- Binance overview – what is Binance?
- Binance alternatives
- Binance pros and Cons
- Binance.US at a glance
- Is Binance Safe and Reliable?
- Fees & Commissions
- Frequently Asked Questions
Ah, Binance. Where would the crypto world be without you? Back when the price of Bitcoin was still below $50K and Ethereum was still struggling to make its way into mainstream consciousness, who would’ve guessed that Binance would become one of the most successful digital currency exchanges in existence?
Our 2023 Binance review takes a closer look at what this exchange has become since its humble beginnings, and why it’s now the top choice for traders everywhere. Read on to learn more about fees, security features, customer service, and more!
Binance Overview – What Is Binance?
Binance is one of the world’s leading cryptocurrency exchanges, offering a wide range of digital assets for traders around the globe. Founded in 2017, Binance has become a major crypto exchange with over 140 coins and tokens for trading. The platform features advanced trading tools, low fees, fast withdrawal times, and secure transactions. Binance has also become the largest crypto exchange by trading volume, with over $1 billion daily trading.
Binance.US, the U.S.-based version of Binance, was launched in 2019 and since then has grown to employ over 500 people across the globe. The platform offers a secure trading infrastructure with advanced features such as margin trading, limit orders, and stop-loss orders. Additionally, Binance.US provides access to DeFi products, staking rewards, and over-the-counter trading.
Binance alternatives include Coinbase, Kraken, and Gemini. These exchanges are also popular with customers seeking to buy and sell cryptocurrencies. However, Binance offers more digital assets for trading than its competitors.
Kraken is one of the largest crypto exchanges in the world and has been around since 2011. This platform offers reliable trading services, low fees, and secure transactions. However, Kraken is more suitable for advanced traders who wish to trade derivatives such as futures contracts or margin trading. Kraken also offers access to a wide range of digital assets.
You can enjoy low transaction fees of up to just 0.26%, and the number of available cryptocurrencies is over a hundred. The deposit methods available include bank transfer, SEPA, and SWIFT.
Gate.io is an international crypto exchange founded in 2017 and has since grown to become one of the largest trading platforms in the world. Gate.io offers a wide range of digital assets for traders, with over 1400 coins and tokens available for trading. The platform also features advanced security measures, margin trading, spot trading, limit orders, and stop-loss orders. Additionally, Gate.io allows users to participate in IEOs and mining pools.
The transaction fee is 0.075%, and the deposit methods include bank transfers, credit cards, and cryptocurrencies. The platform also provides access to digital assets such as ERC20 tokens, NFTs, and DeFi products.
Gemini is a regulated crypto exchange founded in 2015 and is known for its strong security and reliable services. The platform provides access to many digital assets, including Bitcoin, Ethereum, and other altcoins. Gemini also offers advanced trading tools such as limit orders, stop-loss orders, margin trading, and derivatives. Additionally, the platform provides access to DeFi products and a wide range of coins and tokens.
The transaction fee is 3.49% if you are using debit cards. Gemini is funded by two twins, the Winklevoss twins, and the platform is regulated by FINRA and the New York Department of Financial Services.
Binance Pros and Cons
Binance has risen to become the world’s leading crypto exchange, providing a wide range of digital assets and trading tools to traders around the globe. However, it also does have some drawbacks. Below are some of the pros and cons of using Binance.
Pros of Binance
First, let’s take a look at the pros of using Binance.
- Offers customer support over the phone: Binance provides customer service via phone, making it easier for customers to get help quickly. This is especially useful for traders who need immediate answers to their queries.
- Provides customer support over email: Binance also offers email support for customers, so you can get help with your queries quickly. If you are shy about talking to someone over the phone, then this is a great option for you.
- Gives access to customer support over live chat: Live chats make it easier for customers to get help from Binance quickly, without having to wait on the phone. Through a user-friendly interface, you can get answers to your questions or receive help with issues quickly.
- Offers negative balance protection: Binance also offers negative balance protection, which means that your account will be protected from losing more money than you have in it. This is a great feature for traders who want to protect their accounts from losses.
- Doesn’t charge inactivity fees: Being fined just for being inactive on the platform is a big no-no for traders. Fortunately, Binance does not charge inactivity fees, so you can be sure that your funds will remain safe and untouched. You can take a break for degen trades without having to worry about being penalized.
- You can trade Cryptocurrencies with Binance: Duh! But it’s still worth mentioning because traders can access a wide range of coins and tokens on the platform.
- About 125 cryptocurrencies are available: Binance provides access to about 125 cryptocurrencies, making it one of the most comprehensive exchanges in terms of digital assets. You can trade coins such as Bitcoin, Ethereum, Ripple, and more. For those that are interested in investing in altcoins, Binance is a great option.
- Low or no trading fees: Who doesn’t love low fees? Binance offers some of the lowest trading fees in the industry, so you can make sure that you’re getting the best possible rate.
Cons of Binance
Now that we’ve gone over some of the pros, it’s time to take a look at the cons of using Binance.
- Binance is not regulated: Being regulated is important for an exchange, as it ensures that customer funds are secure. Unfortunately, Binance is not a regulated exchange, which means that it is not subject to the same requirements as regulated exchanges. This can be a bit of a downside for those who are looking for more security.
- Hasn’t won any awards: Binance has yet to win any awards for its services, so it is not considered one of the best exchanges in terms of customer service or features. Despite its popularity, the platform still lags behind its competition when it comes to awards and recognition.
- Doesn’t offer guaranteed stop loss: Crypto crashing again? Binance does not offer a guaranteed stop-loss feature, which is important for traders who want to ensure that their positions are closed at the desired price.
- Binance charges withdrawal fees: Binance charges a withdrawal fee for each transaction, which can be a bit of a bummer for those who are looking to maximize their profits. This can make some users feel locked in as they are unable to transfer their funds elsewhere without paying hefty fees.
- Fewer crypto-to-crypto currency pairs than the global Binance site: When compared to their global counterparts, the Binance USA platform offers fewer currency pairs. This can limit traders who are looking to make a wide range of trades or invest in certain coins.
- Smaller selection than the global Binance platform: This means that traders will have less access to certain coins and tokens which may be available on the global platform. Although sometimes less is more, in this case, it can be a bit of a bummer for those who are looking to diversify their portfolios.
- You can’t trade metals with Binance: Into commodities? You won’t be able to trade metals with Binance, as the platform only offers crypto-to-crypto currency pairs. For those looking to diversify out of crypto, this can be a bit of an issue.
- You can’t trade energies with Binance: Got your eyes on the energy markets? Unfortunately, Binance does not offer any energy for trading. If you’re looking to get involved in this sector, you’ll have to look elsewhere.
Binance.US at a glance
Binance.US is an American cryptocurrency exchange based in San Francisco. It was launched in July 2017 and offered users a wide range of cryptocurrencies. The exchange has a user-friendly interface and is easy to navigate. Binance offers trading pairs with BTC, ETH, USDT, BNB, and its token, Binance Coin (BNB). The platform provides fiat-to-crypto trading pairs for USD, GBP, and EUR and crypto-to-crypto trades for all supported cryptocurrencies in the exchange.
The minimum deposit amount for Binance is $10, and the minimum trade amount is 0.001 BTC or its equivalent in any other cryptocurrency listed on the platform. The trading fees vary from free to 0.6% but can go as high as 3.75% if using a debit card for transactions. The number of cryptocurrencies available on the platform is approximately 125 at the time of writing this review. The site has more than 150 pairs available but only supports BTC and stablecoins. The site is transparent about its charges, which can be found on its website. However, some information is difficult to find on the website, such as whether or not there are any additional fees for withdrawing funds from your account.
Is Binance Safe and Reliable?
Binance is a safe and reliable crypto exchange platform that offers secure trading services. The platform incorporates advanced technologies such as SSL encryption, two-factor authentication, and cold storage to protect users’ funds from hackers. Additionally, Binance has a dedicated support team available 24/7 for any queries or issues. Furthermore, the exchange is regulated and compliant with all applicable laws. The company does not say whether it carries insurance on customer assets. It also offers a mobile app, which is highly rated by iOS users but earns lower-rated reviews from Android users. Binance offers 24/7 live chat and email support, so you can get the help you need whenever you need it.
In addition to being safe and reliable, Binance has many other advantages over other exchanges, such as high liquidity, which means there’s always enough supply for demand so that you won’t have any issues getting into or out of trades quickly. It also has low spreads, which means you’ll pay less than other exchanges when buying or selling assets. And finally, their low fees compared to other exchanges means more money left over for profit. Binance does not offer any storage options for users. The exchange supports 11 assets with staking and rewards up to 13.5%. This makes it a great platform for those looking to earn passive income by simply storing their coins on the site. But as the saying goes, “Not your keys, not your coins,” so it is always advised that users keep their funds in their wallets.
Fees & Commissions
Binance charges a maximum 0.10% trading fee for all trades and no additional fees for deposits or withdrawals. This low fee structure makes Binance more attractive than other exchanges regarding making profits from trading activities. The exchange also offers discounts on trading fees depending on the total amount of cryptocurrencies held in the account.
● Trading Fees – 0.02-0.10% per trade
● Debit/Credit Card Fees – 3-4.5%
● Wire Transfer Fee – $15
● Crypto Conversion – N/A
● Other Fees – 0.50% Instant Buy/Sell
FAQ about Binance
Here are some of the most frequently asked questions about Binance:
Is Binance still trustworthy?
Yes, Binance is still a very trustworthy crypto exchange. It employs advanced security measures to keep user data safe and fully complies with applicable laws and regulations. Additionally, the platform has been around since 2017 and has built a strong reputation as one of the leading crypto exchanges in the world.
Is Binance good for beginners?
Yes, Binance is an excellent platform for beginners. The platform offers an easy-to-use interface, making it simple to start trading cryptocurrencies. Additionally, the exchange offers low fees and discounts on trading fees when you hold multiple currencies in your account. Finally, Binance has a dedicated customer support team available 24/7 if you need help with any issues that may arise.
Is Binance better than Coinbase?
It depends on what you’re looking for, as both platforms have different advantages. Coinbase is a great option for beginner investors, while Binance has more advanced features and a larger selection of currencies to trade. Additionally, Binance offers lower fees and better customer support than Coinbase. Ultimately, the best exchange will depend on your individual needs and preferences.
Can you trade UK Shares with Binance?
No, Binance does not currently offer the ability to trade UK shares. It is primarily a cryptocurrency exchange and does not provide access to stocks or other equities. If you are looking for an exchange that offers to trade in UK shares, you should look into platforms like IG, eToro, or Plus500.
Can you trade US Shares with Binance?
No, Binance does not offer the ability to trade US shares. The exchange only supports trading in cryptocurrencies and does not provide access to stocks or other equities. If you are looking for an exchange that offers trading in US shares, you should look into platforms like Charles Schwab, Interactive Brokers, or TD Ameritrade.