Looking for Binance review? Here’s an honest review on Binance.
Binance, a cryptocurrency exchange catering to experienced investors, provides a wide variety of cryptocurrencies for trading globally at relatively low trading fees.
Because the platform’s trading options are more limited in the U.S., its low fees might be appealing, even though it has run afoul of the law and is currently being investigated.
Introduction
Key highlights:
- 65+ tradable cryptocurrencies for U.S. customers
- Wide selection of trading options and order types
- Low fees
There is no denying that Binance is one of the largest cryptocurrency exchanges in the world.
However, it is far from user-friendly due to its extensive selection of trading options and features. Because Binance is difficult to use, investors with little experience or knowledge may have a difficult time.
Binance provides a wide variety of trading tools via its desktop or mobile dashboards, including hundreds of cryptocurrencies and numerous market charts. Futures and options, in addition to several order types, are also available. While many options and features are not available in the United States and U.S. customers can only access 65+ of the cryptocurrencies, numerous trading options are available.
In addition to its tools and features, Binance also offers a comprehensive learning platform, an NFT platform, and more. At the moment, the NFT marketplace does not seem to be available to U.S. customers.
Company Overview
Binance was founded by Changpeng Zhao, a software developer, in 2017. It is a decentralized crypto exchange that operates independently of institutions or governments.
Despite being the largest cryptocurrency exchange globally in terms of trading volume, Binance is currently facing regulatory issues in many countries. The United States, for example, is investigating the platform for money laundering and tax crimes. It has also been prohibited in several countries.
There are hundreds of cryptocurrencies available on Binance, but it’s important to note that the global Binance platform is different from its U.S. counterpart, Binance.us, which only lists 65+ cryptocurrencies.
A lot of Binance’s features may be appealing to experienced traders, but first-time users may find it difficult to navigate given its diverse suite of offerings. Furthermore, its ongoing investigations and growing list of legal issues are troublesome as well.
Cryptocurrencies Available on Binance
Binance has a wide variety of cryptocurrency pairs based on your location, in addition to 65+ cryptocurrencies that are available in the U.S. For international users, it supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, and INR. 365 currencies are available for trade on Binance’s exchange, but only 65+ are available in the U.S.
Binance U.S. offers several cryptocurrencies, including Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network (MATIC). Additionally, Binance supports popular cryptocurrencies including:
Trading Experience
Binance provides real-time charting tools with moving averages and exponential moving averages, among other trading tools. You can trade through the Binance mobile app, Binance website, or Binance desktop application.
Furthermore, Binance gives traders access to their portfolios, trade histories, order books, and price charts. Binance provides various order types, including stop, limit, stop-limit, stop-market, and trailing stop orders. You may also select from a variety of trading views, ranging from traditional to OTC and margin trading. While many of these features are unavailable in the U.S., including margin trading and certain order types, there are some that are unavailable.
Fees
Binance’s fees are among the lowest in the business. Users on Binance.us will pay slightly more than those on other prominent platforms, but still lower than what you’d pay on them. Binance employs a maker/taker fee structure, and fees vary depending on trading volume and Binance Coin (BNB) balance. Higher volume trades usually incur lower fees.
Users can also get the following fee reductions
- Using Binance (BNB) coins in trades
- Referral bonuses
- Reaching very important person (VIP) status by trading a certain amount of assets
Security
The Binance.us platform protects accounts with two-factor authentication (2FA) using the Google Authenticator app or SMS, address whitelisting, device management, and device restriction. All U.S. dollar balances are insured by the FDIC.
Binance’s reliability is still a worry, despite the fact that these features can help maintain their users’ accounts secure. Their overall security offerings are average for the industry.
Opening a Binance Account
- Step 1: Visit the Binance website
- Step 2: Click on the “Get Started” button in the top right-hand corner and enter the required information. The registration process can take a few minutes, as Binance will verify your account information.
- Step 3: Enable 2FA
- Step 4: Link your payment method
- Step 5: Deposit funds and start trading
Managing your Account
You can access your Binance dashboard through a desktop browser or downloadable desktop application. The mobile apps for iOS and Android that can be downloaded from the Apple and Google Play stores are also available.
On Binance’s dashboard, you can view charts, marketing trends, your portfolio, and previous purchases. In order to select your payment types, head to the account page and sign up for any credit/debit cards and bank accounts you want to trade with. To make purchases or withdrawals, visit the Spot Wallet, select the asset you wish to buy or sell, and follow the on-screen instructions.
Binance Review: Last Few Words
Binance is a cryptocurrency company, and here is how it stacks up against the competition.
In general, Binance provides a wide range of assets to trade, and its rates are among the lowest in the industry. Despite some advantages, compliance issues are a concern with the platform.
Binance may not be the best choice if Coinbase Pro is one of its rivals.
Binance and Coinbase Pro are the world’s two largest exchanges. They provide active traders with a wide range of trading options and assets. Here is a summary of the two platforms’ features.
Binance and Coinbase Pro both provide sophisticated trading experiences. Because Binance.US has lower fees and offers fewer options than Coinbase Pro, U.S. investors may prefer it, but the opposite may be true for citizens of other countries.
In addition to having lower fees, Binance has compliance issues in other countries and is being investigated in the United States. The issues with U.S. regulators with Coinbase are less about the overall platform and more about its Lend programme. Coinbase is regarded as a more secure, stable platform than Binance overall.
The verdict was final.
The lengthy list of countries banning or restricting Binance’s services, as well as ongoing investigations, are cause for concern. Its platform may also be too complex for new cryptocurrency investors.
Binance, however, might be just what you’re looking for if you’re a world-class trader seeking to trade different cryptocurrencies and token options. Binance.US is popular with American traders, but it offers fewer supported cryptocurrencies than the worldwide platform. Before you begin with Binance, be sure to do your research and compare platforms.
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