Quick Summary: Binance is a well-known exchange for seasoned cryptocurrency investors. Although its trading possibilities are more constrained in the United States, it provides comparatively low trading costs and a large range of cryptocurrencies for trade abroad. The platform’s minimal costs may be alluring, but it has encountered regulatory problems and is presently the subject of a big investigative report by Reuters.
Binance Pros:
- Professional platform for professional traders
- Advanced services such as derivatives and futures trading
- Users can stake and earn interest on their cryptos
- Offers a variety of more than 350 cryptocurrencies
- Regular offers and promotions
- Low fees
Binance Cons:
- Weak support as stated by users
- US market lacks some benefits from the international markets
- Bad media and publicity
- No built-in digital wallet
What is Binance?
Binance is the largest cryptocurrency trading platform in the world. It is not user-friendly due to the wide range of trading options and services it provides. Depending on their level of expertise and education, investors may face a challenging learning curve with Binance.
- Established: July 2017
- CEO and founder: Changpeng Zhao
- Gross revenue: $20 billion US (2021)
How many platforms does Binance have?
There are two platforms on Binance:
- Binance lite
- Binance pro
Binance Lite is for those who need to transact quickly and for those who are new to cryptocurrency and are not accustomed to professional trading and charting. Ignoring technical analysis, this site is ideal for exchanging cryptocurrencies and carrying out swift transactions.
Binance Pro raises the bar for cryptocurrency trading. It has a trading station where users may view the order book, trade history, technical chart of the cryptocurrency pair, and most recent fills. Users can also trade futures, leveraged spot assets, and place limit orders.
How many cryptos are supported on Binance?
Binance currently lists more than 350 cryptocurrencies on its platforms. The crypto pairs however are around 1,450.
What are the fees on Binance?
Binance prides itself on having one of the lowest crypto fees on the market. The company sends out regular offers and discounts for its users. In addition to all those occasional freebies, the platform gives a reduction in fees for trading specific pairs that include BNB, BUSD, and BTC.
Binance charges a flat 0.1% spot trading fee. Binance.US also charges a 0.5% Instant Buy/Sell fee for traders who are placing a quick trade.
Debit card transfers are subject to an extra 4.5% fee from Binance (Binance.US does not support credit card transactions, in contrast to its worldwide brokerage). While bank wire transfers cost $15 per transaction, ACH bank transfers do not charge for cash deposits or withdrawals. Different cryptocurrencies have different withdrawal fees; for example, Bitcoin withdrawals cost 0.0005% and need a minimum withdrawal of 0.001 bitcoins.
What Services are Offered on Binance?
Binance offers a wide variety of services on its platform to individuals. Institutions that are looking to tap into the crypto market also have a tailored section reserved for them. Here’s an extensive list that encompasses all the services offered on the platform for individuals:
- Buying & selling crypto spot with margin trading
- Staking crypto (from a limited list)
- NFTs (create, collect and sell)
- Binance Futures
- DeFi
- Crypto Learning through Binance Academy
Here’s a list of services for Institutions:
- Execution and OTC services
- Asset management and custody
- Link program
- Liquidity program
How Secure is Binance?
Two-factor authentication (2FA) through the Google Authenticator app or SMS, address whitelisting, device management, and the ability to limit device access are just a few of Binance’s security features. Additionally, the Binance.us platform offers FDIC insurance on all accounts in US dollars. Although these measures can aid in maintaining user accounts’ relative security, Binance’s standing continues to be of concern. Their security offerings are generally about average for the sector.
Is Binance Support Good?
Binance has a relatively low score when it comes to support. On TrustPilot, the company has a rating of 2.0 out of 5 stars based on more than 3.823 reviews. Most comments were based on bad and slow customer support. However, in fairness, most reviewers also fell victim of phishing scams and reported that the company never replied back to them.
Others also reported that the company sent them emails without their consent which went straight to their spam inbox.
How to Open an Account on Binance – GUIDE
Ready up your documents
- A government-issued photo ID
- A computer or smartphone connected to the internet with a front camera
- A phone number connected to your smartphone (optional)
Create an Account
- Go to the Binance website and click to register a new account
- You’ll be asked for the following information
- Email address (use one that you have access to)
- Password (memorize your password)
- Referral ID (you can add ours: 36800513)
- Check the box and click Create account
- Binance will send you a verification email to your registered email address.
Pass the KYC by verifying your Identity
You can enable the fiat deposit and withdrawal limitations on your Binance account by completing Identity Verification. This procedure, which includes verifying your basic account details, supplying ID proof, and uploading a selfie or portrait, usually takes a few minutes to complete.
How to Buy Crypto on Binance
Fund your Binance Account
You can use bank transfers and credit cards to add up to 50+ fiat currencies, including EUR, BRL, and AUD, to your Binance account, depending on where you live. Upon deposit, you can use them to purchase cryptocurrency directly.
Buy Crypto on Binance
Now that you have a funded Binance account, you can choose to purchase crypto either from a spot trade or simply through a credit/debit card. Simply look for your crypto from the market list, click on it, click on trade, choose the amount you want, select the payment method and confirm.
Conclusion
Even though Binance is the biggest cryptocurrency exchange in the world, the ongoing investigations (specifically the Reuter special report) and the extensive number of nations that have restricted or banned its services are worrying. Additionally, its platform can be too complex for novice Bitcoin investors.
But if you’re a seasoned international trader eager to investigate other tokens and trading possibilities, Binance might provide the functionality you need. Although it offers fewer supported cryptocurrencies than the international platform, Binance.US may offer some possibilities for active traders based in the United States. Before beginning with Binance, make sure to perform your due diligence and compare platforms.
Trade Responsibly.