Binance Review - Everything You Need to Know About The Binance Crypto Exchange
This in-depth Binance review and Binance US review will go over all of the crypto exchange platform’s features in detail. We will discuss everything from deposit and withdrawal methods to trading fees, market spreads, security, and customer support.
Furthermore, we will discuss the benefits and drawbacks of trading on Binance, as well as address concerns such as Is Binance safe or genuine, is it a trustworthy platform, and so on. You will get a thorough knowledge of the platform as a result of these.
So, whether you’re a cryptocurrency trader or a fan of the platform or trading, this review is for you.
Binance Exchange Overview
Binance is a combination of the terms Bitcoin and finance. Binance, the world’s biggest crypto trading platform, was founded in 2017 and is headed by CEO Changpeng Zhao. Initially, the headquarters were in China, however they were relocated owing to the country’s anti-cryptocurrency laws.
Binance has been one of the top performing exchanges in the crypto sector since its inception, and it has the world’s biggest trading volume.
Binance also offers a number of additional initiatives, including Binance Labs, Binance Academy, Binance Launchpad, and many more. These cater to a broad variety of clients who want to learn about cryptocurrency trading, develop and launch their own blockchain businesses, and more.
In This Review
Cryptocurrencies that are listed
Withdrawals and Deposits
Binance only permitted cryptocurrency deposits and withdrawals before to January 31, 2019, which implies that new traders would be unable to trade on this platform.
However, Binance then collaborated with Simplex, a payment service provider, and users were able to deposit money using their Visa and Master cards. However, this option was not accessible in many states throughout the United States.
Binance eventually collaborated with Clear Junction to enable wire transfers of EUR, GBP, and other quicker payment options. Binance US customers in the United States must deposit fiat money through ACH transfer.
At the moment, one may deposit fiat money via:
- Credit and debit cards
- Transfer of Wires
- Purchasing with a Cash Balance
- Binance charges no fees for both fiat and cryptocurrency deposits.
For fiat money, however, a 3.5 percent payment processing fee will be applied.
The fees for withdrawing cash and cryptocurrencies vary based on the kind of currency.
Binance is now one of the most secure cryptocurrency trading platforms in the market. In 2019, however, a significant security breach happened in which hackers stole 40 million USD in Bitcoins.
Following that, Binance implemented a number of steps to strengthen platform security and safeguard users’ money and data from malicious assaults.
Furthermore, Binance went above and above to make up for the harm done to its image and the losses experienced by its users.
They established the SAFU (Secure Asset Fund for User), which are monies put aside for compensation in the event of more losses in the future.
This was quite an impactful move on Binance’s part, and if nothing else, it was a start in the right direction. This resulted in increased faith in the platform and its founders.
Other security methods used by Binance include two-factor authentication, which provides an additional layer of protection to user accounts. They employ artificial intelligence (AI) to monitor the platform’s transactions. This is done to guarantee that no illegal or unusual behavior is going place.
Aside from that, Binance has been a mostly autonomous organization that, with the exception of the United States and the United Kingdom, does not adhere to any country’s laws. It operates in accordance with the rules imposed by the two countries.
However, there are many limits and limitations for the people that live there, and they are unable to fully use the site.
Fees And Trading Options
Buy and Sell Right Away
Binance traders may use market orders to purchase and sell their cryptos at the current price quickly. The cost for quick buy/sell is 0.5 percent. If you pay in fiat currency for your market order, you will be charged a 4.5 percent payment processing fee.
If you make a market order for a modest quantity of cryptocurrency, you will instantly purchase it at the lowest feasible price from the limit orders area. However, if you want to purchase a large amount of cryptocurrency, you will pay a greater price. This is referred to as slippage.
This is simply due to the rarity of someone selling a significant amount of cryptocurrency that meets your requirements at that time.
So quick purchase is generally recommended when trading in smaller volumes, and the demand for liquidity outweighs the necessity for the best price.
Binance uses a VIP tier concept to incentivize users to trade more while also driving greater liquidity rates in the market. This model will look at your trading volumes over the past 30 days and give you a VIP level based on it.
The more you trade, the higher your VIP level and the cheaper your trading cost. The VIP levels range from 0 to 9, with a 0.02 percent to 0.1 percent creator charge and a 0.04 percent to 0.1 percent taker cost.
Customers will be rewarded every time they trade in this model, which is based on positive reinforcement psychology. This is a great method to keep consumers engaged with the platform for extended periods of time and to reward them for their achievements.
In addition, if you trade using Binance Coin (BNB), you will get a 25% discount.
Margin Trading on Binance
Binance also offers customers the option of margin trading. Customers may use maximum leverage of up to 3x and 5x on the ordinary and master accounts for cross trading, respectively. The highest leverage available for isolated margin trading is 10x.
The trading cost is calculated depending on the user’s VIP status. Those with higher VIP levels pay less, whereas customers with lower VIP levels pay more.
Binance Futures is a trading platform for futures contracts.
Binance Futures provides customers with maximum leverage of up to 125x, which is very high by industry standards.
Customers may purchase futures contracts and trade them long or short. If they think that prices will rise in the future, they will go long. On the other hand, if they believe that prices will fall in the future, they will go short.
In this manner, they have the option of profiting whether prices rise or fall. It is critical to recognize that the larger the leverage, the greater the danger of liquidity. So use caution before doing this.
The trading cost in the futures option is structured in tiers.
For USD-M futures, the trading cost varies from 0.00 percent to 0.02 percent maker fee and 0.017 percent to 0.04 percent taker fee. In addition, you will get a 10% discount for using Binance Coin.
For Coin-M futures, the trading cost varies from -0.009 percent to 0.01 percent maker fee and 0.024 percent to 0.05 percent taker fee.
OTC Desk Binance
Customers may trade huge quantities of cryptos, including Bitcoin and many other cryptocurrencies, via Binance’s OTC desk. The site offers a wide range of trading pairings, including various types of cryptos and altcoins.
The main benefits of utilizing the Binance OTC desk are ease of use and quicker settlement. A chat may be used to discuss, and a transaction can be verified within 1-2 minutes.
Furthermore, the settlement procedure is completed in a matter of minutes—a relatively short period as compared to other exchange systems, which often take 24 to 48 hours.
A minimum trading amount of USD 10,000 is required. This implies that every cryptocurrency you purchase must be valued at at least USD 10,000.
Binance’s customer service is very comprehensive. It offers assistance in over 15 languages, which is a great effort. If you have any questions, you may use the website’s live chat function. The return time is about 24 hours.
Aside from this, there is a large and comprehensive FAQ area that assists consumers with a broad variety of questions. The market terminology and ideas are presented in a very basic way, allowing even the most inexperienced trader to grasp how crypto trading works.
Furthermore, the site offers articles on various trading choices, best practises to follow, and thorough information that may assist novices in making educated selections.
Despite this, the platform has a Trustpilot rating of just 2.1. Though this is a low rating, it fits within the normal range of ratings received by major sites.
One significant reason that may contribute to this is that the business is still in its infancy and is still finding out how to effectively serve its varied client base. At the same time, new players are joining the market on a daily basis, and learning how the business works may take some time.
As a result of these two issues, there will be a mismatch between client expectations and the assistance provided. As a result, as the industry matures, platforms will be able to provide greater assistance to their clients. After all, the value of the platforms is directly proportionate to their user base.