Binance Review: Is It Worth It?
Binance Exchange 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.
Background And History
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 deciding 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 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 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 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 Labs invests in technical teams that build and support the decentralized web.
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!
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.
- Free. There are no fees for deposits.
- 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.
- 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.
How To Use Binance?
Creating an Account on Binance
Using Binance is extremely easy, and a great place for beginners and experts alike, some features are more complex than others but doing the basics is easily explainable.
Let's take a look at how to get started on Binance!
- First, If you're on your computer, visit the Binance homepage and choose to on your computer, or open the Binance app, and click on Register.
- You will need to enter your email address and choose a strong password, you should also use our Binance Referral Code in order to save as much as possible on trading fees!
- Lastly, you need to confirm your email address. After you've done so, your Binance account will be ready!
- When you log in for the first time, a notification will ask you if you want to set up two-factor authentication, it is highly advisable that you do, and it is also a good idea to pass all the KYC requirements in order to be as compliant as possible.
Buying Crypto on Binance
Binance accepts fiat and crypto deposits from external wallets and bank accounts. The method you need to use will differ depending on the currency you want to deposit.
Make sure to double-check the blockchain address and input the correct memo or ID when required. If the blockchain network is congested, you may experience delays with your crypto deposits. If that happens, you may need to wait a bit more until your transaction is confirmed. If, after a while, you are still having issues, please contact Binance Customer Support.
Depending on the method you use, fiat deposits can take multiple days to be credited. If you experience long delays, check if deposits have perhaps been suspended before contacting customer support.
Please refer to Binance's article on how to deposit in order to learn more
Binance Pros & Cons
- Wide range of cryptocurrencies
- Many features
- Data security
- Outstanding reputation
- Unlimited daily trading amount
- More than 500 cryptos are available
- P2P trading available
- Supports fiat as a payment method
- Low fees
- Good liquidity
- Customer support could be better
Binance Review: 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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