Binance is one of the world’s biggest cryptocurrency exchanges with low costs and access to hundreds of cryptocurrency and features for investors who are experienced. Unfortunately, Binance will not be available for U.S. customers — if you live outside the U.S., you’ll need to go through Binance.US but it does not offer the same features. Explore our full Binance review to find out if this is the right platform for you.
Full Review of Binance
This cryptocurrency exchange is excellent choice for cryptocurrency traders around the world seeking access to diverse range of currencies, as well as features that can maximize profits.
Pros
- Low-cost fees
- Many methods of earning passive income
- Many cryptocurrencies to choose from
- Advanced trading tools
- Several ways to deposit money
- Trading in crypto-to-crypto, fiat-to-crypto, or cryptocurrency
Cons
- Not beginner friendly
- Questions of regulation
- It is not offered in U.S.
Top perks
Low fees
There is no fee-free trading on Binance. However, its charges aren’t that high compared to the best cryptocurrency exchanges, which require commissions and fees. The maximum spot fee is 0.1%. Since the cost on some platforms that allow you to pay money in order to buy crypto can reach over five percent, the low costs are one of the reasons I use Binance for a lot of my crypto investments.
Earn passive income on crypto assets
Binance has a range of options you can earn passive revenue, that come with different risk levels.by link Bitxfin website You could earn 30% APR or more on specific cryptocurrency in its staking programme or transfer assets to an account with a flexible savings option for low but consistent rates. It offers more choices for staking and also pays higher rates than other exchanges. The result is that around half of my assets on Binance are held in staking. More advanced investors might try to earn money through adding liquidity on pairs of tokens, but this can carry different risk. In any interest-earning option it’s essential to comprehend the risks before jumping into.
A large crypto selection
Binance is one of the biggest cryptocurrency platforms around the globe. Users can access around 600 currencies as well as thousands of trading pairings. This includes decentralized financial (DeFi) tokens along with stablecoins, Bitcoin (BTC), and altcoins.
Advanced trading tools
Binance allows you to set up a limit orders to buy or sell crypto at a set price. The platform has an «convert» function for beginners users, as well as an advanced trading interface, with tools for charting to help more experienced traders. Its Bitcoin futures section lets you decide whether the value of Bitcoin will fall or rise. It also sells leveraged tokens, which let customers multiply their holdings in a particular currency. Trading with leverage is a risky approach because it may increase losses and, in some instances the traders could lose their entire position.
What could be improved
Not offered in U.S.
Binance offers its own platform in the U.S. with fewer features and cryptocurrency. Binance.US has over 120 cryptocurrencies available for trading, and does not offer derivative tokens or leveraged trading. Binance.US accounts are not available in Hawaii, New York, Texas or Vermont.
Attention to regulatory requirements
Binance has come under regulatory repercussions in many countries. The countries include Japan and The U.K., Canada, Singapore and Thailand. Additionally, U.S. authorities are investigating the possibility of money laundering, tax evasion, as well as insider trading. Binance denies any wrongdoing, and there are no charges filed.
I am an U.K. customer and found it extremely worrying when I was unable to access or deposit funds due to concerns with the platform’s regulators. The issue was eventually resolved however it’s a bit frightful to discover that you are unable to access your accounts. Binance has implemented measures to increase the size of its compliance department and ensure that regulators are on the right side. The problem is that the array of its products that draw so many customers is one of the reasons for getting regulatory attention. Binance is likely to have a difficult time to square this circle.
Not suitable for beginner
Binance is a sophisticated platform that was designed to help professionals make more money. Its huge market selection and in-depth dashboards may be complicated and overwhelming if you’re just getting started in investing in cryptocurrency. As a regular user, I have gotten used to the platform and find it easy to manage my money. Furthermore, Binance does have a user-friendly interface designed specifically for beginners along with numerous educational resources. The platform also requires users to complete a quiz that shows they know the risks before accessing riskier products. For those who wishes to purchase Bitcoin in the first time, there are a variety of alternatives that are easier to access.