Binance Exchange Review 2022
Binance, founded by Chnagpeng Zhao, is the largest cryptocurrency trading platform in the world. The platform, earlier developed in China, is now operational in 180 countries and supports around 500 various types of cryptocurrencies. One of the primary reasons why the platform became popular is its low trading rates, which attracted several investors.
Binance Exchange Services
Binance exchange enables users to exchange fiat for Bitcoin or other coins. Here are some of how one can buy cryptocurrencies on the platform.
P2P
P2P stands for peer-to-peer, connecting buyers with sellers directly. Thus, one need not worry about any middle person in the process of buying and selling cryptos. Such a process is also helpful as users can use various payment methods to buy cryptocurrencies.
Card and Wireless Payments
Binance exchange partnered with third-party companies like Simplex for brokerage service initiate card and wireless transactions. Users can now buy cryptocurrencies using credit or debit cards and deposit fiat money in their accounts. However, all these services come with an additional premium, which might increase the amount invested in cryptocurrencies. Binance exchange also allows users to buy cryptocurrencies using bank transfers or SEPA. This is a preferred transaction medium amongst most users as it does not involve any additional fee for processing the transactions.
Brave Widget
With the Brave browser, traders can trade cryptocurrency using the Binance widget, an in-built platform on Brave. The widget also allows traders to track various cryptocurrencies' market rates and manage their portfolios.
Comprehensive Review of Binance Exchange
Binance exchange is undoubtedly popular amongst most users owing to its low and affordable trading fee. The platform's security is yet another factor for its widespread popularity. However, while all seems optimistic, it is vital to critically evaluate its pros and cons to understand the platform's impact on its users clearly.
For instance, while on the one hand, the platform offers more than 500 cryptocurrencies globally, its options are limited for US users. Secondly, its robust technology and security do not make it a very user-friendly platform.
Thus, even if the platform claims to be designed for both novices and experts in the crypto community, it can be challenging for newbies to manoeuvre through the platform and use it seamlessly.
Pros
Low fees
Binance exchange is one of the most affordable crypto trading platforms. Though the fees paid by US users are higher than in other countries, it is still low compared to the existing crypto trading platforms in the US. Binance Exchange trading rates also vary depending on the Binance Coin Balance (BNB) and the volume of currencies the user trades. The higher the volume of cryptocurrency trading, the higher the rate.
Users on Binance Exchange can also receive several discounts and bonuses to reduce their trading fees. For instance, they can get special offers and discounts once they gain the position of a VIP by trading large volumes of assets. Additionally, one can also refer Binance Exchange to new friends and gain a referral bonus.
Diverse Currencies and Trading Options
Binance Exchange supports around 65 cryptocurrencies worldwide, along with several trading options. Users can also use various payment options owing to Binance's partnership with third-party companies, which adds to the platform's popularity. The currencies the platform supports include Compound (COMP), Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many others.
Great Trading Experience
Binance Exchange grew in popularity globally owing to its seamless trading experience. The platform offers a variety of trading options, and users can place their orders using the Binance app or website. It also has a desktop app to facilitate transactions.
Moreover, Binance exchange is known for its highly advanced trading options to users for placing their orders. For instance, it supports Stop Orders, Stop Limit orders, Limit orders, and much more.
Users can also track real-time market prices and select the appropriate time for trading their currencies. However, that's not all. Binance Exchange helps users maintain their portfolios and track past orders.
Efficient Customer Service
Binance Exchange offers efficient customer care services to its users. Users can get in touch with the platform in three ways- through Twitter, using the live chat option, or submitting a ticket.
Irrespective of the options users select, they will receive a response soon. Thus, though some complaint about the platform having a complicated interface, the customer support team can help them to run through its site seamlessly.
Cons
Limited Trading Options for the United States
While Binance Exchange is known for its various cryptocurrencies worldwide, it offers lesser diversity in the US. Users must access the platform through Binance.us, which is only operational in 44 states.
Confusing Interface
Binance Exchange is known for its two-step verification process that enhances its security. No wonder transactions made via Binance Exchange are absolutely secured, ruling out the chances of cyber thefts and phishing. However, such a robust structure added to the complexity of the platform. Users often complain about the complicated nature of its interface, which can be a trouble for new and non-tech-savvy users.
Regulatory Issues
Though Binance Exchange has established itself in several countries, its operations do not comply with the crypto laws of many countries. Thus, users from these countries cannot enjoy its features, which pushes them to look for other crypto trading platforms.
Conclusion
Binance Exchange has won many hearts owing to its low trading costs and other competencies. However, these do not rule out the disadvantages of the platform and the recent ban imposed by several countries on using the platform can be concerning. Thus, it would be best to use the platform if one has considerable knowledge about crypto trading platforms and the crypto market.