There are hundreds of Binance reviews available online. However, not all of them provide an independent or unbiased evaluation of the platform. I believe the digital currency exchange market offers a wide range of options in the 21st century.
Choosing the best trading or exchange platform is a daunting task for beginner and advanced cryptocurrency users. Binance is one of the most popular cryptocurrency exchanges that started in China. The company later moved to Malta, Europe.
Although most people believe that Binance is popular for cryptocurrency exchange services, in this Binance review, I will show you the truth based on my research and personal experience. Read on!
How Binance Cryptocurrency Exchange Works?
People who visit the platform for the first time notice that it offers two digital currency options: basic trading and advanced trading. I have done extensive research on the platform and believe that the basic and advanced versions are easy-to-use and reliable.
However, you must know about digital currencies and understand how Binance exchange works. That way, you can use the platform without any problems. Because Binance offers the basic and advanced versions, it is crucial to know the difference between them.
The primary difference is that the advanced version offers a thorough and detailed analysis of cryptocurrencies and their values over time. When you see the dashboard, you will see several graphs and charts relevant to trading, books, and trade history.
The basic version has a nice and clean design, and you can see the information clearly with prices on the left and graphs in the center. The right column of the dashboard gives you the “BUY” and “SELL” boxes and trade history.
On the other hand, the exchange’s advanced version has a dark theme, allowing you to view the trading graphs and charts. You can also view the latest trade prices on the right. The “BUY” and “SELL” boxes are underneath the latest prices section.
Signup and Login
- It is a pretty straightforward process, and you don’t need account verification for level one. However, you need to verify your account for level two, allowing up to 100BTC per day.
- Remember, you have to upload a photo ID and wait for the approval process. The verification process is fast and effective. However, it depends on the website’s support. Therefore, you need to plan ahead, especially if you want to withdraw a significant amount.
- Complete the approval or verification process before you deposit and trade large sums on the platform. Once done, you can fund your Binance account. Although the platform offers support for a wide range of digital currencies, I recommend sticking with BTC and ETH.
- Visit the “Funds” page and click on the “Deposit/Withdrawal” link located at the website’s top area. Here, you will find the cryptocurrency you want to send. Next, click the “Deposit” button and enter your wallet address.
- In addition, you can send funds to this address and start trading on the Binance exchange platform. Remember, this depends on the currency type you deposit, and each currency has a different time to show up on the Blockchain.
- I found that some currencies like Bitcoin are relatively slower than Ethereum. However, you can use the platform to generate limit and market orders. Although it is not beneficial for some traders, many people think this is an advanced option to streamline the process.
Binance Features and Benefits
Most Binance review articles you find on the internet discuss the basic advantages and disadvantages of the platform. For instance, you can purchase cryptocurrency using your local currency and benefit from the market’s competitive price.
Likewise, you can sell your cryptocurrencies in other markets, allowing you to sell them for a higher price. Besides, the platform has zero trading fees and offers multiple payment methods, including fiat currencies. Thus, it is an excellent local and global marketplace.
In this section, I will discuss the platform and its components by giving you more details. Here are some of the crucial features of the Binance exchange. Continue reading!
Unlike other trading platforms, Binance offers an innovative feature known as “SAFU.” It stands for “secure asset fund for users,” an emergency insurance fund that provides high-level protection to traders in unpleasant situations.
The company launched this feature in 2018 by allocating 10% of trading fees to the SAFU. The platform stores the fees in a cold wallet. So, for instance, if you find traders posting “Funds are SAFU” on crypto forums, social media, and other platforms, it means funds are safe.
High-Level Security Protocols
My extensive research shows that Binance has invested in artificial intelligence, machine learning, and big data technologies to protect users from cyberattacks and hackers. That way, the company prevents the loss of funds.
The platform ensures users keep their private keys and use public keys for trading and withdrawals. In addition, Binance offers multi-level APIs to add an extra security layer with asymmetric encryption. That way, users can trade effectively without worrying about security issues.
When you register on the platform, you will see different options, including SMS verification, U2F device authentication, and two-factor authentication. However, Binance does not encourage its users to use SMS verification due to SIM swapping attacks.
Moreover, the platform also complies with “KYC” regulations. KYC stands for “know your customer” and provides high-level security to users. That way, Binance knows how to detect anomalies from happening.
I like this feature because it helps your loved ones or friends access crypto funds when you die or in any other unpleasant situation. Remember, it is an innovative feature that ensures your altcoins and bitcoins are safe.
Another benefit of the Binance platform is that it educates users from time to time. I like this feature a lot because it helps me learn more about the exchange and carry out effective trading procedures.
Because you don’t have enough knowledge to start crypto trading, you can benefit from the Binance Academy, gaining access to all the essential information, including buying and selling bitcoins and maintaining your trading venture.
Likewise, Binance Academy enables you to learn about Blockchain technology and different cryptocurrencies at your own pace. When you visit the company’s official website, you will access a massive collection of articles, blog posts, and videos on trading.
Buy Bitcoins and Stable Coins Easily
Do you want to hold bitcoins? If yes, let me talk about in this Binance review how the platform facilitates you. The company offers an easy and effective way to purchase bitcoins and other digital currencies.
I love the purchasing options because it lets me use a credit card or debit card to purchase digital currencies. However, bear in mind that this is a simple feature, allowing you to change your traditional or fiat money into bitcoins.
You can also use the bank transfer option to purchase stable coins. For instance, you can wire money from your account of the stable coin providers listed on the platform. Once done, you can use these coins to purchase bitcoins on the platform.
Many traders embrace greater risks for increased profits. If you wish to do the same, I recommend using margin trading. Binance is an excellent platform that offers and supports margin trading.
The purpose is to facilitate users by allowing them to access greater sums of capital. That way, you can leverage your position and get the most out of it. I have used margin trading and taken benefit from it. Therefore, I recommend this feature in today’s Binance review.
Coin Listing and Trading Volume
Binance is the most sophisticated exchange or platform for coin listing and trading volume. Currently, the platform has over 150 cryptocurrencies listed with more than 500 trading pairs. That way, you can quickly diversify your assets.
Remember, Binance offers many coins and pairs, allowing you to benefit from the market movement for increased profits. Research shows that the platform reached a whopping $11 billion in trading volume in April 2020.
Affordable Fees and 24/7 Trading
The official website reports that the platform has a tiered trading fee. The fee is based on the user’s VIP level and depends on 30 days trading volume. In addition, the lowest tier with VIP 0 – i.e., less than 50BTC trading volume/month – gets 0.1% maker and taker fee.
Also, the platform offers excellent desktop, web, and mobile applications, allowing you to access crypto trading efficiently and effectively without any issues. Furthermore, Binance has integrated numerous APIs, allowing you to choose different trading software, including Altrady.
Decentralized Exchange Platform
Binance has a cutting-edge, innovative DEX platform, a decentralized exchange that enables users to exchange their digital assets. It also offers peer-to-peer distributed systems to ensure users can exchange digital assets listed on Binance DEX.
Research shows that Binance has more than 550,000 active wallets and over 137 crypto pairs. Trading fees are no more than 0.04% if you use BNB. In addition, the decentralization of the platform has led to increased trust and reputation.
How to Trade on Binance?
- You can trade on Binance efficiently without any problems if you have used any other crypto platform or exchange before. I recommend depositing some funds to start trading on the Binance exchange.
- You have different trading options for pairs in USDT, BNB, ETH, and BTC. Once you deposit your funds, go to the “Exchange” page from the top-right menu. Choose basic or advance to load the Binance trading screen. I prefer the basic view because it is easy to use.
- Select a tab from BNB, BTC, ETH, or USDT on the right and choose your preferred currency from the list. You can also use the search feature and create your favorite list. All you need is to click the start next to the cryptocurrencies.
- After loading your desired currency on the exchange, look at the left-hand column that shows prices. People who want to buy are shown in green in the bottom half. Those who wish to sell are in the red in the top half.
- You can now place a buy order and use the center box underneath the charts and graphs. You will also see the buy box on the right-hand side. Although you can enter a price manually, I recommend you click a number on the left-hand column.
- Besides, you can enter the currency amount to buy or click 25%, 50%, 75%, or 100% buttons. Clicking one of these buttons will fill the box automatically with an amount. After placing the order, you will see the “Open Orders” section.
- Remember, your new currency is now available under the Deposit & Withdrawals menu. You can use this feature to withdraw the currency to your wallet. You can also choose among different types of wallets.
Supported Crypto Currencies
Binance is a sophisticated trading platform that offers a wide range of support coins. You can use the exchange for various digital currencies, including Bitcoin, Bitcoin Gold, Bitcoin Cash, and Ethereum. Likewise, the platform supports:
- Ethereum Classic
Binance has extensive support for numerous tokens, which are parts of ICO listings. It means you can use the Binance platform to trade tokens and earn a significant profit. Binance also adds new coins and tokens quickly.
Therefore, you can buy these items affordably, allowing you to make greater profits in the long run. I like Binance because it offers a wide range of trading pairs. However, the ones I like the most are BNB, BTC, ETH, and USDT.
ICO and BNB Coin
I want you to focus on the coin in this Binance review. Binance coin is of importance, and the company issued it during the ICO. You can use the coin to pay fees and feature it in your future plans. The purpose is to create a decentralized exchange with base currencies.
Buying the Binance coin is an excellent investment for traders to secure their trading future. Binance uses its profits to purchase a portion of coins every three months, decreasing the supply and facilitating the users to benefit from them.
Fees and Limits
In 2021, the platform has an average fee of 0.1% on an individual trade. If you pay through the token, you will get a 50% discount on the fee. I believe this is an excellent way to streamline your trading operations and save more money.
Besides, the withdrawal fees vary for each cryptocurrency on the platform. For instance, if you withdraw bitcoins, the platform will charge 0.0005. On the other hand, if you withdraw ETH, the platform will charge 0.005. For example, refer to the following table!
My research shows that there is no limit on the coins. However, if you fail to verify your account, the company will limit your withdrawal rates. That’s why I recommend verification for the level-two users to ensure no limits.
At the same time, you will have the freedom to use the platform effectively. The process requires you to provide the Binance exchange platform with your full name, gender, country, passport photo, or government-issued ID.
Is Binance Exchange Platform Safe for Users?
Although Binance is relatively a new platform for cryptocurrency trading, it has quickly gained a reputation among users. The reason is high-level security and safety protocols, allowing users to carry out trading effectively without any issues.
However, I feel that the exchange does not provide users with adequate or enough information on funds security. At the same time, I believe that the company takes security seriously by implementing high-level APIs and algorithms.
Binance has a two-factor authentication security feature and offers a multi-tier system architecture. In addition, it has automated systems that detect cyberattacks and mitigate them immediately, ensuring safe and secure trading.
Many hackers have tried to hack the system, but the company mitigates them successfully thanks to the Binance high-level security algorithms. That's why Binance is one of the safest platforms for cryptocurrency traders.
Although Binance is a safe platform, many hackers have created fake logins. Therefore, it is crucial to use the official website or the correct URL to login in and perform trading. I suggest bookmarking the website and use that to access the platform.
Avoid clicking links from Telegram, Facebook, Twitter, and emails, etc. People trust the Binance exchange platform for safety and security. Binance is an ideal trading platform for crypto traders due to its extensive security support.
What about the Customer Support?
- Customer support is an essential feature of any company or business. Loyal clients provide positive reviews and endorsements that can help trading platforms strengthen and boost their brand image.
- Remember, a loyal client is ten times more valuable and often makes purchasing decisions based on the platform’s community recommendations. In addition, Binance has a team of responsive and skilled professionals who will answer any of your queries about trading.
- You can submit tickets through an online form on the official website. You will receive responses from customer support through emails. Unfortunately, there is no live chat support feature on the website, which is a disadvantage of the platform.
- Besides a high-quality customer support feature, Binance offers a wide range of articles and FAQs to help users become familiar with the platform. I have sent numerous requests to the customer support team.
- I feel that the response time is relatively slower than other platforms. However, when you receive a response, you will get vital information that will help you carry out your trading operations.
Why Do I recommend Binance?
- There are several reasons I recommend the Binance exchange platform to crypto users. The first reason is “Forks.” Many exchanges and web wallets do not pay out Bitcoin fork coins effectively. As a result, some users get them after four to five months.
- On the other hand, I recommend Binance because it supports forked coins. So if you have bitcoins on the Binance exchange, you will see forks happen quickly, allowing you to have the same number of coins in your wallet.
- Airdrops is another reason I recommend Binance to trading users. It is a new marketing technique for coin owners and Ethereum holders. Binance also supports many free airdrops when you think you can’t buy these coins.
- I believe it is an essential feature because it is free and encourages coin creators to perform research and purchase more effectively. Remember, selling is a crucial bonus for your cryptocurrency trading portfolio.
- Although affiliate marketing is losing its reputation, this is not the case with Binance. The platform’s affiliate program empowers users to carry out marketing on Binance instead of spending their money elsewhere.
Binance Review – Final Words
Binance is an online cryptocurrency exchange platform for traders. It supports popularly traded cryptocurrencies and provides wallets for traders to store their funds. The exchange offers numerous support programs to streamline users’ investment decisions.
Bear in mind that Binance is limited for customers in the United States with fewer names available for trading. Over 22 American states, including New York, do not support Binance. Unlike many other crypto trading platforms, Binance offers numerous services.
These include trading, listing, de-listing, fundraising, and withdrawal of cryptocurrencies. The platform has many traders and participants who exchange and invest in different cryptocurrencies to make profits.
Binance uses high-quality, cutting-edge Blockchain technology, focusing on pre-ICO stage projects. It helps project teams by funding development and providing resources for fundraising exercises.
Overall, I think it is an excellent cryptocurrency platform for traders with fewer limitations. However, it is crucial to have adequate knowledge of the platform before you invest or trade. That way, you can prevent losses and make more profits to streamline your crypto business.