Binance Review: Is it Safe? (May 2022)
Binance Review
In this Binance Review, we will be looking into all of Binance's features and why this is the largest cryptocurrency exchange in the world.
Binance: Background
Binance is the largest cryptocurrency exchange in the world. Binance was founded in 2016 and launched in 2017 following an ICO which raised $15 million. At the same time, the crowd sale led to the creation of the Binance Coin (BNB), which operates as an ERC 20 token on the Ethereum blockchain. Changpeng Zhao is the head of Binance and under his stewardship, the platform takes a measured approach to decide which tokens to list. Trading currencies include Bitcoin and Litecoin as well as EOS, NEO, ETH, and over 150 other coins and tokens. The engine that powers Binance is capable of matching 1.4 million orders a second, making the platform highly scalable. The exchange has one of the highest liquidities and generates over $1 billion in trades a day and charges a standard 0.1% fee for trades and drops if you use BNB to pay for fees.
Binance Review: Binance DEX
Binance DEX runs on its own blockchain, Binance Chain blockchain, and uses the Binance coin (BNB). Decentralized exchanges do not hold customer funds or information, the main targets of hackers. Instead, funds are held by the wallets of the individual traders. The Binance DEX launch was one of the most-watched launches in crypto exchange history.
Binance Review: Binance Research
Binance Research provides institutional-grade analysis, in-depth insights, and unbiased information to all participants in the digital asset industry.
Since December 2018, when Binance Research was launched, the Binance team has written 64 in-depth reports into cryptocurrencies, market trends, and the latest developments in the digital asset and blockchain space. With an ever-expanding library of content, plus an insightful Binance Research Twitter account where more insightful infographics are being shared, the Binance team wants to showcase all offerings in an even better manner.
Binance Review: Binance Earn
Binance Review: Binance Launchpad
Binance Launchpad and Launchpool are platforms that help and advise project teams on how to best issue and launch their token. Binance provides a full-service offering starting from advisory services from before the token is even issued, to post-listing and marketing support. The goal is to allow project teams to focus on their project development and continue building products, while Binance handles the marketing, exposure, and initial user base. Binance looks for strong teams with a unique and innovative vision in the crypto space.
Binance Review: Binance Labs
Binance Labs invests in technical teams that build and support the decentralized web.
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem.
Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web.
Binance Review: Binance Academy
Your one-stop guide to all things crypto. Whether you're a rookie trying to understand mining or a veteran looking to develop a trading strategy, Binance has got you covered.
Since its beta launch in December 2019 and then its full launch in December 2018, Binance Academy has provided free blockchain education to all, in multiple languages and different countries across the globe.
If you'd like to start learning with Binance Academy, you can download and use the Binance Academy App!
Binance Review: Binance Coin
BNB powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.
Binance Review: Fees
Deposit Fees
- Free. There are no fees for deposits.
Trading Fees
- If you do not use BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of 0.1%.
- Using BNB for transaction fees applies a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance. (See: Using BNB for Fees)
- Please, refer to the Fee Schedule to check your account's Trading Fee Level and other information.
- For Margin trading fees and data, please refer to the Margin Data page.
- For Futures trading fees and data, please refer to the Fee Schedule of Binance Futures.
Withdrawal Fees
- The withdrawal fees are dynamic and automatically adjusted based on the status of the market.
- For the current withdrawal fees, please refer to the Fee Schedule page.
Binance Review: Binance Futures
Binance: Pros & Cons
Binance: Pros
- Wide range of cryptocurrencies
- Many features
- Data security
- Low fees
- Good liquidity
Binance: Cons
- Requires KYC
- Customer support could be better
Binance: Verdict
Binance is the largest cryptocurrency exchange for a reason, throughout the years it kept getting bigger, more reliable, and better, offering new features all the way through.
It's truly incredible how fast it has grown since its launch in 2017, the trading fees are some of the lowest in the market, and it offers a vast array of services that are bound to fulfill every kind of user.
Customer support is sometimes slow, and KYC may detract some users who value their privacy, that being said, required KYC may also be seen as a safety measure and some users appreciate it.
All in all, Binance should definitely be one of the top options for someone looking for a cryptocurrency exchange.
If you would like to sign up and get 20% OFF your trading fees, follow the link below or insert our Binance Referral Code STWNRF0Q during the sign-up process.
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