/li>\n<li>USDT<\/li>\n<\/ul>\n<p><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image3-2.png\"><img decoding=\"async\" alt=\"Screenshot of Binance's crypto loans tool\" data-id=\"4941\" data-init-width=\"1797\" data-init-height=\"860\" title=\"Binance crypto loans tool\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image3-2.png\" data-width=\"702\" data-height=\"336\" data-link-wrap=\"true\" width=\"702\" height=\"336\"><\/a><\/span><\/p>\n<p>You can post collateral using over a dozen cryptos and stablecoins. Different coins have different loan-to-value (LTV) ratios. For example, Solana has an initial LTV of 60% whereas Bitcoin and Ethereum are 65%.Loan terms range from 7 days to 180 days. Interest is calculated hourly, and there aren\u2019t penalties for early repayment. You see your loan\u2019s interest rate when placing the order.If you miss payment, <a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Binance<\/a> charges you three times the hourly interest rate for 72 or 168 hours depending on your original loan term. After this overdue duration, Binance liquidates your collateral to repay the loan.Your loans are overcollateralized to protect lenders. But if you can leverage the cryptocurrency you borrow to turn a profit through staking or margin trading, it could be worth it. And, as mentioned, you can borrow cryptocurrency to cover expenses and then repay your loan later to avoid having to liquidate your crypto.Other companies like <a href=\"https:\/\/www.cultofmoney.com\/blockfi-review\/\" style=\"outline: none;\">BlockFi<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/celsius-network-review\/\">Celsius<\/a> also let you take out crypto-backed loans, so it\u2019s worth comparing interest rates between multiple platforms.<\/p>\n<h3>Binance Earn<\/h3>\n<p>The easiest way to think of Binance Earn is to view it like a <a href=\"https:\/\/thecollegeinvestor.com\/22997\/best-high-yield-savings-accounts\/\" style=\"outline: none;\" target=\"_blank\" rel=\"noopener\">high-interest savings account<\/a> for your crypto. Except, instead of earning a lackluster APY, you can find cryptocurrencies that pay up to 70% APY.Binance Earn actually has numerous earning options depending on your level of risk tolerance. Here are some of the main features:<\/p>\n<ul>\n<li><strong>Flexible Savings<\/strong>: Deposit cryptocurrency in a flexible savings account to earn daily interest. You can withdraw your crypto whenever you want.<\/li>\n<li><strong>Locked Savings<\/strong>: Choose a deposit period you lock up your cryptocurrency for and earn daily interest.<\/li>\n<li><strong>Auto Investing<\/strong>: Pick a cryptocurrency to invest in, your initial investment amount, and how often you want to reinvest in that asset. This is a dollar-cost-averaging strategy that helps you regularly invest in crypto. The crypto you buy deposits in a flexible savings account automatically so you earn interest.<\/li>\n<li><strong>DeFi Staking<\/strong>: Choose from Binance-selected decentralized products to stake various cryptocurrencies and earn rewards. You can also stake BNB through the BNB Vault service or stake with Locked Staking to potentially earn even more rewards.<\/li>\n<\/ul>\n<p>Binance Savings is probably the simplest way to begin earning interest on your crypto. The option to stay flexible also reduces risk since you can sell or transfer your holdings at any point.There are even more options under the Binance Earn umbrella to put your crypto to work. This versatility is one of Binance\u2019s strengths, and if you\u2019re interested in staking or a crypto savings account, Binance is quite compelling.<\/p>\n<h3>Binance Smart Pool Mining<\/h3>\n<p>If you want to mine Bitcoin, the Binance Smart Pool is one feature that might catch your eye.Smart Pool automatically switches the cryptocurrencies you\u2019re mining to maximize efficiency. Specifically, you can mine Bitcoin, Bitcoin Cash, or Bitcoin SV depending on what generates the most return. All your mining rewards are paid out as BTC, but it\u2019s a more efficient way to mine.You can also create a regular Binance mining account and mine for <a href=\"https:\/\/www.cultofmoney.com\/proof-of-work-vs-proof-of-stake-vs-proof-of-history\/\">Proof-of-Work cryptos<\/a> like Bitcoin and Ethereum.<\/p>\n<h3>NFT Marketplace<\/h3>\n<p><a href=\"https:\/\/www.cultofmoney.com\/what-is-an-nft\/\">Non-fungible tokens (NFTs)<\/a> are incredibly popular right now, so it\u2019s no surprise that Binance is jumping aboard the bandwagon.With Binance NFT, users can buy, sell, and mint NFTs on its marketplace. This lets collectors buy NFTs but also opens the door for digital creators to sell their creations.Binance NFT also supports initial game offerings (IGO), which are NFTs for upcoming gaming projects. If you want to dabble in the metaverse and new wave of games like Decentraland and <a href=\"https:\/\/www.cultofmoney.com\/what-is-the-sandbox\/\" style=\"outline: none;\">The Sandbox<\/a>, this is another perk.<\/p>\n<p><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image5.png\"><img decoding=\"async\" alt=\"Screeenshot of marketing for Binance's Gaming NFTs\" data-id=\"4943\" data-init-width=\"1893\" data-init-height=\"843\" title=\" Binance's Gaming NFTs\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/image5.png\" data-width=\"702\" data-height=\"313\" data-link-wrap=\"true\" width=\"702\" height=\"313\"><\/a><\/span><\/p>\n<p>Of course, Binance NFT isn\u2019t nearly as large as OpenSea, the world\u2019s largest NFT marketplace. But this new feature is just another example of how comprehensive Binance is as an exchange.<\/p>\n<h3>Binance Smart Chain<\/h3>\n<p>The Binance Smart Chain (BSC) is a blockchain network that can run smart contract applications. This blockchain runs in parallel to the regular Binance Chain (BC) which is what supports actual trading on Binance.Smart contracts are basically self-executing contracts that run on a blockchain network. And, since the BSC is compatible with the Ethereum Virtual Machine (EVM), it can run Ethereum-based <a href=\"https:\/\/ethereum.org\/en\/dapps\/\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener\">decentralized apps (dApps)<\/a>.That&#8217;s a lot of terminology to digest. But the main takeaway is that Binance is more than your average exchange. The regular Binance Chain is what facilitates trading on the exchange and the Binance Smart Chain is what helps with scalability and introducing smart contracts. Together, you end up with a platform that offers fast trading but also options like cryptocurrency staking.This tech is what runs behind the scenes and makes Binance one of the best cryptocurrency exchanges out there. BSC isn\u2019t replacing Ethereum by any means, but the cross-chain compatibility and features it opens up are benefits.<\/p>\n<h2 id=\"t-1639670297040\">Are There Any Fees?<\/h2>\n<p><a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Binance<\/a> has some of the lowest trading fees out of all cryptocurrency exchanges. Standard fees start at a 0.10% maker fee and 0.10% taker fee.You get even lower fees through the VIP program. To join this program, you have to trade a certain amount of BTC within thirty days or own at least 50 BNB. The higher your trading volume or the more BNB you own, the better your trading discounts.Referring friends to Binance also lets you earn up to 40% commission from your referrals\u2019 trading fees, which helps offset your own trading fees.Binance has various crypto withdrawal fees and minimum withdrawal amounts you can view on its website. However, withdrawal fees are generally quite low. Finally, Binance doesn\u2019t charge deposit fees for ACH or domestic wire payments but charges 4.50% for debit card payments.<\/p>\n<h2 id=\"t-1639670297041\">How Does Binance Compare?<\/h2>\n<p>If you\u2019re an international investor, Binance is an excellent choice because of Binance.com&#8217;s low trading fees and impressive number of features. But if you live in the United States, you&#8217;ll need to use the more limited Binance.us.<\/p>\n<p>United States residents might prefer to open account with a different exchange that offers more features or supports more coins in their country. And even if you live outside the U.S., it should be noted that Binance is less beginner-friendly than exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/coinbase\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Coinbase<\/a> or <a href=\"https:\/\/www.cultofmoney.com\/go\/gemini\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Gemini<\/a>.&nbsp;<\/p>\n<p>See how Binance compares in the quick table below:<\/p>\n<table data-rows=\"6\" data-cols=\"4\" data-v=\"middle\">\n<thead>\n<tr>\n<th style=\"\" colspan=\"1\" rowspan=\"1\">Header<\/th>\n<th colspan=\"1\" rowspan=\"1\" style=\"\"><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Binance-logo.png\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Binance logo\" data-id=\"2652\" data-init-width=\"2854\" data-init-height=\"792\" title=\"Binance logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Binance-logo.png\" data-width=\"169\" data-height=\"47\" data-link-wrap=\"true\" loading=\"lazy\" width=\"169\" height=\"47\"><\/a><\/span><\/th>\n<th style=\"\"><span style=\"\"><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Coinbase-logo.jpg\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Coinbase logo\" data-id=\"2653\" data-init-width=\"738\" data-init-height=\"275\" title=\"Coinbase logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Coinbase-logo.jpg\" data-width=\"169\" data-height=\"63\" data-link-wrap=\"true\" style=\"\" loading=\"lazy\" width=\"169\" height=\"63\"><\/a><\/span><\/th>\n<th style=\"\"><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Gemini-logo.png\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" alt=\"Gemini logo\" data-id=\"3143\" data-init-width=\"483\" data-init-height=\"104\" title=\"Gemini logo\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Gemini-logo.png\" data-width=\"169\" data-height=\"36\" data-link-wrap=\"true\" loading=\"lazy\" width=\"169\" height=\"36\"><\/a><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Star Rating<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\"><\/td>\n<td style=\"\"><\/td>\n<td style=\"\"><\/td>\n<\/tr>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Trade Fees<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">Starts at 0.10%<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">Starts at 0.50%<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">$0.99 to 1.49%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Debit Card Fee<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">4.50%<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">3.99%<\/p>\n<\/td>\n<td style=\"\" rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">3.49%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\" colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><strong>Supported Currencies<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">500+ (60 in the U.S.)<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">100+<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">50+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">Cell<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\"><\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\"><\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"t-1639673848556\">How Do I Open An Account?<\/h2>\n<p>You can create a Binance account through its mobile app or web version. You register with your email or phone number.<\/p>\n<p>From there, you verify your identity by uploading personal information, government-issued ID, and a selfie. This is part of Binance\u2019s new <a href=\"https:\/\/www.cultofmoney.com\/kyc-aml-crypto-exchanges\/\" style=\"outline: none;\">KYC requirements<\/a>.Verification times and processes differ slightly depending on your country. Overall, you should have complete access to your Binance account within a week or two.<\/p>\n<h2 id=\"t-1639673848557\">Is Binance Safe?<\/h2>\n<p>Binance helps you improve account security with features like two-factor authentication. You can also add or remove authorized devices and wallet addresses. These tips, alongside using a strong password and not sharing personal information online, help keep your account safe.However, there are risks to using Binance like other exchanges. The company has an insurance fund to help it cover positions from bankrupt investors, but you\u2019re not insured against hacks, theft, or <a href=\"https:\/\/www.cultofmoney.com\/most-common-crypto-and-nft-scams\/\">scams<\/a>.Binance was <a href=\"https:\/\/www.cnbc.com\/2019\/05\/08\/binance-bitcoin-hack-over-40-million-of-cryptocurrency-stolen.html\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener\">hacked in 2019<\/a> and lost 7,000 BTC, worth about $40 million. Binance compensated users in full, which is a positive sign. But the hack shows that even the largest exchange in the world isn\u2019t invulnerable. Remember, you can take security into your own hands by using a wallet like <a href=\"https:\/\/www.cultofmoney.com\/trezor-wallet-review\/\">Trezor<\/a> or <a href=\"https:\/\/www.cultofmoney.com\/go\/ledger\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Ledger<\/a> to maintain full control over your funds.<\/p>\n<h2 id=\"t-1639673848558\">Is It Worth It?<\/h2>\n<p>If you\u2019re an international investor and want low trading fees and a plethora of features, <a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Binance<\/a> is certainly worth it. This is especially true if you\u2019re also interested in staking or want a crypto interest account alongside numerous trading tools.But for many U.S. investors, Binance.us might not be quite there yet. Fees are still competitive, but regulatory concerns and a lack of features pull it down. If you live in the United States, you may want to consider options like Coinbase, Gemini, or even mobile-focused platforms like <a href=\"https:\/\/www.cultofmoney.com\/go\/voyager\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Voyager<\/a> before turning to Binance.us.<\/p>\n<h2 id=\"t-1639673848559\">Binance Features<\/h2>\n<table data-rows=\"15\" data-cols=\"2\" style=\"--tve-border-width:1px;\">\n<thead><\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Product Type<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Cryptocurrency exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Min Purchase<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Varies depending on trading pair<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Supported Coins<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">500+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Free Wallet<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Maintenance Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">No<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Deposit or Withdrawal Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Almost no deposit fees; withdrawal fees are low buy vary by coin<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Trading Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Standard fees are a 0.10% maker fee and taker fee<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Supported Payment Types<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Debit CardCredit CardBank TransferACH TransferCryptocurrency Conversions<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Insurance<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">U.S. deposits on Binance.us are FDIC-insured up to $250,000. However, Binance.com relies on its own insurance fund and doesn\u2019t insure your holdings against theft or loss of access.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Deposit or Withdrawal Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">No<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Security<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">2-Factor Authentication is the main security feature. You can also add verified wallet addresses and authorized devices.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Mobile App Availability<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Android and iOS<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Web\/Desktop Availability<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Custom Support Options<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Binance has a FAQ support desk as well as live chat support. You can also contact Binance support on Twitter @BinanceHelpDesk<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\"><strong>Promotions<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"border: 1px solid rgb(0, 0, 0);\">\n<p style=\"text-align: left;\">Earn up to $100 in cash and cashback vouchers<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>NFTfi is one of the pioneers in the lending and borrowing against your NFTs.<\/p>\n","protected":false},"author":15,"featured_media":8368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[670],"tags":[671],"acf":[],"_links":{"self":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/8364"}],"collection":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/comments?post=8364"}],"version-history":[{"count":9,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/8364\/revisions"}],"predecessor-version":[{"id":8392,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/8364\/revisions\/8392"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media\/8368"}],"wp:attachment":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media?parent=8364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/categories?post=8364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/tags?post=8364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}