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Binance Review

Binance Review

What is Binance?

Binance is one of the world’s largest cryptocurrency exchanges, boasting low fees, access to hundreds of cryptocurrencies, and advanced features for experienced investors though its trading options are more limited in the U.S. While its low fees might be appealing, the platform has run into regulatory issues and is currently under investigation in the U.S.

Pros

  • Over 65 tradable cryptocurrencies for U.S. customers
  • Low fees

  • Wide selection of trading options and order types

Cons

  • U.S. version is more limited
  • The platform is complex and may be confusing

  • No built-in digital wallet available

  • Binance has run into regulatory trouble in several countries

Cryptocurrencies Available on Binance

Some of the cryptocurrencies available on Binance U.S. are: Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network (MATIC). Additionally, Binance supports popular cryptocurrencies including:

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

How Binance works

Binance is a fully functioning cryptocurrency exchange with a huge range of services. You can use Binance to:

  • Buy, sell, or trade cryptocurrency
  • Set up recurring buys
  • Earn passive income
  • Access advanced features such as crypto derivative products, limit orders, and peer-to-peer trading
  • Trade non-fungible tokens (NFTs)
  • Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
  • Access portfolio insights, plus live tracking and alerts
  • Keep track of your tax obligations with its tax reporting tool

Fees

Binance doesn’t offer fee-free trading. However, its fees are low compared to even the best crypto exchanges that charge fees and commission. The highest spot trading fee is 0.1%.

Users can also get fee discounts for the following:

  • Using Binance (BNB) coins in trades 
  • Referral bonuses
  • Reaching very important person (VIP) status by trading a certain amount of assets

Key Security Features

  • It keeps the majority of funds offline in cold storage.
  • It stores 10% of trading fees in a secure fund meant to cover any losses from hacking. This is not the same as having third-party insurance, but does give users some protection.
  • User-level features such as two-factor authentication (2FA) and withdrawal address whitelisting. Whitelisting means you can restrict withdrawals to only pre-approved addresses.

Conclusion

Binance is right for you if:

  • You have intermediate to advanced crypto trading experience.
  • You’re looking for low fees, a wide range of currencies, and advanced features.
  • You’re an institutional trader, or have high or ultra-high net worth.
  • You live outside the U.S.
 

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