- Low Fee
- Asset Diversity
- Order Diversity
- Limitations for U.S. Citizens
- Regulatory Problems
Binance is a cryptocurrency exchange with tens of millions of registered users. Reviews indicate that the exchange is well-liked, and its security features, broad asset selection, and low transaction fees make it a simple choice for many cryptocurrency traders who want to have the best possible advantage in the volatile market. The specs on this leading crypto exchange are impressive. The average daily trading volume in 2021 is 93.5B, and there are more than 1.4 million transactions per second. BNB, a blockchain software system that Binance and its community created is one of this exchange’s best features. You’ll see in this review that this exchange has a lot to offer. We’ll go over the benefits and drawbacks of trading cryptocurrencies at Binance, and we think you’ll discover that there are far more advantages than disadvantages.
The exchange’s low transaction fees rank among the biggest “pros” in any Binance review. Binance offers transaction fees of less than 0.01%.
Wide Asset Range
More cryptocurrencies exist than most people are aware of. You can get a lot of these tokens at Binance. The platform has 400+ coins listed, from major coins to more obscure ones.
We must mention Launchpad when discussing the best aspects of this exchange. With Launchpad, you can directly purchase or earn brand-new tokens on the platform. A total of $134.51 million has been raised so far by 3.41 million participants through the launch of 63 projects on Launchpad. Launchpool, Launchpad’s sister platform, and other resources provide new teams with guidance and advice on how to launch their tokens.
Last but not least, we should mention this new function. You can find out what’s popular and what collections Binance and creators recommend for NFTS. In comparison to most other brokers, Binance is in the lead for this trend.
Binance is a “relatively secure” and “versatile” way to invest and trade crypto. Anyone looking for a trustworthy exchange should consider Binance because of its security features. Keep in mind that cryptocurrency trading itself is volatile and unreliable, so you are never guaranteed any income. But compared to other exchanges, Binance is the leader. It keeps the vast majority of its crypto in “cold wallets” that are not connected to the internet. This limits losses in case of a hack and makes it unlikely that an attack will cause this exchange to become insolvent. This means that if the exchange suffers a major attack, users are likely to be reimbursed by the company. I also offers hardware 2FA, a real-time monitoring system to detect suspicious activities, security notifications via email and many other advanced security features.
In a competitive space, the fee structure of Binance is cutting-edge. Its team members have sharpened their knives and are slicing the opposition apart. Spot trading fees start at 0.1%which is very enticing for any trader who doesn’t need immediate fiat liquidation. Binance has a VIP-level system that reduces rates as your 30-day trading volume increases. For maker orders and taker orders respectively, the lowest spot rates for VIP level 9 are 0.02 per cent and 0.04 per cent. Even lower fees are available to traders who use Binance’s futures trading platform, starting at 0.02 per cent / 0.04 per cent for VIP level 0 maker and taker orders and dropping as low as 0.00 per cent / 0.01 per cent for the highest volume VIP level 9 traders. Incredibly, Binance cuts most other major exchanges, some of which charge up to 0.2%. This is quite a difference when you are working with large orders.
Binance Customer Support
There is a lot to like about Binance, and many traders remain optimistic about the service. Low fees, a responsive exchange, and developers with a proven track record leave most people beaming. Binance has generally been considered an overwhelming success in its life so far. Binance has a comprehensive support page with an extensive FAQ section that will answer or guide you through most problems you may encounter. If the FAQ section can’t help you, there is an automated bot to help you find the answer to your question or resolve your problem. If that doesn’t work, you can submit a request to chat with a customer service representative.
Binance Recent Developments
The crypto wallet Trust Wallet was acquired by Binance in June 2018. In 2019, Binance suffered a large-scale security breach in which 7,000 bitcoins ($40 million at the time) were stolen. The company stopped its dollar withdrawals and deposits but continued its trading services. It soon reimbursed its customers with the help of its secured wealth fund. In 2020, the parent company moved its business base to Malta due to growing cryptocurrency regulatory issues in China and Hong Kong. In the same year, Binance also bought WazirX, the biggest cryptocurrency exchange in India. Binance operates its business internationally under the names Binance Singapore, Binance Indonesia, and Binance Jersey, among others, and has registered offices in a few other European nations, including Gibraltar and Estonia. For its cryptocurrency exchanges, Binance has also created explicit license agreements based on the nation. The Binance NFT Marketplace, where NFTs (Non-Fungible Tokens) can be created, bought, and sold, was launched in 2021. NFT coins on Binance denote an asset’s ownership. Binance NFT can include music, videos, digital art, real-world items, and website domains. Although the Marketplace is still in its infancy, it can utilize the entire Binance ecosystem. The platform generates NFTs that can be safely stored in the Trust Wallet using Ethereum and the Binance Smart Chain. These tokens are transferable freely between the two blockchains by users.