Binance Review: Pros, Cons, and How It Compares

As one of many world’s largest crypto exchanges, Binance is a well-liked selection for cryptocurrency traders throughout the globe.

However, is it the most effective crypto exchange in your investing and trading wants?

If you’re questioning if Binance is the appropriate exchange to help you as you are taking your crypto investments to the following degree, you’ve come to the appropriate place.

In this Binance review, we’ll take a better have a look at all of this high-powered exchange’s capabilities and limitations so you may focus much less on researching your crypto exchange and extra in your funding strategy.

→ Visit now: www.Binance.com

What Is Binance?

Founded in 2017 by Changpeng Zhao, a software developer, and entrepreneur, Binance is without doubt one of the world’s largest cryptocurrency exchanges. Binance was initially launched in China however has since moved its headquarters to the Cayman Islands and Seychelles.

As of the time of writing, Binance is arguably the biggest crypto exchange on the earth by way of complete trading volume. The agency at the moment claims to have a every day trading volume of greater than $2 billion and the flexibility to course of greater than 1.4 million transactions per second.

How Does Binance Work?

Like different cryptocurrency exchanges, Binance works by offering account holders with entry to marketplaces the place they will commerce cryptocurrencies. In some ways, Binance is just like an on-line brokerage, like Fidelity, the place one can buy and sell shares and different securities. However, Binance solely helps crypto investments.

To use Binance, it’s worthwhile to make an account. Then, it’s worthwhile to fund your account with the fiat currency or supported cryptocurrency of your selection. Afterward, you need to use the platform to buy, sell, stake, or retailer cryptocurrency to construct your crypto portfolio.

Binance.com vs Binance.US

If you’re trying to commerce crypto with Binance, one of many first issues that you simply’ll discover is that there’s a couple of Binance.

Binance’s primary website, Binance.com is their global crypto exchange that’s out there to most individuals world wide. However, US residents are not allowed to make use of Binance.com for regulatory causes. As a end result, the agency launched Binance.US, which is an exchange created particularly for US residents.

That being mentioned, Binance.US is just not a reproduction of Binance.com. In explicit, Binance.US helps far fewer currencies than Binance.com. Binance.US additionally has barely larger charges than Binance.com, however the platform continues to be some of the cost-effective choices.

→ Visit now: www.Binance.us

Getting Started

Opening an account with Binance is a simple course of, however you will have to find out your eligibility for the platform earlier than you apply. As of the time of writing, Binance.US is offered solely to US residents over the age of 18.

However, like many crypto exchanges, Binance.US is just not out there in all US states. As of 2021, the agency doesn’t help account holders within the following states:

• Vermont
• Texas
• New York
• Louisiana
• Idaho
• Hawaii
• Connecticut

If you might be eligible to open an account, you’ll want to supply your full title, residential address, e-mail address, social security number, and phone number. You may also have to confirm your identification with a driver’s license or state ID.

Opening an Account

To open an account, you’ll go to Binance.US or the agency’s mobile app and click on the button to create an account.

The platform will immediate you to enter your personal data and e-mail address. After, you’ll confirm your e-mail address and then arrange two-factor authentication.

The ultimate step within the course of is to confirm your identification and address by submitting a photograph of your government-issued ID. As quickly as your identification is verified, you may start trading on Binance.US.

→ Visit now: www.Binance.us

Funding Options

Before you may start trading on Binance, you’ll have to fund your account. As of the time of writing, Binance.US helps a number of account funding choices for fiat currencies, together with ACH digital funds switch, home wire transfers, and debit cards.

Additionally, you can even fund your account with any of the agency’s 50+ supported cryptocurrencies.

Cryptocurrencies Available on Binance

Binance.US at the moment helps greater than 50 totally different cryptocurrencies, which makes it an business chief amongst US-based exchanges. Some of the various cryptocurrencies out there on Binance.US embrace:

• Bitcoin (BTC)
• Ethereum (ETH)
• Chainlink (LINK)
• Tether (USDT)
• Cardano (ADA)
• Dogecoin (DOGE)
• Litecoin (LTC)

Furthermore, Binance.US helps Binance Coin (BNB), identical to the global Binance.com platform.

Binance Features

Binance is a feature-laden crypto exchange. Here are among the most vital features you may count on if you make an account with the platform.

Trading Platform (Basic & Advanced)

With Binance.US, traders have entry to certainly one of two trading platforms: Basic and Advanced.

The Basic platform gives merchants with details about the spot price and developments of assorted cryptocurrency pairs, akin to BTC-USD. From this platform, you may place multiple order sorts, akin to market, limit, and stop-limit.

Meanwhile, the Advanced platform gives much more performance for knowledgeable merchants who need intensive market details and highly effective charting instruments. With the Advanced platform, you get entry to the identical order sorts because the Basic platform, in addition to OCO (one cancels the opposite) orders for extra advanced transactions.

However, whereas it’s labeled as a “basic” trading platform, Binance.US’s Basic platform is considerably extra highly effective than the platform discovered on different exchanges. This might be considerably overwhelming for people who find themselves new to crypto investing.

Thankfully, Binance additionally gives an Instant Buy platform the place you may shortly buy and sell crypto. This platform lets you select a supported cryptocurrency, a fee technique, and the amount you need to buy or sell. Doing so executes a market order, which implies that your transaction might be processed on the newest market price.

OTC Trading

If you’re trying to place cryptocurrency trades outdoors of the open exchange, the Binance OTC Trading Portal may be what you want. With the agency’s OTC trading function, Binance acts as an middleman between you and one other social gathering throughout a crypto transaction.

To use the Binance OTC Trading Portal, you merely want to go browsing, enter the amount of crypto you need to buy or sell (there are at the moment 12 supported cryptocurrencies), and then request a quote earlier than confirming your OTC order.

As the minimal commerce amount for the OTC Portal is $10,000, this function is just not for everybody. But, the OTC Portal’s lack of charges makes it a strong selection for folks trying to place giant crypto trades.

Recurring Buys

Designed for individuals who need to routinely invest in cryptocurrency, Recurring Buys is a Binance function that lets you set up a long-term funding schedule.

You can set up a recurring buy for no matter frequency you’d like. For instance, you may arrange a recurring buy to buy $50 of Bitcoin each month. Doing so will set off a market order in your chosen crypto in your established schedule so to construct your portfolio over time.

There aren’t any extra charges to Binance’s Recurring Buys features. However, you can be charged a 0.5% fee like all different Instant Buy transactions on the platform.

→ Visit now: www.Binance.com

Binance Futures & Margin Trading

Crypto futures and margin trading is at the moment out there on the common Binance.com platform.

However, due to present US rules, futures trading isn’t supported on Binance.US, although the agency did announce that it plans so as to add margin trading to its US platform within the close to future.

On Binance.com, you may commerce futures with as much as 125 occasions the leverage on dozens of trading pairs. Do observe that the fee schedule for this service is advanced, so verify your potential prices earlier than you start trading.

Margin trading can be out there on the Binance.com platform. Most accounts are eligible for optimum leverage of 3 times in your complete belongings. Fees for this service are additionally difficult, however Binance’s margin charges are very aggressive for the business.

Binance Finance

Binance Finance is a set of features that allows you to earn passive income out of your crypto belongings. This consists of crypto staking, interest-bearing crypto financial savings accounts, and different comparable features.

However, as of the time of writing, the Binance.US platform solely helps staking by their Binance.US Staking program. This program is free to make use of and it’s out there for six cryptocurrencies, together with ALGO and EOS. The estimated rewards for staking on the platform fluctuate, however they are often as high as 10%.

Binance Launchpad

Binance Launchpad is an modern method for brand spanking new cryptocurrencies to hit the market.

With Launchpad, new cryptocurrencies can increase funds from traders who conform to stake their Binance Coin or Binance USD in exchange for a sure amount of the brand new crypto. This makes it an effective way for smaller traders to entry new currencies.

But, do observe that Binance Launchpad is just out there on Binance.com. Therefore, it isn’t out there for Binance.US account holders or US residents.

Binance Crypto Wallet

Although all Binance account holders have entry to a hosted wallet on the platform once they make an account, Binance additionally gives a separate hot wallet known as Trust Wallet, the place you may retailer, ship, and receive cryptocurrencies and different digital belongings.

Trust Wallet is a separate app that anybody can use, so it’s out there to US residents. To use it, it’s worthwhile to download the app and set up an account earlier than transferring belongings.

In addition to crypto storage, Trust Wallet additionally lets you stake supported currencies. It even gives a strategy to buy crypto straight along with your credit card. So, it’s a well-liked and environment friendly strategy to retailer crypto in your hot wallet.

Binance Mobile Apps

In addition to its on-line platform, Binance gives multiple apps for traders that prefer to take their crypto trading on the go.

Binance.com account holders can download the Binance app from the Apple App Store and Google Play. Additionally, the agency has an app for US residents known as Binance.US that’s additionally out there for a large range of gadgets.

Both apps present comparable performance, together with the flexibility to handle your portfolio, place trades, and switch your belongings, identical to you’d on-line.

Binance NFT Marketplace

Binance just lately launched an NFT marketplace the place customers can buy and sell digital artworks and collectibles. The platform features 3 primary product strains:

• Marketplace: Users can mint, sell, bid, and buy NFTs from creators.
• Events: These are premium and unique NFTs created by essentially the most influential manufacturers and personalities. Users can commerce NFTs from famend artists, celebrities, athletes, and musicians.
• Mystery Boxes: Mystery bins function random NFTs inside them. Users have an opportunity to win regular (N), uncommon (R), tremendous uncommon (SR), and tremendous uncommon uncommon (SRR) NFTs.

Binance Pricing & Fees

Binance’s charges fluctuate relying on whether or not you’re utilizing Binance.com or Binance.US. To maintain issues easy, we’ll focus right here on charges for Binance.US.

→ Visit now: www.Binance.us

Trading Fees

Trading charges with Binance.US rely in your trading technique. For Instant Buys and Sells, you’ll pay a fee of 0.5% per transaction.

Meanwhile, trading on the Basic and Advanced platforms incurs a fee utilizing a maker/taker system. Fees start at 0.1% of your transaction worth with takers paying greater than makers. They lower to 0% for traders with giant trading volumes or high Binance Coin (BNB) balances.

Additionally, when you’ve got BNB in your wallet, Binance robotically deducts your trading charges out of your BNB wallet. You’ll additionally get a 25% discount for paying your charges with BNB.

Other Fees

Binance.US expenses a number of different charges. These embrace a $15 fee for deposits via wire switch and a 4.5% for deposits via debit card. However, ACH transfers are free.

Meanwhile, withdrawing crypto incurs a fee relying on the cryptocurrency you withdraw. These charges fluctuate extensively, so, you’ll want to test any potential charges earlier than you withdraw crypto from the platform.

Binance Security & Insurance

Security is a serious concern for any cryptocurrency exchange and Binance is not any exception. To defend account holder belongings, Binance makes use of superior security features like two-factor authentication and address management.

However, do observe that cryptocurrency and different digital belongings held in Binance’s hosted hot wallet will not be insured by the agency or the FDIC. But, US greenback quantities in your account are FDIC insured as much as $250,000.

Binance Customer Support

If you have got a difficulty along with your Binance account, you’ll need to make sure that you will get help if you want it most.

With Binance, all buyer help points are dealt with on the agency’s help ticket system. The agency doesn’t have a buyer service phone number for US residents, so it may possibly take a couple of days to get a response.

Additionally, Binance’s on-line assist pages are pretty restricted in comparison with another exchanges. While Binance.com has some detailed solutions to widespread questions, Binance.US’s assist pages aren’t practically as intensive.

Binance Pros

• Dedicated platform for US residents
• Very low trading charges, even for fast buys
• Free deposits utilizing ACH transfers
• More than 50 supported cryptocurrencies
• Great charting instruments and real-time market information
• Support for recurring buys to assist develop your portfolio
• Allows for staking on choose cryptocurrencies
• Easy entry to a extremely rated hot wallet service
• Low-cost OTC trading platform for big trades

Binance Cons

• Fewer cryptocurrencies out there on Binance.US than on Binance.com
• No phone-based buyer help
• Many features not out there to US residents
• Not out there in seven US states
• Limited on-line FAQ part for Binance.US
• Basic trading platform is difficult for brand spanking new traders

Binance Alternatives

While Binance is a strong crypto exchange, it’s not the appropriate selection for everybody. With that in thoughts, listed below are another prime exchanges to think about if Binance isn’t the most effective exchange for you:

Coinbase

Known for its ease of use, Coinbase is without doubt one of the hottest cryptocurrency exchanges on the planet. The platform is offered to account holders in additional than 100 international locations and 43 US states.

With Coinbase, you get entry to an intuitive trading platform the place you may place instantaneous buys for greater than 40 cryptocurrencies. You may also place extra superior orders and entry extra charting instruments on Coinbase Pro. The agency additionally gives a crypto wallet, a crypto debit card, staking, and a strategy to earn free crypto on-line.

The draw back? Fees are considerably larger on Coinbase than on Binance. But if comfort is your objective, Coinbase is a strong selection. Read our full Coinbase review to be taught extra.

→ Visit now: www.Coinbase.com

Kraken

In the crypto world, Kraken has a fame for being some of the highly effective exchanges on the market. Like Coinbase, Kraken is offered in additional than 100 totally different international locations, in addition to 48 US states.

The benefit to Kraken is the platform’s intensive checklist of superior trading features. With Kraken, you may place trades on the agency’s exchange or with the premium Cryptowatch service. Alternatively, you may stake your crypto, commerce futures and margins, or place OTC trades.

Compared to Coinbase, Kraken is extra cost-efficient; nevertheless, it’s pricier than Binance. Of course, like Binance, a few of Kraken’s features aren’t out there within the US. But, in order for you a strong platform like Binance with barely extra performance past the crypto exchange, Kraken is your go-to. Read our full Kraken review to be taught extra.

→ Visit now: www.Kraken.com

Who is Binance Best for?

Due to its minimal charges and highly effective trading instruments, Binance is the perfect platform for knowledgeable crypto traders that need to maintain their bills as low as attainable. The agency’s high quality trading platform and first rate collection of supported cryptocurrencies make it an acceptable selection for anybody that merely desires to buy and sell crypto.

That being mentioned, US residents ought to observe that Binance.US is considerably restricted in performance when in comparison with Binance.com. Of course, it’s nonetheless a strong platform for knowledgeable merchants, but it surely doesn’t but offer the additional features that you could find on exchanges like Gemini, Kraken, or Coinbase.

So, Binance is greatest for US traders who simply need a spot to commerce crypto that doesn’t cost exorbitant charges. If you need an exchange that additionally gives a slew of extra features, you may be higher off elsewhere.

Binance FAQ

Here are our solutions to a few of your most steadily requested questions on Binance:

Is Binance Trustworthy?

Binance is a well-established chief within the crypto exchange business, so it’s long had a fame as a reliable place to commerce crypto. The firm makes use of superior security features to keep at bay fraud, although it’s price mentioning that hackers stole $40 million price of Bitcoin from the corporate in 2017. However, Binance did repay all prospects for his or her misplaced belongings.

Why Is Binance Banned within the US?

Binance isn’t technically banned within the US, nevertheless, as of 2020, US residents will not be eligible for accounts on Binance.com due to regulatory points. But, Binance just lately established Binance.US, which is the agency’s platform for US residents who not have entry to the corporate’s different exchange.

Is It Safe to Keep Money on Binance?

Binance is a good exchange with a great observe document of security. Nevertheless, the most secure place to retailer your crypto is in a personal offline crypto wallet, not in a web-based hosted wallet from an exchange, no matter how reliable that exchange may be.