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Binance Review

By Arthur Crowson10/03/2022

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Founded in 2017 by Changpeng Zhao and Yi He, Binance, a cryptocurrency exchange platform, has quickly emerged as one of the world’s leading blockchain and crypto infrastructure providers. Apart from being a crypto-trading facilitator, the exchange also includes crypto education, cryptocurrency data, and research services, investment, and incubation solutions in its massive portfolio.

It also has a separate site binance.us that exclusively services the US market.

In our comprehensive Binance review, we look at all those aspects of the exchange that played a crucial role in turning it into a facilitator of billions of dollars worth of daily average trading volume with more than millions of transactions per second. 

Pros

  • With more than 180 cryptocurrencies, Binance has one of the best selections of tradeable crypto assets.

  • Its trading fees, 0.1% on all transactions, are much lower than the industry average.

  • It supports multiple fiat currencies, payment methods, device types, and platforms. Fifteen top cryptocurrencies other than Bitcoin increase Binance’s utility-value as a one-stop-shop. Moreover, it supports 40 fiat currencies, accepts cash, cards, and other payment methods, and is available on both iOS and Android.

  • Binance offers 24/7 multilingual customer support.

Cons

  • Binance has so many features it can be difficult to navigate for new users.

  • Binance US services are currently unavailable in many states such as New York, Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, and Texas.

  • The absence of a comprehensive market analysis often goes against the usability of Binance.

The Basics of Binance

Don’t have time to read a full review? Here’s the TLDR of Binance:

As the world’s biggest exchange Binance offers basically unmatched trading volume, which means it’s a great place for high-frequency trading or anyone looking for an obscure coin. It also offers exceptionally low fees. In other words: It’s a favorite amongst experience crypto treaders.

Binance offers an incredible portfolio but also has two coins of its own creation: BNB and BUSD. BNB is one of the biggest market coins in the world and BUSD is 1:1 USD stablecoin that is growing in popularity.

 Binance is a platform-agnostic exchange. You can access its services with the Binance mobile crypto trading app, through your Windows or macOS device, or the Binance API. Leveraging the Binance API, you can integrate your trading application into Binance’s platform. 

The Binance support team is available 24/7 to resolve your queries, doubts, and any other operational issue you may face.

The company also owns the highly rated Trust Wallet app. Trust wallet is a popular non-custodial wallet that offers staking, dApps, NFTs and more. It’s a perfect companion to Binance exchange.

History of Binance

Binance was started in 2017 by Changpeng Zhao and Yi He.

Zhao, or CZ as he’s colloquially known in the crypto industry, had experience creating high-frequency trading software, which he used to re-think how a modern crypto exchange should work.

Over the years Binance’s product portfolio has expanded massively with spot trading, margin trading, derivatives, earn, credit cards and NFTs.

The company has also made massive acquisitions in the crypto world including Trust Wallet, CoinMarketCap and more.

The company was originally based in China but eventually left he country due to increased scrutiny of crypto. It now has headquarters in a number of different locations around the world including Malta and the Seychelle islands.

Is Binance Safe?

Although Binance isn’t as regulated as some of its key competitors (especially Coinbase) it has a stellar repuation for keeping customer’s funds safe.

As one of the older crypto exchanges it is particularly impressive that Binance has ridden out several bear markets at this point while continuing to grow.

What Cryptocurrencies Does Binance Offer?

Binance has a truly enormous portfolio of cryptocurrencies for trading with over 180 different digital assets listed.

Here are some of the most popular coins on Binance:

  • Bitcoin
  • Ethereum
  • USDT
  • BNB
  • BUSD
  • USDC
  • Solana
  • Cardano
  • Polkadot

Customer Service

Binance offers 24/7 customer support with live chat, email and more.

How to Buy and Sell Crypto on Binance?

Binance investing application offers a simple three-step procedure for carrying out trades in crypto. First, you need to have an account. Registering for an account is easy. Provide your email id or mobile number as identification and create a strong password of your choice. Provide the referral id if you have one. 

Once you’ve provided the registration details, verify your identity using the email id/ mobile number and the password you have already created. After the system validates your account, you can freely buy or sell the crypto of your choice. 

For buying, fill up the amount you want to spend in the fiat currency you prefer. Next, choose the cryptocurrency you want to buy. The system will automatically show you the value of the cryptocurrency you can buy against your fiat currency payment. If you are okay with the exchange rate, move on to the payment section and choose the payment method you prefer. Apart from debit and credit cards, Binance also includes P2P trading methods. 

Selling cryptocurrencies through Binance is just the mirror image of its selling feature. You need to enter the amount you want to sell and select the crypto or stable coin you hold. Next, you will have to select the fiat currency variant in which you want your payment. The system will show you the exact disbursal you are about to receive. If you agree with the exchange rate, log in to your Binance account and complete the sale.  

The Verdict: The Exchange for Pros

Now that we’ve reached the concluding segment of our Binance review, trading appears to be the most crucial area of its operations. Yet, the strength of Binance lies in its multifaceted nature that is extensive and encourages innovation, continuous development of new features, and building a highly proactive community. 

Security of the funds often becomes a roadblock to achieving the growth such platforms otherwise deserve. But since July 2018, Binance started contributing 10% of all its trading fees received to cover for losses arising out of security breaches. 

With all these checks and balances put in place, it would be interesting to see how far Binance manages to reach in realizing its fullest potential. 

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Arthur Crowson

Editor

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