An in-house Review of Binance Cryptocurrency Exchange.
Binance is a largely popular cryptocurrency exchange given its relative newness in the world of trading and electronic monies.
It may not be the simplest to understand, especially for newbies, but it does offer great features. It guides newcomers through until they get a hang of it.
Relevant: open a Binance account HERE.
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Binance is currently the world’s most popular cryptocurrency trading portal and the largest in terms of cryptocurrency daily trading volume.
It’s pretty easy to find solutions when you get stuck trying to trade or switch currencies on the platform, perhaps, as some would argue, because you can find helping hands in every corner, internal and external, when you use a popular platform.
Binance was founded in July 2017 by Changpeng Zhao, a 44-year-old developer and software enthusiast. Just after he perused on Bitcoin Whitepaper and visualized how it would change the world, including how people transact with money, he joined the ‘crypto bandwagon’ in their march, carved a space for himself on blockchain technology, and created a coin and an exchange in the process.
The Binance exchange website and app may be easy to navigate, but that by no means translates to the simplicity of usage, especially for folks who have never used exchange platforms.
(Get it? Binance is easy to use but may prove a pain in the spine for those whose definition of ease span beyond seamless navigation to the plainness of language and a smaller confluence of features).
We, therefore, present to you some of Binance’s most outstanding features:
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- NFTs (non-fungible tokens)
- Binance Earn (hold your cryptocurrencies, start earning)
- Binance Pay (for more seamless business transactions through crypto payments)
- Binance Marketplace (for wider business reach via crypto payments)
- Mobile Applications
- Advanced Data Encryption
- Secure Asset Funds for Users
- Personalized Access Control
- 24/7 chat support
Related: The Best Cryptocurrency Exchanges for Beginners
And, here are some reasons why traders and cryptocurrency holders use Binance for exchange:
- Over 370 cryptocurrencies are hosted on the Binance exchange
- Binance has over 90 million registered users
- An impressive array of market charts
- A barrage of trading options, including future and other order types
- A service fee as low as 0.10% (we know no exchange with lower fees. Most top exchanges charge around 0.25% for transactions)
- Flash-level speed, security, and user protection
- Technical ingenuity, etc.
Despite all, the impressive file of options and features are not all available in all the countries where Binance is used (in fact, Binance is currently under investigation in the U.S.). Besides, out of the 370+ cryptocurrencies currently listed on Binance, only 65+ are currently accessible in the United States. Some Binance trading options and order types are also not allowed in the U.S.
The Upsides and Downsides
Like every other exchange platform, Binance has its pros (advantages, upsides) and cons (disadvantages, downsides). Below are the most striking ones:
UPSIDES
- Quality line-up of Coins: Binance offers you not only over 370 cryptocurrency and token options but lines up some of the very best. Binance appears to be after customer interest and popular demand, hence many quality trading and buying options.
- Low Transaction Fees: Binance’s service fee is as low as 0.10%. We don’t know any exchange platform with lower fees. Most top exchanges charge around 0.25% for transactions.
- A barrage of trading options, features, and order types: Amid a vast array of features as mentioned above, Binance besieges you with an intimidating file of trading options and order types: peer-to-peer trading, spot trading, and margin trading. Some order types offered are limit orders, stop-limit order, market order, trailing stop orders, one-cancels-the-other orders, stop market orders, and post-only orders.
DOWNSIDES
- Limited U.S. Version: For regulatory reasons, only 65+ cryptocurrencies are accessible to U.S. customers out of over 370 listed, and some Binance trading options and order types are also not accessible in the U.S.
- The multi-functionality problem: Binance has many features, trading options, and order types that may eventually confuse traders and coin holders. They sometimes prove overwhelming, too much to put up with.
- Absence of a built-in wallet: It’s common to find top cryptocurrency exchanges that have built-in virtual wallets for temporal currency holding. However, Binance has none. Although it suggests Trust Wallet, Trust Wallet is independent of Binance and as such requires you to deal with two separate platforms during exchange procedures.
- Regulatory issues: Binance began in China. Since then, in the wake of its fame, it has come under fierce attacks from different nations, fending off some investors and depriving others of the absolute features of the platform.
THE VERDICT
Based on our consideration of customer service, customer satisfaction, user experience across digital platforms, account access and management, service quality, features, navigational ease, and rating in comparison to other exchanges, the review shows that Binance is a top choice for experienced investors and traders. Nonetheless, we encourage personal research, findings, and scrutinizing diverse options before siding with Binance.
Disclaimer: The Binance review above represents the opinions of the contributor who authored the blog post. We do not impose any thoughts on you or intend to define your experience. We, therefore, suggest that whatever you do with this blog post, however you react to the writer’s opinion, should be purely based on your own research and personal convictions—what you do with this information is solely your decision.
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Fredrick Agaga
Fredrick Agaga is a blog writer and sales Copywriter with an uncanny obsession for cryptocurrency white papers. You may think that's an unpleasurable way to go, but not so for him. He lives for simplifying 'complex' ideas and sparking conversations with readable, engaging, and easy-to-understand content.