Binance Review: Is It Worth It?
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.
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background And History
Binance, established in 2016 and officially launched in 2017 subsequent to a successful ICO that garnered $15 million in funds, has solidified its position as the largest cryptocurrency exchange globally. This milestone also marked the inception of the Binance Coin (BNB), an ERC-20 token functioning on the Ethereum blockchain, which emerged as a direct result of the initial crowd sale.
Changpeng Zhao, often referred to as CZ, helms the leadership of Binance, exercising a judicious and meticulous approach when it comes to the selection of tokens for listing. The discerning listing procedure is a reflection of the platform's commitment to quality and reliability, guided by Zhao's vision.
Within Binance's trading landscape, a plethora of prominent cryptocurrencies partake in active trading. In addition to stalwarts such as Bitcoin and Litecoin, the exchange accommodates trading for EOS, NEO, Ethereum, and an array of over 150 other coins and tokens. This extensive variety underscores Binance's ambition to be a comprehensive hub for cryptocurrency trading, catering to diverse investor preferences.
The operational backbone of Binance, characterized by its exceptional speed and efficiency, facilitates a remarkable 1.4 million order matches per second. This technical prowess underscores the platform's scalability, positioning it as an apt choice for traders across the spectrum of engagement levels.
Notably, Binance commands a commendable position with regard to liquidity, boasting one of the highest levels in the industry. This liquidity is a pivotal factor in the exchange's ability to handle a substantial trading volume. Impressively, the daily trade volume consistently surpasses the billion-dollar mark, attesting to Binance's robust standing within the cryptocurrency exchange arena.
A transparent and pragmatic fee structure defines Binance's approach to transaction costs. For every trade conducted, a standard fee of 0.1% is levied. However, Binance offers an advantageous incentive to users who opt to settle their fees using BNB, resulting in a reduction in transaction costs. This fee reduction aligns with Binance's commitment to enhancing user experience while fostering the utility of its native token.
Binance DEX
Operating on its proprietary Binance Chain blockchain, the Binance Decentralized Exchange (DEX) distinguishes itself as a pioneering endeavor within the cryptocurrency sphere. Integral to its functionality is the utilization of the Binance Coin (BNB), underscoring the synergy between the exchange and its native cryptocurrency.
A defining feature of decentralized exchanges is their departure from the conventional practice of retaining customer funds and sensitive information, elements historically susceptible to hacking attempts. Within this paradigm, Binance DEX stands as a prime example, as it refrains from custodying customer funds or data, thereby sidestepping the primary targets of malicious activities. Instead, the responsibility of safeguarding funds rests with individual traders' private wallets, bolstering the security posture of the platform.
Marked by its innovative structure and security-focused approach, the launch of Binance DEX emerged as an event of remarkable significance within the realm of crypto exchanges. The profound interest it garnered solidified its position as one of the most closely monitored and scrutinized launches in the annals of crypto exchange history, signifying the industry's collective enthusiasm for novel and secure trading solutions.
Binance Research
Positioned as a cornerstone of knowledge dissemination within the digital asset realm, Binance Research occupies a pivotal role by furnishing participants in the industry with analysis of institutional caliber, profound insights, and impartial information.
The inception of Binance Research in December 2018 marked a significant milestone. Since its establishment, the adept team at Binance has diligently authored a total of 64 comprehensive reports, delving into the intricate nuances of cryptocurrencies, evolving market trends, and the latest dynamics within the expansive landscape of digital assets and blockchain technology.
Distinguished by its commitment to fostering a well-rounded informational ecosystem, Binance Research's repository of content continues to burgeon. This augmentation is complemented by an enlightening presence on the Binance Research Twitter account, where thought-provoking infographics are regularly shared, amplifying the accessibility and reach of valuable insights.
Binance Earn
Binance Launchpad
Binance Launchpad and Launchpool represent integral platforms within the cryptocurrency landscape, designed to facilitate and guide project teams through the intricate process of token issuance and launch. Binance's comprehensive approach offers a spectrum of services that encompass the entirety of this journey, commencing with advisory services prior to the token's issuance and extending through post-listing phases, augmented by robust marketing support.
The paramount objective of these platforms is to relieve project teams of the logistical and strategic burdens associated with token launch. By doing so, Binance empowers these teams to dedicate their energies to the pivotal task of advancing project development and cultivating innovative products. This collaborative dynamic enables Binance to assume responsibility for aspects such as marketing strategies, exposure amplification, and cultivation of the initial user base.
Central to Binance's selection criteria is the pursuit of projects underpinned by visionary teams. The emphasis is on identifying teams that exhibit not only robust technical prowess but also a distinctive and forward-looking approach within the ever-evolving cryptocurrency domain. By prioritizing uniqueness and innovation, Binance contributes to the amplification of novel ideas that enrich the crypto space.
Binance Labs
At the forefront of fostering innovation within the decentralized web, Binance Labs serves as a pivotal entity that channels investment towards adept technical teams.
Binance Labs operates as a discerning agent, systematically identifying and investing in promising blockchain entrepreneurs, nascent startups, and burgeoning communities. By providing strategic financial backing to projects across the blockchain landscape, Binance Labs plays a crucial role in nurturing initiatives that contribute to the organic expansion of the broader blockchain ecosystem.
Central to Binance Labs' philosophy is a steadfast dedication to nurturing agile and proficient technical teams. These teams, characterized by their swift execution and unwavering commitment, wield a positive influence within the dynamic crypto sphere. A notable facet of this commitment is the collective endeavor to facilitate the growth of the decentralized web, reinforcing the foundational principles of decentralization that underpin the modern digital landscape.
Binance Academy
A comprehensive resource encompassing the entirety of the cryptocurrency landscape, Binance stands as your definitive guide, catering to a diverse audience ranging from novices seeking to unravel the intricacies of mining to seasoned veterans aspiring to cultivate effective trading strategies.
Binance Academy, a laudable initiative, has seamlessly facilitated this journey of knowledge acquisition since its inception. Commencing with its beta launch in December 2019 and subsequently culminating in its full-fledged inauguration in December 2018, Binance Academy has remained steadfast in its commitment to democratizing blockchain education. This commitment is evidenced by its accessible and free educational offerings, spanning a multitude of languages and transcending geographical boundaries to resonate across the global spectrum.
For those embarking on the educational expedition offered by Binance Academy, the provision of the Binance Academy App is a valuable conduit. By offering this dedicated application, Binance furthers its aspiration to enhance learning experiences and provide an avenue for users to seamlessly access the wealth of knowledge on offer.
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.
Fees
Deposit Fees: Binance maintains a transparent and user-centric approach by eschewing deposit fees. Users can securely and conveniently deposit funds without incurring any additional charges.
Trading Fees: Engaging in trades on the platform entails a standard trading fee of 0.1%, applicable if you opt not to utilize Binance Coin (BNB) for settling trading fees. However, opting to pay transaction fees using BNB introduces a cost-saving advantage, with a reduced trading fee. Remarkably, BNB held in your account is automatically employed to offset trading fees, enhancing the ease of fee settlement. A comprehensive breakdown of your account's Trading Fee Level and other pertinent information can be found in the Fee Schedule.
For those delving into Margin trading, a distinct fee structure governs such transactions. Insight into these fees and associated data is accessible through the Margin Data page. Meanwhile, participants engaged in Futures trading can access pertinent fee details and data within the dedicated Fee Schedule of Binance Futures.
Withdrawal Fees: Adapting to market dynamics, Binance exercises a flexible approach to withdrawal fees, subject to automatic adjustments in tandem with prevailing market conditions. To stay informed about the latest withdrawal fees, users are encouraged to consult the Fee Schedule page, ensuring an up-to-date understanding of the costs associated with withdrawing funds from the platform.
Binance Futures
Within the realm of futures trading, an avenue rife with potential, market participants can strategically capitalize on price fluctuations, thereby generating profit. This dynamic is achieved by embracing two distinct stances: going long or short on a futures contract.
To elaborate, adopting the position of going long entails the acquisition of a futures contract with the underlying belief that its value will experience an upward trajectory in the foreseeable future. This anticipatory approach hinges on the notion that the market's direction will align with the trader's projections, thereby yielding profitable outcomes.
In direct contrast, the concept of going short involves a divergent strategy. Here, the trader opts to sell a futures contract, effectively positioning themselves to benefit from a projected decline in prices. This approach capitalizes on the prospect of profiting as market prices deviate from their current levels.
How To Use Binance?
Navigating Binance's interface and functionalities is a seamless endeavor, catering to both newcomers and seasoned traders with varying degrees of expertise. The platform's user-friendly design facilitates ease of use, and while some features may present complexities, the fundamental operations remain straightforward.
Embarking on your journey with Binance is a breeze. Let's delve into the steps required to initiate your Binance account.
If you're accessing Binance via your computer, begin by visiting the Binance homepage. Here, you can opt to register by selecting the appropriate button. Alternatively, if you're using the Binance app, launch the app and click on the "Register" option.
Initiating the registration process involves furnishing your email address and devising a robust password. Here's a pro tip: employ the Binance Referral Code to optimize savings on trading fees, a prudent practice for both new and seasoned traders. The final step in the registration process entails confirming your email address, following which your Binance account will be duly activated.
Upon logging in for the first time, you'll be prompted to set up two-factor authentication (2FA). This security feature is strongly recommended for safeguarding your account. Furthermore, adherence to Know Your Customer (KYC) requirements is advisable to align with regulatory norms.
Transitioning to the process of purchasing cryptocurrencies on Binance, the platform extends the flexibility to accept fiat and crypto deposits from diverse sources, encompassing external wallets and bank accounts. It's imperative to meticulously verify blockchain addresses and input the appropriate memo or identification when mandated. In instances of blockchain congestion, minor delays might occur in crypto deposits. In such cases, patience is key, but if concerns persist, reaching out to Binance Customer Support is advised.
Notably, the duration of fiat deposits' crediting can fluctuate, with potential multi-day periods. If prolonged delays are encountered, it's prudent to check for any temporary deposit suspensions before seeking assistance from customer support.
For more comprehensive insights into deposit procedures, Binance's dedicated article on deposit guidelines serves as an invaluable resource.
Binance Pros & Cons
Binance: Pros
- 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
Binance: Cons
- 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.
