Binance is the largest cryptocurrency trading platform in the world, with more than a million users. Despite the fact that it provides a comprehensive array of trading choices and features, it is not especially user-friendly. Depending on their prior experience and education, investors may encounter a steep learning curve while working with Binance.
Binance’s desktop and mobile trading dashboards provide access to a diverse range of trading options, including an incredible variety of market charts and hundreds of different cryptocurrencies to trade. Traders can choose from a wide range of trading choices, including futures and options, in addition to a number of other order types. Many services and functionalities, on the other hand, are not available in the United States, and just 65 or so cryptocurrencies are accessible to users in the United States.
The Binance exchange, in addition to its tools and capabilities, also provides an extensive learning platform, an NFT platform, and more. Customers in the United States do not appear to be able to use the NFT marketplace at this time.
Why you should use Binance?
Generally, Binance is a good option for both experts and beginners because it has a large range of cryptocurrencies, with new coins being added on a regular basis to give traders with the greatest trading experience possible.
Users may benefit from reduced trading costs, a substantially wide range of leverage, and a high level of liquidity when conducting their transactions. Multiple security mechanisms have been implemented, as well as a $300 million Insurance Fund, to ensure that users are safeguarded at all times, around the clock.
Binance Review 2022: General overview
Index of Contents
- 1 Why you should use Binance?
- 2 Binance Review 2022: General overview
- 3 Binance Prominent features:
- 4 Available cryptocurrencies:
- 5 Trading options:
- 6 Overview of Fees:
- 7 Fees for deposits and withdrawals
- 8 Is Binance a safe option?
It was founded in 2017 by software developer Changpeng Zhao as a decentralized cryptocurrency exchange, with its headquarters initially located in China.
However, while Binance is presently the largest cryptocurrency exchange in the world in terms of trading volume, the exchange is also dealing with regulatory concerns in a range of areas. In the United States, it is now under investigation by federal authorities on suspicions of money laundering and tax evasion, among other things. In addition, the site has been prohibited in a number of other countries.
Binance is a cryptocurrency exchange that provides hundreds of cryptocurrencies to consumers all around the world. Note that the worldwide Binance platform differs from its version in the United States, which only sells a limited number of cryptocurrencies (65+).
Experienced traders may like the variety Binance provides, while newcomers may find the site complicated because of the large number of options it offers. Aside from that, the company’s continuing investigations and expanding list of regulatory difficulties are also a source of concern.
Binance Prominent features:
Binance has over 365 cryptocurrencies available for trading, however only 65 or so are available in the United States. It also accepts a number of fiat currencies for overseas customers, including USD, EUR, AUD, GBP, HKD, and INR. Binance offers a wide range of cryptocurrency pairs based on your region.
The following are some of the cryptocurrencies that are accessible on Binance :
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Basic Attention Token (BAT)
- Cosmos (ATOM)
- Dash (DASH)
- EOS (EOS)
- Nano (NANO)
- Paxos Standard (PAX)
- TRON (TRX)
- TrueUSD (TUSD)
- Tether (USDT)
- Stellar Lumens (XLM)
Binance.US has a huge number of trading pairs. This includes the ability to trade two cryptocurrencies without having to cash out one for USD, as well as the ability to exchange crypto for a fiat currency such as USD. Depending on the cryptocurrencies they support, various exchanges provide different trading pairings.
With a variety of trading options, Binance is perfect for both beginners and experienced traders.
Binance’s ‘convert’ function, which allows you to trade any of the 383+ supported currencies or tokens listed on the exchange, is the quickest and most straightforward method of trading.
Consider the following scenario: you have $1,000 in USDT. With the press of a button, you can change it into Bitcoins.
The ‘Convert’ button is all you need if all you want to do is buy any cryptocurrency, such as Bitcoin, and hold it for a while. It allows you to acquire whatever cryptocurrency you desire in seconds. Simple as that: make a deposit and turn your money into cryptocurrency, or convert one cryptocurrency into another cryptocurrency.
For those that trade and enjoy looking at charts and indicators, the Binance Classic trading interface will be a welcome addition to your toolbox. The charts are easy to grasp and apply since they are so straightforward and straightforward.
You may also establish limit orders on the site, which means that you can purchase and sell coins automatically when specified values are reached, even if you are away from your computer.
To acquire Bitcoin when the price falls below a specific threshold, place a buy limit order on the platform, and the platform will execute the deal for you, even if you are sleeping.
Despite the fact that the Binance Classic platform appears to be complex, it is quite straightforward and simple to navigate.
As an additional feature, Binance provides margin trading, which allows you to borrow money in order to trade. Increasing earnings or decreasing losses are the results of this situation.
Margin trading has resulted in several people becoming bankrupt as a result. It is advised to stay away from it and just deal with your own money instead of borrowing money. If you lose a significant amount of money, the exchange will liquidate and close off your holdings.
Overview of Fees:
Trading, buying, and selling, as well as some withdrawals and deposits, all incur fees on Binance.
Fees for deposits and withdrawals
The cost of a deposit is determined by the currency and mode of payment. A bank transfer is frequently free, while a debit card payment normally incurs a cost. Binance accepts credit or debit card payments, bank transfers, and peer-to-peer payments in numerous countries.
You can withdraw money in fiat currency to a bank account, or crypto to a wallet or another exchange. The fees and minimum withdrawal amounts vary depending on the withdrawal method and currency.
Fees for trading
The proportion of your trading charge is determined by your trading volume in the previous 30 days and the quantity of BNB you own. Maker orders, which bring liquidity to the market, have lower costs than taker orders, which drain liquidity from the market.
By paying in Binance Coin, the platform’s native currency, anyone may obtain a 25% reduction on the trading charge (BNB).
Is Binance a safe option?
One of Binance’s security features is two-factor authentication (2FA), which can be accomplished using the Google Authenticator app or short messaging service (SMS). Other security features include address whitelisting, device management, and the option to block access to specific devices. In addition, all U.S. dollar accounts on the Binance.us platform are protected by the Federal Deposit Insurance Corporation.
In spite of the fact that these features can assist in keeping user accounts reasonably safe, Binance’s reputation continues to be a source of concern. In general, their security offerings are relatively average compared to the rest of the industry.