The introduction of Bitcoin in 2009 laid the foundation of a new asset class and paved the way for a multi-trillion-dollar industry of cryptocurrency that has taken the world by storm.
In these years, several companies have offered crypto trading platforms to trade in digital currencies. One of the most popular names in the arena is Binance; it has grabbed investor attention with a lower fee compared to many other exchanges.
In this review, we cover everything you need to know about this cryptocurrency exchange to help you find out whether it is worth giving a try.
Binance Review – UPDATED 2022
Founded in 2017 in China, Binance is one of the biggest cryptocurrency exchanges in the world, offering more than 500 cryptos for trading at highly competitive prices. It is the largest platform by volume and accepts users from around the world.
With an advanced trading platform, a huge range of features, and the vast amount of transactions it supports, Binance impresses crypto investors of all levels.
Services Offered
Binance is a fully-featured trading platform that gives access to a wide variety of options and products to invest in cryptocurrencies.
Users can place trades through the website, mobile application, or desktop app and use the platform to view trade history and portfolio. Binance provides different trade types as well as charting tools to give you complete flexibility for your crypto trading.
Here are the primary services offered by Binance.
Exchange
The crypto exchange lets users exchange between cryptocurrency and fiat currency in several ways. One of the most impressive options is the peer-to-peer trading service that connects buyers with sellers and facilitates fiat payments with support for multiple payment options.
Binance also partners with Simplex to provide a brokerage service for credit/debit cards. With this service, you can buy different cryptos using a card and also use the card to deposit fiat currency.
Binance also has third-party integrations that facilitate users to buy digital currencies with SEPA and wire transfers.
This service is particularly impressive because bank and SEPA deposits cost no transaction fee. Lastly, a privacy-focused web browser named ‘Brave’ integrates a widget to allow in-browser trading with Binance with the ability to view and manage the crypto portfolio.
Trading Platform
Binance offers a simple way to trade in cryptocurrency with an impressive selection of trading pairs including Ether, Bitcoin, DOGE, BNB, DOT, and others.
You can also find a wide range of crypto-fiat pairs on the platform. Users can pick between the basic and advanced interface for spot trading. Binance also offers derivatives, margin, OTC, and P2P trading options.
Futures & Derivatives
This section of the trading platform lets traders speculate on the prices of popular cryptocurrencies with up to 20x leverage which means you can multiply profits by 20 times.
The user interface for futures and derivatives is quite similar to spot trading except for a few additional features for viewing open positions and controlling leverage.
Financing
Binance also offers several financing options as a part of its services. ‘Savings’ allows users to make a profit from their idle funds with two different types of accounts – Flexible and Locked. You get variable interest rates on flexible savings accounts while locked accounts pay higher rates on fixed-term deposits.
There is also a staking service where you can get returns on Defi and proof-of-stake coins without any prior knowledge of staking the coins yourself. Just like savings, the staking service also offers account options.
Binance also has a ‘Smart Pool’ where miners can contribute to a mining group and get a part of the rewards. Apart from these, you can find finance tools and services including loans, Visa card, and others to do more with your cryptocurrency.
Supported Countries and Currencies
Binance offers over 500 cryptocurrencies for deposit, withdrawal, and trading on the platform, including some of the most popular ones like Ripple, Litecoin, Ethereum, Bitcoin, Binance Coin, and more. It also supports a wide variety of fiat currencies including AUD, USD, EUR, INR, GBP, and others. You can trade crypto for fiat currency on the trading platform or purchase using a variety of payment methods.
The exchange does not clarify exactly which countries it supports and restricts but it is available in most parts of the world with a few exceptions. Users living in the United States should use the US version of the platform as the company has withdrawn its primary service from the country after regulatory issues.
Customer Support
Binance offers comprehensive customer support with a dedicated FAQ section where you can find answers and solutions to the most common problems you may face regarding the crypto exchange and trading. If the FAQs don’t help, you can use the automated bot to find the answer to your query. You can also choose to submit a request to have a live chat with a support representative if you need further assistance.
Fees
Binance charges some of the most competitive fees in the landscape. Though US-based users pay a little higher on the dedicated website, the overall price is lower than what most other trading platforms charge. The exchange uses a maker/taker fee arrangement whereby the charges vary by trading volume. You can expect to pay lower fees for high-volume trades on the platform. Binance charges some other fees for different types of withdrawals and payment methods.
Pros
- Large number of tradable cryptocurrencies
- Wide selection of trading options
- Some of the lowest fees
- Educational material available on the website
- Tax statement portal for easy crypto taxing
- Well-designed platform with a plethora of features
Cons
- Can be difficult to learn for new users
- Faces concerns regarding safety and regulation
- Limited customer service options
- S. version is limited
Summary
Taking a close look at different aspects of Binance, it is easy to say that the pros far outweigh its cons. The low fees of the crypto exchange combined with the thoughtful design of the trading platform make it a leading player in the market. Binance certainly beats its competitors in terms of the daily trading volume; add to this the diverse offerings and advanced trading options and you can understand why it is a preferred choice for experienced global crypto traders.
