Perhaps not everyone knows that the Binance exchange app also has a Lite version designed for beginners.
The app exists for both Android and iOS and is actually a single application available in two versions: the default Pro version, with all the features, and the simplified Lite version designed for those taking their first steps into the crypto world.
Therefore once downloaded, it will be possible to switch to the Lite version with a simple click from the settings of your account.
The Binance Lite version
The Lite version offers inexperienced users a simplified way to buy and sell cryptocurrencies using fiat currencies, but can also be very convenient for experienced users who rarely use complex trading functions.
It has been designed to be simpler and more functional than other entry-level apps, such as Coinbase, but with very high levels of security and performance.
The main purpose of this simplified version is to make the app easier to use. In this version, users don’t have to navigate through numerous functions and screens in order to buy and sell cryptocurrencies. The trading interface, as well as the asset page, have been simplified to make it quicker and easier to use.
Users can make purchases using their fiat currency balance, or credit and debit cards, but will need to complete KYC verification. There is also a webpage on the Binance website that explains how this is done.
The Lite version is currently only available to users in certain countries, including Italy, UK, Germany, Switzerland and virtually all EU countries.
In addition, for all those who need assistance with its use, there is a Binance support centre and a dedicated Telegram channel.
The Binance App also allows you to use other features in addition to those for buying and selling cryptocurrencies.
For example, Binance’s Flexible Savings are available, which allow you to lock up part of your funds to earn interest, and allow you to redeem your locked-up funds at any time.
Or you can put your funds in Binance’s Locked Staking, which works in a similar way but distributes variable rewards instead of interest.
Another similar product is the BNB Vault, which is a capital-guaranteed BNB investment product with an easy-to-use interface.
However, these passive income features are only accessible with the Pro version of the app by default, and not with the Lite version, but switching from one to the other is possible easily, at any time, and always with the very simple procedure described above.
Basically, the only thing that changes between the Pro and Lite versions is the interface, which in the Lite version is extremely simplified and focused only on buying and selling. At any time it is possible to switch to the Pro version, and vice versa, with a single click.