Binance review

Binance stands out as one of the largest cryptocurrency exchange platforms globally. With an astonishing average daily trading volume of 2.4 billion, it handles approximately 1.4 million transactions every second—an impressive feat in the crypto world.

Whether you’re a beginner or an experienced trader, Binance caters to all levels of expertise. However, be prepared to invest some time to navigate its comprehensive features.

This review of Binance aims to simplify your understanding of the platform. Here, you will find essential information, including an overview of Binance’s offerings, how to access its services, and much more!

Understanding Binance

Binance, established in 2017, quickly rose to prominence in the trading sector, aiming to become the leading provider of blockchain ecosystem infrastructure services.

The World’s Largest Crypto Exchange

In a short period, it became apparent that Binance was a unique trading platform. Its extensive selection of cryptocurrencies and low fees contributed significantly to its success. Today, Binance is frequently recognized as “the world’s largest crypto exchange by trading volume,” with approximately one billion dollars in quarterly revenue and 1.4 million transactions per second.

How Binance Became a World-Leading Crypto Exchange:

Company Headquarters

Curious about the location of Binance headquarters? Initially established in China, the company faced regulatory challenges, prompting founder Changpeng Zhao to relocate. After a brief period in Japan, Binance finally settled in Malta, where it continues to operate today.

Regulatory Challenges

Throughout its history, Binance has encountered various conflicts with authorities in multiple countries. Despite these challenges, it remains a favored choice among crypto investors. The crypto community largely views regulatory measures as attempts to stifle innovation, and Binance’s ability to navigate these regulations has been met with both praise and critique.

Binance’s flexibility in launching new products and services without extensive regulatory hurdles has given it an edge over competitors like Coinbase, which faced significant pressure leading to the cessation of certain services.

Products Offered by Binance

With its massive trading volume, Binance is deemed the largest crypto exchange worldwide, boasting a monthly trading volume of approximately 668 billion dollars. Beyond trading volume, Binance’s unique products and services set it apart. Here’s a brief overview:

• Brokerage Services – Initially targeting experienced traders, Binance has expanded to include a user-friendly brokerage platform called “Buy Crypto” for beginners.
• Crypto Exchange – Users can transition from the brokerage platform to the professional trading section as they gain experience.
• Decentralized Crypto Exchange – This platform operates through smart contracts and algorithms, allowing users to trade directly without a centralized authority.
• P2P Trading Platform – Facilitates direct transactions between buyers and sellers.
• Binance VISA Card – Converts your Binance holdings into a spendable currency.
• Crypto Wallet – Trust Wallet, a popular option provided by Binance for its users.

Available Cryptocurrencies on Binance

Binance allows trading in numerous cryptocurrencies, including its own Binance Coin. You can choose from over 150 cryptocurrencies with ease, thanks to their well-organized categorization:

• Everything
• Metaverse
• Gaming
• DeFi
• Innovation
• Layer 1 / Layer 2
• Fan Token
• NFT
• Storage
• Polkadot
• BUCKET
• POW
• Launchpad
• Launchpool
• BNB Chain
• ETF

Here’s a glimpse of some notable cryptocurrencies available:

• BTC – Bitcoin
• ETH – Ethereum
• USDT – TetherUS
• USDC – USD Cash
• BNB – BNB
• BUSD – BUSD
• XRP – Ripple
• ADA – Cardano
• SOL – Solana
• DOGE – Dogecoin
• DOT – Polkadot
• TRX – TRON
• SHIB – SHIBA INU
• WBTC – Wrapped Bitcoin
• AVAX – Avalanche
• MATIC – Polygon
• UNI – Uniswap
• LTC – Litecoin
• FTT – FTX Token
• LINK – ChainLink
• XLM – Stellar Lumens
• ATOM – Cosmos
• NEAR – NEAR Protocol
• XMR – Monero
• ALGO – Algorand
• ETC – Ethereum Classic
• BCH – Bitcoin Cash
• KNOW – VeChain
• MANA – Decentraland
• FLOW – Flow
• SAND – The Sandbox
• APE – ApeCoin
• XTZ – Tezos
• ICP – Internet Computer
• HBAR – Hedera Hashgraph
• FILE – Filecoin
• EGLD – Elrond eGold
• THUSD – TrueUSD
• THETA – Theta Token
• AXS – Axie Infinity
• HNT – Helium
• EOS – EOS
• USDP – Pax Dollar
• MKR – Maker
• BTTC – BitTorrent
• AAVE – Aave
• ZEC – Zcash
• XEC – eCash
• LUNC – Terra Classic
• IOTA – MIOTA

How Binance Operates

Binance’s platform is designed for ease of use, catering to both newcomers and seasoned traders. Below, we delve into important aspects to consider before you start your trading journey.

Different Versions of Binance

Binance offers various versions tailored to meet different user needs. Here’s a quick overview:

• Basic – Ideal for simple trades, this version offers essential features for beginners.
• Intermediate – Aimed at users seeking a balance between simplicity and advanced trading features.
• Advanced – Designed for experienced traders familiar with technical analysis and advanced charting.

Funding Your Binance Account

To start trading on Binance, you must first fund your account.

Begin by creating an account (more details on this process below), then locate the “funds” button. Click it, followed by “deposits and withdrawals” under the “wallet” section.

Transferring money to Binance is straightforward, with multiple options available:

• Depositing cash via debit or credit card, or using electronic bank transfer services.
• Transferring cryptocurrency from another wallet to your Binance wallet.
• Buying cryptocurrency directly by entering your bank details on the Binance platform.
• Purchasing cryptocurrency from another platform and transferring it to Binance.

Ensure your account is verified before making any transfers, as this enhances your account’s security and expedites the process.

Withdrawing Funds from Binance

Withdrawal from Binance is equally simple. Follow these steps:

• Navigate to your Binance Wallet.
• Click on “withdraw”.
• Select the currency you wish to transfer.

Note that withdrawals in British pounds are not available, requiring you to convert to other currencies such as Euros or US dollars. Here are a few considerations:

• Withdrawing in Euros incurs a fee of 0.8% based on the withdrawal amount. For US dollars, a flat fee of $30 applies, making it cost-effective for larger withdrawals.
• Your bank may charge additional fees for currency exchange, so check with them beforehand.
• Withdrawals typically take between 2 and 4 business days to process.

You can also withdraw cryptocurrency easily by providing the coin type and recipient’s wallet address. Ensure all details are accurate before submitting, as transactions are irreversible.

Brokerage Fees

Trading cryptocurrencies involves various fees and commissions. Binance operates with a competitive fixed commission of 0.1%, significantly lower than many other platforms, such as Coinbase, which charges a minimum of 0.5%.

Getting Started with Binance

Binance streamlines the process of buying and selling cryptocurrencies for everyone.

While Binance has made strides in simplifying cryptocurrency trading, it can still be complex for newcomers. Below is a step-by-step guide to help you navigate the registration and investment process:

1) Registration

To begin, click “Register now”. You can register using either your email or phone number, and be sure to create a strong password to enhance your account’s security.

Finally, complete a simple puzzle to finalize the registration.

2) Google Authenticator

Upon completing registration, you will be directed to Binance’s dashboard, where you can opt to use Google Authenticator for added security.

This two-factor authentication method significantly boosts your account’s security. While optional, we highly recommend it for enhanced protection.

Watch this informative video on using Google 2FA:

3) Verification

After registration, the next step is verifying your account, which involves confirming your identity.

You can choose from three verification levels: basic, intermediate, and advanced, each with varying requirements.

Basic

Basic verification requires minimal information, allowing you to get started quickly.

Intermediate

This level allows withdrawals of up to $50,000 at once, with a monthly limit of $500,000, and requires more detailed personal information.

Advanced

Advanced verification offers a higher withdrawal limit of $2 million per month, requiring extensive documentation to validate your identity.

Be aware that the verification process for advanced users can take up to 10 days.

4) Making a Deposit

Once verified, you can deposit funds into your Binance account by clicking on “deposit” in the dashboard.

Choose your preferred deposit method, whether fiat currency or cryptocurrency, and follow the prompts to complete the process.

5) Buying Cryptocurrency

Once your deposit is confirmed, you can start buying cryptocurrency through Binance. Select the trading pairs you want and enter the amount you wish to purchase.

Review the information for accuracy before finalizing your purchase.

6) Storing Cryptocurrency

After buying cryptocurrency, it’s crucial to store it securely. Avoid leaving your assets on the exchange for extended periods and consider transferring them to a secure wallet.

To withdraw your cryptocurrency, navigate to the dashboard, click “wallet”, then “overview”, and finally “withdraw”. Double-check the wallet address before confirming the transaction.

Customer Support at Binance

As highlighted earlier, Binance is well-regarded for its customer service, which includes:

• A comprehensive FAQ page that addresses most common issues.
• An automated bot for quick answers to your questions.
• Direct customer service for inquiries that require human assistance.

Keep in mind that response times may vary, so patience is advisable.

Complaints About Customer Service

Some users have reported delays and issues with verification processes, particularly following the introduction of mandatory identity checks.

• Response times can reach up to 12 hours.
• Not all problems are resolved promptly.

The reasons for these delays remain unclear, leading to speculation about whether the issues are temporary or long-term.

Is Trading on Binance Safe?

Many users frequently ask if trading on Binance is safe. The answer is consistently affirmative: yes, Binance is among the safest trading platforms available.

While no platform can guarantee complete security against hacks, Binance has demonstrated a commitment to security, especially after the 2018 hacking incident. They have since enhanced their security measures significantly.

To bolster your account’s security, consider these tips:

• Utilize 2FA (two-factor authentication), which adds an extra layer of security during the login process.
• Choose a robust, unique password that incorporates a mix of letters, numbers, and symbols.

The 2018 Hacking Incident

In 2018, Binance experienced a significant hacking attempt. However, the platform’s proactive security measures ensured that no customer funds were lost. Following this incident, Binance received commendations for its effective response and commitment to customer safety.

Pros and Cons of Binance

Binance is a market leader, primarily due to its extensive range of products and services.

Here are some notable advantages:

• Initially catering to advanced traders, Binance now provides a platform suitable for both beginners and experienced users.
• A broad selection of cryptocurrencies, products, and services, including leverage and margin trading.
• Multiple payment options, including credit card purchases.
• Strong liquidity across the platform.

However, there are also some drawbacks:

• Customer service response times can be slow.
• Challenges exist for British customers when purchasing cryptocurrencies or making withdrawals.
• Binance is not accessible in certain countries, including the UK.

Conclusion

In conclusion, Binance is an excellent choice for both beginners and experienced traders. While it may seem overwhelming at first, the platform is user-friendly and offers a wide array of cryptocurrencies and services.

Binance’s tiered trading levels—basic, intermediate, and advanced—cater to users of all expertise levels. Though Binance is not currently available in the UK, we hope it will expand its services soon.