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Binance Review

Are you ready to go on a new trading journey? If so, proceed to read this Binance review and discover the many benefits this trading platform offers.

Binance Review

minimum price:

Free

Visit Website
  • Two-factor Authentication: Yes
  • Deposit Fees: /
  • Multi-layer security: Yes
  • Multi-device support: Yes
  • Licence: /

Best For

Experienced traders

STRENGTHS

  • Impressive coin selection
  • Low fees
  • Safe and secure
  • Excellent company reputation

WEAKNESSES

  • Confusing verification process
  • Mostly for experienced traders

Due to the nature of cryptocurrencies, the online exchange of money has become more popular in the last few years. Trading offers lower transaction fees and better protection from identity theft, providing a range of investment opportunities. Of course, having crypto-assets can be risky, but if you learn how to trade, you might as well make profits along the way.

Still, if you want to trade and invest in cryptocurrencies safely, you will need a reliable platform to exchange crypto. With that in mind, take a look at this Binance review to find out more about one of the leading cryptocurrency exchange platforms in the world.

  • What is Binance?
  • Who is Eligible to Trade at Binance?
  • How Does it Work?
  • What Cryptocurrencies Does Binance Support?
  • How to Trade at Binance?
  • How Much Does it Cost to Trade at Binance?
  • Deposits, Withdrawals, and Payments
  • Mobile App
  • Security
  • Customer Support
  • User Reviews

What is Binance?

Changpeng Zhao, a developer well-known for creating high-frequency trading software, founded Binance in 2017. Since then, the Binance crypto exchange platform has helped thousands of clients safely buy and sell cryptocurrencies and learn more about market trends.

Binance was developed for highly experienced traders who want to add another layer of security to their online money exchanges. With relatively low trading fees and an excellent client support system, Binance allows its clients to keep most of their earnings.

Binance is not regulated or licensed, but that doesn’t make it illegal. As there aren’t any laws prohibiting cryptocurrency exchange, you can use this platform in many countries without worrying about legal issues. Crypto counts as any other asset, such as gold or real estate, and as long as you pay your capital gain taxes on time, you won’t have any trouble with the authorities.

Still, Binance was banned in the UK for a few months. However, after careful examination of laws and Binance policies, the UK government decided to lift the ban and allow Britons to use Binance without facing any consequences.

Who Is Eligible to Trade at Binance?

Only people over 18 have the total legal capacity to use Binance as their trading platform. As of the first quarter of 2021, the Binance verification policy features mandatory identity verification for all users. Before that, only US citizens had to upload a photo of their valid ID.

So, if you want to create a new account, you will have to follow this policy. In addition to that, all users have to provide personal identifiable information (PII) to use Binance services. That includes any representation of information that confirms your identity, such as photos of a government-issued identification card and face verification.

Moreover, clients in over 180 countries can use Binance as their trading platform. However, although this platform is available in numerous countries, some countries like Hong Kong and Japan have issued warnings against this currency exchange. On the other hand, Binance will continue to offer its services to Britons, but the company has to clarify on its website that it isn’t authorised to operate in the UK.

How Does it Work?

Binance is an online brokerage for cryptocurrencies. In simple terms, that means you can buy and sell cryptocurrencies on this platform. It offers trading of over 500 currencies, although it’s safe to say that the main focus is on altcoin trading.

But, just like any other crypto exchange platform, Binance offers many different services, such as fundraising or withdrawal of currencies. As stated earlier, it’s a perfect fit for those who are already familiar with crypto trading, meaning you’ll stumble upon some challenges if you’re a beginner. So, here’s how it works.

Once you create an account, you will have access to the Binance dashboard. That is where you can take a better look at your charts, stay on top of marketing trends and your portfolio, and review all your trades. You can use this dashboard to manage your payments by navigating to the account page and adding bank accounts or cards you’d like to use for trading.

Moreover, the Binance platform allows you to make deposits and withdrawals by accessing your Spot Wallet. Then, just find assets you’d like to purchase or withdraw and follow all instructions presented on your screen.

Also, you can order a Binance card as soon as you create the account. The card will allow you to spend your crypto in places where this Visa card is accepted, meaning you can use it for in-store or online purchases. Moreover, the Binance card is free, and the company won’t charge you any administrative or processing fees.

What Cryptocurrencies Does Binance Support?

With Binance, you can trade over 500 cryptocurrencies and virtual tokens, including the Binance Coins (BNB). Of course, you can trade Bitcoins, Ether, Dogecoins, and many more, including:

  • AR
  • CELO
  • EGLD
  • HOT
  • KLAY
  • NEAR
  • ONE
  • RAY
  • MINA
  • RVN
  • ZIL
  • AVAX

How to Trade at Binance?

  1. Visit the Binance official website.
  2. Download the desktop or mobile app if you want to trade on the go.
  3. Confirm your identity and verify the email.
  4. Deposit sufficient funds for trading.
  5. When transferring money to Binance’s bank account, be sure to do it via the SWIFT network.
  6. Keep in mind that the Binance deposit needs to be in USD.
  7. When you’re ready to trade, you can visit the Binance exchange platform, where you can find the desired currency and make your first trade on Binance.

There aren’t any Binance deposit fees, but you will need to deposit at least $10, which is the minimum required sum for trading.

How Much Does it Cost to Trade at Binance?

What makes Binance an excellent platform for experienced traders are its low fees. As a result, Binance is a favourite online currency exchange platform among many traders, as most other companies charge much more for the same trading process.

If you buy cryptocurrencies on Binance with a debit or credit card, you might have to pay up to 4.5% in fees. Of course, these are the most expensive charges, but you should consider the many other payment methods to avoid additional costs.

Namely, you won’t be charged any transaction fees with wire transfers. Still, this payment method isn’t available everywhere. So, check whether your homeland supports wire transfers. If it does, you should use it to avoid high fees.

As you already know, Binance won’t charge any fees when depositing your assets. However, when it comes to Binance exchange fees, you will be charged 0.1%, which is, again,  a below-average fee for trading on a secure platform. In addition, you will also have to pay a 0.5% fee for Instant Buy/Sell, and the amount of money Binace takes for allowing you to use the platform will depend on the trade.

Binance withdrawal fees will be calculated based on which cryptocurrency you want to withdraw when you want to get a hold of your money. As the market status fluctuates all the time, you will know how much money you need to set aside for fees when you try to withdraw crypto to the bank.

Deposits, Withdrawals, and Payments

Deposits

There are many ways to deposit money on Binance. It’s also worth noting that this platform accepts fiat and crypto deposits from external wallets and bank accounts. However, not all methods are the same, and they will vary based on the currency you want to deposit.

For example, Binance bank transfers are undoubtedly the most favoured payment methods on Binance, mainly because they allow Binance clients to send money to one another. However, when it comes to conventional bank transfers, clients will have to connect their bank account to the platform because it allows users to quickly receive or deposit the money.

Binance provides several payment options. For example, you can trade crypto using a cash deposit and buy bitcoin through an ATM. Next-generation and SWIFT networks are also popular choices, so be sure to check which method suits your trading needs the most. Keep in mind that there are also Binance deposit limits — you can add up to $1,000,000 to your Binance account via bank wire.

Withdrawals

You can withdraw money from Binance to your bank account regardless of where you live. However, the payment method will depend on your country and region. Nevertheless, the Binance exchange supports a few payment methods and roughly 60 fiat currencies, including USD, EUR, CAD, AUD, JPY, and more.

In addition, most countries allow Binance clients to use the Instant Card Withdrawal payment method. That means you can safely withdraw money to your credit or debit card if you have Visa Fast Funds. The Binance withdrawal policy allows you to withdraw up to $7,500,000 via bank wire.

You can also withdraw money via the SWIFT network, but you will have to wait a few days for Binance to verify and process the transaction. On the other hand, instant card withdrawals are usually processed within a few minutes.

Moreover, daily Binance withdrawal limits are adjusted to 0.06 BTC for clients who have completed only basic account verification.

The Binance minimum withdrawal amount will depend on the crypto you have in your possession. That is because each cryptocurrency has its own withdrawal amount. But, as you start trading new crypto, you will eventually learn how much money you can transfer to your bank account.

Payments

Binance includes Binance Pay on its platform all clients can use to send and receive crypto. This cryptocurrency payment technology offers a fast and safe way to transfer crypto from one account to the other. Binance Pay is an excellent solution that won’t burden you with any charges. If you create an account and start trading at Binance, you will be able to use this cryptocurrency payment technology — all with zero fees.

Mobile App

Binance is compatible with many devices. You can download the desktop app on Windows, Linux, and Mac. However, its mobile app for Android and iOS users comes with many features that will make your trading experience a lot more pleasant and easier. Here are some reasons you should consider installing the Binance app on your smartphone.

Namely, the Binance mobile app offers a more straightforward and faster login with a QR code scanner and homepage icons customisation. You can switch between the Lite and Pro versions, but keep in mind that Binance Pro requires a fast internet connection. Lite is for first-time traders, so even if you’re looking for your first trading experience at Binance, you’ll have a great time learning the first steps and rules of trading.

The Binance app allows you to change the language preferences, and it offers direct transactions with your national currency. It also comes with a 24/7 support system to help you resolve all issues and find more information about the current trading trends.

Binance Pay is available on both Android and iOS, and you can earn a percentage of your friend’s trading fees through a referral program. Overall, the Binance mobile app is an excellent opportunity to trade on the go and earn some extra money.

Security

Binance Security

Binance values safety, and it stores most clients’ funds and assets in cold storage facilities. In addition, this trading platform boasts about its risk management system that will analyse withdrawal attempts, password resets, and email address changes.

Binance protects its users by investing in advanced security measures, such as multi-signature and threshold signature schemes that add another layer of security to all Binance users’ funds.

Binance’s strict protocols protect client trading data and personal information. This company encrypts all its data, and it’s worth noting that data in transit is secured via end-to-end encryption. Luckily, that means only you can access your private information.

User Security

Binance features strict sign-in protocols. It uses two-factor authentication, meaning you’ll have to confirm your identity via the app, mail, or an SMS. Moreover, all users receive emails and alerts if Binance detects suspicious activities on the platform. On top of that, you will be able to secure your account by restricting access to third parties.

Regulatory Status

Interestingly enough, Binance doesn’t have headquarters. That is because the founder, who was inspired by the nature of crypto, wanted to create a decentralised company. However, some regulators have been sceptical of this risky business practice.

In addition, some speculate that businesses use Binance to launder money. As it usually goes, these rumours have affected the company’s reputation in many ways. Therefore, Binance is currently banned in the US, and Hong Kong and Japan regulators aren’t happy about allowing their citizens to use this platform either.

So, the main question in this Binance review is whether this platform is safe for traders. Although some may disagree, Binance is a legitimate company that has helped many clients reach their trading goals and create a passive income through crypto.

Customer Support

Those with a Binance account can contact Binance support directly via live chat. However, if you’re trying to find more information about the services before committing to the platform, you will have to send an email and wait for the customer support team to respond. You can also visit the Binance blog or the Help Centre, where you can get more information about the platform, deposits, withdrawals, and other features.

User Reviews

Binance has over 10 million downloads and a well-deserved 4.6-star rating on PlayStore. Binance reviews show that most users praise the platform, as it has given them a great trading experience. The app is fast and reliable, and people are grateful for the opportunity to invest and trade many cryptocurrencies and digital tokens.

Of course, some clients dislike the challenging and strict verification policy. Still, this process is necessary to keep clients, their data, and assets safe.

Wrap Up

If you’re someone who wants to enter the world of trading or improve your skills, you definitely shouldn’t leave out Binance as an option. Hopefully, this Binance review has helped you discover the full potential of this platform and see the advantages of trading. Although there’s certainly room for improvement, Binance is one of the leading crypto-to-crypto exchange platforms. So, if you want to become a good trader, you might as well check it out and use it to learn how to trade like a pro.

FAQ

Is Binance safe?

Yes, Binance is a secure platform where you can buy and sell cryptocurrencies. However, trading comes with risks, meaning there’s a possibility you will lose some of your assets if you make the wrong move.

Is Binance good for beginners?

Binance offers a Lite version suitable for people who are new to trading. But, the platform was initially created for far more experienced users who are already familiar with market trends.

Is Binance cheaper than Coinbase?

Yes, indeed! The difference between Binance and Coinbase fees is significant, as Binance will charge you much less for trading on its platform. In addition, Binance doesn’t charge deposit fees, so if you’re looking for a cheaper trading platform, Binance is a better option.

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