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binance-review

Cryptocurrency, shortened as crypto, is any digital or virtual currency. Cryptography is used to ensure transactions are secure.

Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. It doesn’t depend on banks to conduct transactions.

So what does it use? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. The currency is digitally stored on an online database which records specific transactions.

Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Every owner of cryptocurrency keeps their funds in a digital wallet.

Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. Cryptocurrency can only exist digitally and virtually because it uses encryption methods only computers can understand.

This advanced coding used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.

The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It remains the best known today. However, it is not the only cryptocurrency that exists. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.

To trade or exchange these currencies, one would need to use the services of a crypto exchange or digital currency exchange (DCE).

A Cryptocurrency Exchange is a business that allows customers trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.

The functions of crypto exchanges are very similar to those offered by online brokerage platforms. They provide you with the tools to buy and sell digital currencies and tokens for different kinds of cryptocurrencies.

Crypto Exchanges accept wire transfers and credit card payments in exchange for digital currencies.

One such dedicated cryptocurrency exchange is Binance.

Binance and Overview Redeem Earlier Locked Staking Binance

binance-logo
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. You can still read our article for a complete overview of Binance.

When it comes to cryptocurrency exchanges, Binance continues to be one of the top cryptocurrency exchanges in the world. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.

Binance got its start in 2017 through Changpeng “CZ” Zhao. It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. It has been moved around from Japan and Malta, but it did not have a permanent home.

However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Redeem Earlier Locked Staking Binance

Binance’s popularity was due to its user base who liked the low fees, availability of cryptocurrencies and innovative products. Currently, the platform offers a multitude of crypto-based products.

From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.

Binance also has its set of unique tokens and cryptocurrencies. BUSD is a stablecoin. BNB is a strong performer because of its low fees.

However, Binance has its problems and dark sides.

The United States Department of Justice (Internal Revenue Service) investigated the company in 2021 for money laundering and tax crimes.

In the same year, the United Kingdom’s Financial Conduct Authority ordered the platform to stop all regulated activity in the country in June 2021. That said, the scope of this ban was limited, and that non-registered firms can still interact with UK consumers.

It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.

Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. The Russian government justified this as a way to help them fight crime.

Binance Perks

Large Crypto Selection

The company is one of the largest cryptocurrency platforms on the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are available. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and popular cryptos.

Here are some examples:

  • Binance Coins (BNB).
  • VeChain, (VET).
  • Harmony (ONE)
  • VeThor (VTHO).
  • Dogecoin (DOGE).
  • Matic Network (MATIC).

Binance offers support for popular cryptocurrencies like:

  • Dash (DASH)
  • Compound (COMP)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC).
  • Cardano (ADA)
  • Cosmos (ATOM)

Low Fees

No platform offers trading currencies and tokens for free. Binance is a trading platform that offers deals that are often as good as free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. The highest spot trading fee so far is 0.1%.

The platform uses a maker/taker fee structure. Fees will vary depending on trading volume or Binance Coin (BNB). balance. The fees for trades that involve high volumes are generally lower. Redeem Earlier Locked Staking Binance

What’s more, is that users can also get fee discounts for some services. Such as:

  • Using Binance (BNB) coins in trades
  • If you achieve Very Important Person (VIP status) by trading a certain amount of assets.

That said, Binance users are still subject to other fees. There will be different fees depending on the type of withdrawal and payment type. As a sample, you refer to the chart below

Type of payment Fees
  • Wallet
  • Debit cards
  • ACH Transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • Free
  • $15 for U.S. Customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

We can discuss more about fees in a later section.

binance-coins-with-dollars

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Passive Income on Crypto Assets

Binance lets you earn crypto assets. Of course, these come with varying degrees of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.

There are more available staking options available on the platform. They also pay higher rates than other exchanges.

For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. Of course, it is really up to you when taking on these risks. Before you jump into these opportunities, you need to be aware of what is at stake.

Advanced Trading Tools

Binance’s advanced trading tools provide an easy way to customize your trading options. Setting a limit to buying or selling crypto at a specific price is easy. With its “convert” function, it even caters to beginners.

For veteran traders, the charting tools in the advanced trading interface are something to behold. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.

The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. Customers can multiply their currency positions by selling leveraged tokens. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.

The Binance Shortcomings

This is not for newbies

Binance is not for beginners. Binance is complex platform designed for experienced traders. The general aim of the platform is to have these earners maximize their profits.

We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. You need to understand what these things mean and how you’re using them.

As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.

It can be difficult to navigate the vast market selection and in-depth dashboards offered by the platform, especially for those just starting out in crypto investing.

Once you get the hang of the platform, you will find it very easy to manage your assets. Binance also has a simple interface that is suitable for beginners. It also provides a sizable educational resource.

Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. Binance is not the place where you can just buy Bitcoin and then relax. Redeem Earlier Locked Staking Binance

Regulatory Attention

As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. Major countries that have it in for Binance include Japan, the United Kingdom, Canada, Singapore, and Thailand.

The United States authorities are currently investigating the platform in regard to possible money laundering, tax fraud, and insider trading. So far, no charges have been filed, and Binance has denied any wrongdoing. Should anything come out of this, only time will tell.

In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.

It is not available in the U.S.

In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. This U.S. version of Binance has fewer features and cryptocurrencies offered.

Binance.US trades more than 120 cryptocurrencies, but does not offer futures trading. It is also not available in all countries. It is not available in Hawaii, New York or Texas.

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How it All Works

We’ve seen the positive and negative aspects of Binance. Now we can talk about how it all works.

Binance is a cryptocurrency exchange, as we all know. It has a huge range of services. These include:

  • Trade, buy, and sell cryptocurrency
  • Establish recurring purchases
  • Earn passive income
  • Access advanced features such as crypto derivative products, limits orders, and peer-to-peer trading
  • Trade non-fungible tokens (NFTs)
  • To get exposure to new cryptos, you can join Binance’s Launchpad or Launchpool
  • Access portfolio insights, plus live tracking and alerts
  • Keep track of your tax obligations with its tax reporting tool

That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. On their side, Binance does warn users of the risks involved with investing in the platform.

It also has an anti-addiction setting just in case users become too involved with trading. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. They are encouraged to take a break from trading and rest.

The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.

These are just reminders. Retail investors will ultimately decide how to manage risk and where they should invest their money.

Signing Up to Your Binance Account

It takes just minutes to create and register your Binance account. There are two types of accounts available: unverified and verified.

For Unverified users:

  1. Click the register button on the Binance homepage
  2. Enter Email address
  3. Set up a password
  4. Accept Binance’s Terms and Conditions of Use
  5. Click “Create Account”
  6. Register by email to confirm your registration

For Verified Accounts

  1. Register now for an unverified Account
  2. Login to your account
  3. Go to User Center and click Identity Verification
  4. Choose Personal
  5. Fill in your Details
  6. Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
  7. Upload a file or take a picture of the document
  8. Take a picture of yourself
  9. After uploading the required document and photo, click confirm.
  10. Binance will then review it as soon as possible. Redeem Earlier Locked Staking Binance

To verify your account, you will need to wait for Binance to send an email.

Trading Experience

As we’ve mentioned, Binance offers a variety of trading tools. Some of these tools include their real-time charting tools with moving averages and exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.

Traders can also use the platform to look at their portfolios and trade history. The platform allows them to view their order book and price charts. The platform also gives users a selection of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.

Users can also choose from different trading views to better understand data and view it in the way that they prefer. There are many views to choose from, including classic, margin and OTC views.

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Trust Wallet

Binance offers a custodial wallet on its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It’s easy to transfer funds from Binance to a Trust Wallet, or another external crypto wallet.

Usually, withdrawals are complete within 10 minutes, and even the costs are minimal. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.

Fees

Binance is known for its low fees. This does not mean users are exempt from any charges. Users of Binance are still required to pay fees for using the platform.

Deposit and withdrawal fees

The currency used to pay and the method of payment will determine how much deposit fees are charged. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.

Depending on your country, Binance might allow credit or debit card payments, bank transfers, and peer-to-peer payments.

You can withdraw money as a fiat currency from a bank account. You can also withdraw cryptocurrency to a wallet, or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Redeem Earlier Locked Staking Binance

Trading Fees

The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. The amount of BNB you hold will also matter.

Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.

The platform also encourages the use of its own native currency, the Binance Coin (BNB). Anybody who does so will receive a 25% discount on their trading fees. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).

Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with at least 25 BNB 0.09%/0.10%
2 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 20,000,000 to 119,999,999 and at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with at least 500 BNB 0.07% / 0.09%
5 Between 200,000,000 and 499,999.999 and at most 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Security

Since Binance handles multiple sensitive and high stakes data, and it should be expected that the platform has good and robust security measures to protect its assets as well as their client base.

Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It also uses address whitelisting, device management, and the ability to restrict device access.

Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).

Although this insurance does not provide the same protection as third-party insurance, it can give some protection.

Binance also keeps its most important security feature, its funds, offline, in cold storage. This is done to prevent hackers from getting in touch.

Customers should be cautious about Binance, however, as it has a poor track record in security. The platform was hacked in early 2019 for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.

There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. The customer side can at least see how the platform handles them and their customers when these incidents occur.

In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). This cold storage wallet has enough capital to cover losses.

Customer Service

Binance provides three options for customer support. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.

You simply need to fill out a form on the Binance website for tickets. Submitting a ticket entitles you to receive email assistance.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Because it is more visible, Binance encourages users to tweet about their problems through this channel.

Lastly, Binance has a chat box on the bottom right corner of the support screen if you want a more direct approach. This can be accessed on the Binance website.

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Binance Pros & Cons

Pros

  • Low Fees

One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. This is no surprise. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.

  • You have the ability to make passive income in many different ways.

Whoever does not want to earn passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. That said, these opportunities also carry inherent risks in them. As such, these are not for the faint-hearted. Redeem Earlier Locked Staking Binance

  • There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).

BNB is the platform’s crypto. This allows crypto investors and traders flexibility in making their selections.

  • Advanced Trading Tools

The tools that a trading platform provides to its users will determine how good it is. Binance provides enough tools to allow users to trade more easily. As such, traders and investors will not have a hard time doing trade on the platform.

  • There are many ways to deposit money

You cannot start trading if you have no money at stake. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.

  • Flexible Order Types and Trading Options

Trading is like gambling. While assets and stocks may be worth a lot right now, you never know when they will lose value. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Redeem Earlier Locked Staking Binance

Cons

  • Platform can seem overwhelming to beginners.

Multiple options and advanced tools can be a bad thing. A multitude of choices can overwhelm beginners and make it difficult to choose from. Binance’s numerous options can even be intimidating to some traders who are more experienced.

  • Regulation issues in many countries

Binance has faced several regulatory and legal issues. In fact, this is a glaring issue that has multiple investors considering other exchanges.

Despite this, the platform is working hard to resolve these regulatory issues.

  • It is not available in the United States

Binance was temporarily banned in the United States due to problems with US regulatory bodies. Binance U.S. was created by the parent company to provide a U.S-exclusive version.

Binance U.S. has a smaller selection than the original Binance. It is not available in certain states, such as New York and Vermont.

  • There is no built-in digital wallet

Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. Binance doesn’t have one. Instead, it recommends Trust Wallet, a third-party service. While it has a good reputation, there might be issues as they can only offer limited support Redeem Earlier Locked Staking Binance

Binance Last Thoughts

Let me begin by saying that I’m a complete beginner when it comes crypto. All my knowledge comes from a few youtube videos, an article here and there, and some Reddit threads.

Binance was the best platform for me because it charges very low fees. I entered cryptocurrency because I wanted to see what the fuss was all about. This is not something I intend to take seriously.

Creating my account from scratch and verifying it took no time. In a matter of minutes I was able to view the UI and all the features offered by the platform. Let me tell you…..

So with confidence, I can honestly back the opinion that Binance is not beginner friendly. Binance presented me with a lot of options that were overwhelming and intimidating. I had to get a friend to teach me what all the stuff was all about.

So with his help, along with some tutorials found in Binance Support, I was able to get some of my bearings and begin trading. Though it still gets confusing, I’m getting the hang of it.

As of right now, I want to bet on the right horse and not the wrong one.

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Binance Frequently Asked Questions Redeem Earlier Locked Staking Binance

Is Binance Safe?

Yes, it is safe, but it does not have a good track record.

Binance does have its own security measures, but it has been hacked twice. The company did beef up its security, but in the end, time will judge if these security measures can survive attacks.

How Would You Decide if Binance is Right for You?

To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services yourself.

However, for the sake of having an answer, you may deem Binance is a right fit for you if:

  • You’re not new to crypto trading and have intermediate-level experience in trading.
  • You need a service that is affordable and can accept many currencies.
  • You are looking for a service with many advanced features.
  • You are an institutional trader carrying a high or ultra-high net worth.
  • You are not a citizen of the United States.

Bianance offers FOREX trading

No, Binance does not offer traditional Forex (Foreign Exchange Trading).

It lacks the currency pairing required to join FOREX. A company must have access to thousands of currency pairings in order to be able enter FOREX-only markets. This is quite a distance from Binance which has only 50 currency pairs.

Does Binance Offer CFD Trading?

Unlike FOREX trading, Binance does offer CFD (Contracts for Difference) trading.

They are still controversial in crypto, and many prefer native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. However, CFDs have their advantages. They can be extremely liquid.

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