Is Binance The Right Platform For You?

Binance review

Is Binance The Right Platform For You?

Binance is one of the most renowned platforms in the world of cryptocurrency. Binance entered the market in the year 2017, and within a year, it took the world by storm with advanced trading tools and effective services. It now ranks among the top 10 platforms in terms of the trading volume. 

In 2020, Binance moved its operations from China to Malta due to China’s strict regulatory constraints against cryptocurrency. The same year, Binance acquired India’s largest cryptocurrency WazirX. Binance also has operational offices in European countries, including Estonia and Gilbraltar. 

The platform saw a phenomenal boom in trading volume and became the most traded exchange in the world. The month of April alone accumulated over $140 billion in trading volume. 

Binance Key Features:

  1. Mobile Application: To help traders trade from anywhere, Binance has designed a user-friendly mobile app. It is available on Google play store and IOS store. Moreover, it is also available in APK format Windows or Tizen phones. 
  2. Analytical charts: Binance has significantly focused on user experience and interface. That is why the platform introduced interactive charts to help make trading easy. The trading tools enable the trader to anticipate the market situation and make decisions. 
  3. Binance trading account: The platform offers two different trading accounts; Basic and Advanced. The basic version is for beginners that are new to the industry. Meanwhile, the latter is for professional users that want more advanced options. Each account offers customization according to user requirements.
  4. Top-notch customer support: Users can get plenty of help from many articles and help sections on the website, providing information to excel in crypto trading. Users can also contact the customer support team via chat support and resolve their quarries. 
  5. Plenty of e-Wallets: Binance offers all the leading e-wallet apps from where you can store your asset. Users can store the currencies, but they can also take advantage of interest on their long-term deposits. 
  6. Research material: Binance also shares informative and valuable research data on the market. The content helps the traders make quick decisions and plan their trading. Without going anywhere else, users can access dynamic reports and institution-grade analysis.   
  7. Launch updates: Binance offers a solution for small traders who want to invest in new cryptocurrencies by notifying the trader whenever a new cryptocurrency enters the market. It helps traders skate new cryptocurrencies. 
  8. Bonuses and rewards: In addition to making a profit through trading, Binance users can earn from skating and depositing cryptocurrency. The platform also offers loans to assist traders with their trades. As for rewards, the users can reach them through the Binance referral program. For introducing new traders to the platform, users can receive a referral bonus in terms of cryptocurrency. 
  9. Credit cards: Binance allows instant trading with the help of credit cards which users can use to convert crypto earning into fiat currencies. 
  10. Deposits and withdrawals: Binance supports plenty of payment methods to make things easy for users. Almost every popular gateway is integrated with Binance due to its high following. 

Pros of Binance 

  • Wide range of cryptocurrencies: Binance offers numerous coins and crypto compared to others in the market. The range includes BTC, ETH, and Bitcoin Cash. 
  • User-friendly interface: It is an easy-to-use platform for beginners and experts. In case of any problem, there are videos available to help users get familiar with the platform and its features. Technical assistance is also available through chat support.  
  • Strong security: Binance does not compromise on its safety. Since the data breach, which happened in 2019, it has taken adequate measures to strengthen security. Binance blockchain technology also prevents such instances. 
  • Supports plenty of payment options, including Paypal, Mastercard, and bank transfer.
  • Users can earn through interest on their crypto holdings.  
  • Offers Multiple trading platforms
  • It has 24/7 chat support available to solve any quarries a user may have.
  • Offers smooth trading even in high volume. 

Cons of Binance 

  • Binance is not available in plenty of U.S states, including Newyork, Alaska, and Texas. 
  • Binance is an advanced trading platform that can be hard for some beginners. 
  • High minimum withdrawals compared to other platforms. 
  • The demo account is only available in the Binance futures program
  • Does not offer services without KYC compliance. 

Binance Futures Trading

Binance app

In 2019, Binance introduced futures trading in which users get to trade crypto assets at a specific price point. For instance, you can set the preset value of buying Bitcoin when it reachers $30,000, and similarly, you can select the value to $50,000 for selling. The algorithm will automatically do the trading for you once these values are met. 

Trading Fee

Binance trading fee differs from one cryptocurrency to another. You can review all the coins fees from here.

For spot trading, Binance charges a flat $0.10, which is very low compared to the $0.25 average fee in the industry.

Withdrawal Fee

The withdrawal fee is not the same for every cryptocurrency and varies from one another. Binance charges a flat 0.0004 BTC on Bitcoin withdrawals which is less than the competitors. Meanwhile, debit card transactions can cost 4.5%.

Deposit methods

Binance, in the early years only accepted cryptocurrency deposits, but now it accepts real money and fiat currencies. It also has abled users to trade through a debit or a credit card. Visa and Mastercards are the new methods added recently after collaboration with Simplex.

Verdict

Binance is thought to be the world leader in the crypto space as it provides a range of services under one roof. It is available in numerous locations and has adopted trade-friendly policies. The recent upgrade and new features have added more to its popularity. We hope this review was helpful to you.

FAQ

What is the Binance ID verification Process?

To complete the verification, a user would need to submit required documents like a Photocopy of the national ID card and proof of address. This process is mandatory as Binance works in compliance with KYC. It can take a few days to get verified, but European users may get verified the same day within a few hours. 

What are the Requirements for a Binance loan?

  • Must be a verified registered trader
  • Must sign up for financial assistance program

The loan amount will depend on the user’s experience. 

Binance is one of the most renowned platforms in the world of cryptocurrency. Binance entered the market in the year 2017, and within a year, it took the world by storm with advanced trading tools and effective services. It now ranks among the top 10 platforms in terms of the trading volume.  In 2020, Binance…

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