Binance Review

 

Over the years, the trade of financial instruments and digital assets has evolved tremendously. Besides company stocks, people are getting involved in the trade of precious metals, commodities, and indices. Trading with various instruments has enabled people to earn profits from more than one source of investment. Of late, there has been a growing interest in the cryptocurrency trade. Investing in digital money has helped millions of traders earn huge profits from a single source in a matter of weeks. The prices of top cryptocurrencies such as Bitcoin, BNB, and BTC Cash have soared multifold in 2020.

However, the market for cryptocurrencies is also highly volatile. Some crypto assets fall drastically, and people lose money to a great extent. Therefore, to tackle such challenges, traders adopt from three trading platforms and use their services for accurate and profitable investments.

Trading with Binance

Binance is a renowned name in the cryptocurrency trading sphere. The Binance global platform has been promoted globally through mainstream advertisements resulting in more people entering the crypto trading landscape. However, there are several other platforms offering services similar to Binance.

Hence, a comprehensive review is what a trader needs to make the right adoption. This Binance review navigates different aspects of the platform and puts forth an unbiased analysis of its features. In this review, Binance’s contribution in helping the trade of CFDs on cryptocurrencies has been evaluated. Let’s discover how and why Binance is considered one of the world’s popular trading platforms for cryptocurrencies.

Binance — General Information

Like every other trading platform, Binance is a company that operates as the best cryptocurrency exchange for all its users. While it offers trading systems and services to its customers, Binance is primarily a trading exchange that works in cryptocurrency markets. Based in Hong Kong, Binance is, if not the biggest crypto exchange in the world today. It was launched in the industry a few years back, in July 2017. Within a year, Binance rose to global popularity with its highly effective services and advanced trading tools as a market leader in cryptocurrency exchanges.

During our review, it is best known as the leading exchange to register maximum trading volumes every day. Binance is always at the top in trading volume and has not failed to support its traders in managing or executing high trades. It is also ranked high for being a trusted exchange in the crypto world.

Binance — Recent Developments

Trust Wallet was acquired by Binance in June 2018. In 2019, Binance suffered a large-scale security breach, where 7,000 Bitcoins ($40 million at the time) were stolen. The company halted its withdrawals and deposits but continued its trading services. Soon, it reimbursed its customers with the help of its secured asset fund. In 2020, the parent company shifted its base of operations to Malta due to the growing regulatory issues for cryptocurrency in China and Hong Kong. The same year, Binance also acquired WazirX, India’s largest cryptocurrency exchange (check out the complete WazirX review here). Binance runs its business globally naming Binance Singapore , Binance Indonesia, and Binance Jersey, etc and has a presence with registered offices in a few other European countries, including Gibraltar and Estonia. Based on the country, Binance has also developed explicit license agreements for its cryptocurrency exchanges. Binance NFT Marketplace was launched in 2021, where people can create, purchase and sell NFTs (Non-Fungible Tokens). NFT coins on Binance denotes an asset’s ownership. Binance NFT can include music, videos, digital art, real-world items, and website domains. Though the Marketplace is still in its infant stage, it can leverage the whole Binance ecosystem. The platform uses the Binance Smart Chain and Ethereum to create NFTs which can be stored safely inside the Trust Wallet. Users can freely transfer these tokens between the two blockchains.

Binance During COVID-19

In 2020, during the COVID-19 crisis, Binance reported a $4 billion worth of 24-hour trading volume, which is globally the highest number for an exchange during such times. The 30-day trading volume from Binance reached $140 billion in April, becoming the most traded exchange in the world. Today, Binance is considered a behemoth in the domain of leading cryptocurrency exchanges and trading.

Binance Review — Key Features

During this review, the exchange has been assessed for its multiple features. The following features are the best offerings that Binance has in store for its traders. From its trading platform features to its crypto exchange features, let’s take a look at what Binance has to offer:

• eWallets: Binance runs its operations digitally, where real money can be deposited or withdrawn but gets stored in digital wallet. Almost every leading eWallet app is available at Binance. Trust Wallet is an official and decentralized wallet of Binance. The exchange also offers its traders a comprehensive selection of the best wallet for crypto features that can not only store their wealth in cryptos or fiat currencies but also help them earn interest rates from their long-term deposits.
• Mobile Trading: Traders can use Binance mobile application and stay invested in the cryptocurrency market even during their travel time. The Binance mobile app is compatible with all hand-held mobile platforms and devices. Android users can find the Binance mobile app on Google Play, while iOS users can go to the Apple App Store to download the app. Binance is also available in APK file formats for other mobile platforms such as Tizen or Windows Mobile.

• Trading Account: To capture the needs of every trader, Binance has a wide range of trading account types. The two main types of a Binance account include Basic and Advanced. The account has options for customizations based on user requirements. For professional experienced traders, Binance has the Margin, P2P, and OTC trading account.

• Customer Support: Users get access to a large library of research articles that can resolve every investment problem and help them navigate the platforms for trading smoothly. These articles also share first-hand information on excelling in crypto trading. One can directly chat with the Binance support team and procure solutions tailored to their queries. A Learn section on the Binance trading system guides every beginner on the process of buying cryptos.
• Analytical Charts: As per our reviews on binance, the trading experience at Binance is quite interactive. The decentralized exchange uses Trading View to provide its users access to technical market indicators, charts, and graphs that analyze the market in real-time. These interactive tools help users in finding the next trading opportunity at the earliest possible.

Additional Features of Binance

• Trading Derivatives: Besides cryptocurrency, one can be a part of different markets, particularly for USDT futures, leveraged coin products (BNB), and coin futures. Trading these derivatives is a lot more efficient with Binance.
• In-Depth Research: To upskill its users, Binance is a source of a wide range of research material on the market. Expert advice, trading strategies, and troubleshooting content gets delivered to its users. This market research content helps active traders with their day trading and margin trading activities. As a source of institutional-grade analysis and dynamic research reports, Binance makes a significant difference in the outcomes of its traders.
• Financing: Binance users are not solely earning from the profits they make through their trades. The exchange rewards its high-performing traders with a range of bonuses. Every user is rewarded for staking and depositing cryptos. Binance also helps its traders with financing options through loan for crypto. The cryptocurrency market also secures these crypto loans. In terms of rewards, Binance offer attractive pricing and referral bonuses to its users. By introducing new traders to the exchange, every user gets rewarded with crypto wealth as a referral bonus. Click here to know more about crypto loans.
• Launch: With Binance, more active traders get access to the market at every moment of the day. The launch of a new cryptocurrency is the best investment opportunity for small business active traders. Binance captures these launches and notifies the traders. It also provides launch whitepapers and specifies the timelines for the traders to start staking with new currency in crypto.
• Deposits and Withdrawals: Binance has very few constraints concerning the payment method. Almost every payment gateway is integrated with the secure exchange. It also supports high-volume deposits and withdrawals of traders in fiat currency and cryptocurrencies such as BNB, Litecoin (LTC), and BTC Cash.

• Binance Credit Cards: For instant trading, Binance allows its users to link their credit card and crypto-friendly bank account. Credit cards can be used to convert their crypto earnings into fiat currencies. They can be used to pay with cryptos as well.
• Binance Cloud: Binance Cloud offers a crypto exchange infrastructure and allows partners to focus on their business operators and development. Binance cloud support is a comprehensive solution currently offering spot trading, including fiat-to-crypto, crypto-to-crypto, and P2P fiat trading. The Binance Cloud fee model consists of a trading fee and annual fee along with commission revenue.
• Binance Gift Card: With a Binance Gift card, the users can create and send purchase Bitcoin gift cards along with customizable card messages and themes, card amounts, and coins to their friends. All one needs to do is buy a gift card with crypto such as Bitcoin, copy the card’s code and send the card to the recipient’s email address.
  As soon as the recipient gets the Binance gift card, he can redeem it by entering the card code. Binance suggests the recipient redeem crypto cards the moment they receive them to avoid losses.
• Binance Live: Binance has launched its Binance Live mini-program, which is a Binance live-streaming tool. This is freely available in the current version of Binance Apps. The tool allows users to participate in the Binance live-streaming sessions, but currently, this feature is available to invite-only participants. Anyone can try the Live mini program. All one needs to do is open the Binance mobile app and navigate to Binance Live in the More option.
• Binance Charity: Binance Charity Foundation is one of the first transparent donation and blockchain charity projects in the world. Binance Charity has aimed to unlock the potential of blockchain and help alleviate global poverty, ensure the good health of the planet, and fight inequality. Join Binance donation to transferred directly to the 1013281 end beneficiaries. This means 100% of the funds collected go to the needy.
• Binance Affiliate Program: According to the Binance affiliate program review, traders can get up to 50% commission on qualified trades. Binance users who register using a unique referral link will earn commissions on each trade made by the referrals across Binance margin, futures, and spot trading. One needs to submit an application with the platform before being able to participate in the affiliate program.

The exchange offers all these features, and hence Binance is one of the most competitive crypto exchanges and trading platforms for modern-day investors. The company continues to upgrade its offerings from time to time, providing an advanced user experience to its traders.

Basic Trading

While reviewing the trading alternatives that Binance offers, its users access two types — Basic and Advanced. In basic trading, Binance allows its users to stick to a primary format of trading. In this category, users do not indulge in different trading alternatives. Instead, they stick to crypto trading as their primary activity. However, when it comes to Binance basic, it is only designed to cater to a beginner in trading. Sooner or later, active traders may get less interested in the basic trading functions. If they need more detailed technical analysis, then they have to switch to the advanced trading version.

Why Choose Basic Binance Trading?

Basic trading at Binance is quite easy to learn. It is not extremely complicated like its advanced version. The basic trading view of the Binance platform is quite straightforward. It is inherently easy to operate and displays all the crucial information on a single page. The prices are in the left panel, while the graphs are displayed in the middle. The information on what to buy or sell and the market’s history is showcased on the right side.

Binance Review for Advanced Trading

In the advanced trading version, Binance provides charts and other technical indicators, which take up more space on the page. Compared to the basic version, there is a lot more data that needs to be processed in advanced trading. This data comprises trade history, market developments, and upcoming events. The buy and sell boxes on this page keep reflecting the changes arising from these factors.

Advanced trading has all the features of basic trading. Binance also offers an exclusive training course to its traders. Each user gets to decide the level of margin trading to be pursued.

Supported Cryptocurrencies

Binance covers several cryptocurrencies, including its own BNB coins, and is designed to help users with every aspect of crypto trading. In addition to Bitcoin (BTC) and Ethereum (ETH), Binance also has more than a hundred cryptocurrencies. These digital currency tokens are a part of its exchange and are displayed in the Binance Cryptocurrency Exchange List. These trading pairs get updated regularly. Binance is also the world’s most supported exchange for cryptocurrencies.

Binance QA System

There is a quality assurance system in its platform that ensures every new decentralized finance fiat-to-crypto project can get qualified to be listed. If the project fails to meet Binance’s qualification requirements, it gets delisted. In 2019, Binance delisted five cryptocurrencies: Modum, CloakCoin, Wings, Substratum, and SALT.

Binance OTC Trading Portal

Binance users recently got access to the OTC trading portal. The launch of this portal was announced by Binance in April 2020, offering an over-the-counter (OTC) trading desk for its users. With the Binance OTC Trading Portal, one can avoid the risks of “slippage” while executing larger trades. They can trade crypto according to the price movements and conduct large transactions informedly. In this OTC Trading Portal, Binance does not charge additional trading fees. Users get a quick settlement when they execute with a minimum trade size of $10,000. The OTC Trading Portal by Binance also accepts trades in 25 different crypto coins. These tokens are available as trading pairs when the users complete level 2 of KYC account verification and registration at the Binance (com) website.

Binance US Investments

Binance takes good care of its US investors. For a long time, Binance did not accept US-based investors in its services. However, in mid-2019, Binance launched an All-American version of their platform. This platform caters only to US-based traders and has been developed to maintain the crypto regulatory stance in the country. It is an all-out fiat-to-crypto centralized exchange that provides unrestricted access to US investors. All the features of the Binance platform are available on this platform. However, if the users are not in accordance with Binance’s Terms of Use, they can continue to use Binance wallets and withdraw funds but can no longer trade or deposit on Binance.com. Changpeng Zhao, Binance CEO, recently tweeted that these “short-term pains” are crucial for “long-term gains.” Active investors from the US can go to Binance when they need an exchange that accepts their trading in the future.

Binance Lending Products

Binance offers a series of crypto products through financing. These Binance Lending Products are used to lock certain digital money assets for a certain time. One can procure an interest in these locked assets and earn monthly through Binance. In September 2019, Binance also released a two-week fixed term for its lending products. One can now receive interest by locking in their assets for only 14 days. The return figures on locking in cryptocurrencies such as Binance coin (BNB), BTC, and USDT-tokens for 14 days are quite impressive. The Binance exchange has a strong team responsible for generating these interests and share its forefront figures with its users from the entire crypto industry.

Futures Trading

From 2019, Binance has opened doors to futures trading. One can trade futures and options contracts to expand their trading portfolio. With Binance futures trading, the users get to trade an option contract that gives them an option to call (buy option) or put (sell option) a certain financial asset at a certain price point. These options provide users with an exclusive right to exercise trading the futures of an asset under the set expiration period of the contract. There are more options than Binance offers, allowing its users to exercise these trades during a specific date. Binance also offers American options and European options to its future trading users. These trades can be made under Perpetual Binance Futures or as Quarterly Binance Futures.

Futures Trading Fees

The charges of trading fees for each contract category depend on the specifications, price changes, and the VIP level of the user. For futures trading, Binance charges average low trading fees to its traders. Other fees on Binance are below the industry average, with the standard taker fee starting at 0.075% and the standard maker fee at 0.025%. One can also save 10% of their future trading fees through sign-ups.

Pros & Cons

Here’s a quick overview of the benefits and shortcomings of the Binance crypto trading platform.

In this Binance review, the exchange has more pros than cons. Hence, it is considered far more beneficial and reliable for traders. The KYC verification compliance is also an added advantage that allows Binance to deliver additional protection for its users. The mobile app compatibility of Binance platforms on Android and iOS devices is also a major plus point.

Binance Fees

This Binance review has also assessed the costs that users have to bear while trading with this. Binance other fees are charged at multiple levels of the process. As a trading platform, Binance does not charge variable fees. It is important to note that every trade executed between the user and Binance is recorded in the order book, and brokerage fees are charged on those trades. Binance provides better liquidity in the market. One can benefit from this liquidity by matching their orders with the makers’ orders. This maker-taker model encourages Binance users to leverage market liquidity at a small fee. The low fees are discounted further when the number of tradable assets increases. Popular exchanges that do not charge different fees between takers and makers implement “flat” fees.

Spot Trading Fees

For spot trading, Binance charges a flat trading fee of 0.10%. Accordingly, Binance also does not profile the users under the taker or maker categories. Its investors can prefer picking up existing orders from the order book and make money from this attractive trading fee model. Binance’s spot trading low fees are extremely below the fees charged by its competitors. The industry average is around 0.25%, which makes Binance an affordable option. It offers low trading fees on high trading volumes and huge holdings of the Binance coin (BNB).

Binance Withdrawal Fees

In this Binance review, the withdrawal process has been analyzed to check its impact on the traders’ income source. The withdrawal fee charged by Binance is not fixed. They can vary from crypto to crypto and based on the trading volumes. If the user wants to withdraw money in the form of a Binance coin (BNB), a very small amount of the withdrawal is paid to the platform. This pattern follows with all other cryptocurrencies. The BTC-withdrawal low fees at Binance are average compared to its competitors in the crypto exchange market. In other words, a 0.0006 BTC per BTC withdrawal is approximately charged to the users. Binance also charges a flat 0.0004 BTC on BTC withdrawals, making its crypto withdrawal fees more competitive.

Binance Deposit Methods

In its initial years, Binance only accepted deposits in the form of cryptocurrencies. Today, Binance accepts different digital currencies and modes of deposits. It accepts real money deposits and fiat currency funding. Today’s crypto investors can now trade at the Binance exchange through debit card or credit card deposits as well. Since 2019, Binance has added numerous deposit methods to accept new users possible under different circumstances. The exchange has partnered with an Israel-based payment services firm, Simplex, which allows many Binance users to buy and sell Bitcoin (BTC), Ethereum (ETH), and other cryptos such as Litecoin (LTC) or Ripple through VISA and MasterCard credit cards.

This Binance review observed that Binance deposit methods via a debit card or a credit card are limited to countries on the Sanctions lists, including North Korea, Iraq, Syria, Afghanistan, and Libya. It is not available to US states, namely, New York, Washington, Connecticut, Washington, Georgia, New Mexico, and Hawaii due to regulatory issues. Simplex charges deposit fees at 3.5% per trade. To buy Bitcoin for $10,000, Simplex charges $350 and an additional flat fee of a minimum of $10.

Binance Review — Credit Card Payments

The review noticed that an announcement made by Binance in December 2019 allowed its users to bind their VISA credit cards to the Binance trading account. This helps them purchase cryptos directly by using a credit card. The Binance platform no longer compels its users to deposit through Simplex. It saves them the 3.5% Simplex fee and lets them deposit through VISA cards issued in the EEA.

Simplex Supported Countries

This option is available for users from the United Kingdom, France, Germany, Netherlands, Sweden, Poland, Austria, Bulgaria, Belgium, Croatia, Czech Republic, Republic of Cyprus, Denmark, Finland, Estonia, Greece, Ireland, Hungary, Italy, Lithuania, Latvia, Luxembourg, Portugal, Malta, Romania, Slovenia, Slovakia, Spain, Norway, Iceland, and Liechtenstein.

In 2020, Binance also announced that it now supports wire transfers. Deposits from bank fund transfers are now available for Binance users through their partnership with Clear Junction that accepts direct bank transfers in Euros (EUR) through SEPA and in Pounds (GBP) through Faster Payments.

Binance Security

This review also uncovers the most factor driving the success of Binance — security. According to user Binance reviews, Binance is a top-rated secure best crypto exchange Germany. It is a safe trading platform that implements end-to-end security features and services. Compared to different popular crypto focused players, Binance has an advanced data protection environment called Binance chain.

Binance 2FA

Two-factor authentication via the Google Authenticator app or sms authentication is executed on every trade made with Binance. The platform adds this extra layer of protection to ensure the security of its online trading account. The two-factor authentication not only protects the username and password but also secures credible information. The two-fold exchange store established by Binance contains a massive amount of valuable information that is personally identifiable. From addresses to names, this information is protected to ensure the users do not get mistreated from their government identification details or their taxpayer identification number.

Binance Security Score

Binance exchange handles a lot of cash or coin deposits and withdrawals every day. There are countless hacks attempted on the Binance (com) website. However, Binance does not permit these malpractices and even goes ahead in suspending its service temporarily to protect its users’ money. Other exchanges face similar outcomes and may get looted in millions of dollars. The security score of Binance is tested periodically, and Mozilla system administrators and security professionals run its webpage. They configure Binance sites securely and help them achieve a B+ security score far above the average. Top crypto companies for exchanges fail to match the security levels Binance offers, making the safest cryptocurrency exchange website for all.

Binance vs. Coinbase

In this review, Binance is observed to compete with CoinBase as its main alternative. There have been dozens of “Binance vs. Coinbase” comparisons online, explaining which one’s better. This review discusses the key differentiators in these two crypto exchanges, which are also the biggest market. Concerning the services they offer, Binance provides an advanced set of trading services. It has more complicated trading processes. CoinBase is designed for ease of use and helps new traders enter the market. While CoinBase is simpler than Binance, it lacks the opportunity to trade high volumes, which is a milestone every trader wants to reach.

Binance or CoinBase — Which is More Secure?

Comparing the safety of these platforms, Binance has better security features than CoinBase. In the earlier sections of the review, the security rank of Binance was mentioned, which is B+. CoinBase, on the other hand, has a B- rating, which is the average rating for a crypto exchange in the market. For small business traders, Binance is a highly secured cryptocurrency exchange in the market. It has transacted over $320 billion to date. All its transactions in Ethereum, Bitcoin and other cryptos have been safely executed. In the industry, Binance has created the safest environment possible for people to buy and sell crypto. It is preferable to use personal cold storage for better security. Binance card enable users to sped Bitcoin or BNB worldwide.

In terms of trading volumes, online Binance reviews reveal the exchange to have better capabilities while CoinBase is relatively less affordable. The per-trade fee charged by CoinBase is above 0.25%. Binance has a flat fee of 0.10% charged on its trades. For beginners, CoinBase is a great option. But, when these novice traders decide to go pro and evolve, they need the services provided by Binance. Hence, it is arguably correct if someone starts with Coinbase and then moves on to Binance. But, this transition can become a hurdle in learning a new platform from scratch all over again. Hence, one can invest more of their efforts and time to learn the complex trading process of Binance and avoid switching from Coinbase. Trading cryptocurrency for new traders is scary, expensive, and also frustrating. Binance can be the right exchange for them by being professional, easy-to-use, and reliable.

Binance Review — Conclusion

To conclude this Binance review, several online reviews declare Binance as the world leader in the crypto space. These reviews provide information on how Binance delivers a next-level user experience to crypto traders. Concurring to those reviews, this review also observes the benefits of trading with this platform. Binance provide a range of services to capture every tradable asset, from cryptocurrencies such as BTC and BNB to their futures. Binance allows its users to deep dive into the crypto market. The Binance low fees imposed by this exchange help new traders stay profitable during their initial months. The exchange is capable of handling huge trading volumes. It can execute large trades and even offer discounted rates for its services.

Binance has earned its global presence from being recognized for its platform offerings. Not many exchanges can compete with Binance. Its liquidity is unmatched, and the users get complete investor protection. A wide range of security protocols is implemented throughout the trading process at Binance. The multi-layered security delivers a safe trading environment impressing professional traders who consider switching from competitors. An easy verification process fastens the onboarding of novice and advanced traders. The recent rollout of the Binance Visa Card and Binance Launchpad is an additional boon to traders. Going forward, Binance will continue to evolve as an ideal platform for trading cryptocurrencies on a global scale.

FAQs

Here is some additional information on Binance for new cryptocurrency users. This review of binance provides answers to some of the key concerns that can help them make accurate investment decisions. The answers to the following questions can guide them in navigating the exchange in a better way. Existing users get more answers to their issues in the Support link on the Binance (com) website. New traders can also scroll down to the bottom of the Binance website and contact Customer Support Center for more FAQs. A Binance Academy is also available for users interested in getting trained professionally for the world of crypto.

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