Nowadays, investing in cryptocurrencies is becoming more popular because of the market’s undeniable growth. In 2020, the market size of the global cryptocurrency reached $1.49 billion, and it’s expected to grow in the following years to come. Thus, the industry’s trading platforms are also increasing, making it challenging to choose the right trading site. Therefore, getting to know the trading companies is one of the vital parts of investing in bitcoin and any other digital currencies.
Binance is one of the top cryptocurrency exchange platforms because of its unique features and services. However, being on the top is not the only basis to know if a company or platform is excellent for crypto investors. So, in this Binance Review, the investors will be able to learn more about Binance, its background, features, services, advantages, and even the cons.
Review Summary
Binance is well-known for being the largest cryptocurrency exchange in the world in terms of trading volume. In fact, its average daily trades are reaching more than $1 billion, which means that it’s attracting more investors than ever.
In 2017, Binance was created by Changpeng Zao in China, but due to some issues with regards to the country’s law, it was relocated to Japan, where it successfully grows. Now, Binance is registered in the Cayman Islands, where one of its headquarters is located. It also has 40 other offices across 38 countries, including Canada, UK, Germany, France, and many more.
Although this largest exchange is not available in the U.S since it has stopped accepting American users in 2019, fortunately, it partnered with Binance.US, a version of the original company catering to American investors in the U.S.
Review from Customers
The overall rating of FTX customer reviews is 2.40/5 stars. Binance has a wide range of products. It’s required many supports for the products like developments and bugs fix.
Binance Introduction
Mainly, Binance is a cryptocurrency exchange offering crypto-to-crypto trading on its platform. It caters to 500 digital currencies and tokens, including Bitcoin, Litecoin, Ether, and Dogecoin, allowing the users to use the platform to trade and convert them. It also launched its own virtual token called Binance Coin (BNB), which can be used to pay for various transaction fees and services on its Binance Smart Chain.
Aside from trading, Binance also offers services like collecting interests, allowing users to gain more profit through leveraging. In addition, it can also serve as a digital wallet, a place for users to keep and track their currencies and tokens safely. For example, in its Trust Wallet, the users can buy and sell crypto, earn interest, and exchange currencies on its dedicated application and software
Binance Features
There are plenty of other trading platforms out there, but there are certain factors that make Binance unique among them, such as:
User-Friendly Platforms
One key feature that sets Binance apart from other competitors is its easy-to-navigate variety of platforms to cater to different levels of traders. Moreover, it provides suitable trading platforms for beginners up to expert investors and traders. The trading platforms are the following:
- Basic Binance Trading: it’s for beginner traders who offer easy ways to trade on Binance Exchange. The users can buy and sell crypto in simple and efficient panels, making trading quick and easy.
- Classic Binance Trading: This classic platform offers more tools and features, including track and control options. It’s more of a standard trading platform.
- Advanced Binance Trading: It offers more options, features, and tools that support tracking, technical analysis, and managing of trades.
Versatile Trading Experience
Binance is known for giving an excellent trading experience for its users because of its versatile platform. The users can trade from anywhere they want, whether on their desktop, smartphones, or iPads. Moreover, Binance makes it more accessible through their downloadable apps and easy to access the website.
Strong Security
In any investment, the risk is always there. So, trading platforms need to double their security; especially they are holding billions of money. In terms of Binance, it offers two-factor authentication to provide a safe and secure experience for users. Moreover, it also has anti-Phishing security measures. Other Binance securities and privacy measures include:
- SMS Authentication
- Google Authentication
- E-mail Address
- Device Management
- Address Management
- Account Activity
More Trading Options
Binance is known for offering spot trading, but it does not only provide that option for traders. It also supports margin trading.
| Exchange Name | Binance |
|---|---|
| Fiat Currency | No |
| Features | Spot Trading, Derivative Trading, Dex, NFT Market, Mining Pool |
| Payment Type | Cryptocurrency |
| Trading Fees | 0.3% |
| Non Supported Countries or Places | US, Singapore |
Other Service
Binance also provides services other than trading features. It offers additional services and platforms that most users should also take advantage of.
Binance Visa Card
Binance allows users to convert their cryptocurrencies to fiat money through its Binance Visa Card without a conversion fee. Through this credit card, users can spend their profit and buy outside products and services.
Binance Earn
Binance also provides a platform called Binance Earn for the users to earn rewards and interest by depositing or staking their cryptocurrencies or tokens. It also allows the users to acquire loans by providing crypto margins to secure the loans.
Binance Smart Pool
The exchange platform also offers an excellent tool for miners to maximize their profit through its smart pool. It enables them to change the currencies instantly whether they want to switch bitcoin to dogecoin or any other currencies.
Support Center
Binance also provides a comprehensive support center to give information and insights to its users through articles and blogs. It’s also has a section for users to access extensive guides on trading and other factors.
Extensive Research
Besides the articles and guides provided on the exchange platform, Binance also offers extensive research, analysis, and reports about the market trend and other trading matters. So, its accessible learning materials and research analysis are a plus for beginner traders and investors.
Comparison
Binance Margin Trading VS Coinbase Spot Trading
Binance is not only famous because of its user-friendly navigation, robust security, and versatile trading platforms. It’s also known for providing more trading options for traders and investors.
Most trading companies offer the standard Spot Trading, known as the direct purchase or sale of bitcoin or other cryptocurrencies. In this kind of trading, the users can directly buy or sell their crypto to other traders. Moreover, spot trading offers a straightforward way to trade since the risks and profits for this type are proportional. Thus, what the traders invest is what they get.
On the other hand, Margin Trading allows traders to purchase or sell crypto using borrowed funds. However, the trader should first offer a margin or collateral to initiate the Margin trade. It’s way more profitable than spot trading since it can leverage the traders’ investment, but it’s also riskier. So, traders need to understand and study the market trend first before initiating margin trading.
Binance VS Coinbase
Binance and Coinbase are two of the famous and most used cryptocurrency trading platform worldwide. They are similar in function but offer differences when it comes to features, services, fees, and more. In addition, both platforms have their unique approach in catering the crypto trading.
In terms of features, Binance and Coinbase both offer a mobile application, making them both versatile to help users trade anywhere they want. However, other than that, both platforms provide their own unique features. For example, if on Binance, users can earn rewards by doing the tasks and depositing coins, Coinbase rewards users when they watch short videos.
Additionally, when it comes to the supported currencies, Binance supports more currencies than Coinbase having 51 only, although Binance.US only has 52 currencies.
Binance is known to have the lowest fees when talking about fees, while Coinbase offers higher charges. For example, if the Binance traders only pay 0.01% on each transaction, the Coinbase users are charged 0.50% per transaction. In conclusion, Binance and Coinbase are very different platforms since they are designed to cater to different traders as well. Mostly, Coinbase is ideal for beginner traders because of its simple navigation panel but not the smart choice if we will depend on the fees. On the other hand, although Binance also provides a user-friendly site, it still has many options that can be overwhelming for beginner traders. However, Binance is more suitable for those who don’t want to spend on higher fees.
Customer Service
One of the essential aspects of a reputable trading platform is excellent customer service that can cater to the users’ queries, complaints, and even suggestions. And as for Binance customer service, they can provide support for most traders by sending a form on their website or through live chat. Its team responds quickly, but they still need to add more channels to connect with their users, like a phone number.
Therefore, the first way to contact and ask questions is through the form provided on their website, which is unreliable, especially if the users need immediate response or solutions to their issues or queries. Furthermore, although it allows for live chat support, some users are not accommodated instantly.
Mostly, the users need to wait for a couple of hours or even days to get an answer to their questions. It’s understandable since Binance is catering to billions of users worldwide, but it’s necessary for the company to make its customer service reliable. Fortunately, Binance has provided FAQs and valuable articles to accommodate users’ questions about navigating the site and even trading. However, the answers or solutions to the users’ issues are mostly not found in the articles
Payment
Payment Methods
In trading crypto in Binance, traders have various options to deposit their investments. They can use the following:
- Binance traders can transfer their existing cryptocurrencies to Binance Wallet or its other supported crypto wallets.
- The largest exchange company also accepts bank deposits to convert fiat currencies to cryptocurrencies.
- Binance traders can also use debit and credit cards to invest in the platform. They can use Mastercard or Visa.
- PTP Trading
- Binance also accepts payments through third-party platforms like Simplex and Banxa.
Deposit Withdraw and Transfer fees
Traders are charged depending on their VIP level ranging from 0 to 9 levels. However, the average trading fee is 0.1% for each trade and ranging 0.02% up to 0.04% base on the levels. Fortunately, the traders can use BNB or Binance tokens to get a 50% trading fee discount.
Moreover, in terms of withdrawal fees, it can depend on the digital currency that the user will withdraw. For example, in withdrawing Bitcoin, the fee is 0.0005 for each transaction. They can check the Binance website for the complete withdrawal fees for each cryptocurrency. Although, users should note that Binance limits the amount they can withdraw if they are not verified.
On the other hand, Binance does not charge a fee for depositing or transferring. It does not also provide a limit of how much the user can deposit.
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Conclusion
Investing money on cryptocurrency platforms like Binance or any other trading sites always imposes risks. Therefore, it’s essential to research and analyze first the features, services, functionalities, and approaches of the trading platform before investing. Knowing their ins and outs is beneficial for most investors, whether it’s Binance, Coinbase, or other platforms.
Overall Scores
Binance offers plenty of options and excellent features for both novice and experienced traders. However, Binance also has two sides of coins. It can offer a plethora of advantages, but it also has cons that most users should know.
Trading in Binance provides an excellent experience for its users because of its excellent features, providing rewards, and optimizing traders’ profit. It also has additional services like Binance Visa Card that helps the user to have a smooth transaction when investing. Its long roaster of available currencies is also one of the benefits that Binance users should take advantage of aside from its lower fees.
On the contrary, Binance is not available in the U.S and some other countries, but American traders can trade on its partner company, Binance.US. Moreover, there are complaints about the verification process of Binance, which is a hassle for traders.
However, even though Binance has flaws, it’s still a reliable and safe trading platform. It is supported by solid security and privacy measures to keep its users’ investments safe and sound. Moreover, its versatility and unique trading options made it attractive to most beginners and expert-level traders.
