Binance is a well-known cryptocurrency exchange that caters to seasoned cryptocurrency investors. It has low trading costs and a large range of cryptocurrencies for traders globally, albeit its trading options are more limited in the United States.
While the platform’s minimal fees may be tempting, it has encountered regulatory concerns and is currently under investigation in the United States.
Year Established: 2017
Official Website: binance.com
Cryptocurrencies Allowed: 365 globally, 65+ in the US
Customer Support: Chatbots, Twitter, Support tickets
Key Takeaways
- Binance offers a relatively secure, versatile way to invest in and trade cryptocurrencies.
- Binance could be overwhelming for beginners and experienced traders alike.
- Binance offers lower fees than many other cryptocurrency exchanges.
- Binance is under investigation in the U.S. and has faced regulatory issues in other countries.
- While Binance offers over 365 cryptocurrencies for trade globally, only 65+ are available to trade in the U.S.
Pros and Cons
Pros
- Over 65 tradable cryptocurrencies for U.S. customers
- Low fees
- Wide selection of trading options and order types
Cons
- U.S. version is more limited
- The platform is complex and may be confusing
- No built-in digital wallet is available
- Binance has run into regulatory trouble in several countries
Pros explained
Over 65 tradable cryptocurrencies for U.S customers: For US clients, The company offers over 65 trading coins. This provides crypto traders and investors with numerous alternatives. You have even more possibilities if you live outside of the United States.
Low fees: Because the platform has cheap fees, traders can keep more of their investment and revenues.
Wide selection of trading options and order types: Binance provides a variety of trading options, such as peer-to-peer trading, spot trading, and margin trading.
It also provides a variety of order types, such as limit orders, market orders, stop-limit orders, stop market orders, trailing stop orders, post-only orders, and one-cancels-the-other orders.
Some of these options, such as margin trading, are not available to customers in the United States.
Cons explained
U.S version is more limited: Binance allows you to trade hundreds of cryptocurrencies all over the world. Binance.us, its platform for US users, is more restricted. Binance.US is also only available in 44 states.
The platform is complex and may be confusing: While Binance’s extensive set of services and trading opportunities is exciting, it can also be scary. Even experienced traders may become overwhelmed by the sheer number of accessible possibilities.
No built-in digital wallet available: The company does not have a built-in digital wallet, unlike several other famous exchanges. It advises using Trust Wallet, which has a strong reputation but may only provide limited support if there are problems with Binance transfers.
Binance has run into regulatory trouble in several countries: Binance has had a number of regulatory and legal concerns in a number of countries, so cryptocurrency investors may want to look into other exchanges.
Introduction
Binance is the world’s largest cryptocurrency trading platform.
It is not especially user-friendly due to its extensive range of trading options and features. Depending on their expertise and skills, investors may face a steep learning curve with Binance.
The company provides a comprehensive range of trading options via its desktop or mobile dashboards, including an excellent variety of market charts and hundreds of cryptocurrencies.
Users can also access a number of trading alternatives, including futures and options, as well as a variety of order forms.
However, many options and services are not available in the United States, and only 65+ cryptocurrencies are offered to consumers in the United States.
Binance provides a comprehensive learning platform, an NFT platform, and other services in addition to its tools and features. The NFT marketplace does not appear to be available to customers in the United States at this time.
Company Overview
Binance, founded in 2017 by software developer Changpeng Zhao, is a decentralized cryptocurrency exchange based in China.
While Binance is currently the world’s largest cryptocurrency exchange by trading volume, it is also dealing with regulatory concerns in various nations.
It is currently being investigated by US authorities on suspicions of money laundering and tax evasion. Several governments have also banned the platform.
The company provides global users with access to hundreds of cryptocurrencies. It’s worth noting, however, that the worldwide Binance platform differs from its US equivalent, Binance.us, which only serves 65+ coins.
Although experienced traders may appreciate the variety Binance provides, new users may find this platform confusing due to its numerous features.
Furthermore, its continuous investigations and a growing list of regulatory difficulties are cause for concern.
Cryptocurrencies available on Binance
Binance’s exchange offers over 365 cryptocurrencies for trading, but 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 provides a wide range of cryptocurrency pairs available based on your region.
Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network are among the cryptocurrencies available on Binance U.S. (MATIC). Binance also accepts popular cryptocurrencies such as:
- Dash (DASH)
- Cosmos (ATOM)
- Compound (COMP)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
Trading experience
The company provides a wide range of trading tools, including real-time charting with moving averages and exponential moving averages.
Users can execute transactions using the Binance app, the Binance website, or the Binance desktop app.
Traders can also utilize the company’s platform to check their order book and price charts, as well as access their portfolios and transaction history.
The exchange giant also offers a variety of order types, including stop orders, limit orders, stop-limit orders, stop market orders, and trailing stop orders.
You can also select from a variety of trading perspectives, ranging from classic to margin and OTC.
However, several of these capabilities, such as margin trading and other order types, are not available in the United States.
Fees
Binance’s fees are among the most affordable in the industry. While US-based customers may pay slightly more on Binance.us, the fees are still cheaper than on other top platforms.
The company has a maker/taker fee system, with costs varying depending on trade volume and Binance Coin (BNB) balance. In general, bigger volume trades have cheaper fees.
Users can also receive fee reductions for the following:
- Using Binance (BNB) coins in trades
- Referral bonuses
- Reaching very important person (VIP) status by trading a certain amount of assets
Other fees may also apply to Binance users. The graphic below provides a quick overview of the various fees connected with various withdrawal and payment types.
Security
Two-factor authentication (2FA) using the Google Authenticator app or short messaging service (SMS), address whitelisting, device management, and the option to restrict device access are among Binance’s security features.
Binance.us also offers FDIC protection on all U.S. dollar accounts.
While these protections can assist in keeping user accounts relatively secure, Binance’s reputation remains a source of concern. In terms of security, their solutions are approximately average for the industry.
Opening a Binance account
Follow the steps below to open a Binance account:
- Step 1: Visit the Binance website
- Step 2: Click on the “Get Started” button in the top right-hand corner and enter the required information. The registration process can take a few minutes, as Binance will verify your account information.
- Step 3: Enable 2FA
- Step 4: Link your payment method
- Step 5: Deposit funds and start trading
Customer service
Binance has three basic customer support options: sending a ticket, asking basic inquiries via chat, and contacting them via Twitter.
- To submit a ticket and receive email assistance, users can fill out a form on the Binance website.
- Binance has a Twitter account (@BinanceHelpDesk) for support and encourages users to tweet their issues to the company.
- There is also a chatbox on the bottom right corner of the support screen that can be accessed on the Binance website.
Customer satisfaction
The company has received only 2 out of 5 stars from over 2,000 Trustpilot reviews. A number of the complaints center on bad customer support and difficulties withdrawing cash.
Despite the challenges that some users confront, some feedback is positive. Many Binance users have a positive, generally smooth experience with the platform.
Account management
Binance dashboards can be accessed via a desktop browser or a downloaded desktop application. It also provides iOS and Android mobile apps, which can be downloaded from the Apple and Google Playstore.
The exchange giant’s dashboard allows you to monitor charts, marketing trends, your portfolio, and current and previous trades.
To manage your payment types, go to the account page and add any credit/debit cards and bank accounts that you want to trade with.
Making deposits and withdrawals is as simple as going to the “Spot Wallet,” picking the asset you want to buy or sell, and following the on-screen instructions.
How Binance compares to other cryptocurrency exchanges
Overall, The company provides a wide selection of supported assets and trading alternatives for global traders, as well as some of the industry’s lowest rates.
While the platform has significant advantages, its compliance difficulties are cause for concern.
If Binance doesn’t sound like the ideal fit, you might want to look into Coinbase Pro, one of its main competitors.
Final decision
While Binance is the world’s largest cryptocurrency exchange, continuing investigations and a long list of nations that have banned or limited its services are grounds for concern. Its platform may possibly be too complex for inexperienced bitcoin investors.
The exchange giant, on the other hand, may contain the functionality you’re searching for if you’re an experienced global trader ready to explore alternative tokens and trade options.
Active traders in the United States may find some opportunities on Binance. The platform is available in the United States, however, it supports fewer coins than the worldwide platform.
Before you start using this exchange, make sure you do your homework and compare platforms.
