Binance Review

0
60
Binance Review

The number one cryptocurrency exchange in the world.

Binance Overview

Binance is a well-known cryptocurrency exchange that caters to more advanced cryptocurrency traders and investors. 

It has relatively cheap trading costs and a large variety of cryptocurrencies available for trade all around the world, despite the fact that its trading possibilities in some countries are somewhat restricted. 

The platform has run into regulatory concerns and is presently being investigated in the United States, despite the fact that its minimal costs may be seen as an attractive feature.

Platform & Features

If you want to buy or sell bitcoin, you should do so on Binance since it is the biggest exchange globally. As a result of its extensive list of features and tools for trading, it is not especially user-friendly. 

Depending on their level of expertise, investors may face a steep learning curve when first starting out on Binance. Binance’s desktop and mobile dashboards provide access to a wealth of trading tools, such as a comprehensive collection of market charts and hundreds of different cryptocurrencies. 

In addition to several order types, traders have access to a wide range of futures and options. Binance provides a wide range of services and tools, including a learning platform, a platform for NFTs, and more.

History Of Binance

Binance was founded in 2017 by software engineer Changpeng Zhao as a decentralized cryptocurrency exchange with its origins in China.

Binance is the world’s biggest cryptocurrency exchange by trading volume, but it faces regulatory concerns in a number of nations. In the United States, officials are now investigating charges of money laundering and tax violations. 

Additionally, the site has been prohibited in a number of nations. Binance provides hundreds of cryptocurrencies to customers worldwide. It is essential to note, however, that the worldwide Binance platform is distinct from its U.S. equivalent, Binance.us, which only supports 65+ coins.

Binance’s diversity may appeal to seasoned traders, but newcomers may find the platform’s various features overwhelming. Moreover, its continuing investigations and expanding list of regulatory difficulties are another cause for worry.

Security and Regulation

Binance’s security features include address whitelisting, device management, two-factor authentication (2FA) via the use of the Google Authenticator app or short messaging service (SMS), and the option to limit device access. 

Additionally, the Binance.us platform offers FDIC protection on all of its customers’ U.S. dollar accounts.

Even while these protections may help keep user accounts somewhat secure, there is still reason to be concerned about Binance because of its reputation. In general, their security solutions are comparable to those offered by other companies in the sector.

Fees and Commissions

The fees charged by Binance are consistently ranked among the lowest in the industry. Binance.us charges costs that are lower than what you’d find on other top platforms, despite the fact that consumers located in the United States will pay a little premium to access the site. 

Binance uses a maker/taker fee system for its trading costs, and the fees change depending on the trading volume and the balance of Binance Coin (BNB). In most cases, the fees associated with a transaction will be cheaper when the volume of the deal is bigger.

Discounts on user fees are also available for the following circumstances:

  • Performing transactions using Binance (BNB) coins
  • Bonuses for referrals
  • Users of Binance may be subject to additional fees if they reach the Very Important Person (VIP) designation, which requires them to trade a particular quantity of assets. 

You may refer to the chart that is provided below to get an overview of the various costs that are linked with the various forms of withdrawals and payments.

Payment Type Fees
Wallet Not Applicable
Debit Cards 4.5%
ACH Transfer Free
Wire Transfer $15 for U.S Customers
Crypto Conversion Not Applicable
Trades 0 to 0.1%
Buy or Sell Crypto 0.5%

What Can You Trade On Binance?

Although there are more than 365 cryptocurrencies that may be traded on the Binance exchange, only 65 or more of them are accessible in the United States. 

It also supports a number of fiat currencies, including US Dollars, Euros, Australian Dollars, British Pounds, Hong Kong Dollars, and Indian Rupees, for users located in other countries. 

Binance offers a diverse selection of cryptocurrency pairings depending on the user’s region. These may be accessed via the exchange’s website.

Binance Coin (BNB), Dogecoin (DOGE), Harmony (ONE), VeChain (VET), VeThor Token (VTHO), and Matic Network are some of the cryptocurrencies that are now accessible on the Binance U.S. platform. 

In addition, Binance is compatible with major cryptocurrencies such as the following:

  • Bitcoin (BTC)
  • Cardano (ADA)
  • Cosmos (ATOM)
  • Compound (COMP)
  • Dash (DASH)
  • Ethereum (ETH)
  • Litecoin (LTC)

How To Open Your Binance Account

Follow the steps below to create a Binance account.

Step 1: Visit the webpage for Binance

Step 2: Click the “Get Started” button in the upper-right corner and fill out the needed fields. As Binance verifies your account details, the registration procedure might take several minutes.

Step 3: Enable 2FA

Step 4: Connect your payment method

Step 5: Make a deposit and begin trading

Binance Customer Support

You may reach out to Binance’s customer support team in a few different ways, including filing a ticket, engaging in basic conversation with a support agent through chat, or via Twitter.

  • Users may fill out a form on the Binance website to submit a ticket and obtain email support with their inquiries.
  • Binance provides consumers with service through its Twitter account (@BinanceHelpDesk), and it encourages people to tweet any difficulties they have with the firm.
  • On the Binance website, in the lower right-hand corner of the help screen, there is also a chatbox that users may use to communicate with customer service.

Pros

Over 65 trading cryptocurrencies available to clients in the United States

Customers in the United States may trade in over 65 different cryptocurrencies on Binance. Traders and investors in cryptocurrencies now have a wide variety of alternatives. You have an even greater variety of possibilities if you are located outside of the United States.

Cheap costs

As a result of the platform’s low fees, traders are able to retain a greater proportion of both their investments and their profits.

A comprehensive range of available trading options and order formats

Trading may be conducted in a number of different ways on Binance, including peer-to-peer trading, spot trading, and margin trading. 

In addition to this, it provides a wide variety of order types, such as limit orders, market orders, stop-limit orders, stop-market orders, trailing stop orders, post-only orders, and orders in which one cancels the other. 

Cons

The American version has fewer features

Binance enables users all around the world to trade hundreds of different cryptocurrencies. Binance.us, the portal that caters to consumers in the United States, has fewer features, though. In addition, the use of Binance.US is restricted to just 44 of states.

The system is difficult to understand and might lead to confusion

Binance offers a diverse selection of features and trading possibilities, and although this may be an exciting experience, it also has the potential to be overwhelming. Even the most seasoned of traders may find that the sheer number of accessible alternatives is too much to handle.

Lacks a digital wallet

Binance does not provide a digital wallet that is pre-installed on its users’ computers, in contrast to other well-known cryptocurrency exchanges. 

It suggests using Trust Wallet, which has a strong reputation but could only provide limited help in the event that there are problems with Binance transactions.

Regulatory Issues

As a result of the many regulatory and legal challenges that Binance has encountered in a number of countries, cryptocurrency investors may wish to consider using alternative exchanges.

Conclusion

Even though Binance is the biggest cryptocurrency exchange, the continuous investigations and the huge number of nations that have banned or severely restricted its services are concerning. It’s possible that the platform’s learning curve is too steep for casual bitcoin traders.

Binance may provide the tools you need! However, if you are a seasoned international trader curious about a wide variety of tokens and trading alternatives. 

U.S.-based active traders may find favorable conditions on Binance. US, although it has a smaller selection of supported cryptocurrencies compared to its worldwide counterpart. Before starting off with Binance, it’s a good idea to conduct some research and compare options.