Binance Review | Crypto Exchange & Trading Platform
In this article I'll go over everything you need to know before choosing Binance for your cryptocurrency trading needs.
Tom, Crypto Enthusiast
Cryptocurrency has proved to be a viable investment option across the world. Many people were skeptical when the first cryptocurrency was first introduced to the market more than a decade ago. While there are people who are still doubtful about the future of cryptocurrency, others are already reaping big from trading different types of cryptocurrencies.
As an experienced investor, I have tried several investment options but I can confidently say that cryptocurrency has been one of the best for me. The only challenge that I faced in my early days was a reliable platform. It wasn’t until I was introduced to the Binance crypto exchange that everything changed. It is one of the best crypto exchange platforms I have used.
Binance Overview
Binance is a decentralized crypto exchange, and currently the largest one in the world in terms of trading volume. The platform made the buying and selling of cryptocurrency around the world much easier despite the fact that it faces regulatory issues in some countries.
There are hundreds of cryptocurrencies traded through Binance every day. Nonetheless, it is important to note that its global platform is not the same as its counterpart in the United States. Binance U.S. offers only about 65 cryptocurrencies on its platform.
If you are an experienced user, then you will appreciate the way the platform is designed. New users may find the platform confusing because of the many features available.
When was Binance founded?
Binance was founded in 2017 by software developer Changpeng Zhao. The company was initially based in China before it moved its headquarters in George Town in the Cayman Islands.
Available Crypto To Trade
There are over 365 cryptocurrencies available on the Binance crypto exchange. But only 65 of these can be traded by users in the United States.
The platform also supports a number of fiat currencies for international users. They include the USD, GBP, EUR, INR and HKD, and has a wide variety of cryptocurrency pairs depending on where you are located.
Below are some of the popular cryptocurrencies available on Binance:
Cosmos (ATOM)
Bitcoin (BTC)
Ethereum (ETH)
Litecoin(LTC)
Dash (DASH)
Compound (COMP)
Cardano (ADA)
Dodgecoin (DODGE)
TetherUS (USDT)
USD Coin (USDC)
Trading Experience
There are several trading tools available on Binance. Traders have access to real-time charting tools with moving averages. You can place trades via the company's website, mobile app or through its desktop app.
You can also use the Binance platform to access your portfolios as well as trade history. Additionally, you are allowed to see the order book and the price chart.
The platform also offers order types like a limit order, stop order, stop-limit order, trailing stop order and stop market order.
Traders are also given the opportunity to choose different trading views starting from classic to margin OTC views. Unfortunately, most of these features are not available for users in the United States.
Just like most crypto exchanges, it is easy to buy and sell different cryptocurrencies on Binance. There are four different ways you can transact: purchasing cryptocurrency, Markets, Over-the-Counter (OTC) and Advanced.
If you are buying cryptocurrency, the design is simple and clear. You can quickly choose whatever digital coin you would like to buy and how you want to pay for it. You will feel comfortable making a trade regardless of whether you are new or experienced, though the platform may be a bit intimidating at first.
If you a new to cryptocurrency trading, I suggest that you read my beginner's guide to crypto trading first before jumping in and start investing your money.
Fees & Pricing
One of the main reasons why most people like using Binance is its low trading fees.
The company offers the lowest trading fees in the market. Although U.S. users pay a little extra in terms of fees compared to those in other countries, the rates are still the lowest in the industry. The company uses a marker/taker fee structure, and fees differ depending on the trading volume. The higher the trading volume, the lower the fees.
The company uses a marker/taker fee structure, and fees differ depending on the trading volume. The higher the trading volume, the lower the fees.
The platform also offers discounts for the following:
Referral bonuses
Using Binance (BNB) coins in trade
Attaining very important person (VIP) status by transacting a specific amount of assets
You will also be subjected to other fees such as debit cards at 4.5 percent, ACH transfers for free, wire transfers at $15 for U.S. customers among others.
Security
Binance.US is on par with the industry when it comes to the security of its exchange platform.
Its security features include two-factor authentication via the Google short message service or authenticator app, device management, address whitelisting and the power to restrict device access.
Opening a Binance Account
Below are the steps to follow when opening a new trading account:
Visit the Binance website
Link a payment method
Deposit the minimum amount and start trading
The signup process to create a new account is very simple and only takes a few minutes.
If you'd like to sign up for a new Binance account, you can do so by clicking the button below.
Customer Service
Binance has three basic customer support options: sending a ticket, asking basic inquiries via chat, and reaching out via Twitter.
After over 2,000 Trustpilot evaluations, Binance received an average rating of 2 out of 5 stars. Several complaints have been lodged regarding bad customer service and difficulties in withdrawing cash.
Despite these challenges, several users have provided excellent reviews. Many Binance users report a positive, generally smooth platform experience.
Account Management
As a user, you can access the Binance dashboard using your desktop browser or through a downloadable desktop application.
You can also access the trading platform through its mobile application for Android and iOS where you can download them either from the Play store or the Apple store.
Binance dashboard gives you an opportunity to view marketing trends, charts, your trading portfolio as well as current and previous trades.
You can also manage your payment methods by navigating the account page and adding any debit or credit cards and bank accounts you would like to trade with. This makes withdrawals and payments very simple.
Pros & Cons
Here's what I found to be the strongest points, and the ones that could be improved, based on my own experience with Binance.
Pros
Lowest trading fees on the market
Hundreds of crypto available to trade, some of which you won't find anywhere else
Wide selection of trading options and order types
Advanced trading tools
Margin trading available
Several ways of earning income (staking, crypto interest, liquidity pools, etc.)
Several ways of depositing money
Cons
Not beginner-friendly
U.S. version is very limited
No built-in wallet available
Regulation issues in some countries
My Final Rating
Is Binance a good crypto exchange?
Yes, Binance is one of the best crypto trading platform in the world.
Besides charging lower trading fees, the platform offers hundreds of cryptocurrencies. Some of the popular cryptocurrencies available on the platform include Bitcoin, Ethereum, Litecoin among others.
The trading software might be intimidating for new traders, and it is probably best suited for those with intermediate crypto understanding and knowledge. However, the platform provides a wide variety of trading tools to facilitate the buying and selling of digital coins. This makes it a bit easier for beginner traders to learn and understand how the platform functions.
So, open up your Binance account and start investing & trading cryptocurrencies today!
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