Binance Review

Here Are the Binance Pros and Cons

Binance fact sheet

Safety and security are one of the first things investors are looking at when choosing which exchange to operate on. Binance has some systems in place, in case things go wrong.

Binance has implemented different security measures to prevent any fund losses. It has a secure fund as insurance and other standard security protocols. So it’s pretty much impossible for anyone to access your funds without your permission.

When it comes to licenses and regulations Binance currently is being reviewed by most governments to decide if regulations are necessary. 

France was the first major European country that gave Binance operating licenses which was later followed by Italy.

Here is the full list of regulatory bodies that have given Binance operating licenses:

• AMF of France
• Financial Services Agency of Japan
• FinTRAC of Canada
• AusTRAC of Australia
• Organismo Agenti e Mediatori (OAM) of Italy
• Central Bank of Bahrain (CBB)
• Various licenses in the different U.S states for Binance.US only

This list might change soon, as more and more countries are reviewing Binance and might grant them licenses.

Security measures implemented by Binance

Binance secure fund is the security fund Binance keeps as insurance. Short for SAFU, Binance stores a portion of every fee they take in case financial loss happens. This system was adopted in 2018 and is used to refund its users for their losses if anything happens to the company.

There are also other traditional security measurements that Binance utilizes to further protect its users' funds. Device restrictions, address whitelisting, and two-factor authentication are all available and mandatory security measures.

When it comes to US dollars deposited on Binance, it is insured by the FDIC as this money is being stored in a legitimate bank. But when this money gets converted into cryptocurrency or token the insurance goes away. Because of this security measure, the official currency should not cause any problems, but once they get converted into crypto, Binances’ security protocols are the ones protecting our assets.

When it comes to trading on Binance, there are 600+ currencies available for trading. The most popular tokens include Bitcoin, Ethereum, and Dogecoin among many others. 

Despite Binance offering fewer crypto-to-crypto trading options than some of the other exchanges, it still remains one of the leading exchanges on the market. It offers almost all of the most sought-after cryptos and presents good investing opportunities. The most common transactions between digital coins are happening using USDT, BUSD, and BTC. 

Binance also allows traders to utilize different types of strategies. It's a great place to hold your crypto - in addition to that, you can also day-trade and utilize other strategies.

The most well-known cryptocurrencies that are available on Binance are

• Bitcoin
• Ethereum
• BNB
• XRP
• ADA
• SOL
• DOGE
• DOT
• LTC
• SHIB
• MATIC

This is just a small list of all the different cryptos Binance offers its users to buy and trade with. There are many more cryptos on the Binance exchange which presents good investment opportunities and a great way to grow your portfolio.

It should be noted that Binance is facing some serious legal issues with some of the countries, and because of that some of the deposit/withdrawal fees, available crypto, and other functions might differ depending on which country you reside in.

Binance is one of the best trading platforms as they offer a wide range of trading rules and tools which we can use to maximize our gains. Here traders can use spot trading, futures, and margin trading. There is also a huge selection of trading pairs available on the exchange.

Binance has an earn function where you can earn APY by locking your crypto up in a savings account for a set amount of time. Here you can earn interest on 115 cryptocurrencies. Some cryptos require you to lock up tokens for a certain amount of time, while some also give you the option of a flexible lock where you can take out your tokens whenever you want.

Binance users can also use the Binance Convert function to swap any cryptocurrency for another. Binance gives buyers and sellers the ability to decide the price between each other through their P2P trading platform. Here you can buy and sell cryptos such as BTC, ETH, BUSD, BNB, USDT, and DAI.

Binance OTC is a place where institutional traders or those who wish to make large crypto purchases or sell large quantities of tokens can do it in a fast manner. This protects them from slippages as the transactions are instantaneous thanks to the large liquidity pool that Binance provides.

Traders can also connect third-party trading software to the exchange. These trading bots can be automated to trade following a certain strategy, which can help us to minimize losses and free up some time.

When it comes to fees and commissions Binance uses maker-taker fee models as well as account levels. 

Who are makers and takers you might ask? Makers are those traders who place buy and sell orders that are not being executed immediately. For example, if someone places an order to buy 1 BTC when the price hits $30,000 - he is a maker. This kind of trader creates liquidity for the market which allows other traders to instantly buy or sell their desired cryptos. Takers are those who instantly buy or sell their crypto at the current market price.

Alongside this system, Binance also looks at the 30-day trading volume and BNB balance of the trader to determine its VIP status and fees.

Below you will find the table showing fees depending on the VIP and maker-taker status.

But we also have to mention that Binance runs fee discounts from time to time. For example, on their fourth-anniversary users who were using BNB for payments received a 25% discount on their fees.

Network transaction fees

When trading on Binance, we will also encounter network transaction fees, so-called miner or gas fees.

These transaction fees can be fixed or varying, depending on the network and crypto we trade with.

When working on this review, we took a really deep look at the Binance website to determine its strengths and weaknesses.

When it comes to navigating the website we can split it into two segments; how easy it is to navigate the market and trade, and on the other hand everything else.

When it comes to navigating the market side of Binance, it's as easy as they come. It has a good navigation bar that you can use to navigate your way through the whole market and great tooltips for newcomers to the website.

On the other hand, when it comes to everything else, it could be challenging to find your way around. Yes, it has a navigation bar at the bottom that takes you through the whole website but some aspects of it are hard to understand and if you don't know the exact place where you should go, it’s like navigating a maze. While doing this research, we had to dig really deep to find some information that might be easily accessible on other exchanges.

Binance Academy is Binances’ educational and research center. It offers a wide range of information for its users.

At the time of writing this review, Binance academy has 383 articles regarding a wide range of topics with new articles being added on a consistent basis. From different terminologies to NFTs, it has it all.

Binance also makes sure to specify what level of information is provided in each article. Beginner-intermediate-advanced is the three difficulties Binance categorizes its articles into. With great navigation and filter bars, as well as reading time indicators, it's easy to find the article about your desired topic.

Pros and cons of Binance Academy

Binance customer support has its pros and cons. There is a huge amount of information you can find at their Help Center, but also it lacks some other functions that we might expect a platform this big would have.

When it comes to the Help Center, their FAQ page has really high-quality information. It offers really detailed explanations with pictures for better visualization, of almost everything you would need. It also has really good self-service for managing your account.

It also comes with its cons. Unlike some other exchanges, Binance does not have a customer service phone number. There is also no live customer support chat which we can turn to in case of a problem. For that, we have to look outside the exchange at places like Twitter, Discord, and other means of social media communication.

For email communication, we can find emails for different kinds of inquiries on their About page.

When it comes to the Binance mobile app, it is one of the best on the market. It offers both pro and lite versions, and you can switch between them with just one press of a button.

Nowadays most newcomers to Binance start with the mobile app, as it is the most accessible device a person can own. It has both Android and IOS versions and has almost all the features traders would need, with an easy-to-understand interface for spot and margin trading. 

Getting started on Binance is not a hard process, as the registration form is easy to understand and fill out. Their verification process is relatively fast and the longest you will have to wait is around 24 hours.

Step 1: Creating an account

The first thing to do when starting on Binance is to create your own account. This is an easy process to complete and can be done on both the website and mobile app.

While creating an account all you need is an email or a phone number, as shown below. After that, you will receive an email verification code or phone OTP. That's it, your account is complete, after that all you have to do is to verify your identity to unlock most of the necessary features for trading.

Step 2: Account verification

So you created your account, but this does not mean that you are ready to go. Most of the trading functions, as well as, deposit and withdrawal limits need account verification.

Binance will notify you as soon as you create your account that you need to verify it, so there should be no problem finding the verification section.

The verification process is easy to follow. At first, you will be asked to provide your basic information name/surname/date of birth. After that, you will need to provide your residency location and after filling in all of that you will be taken to the final step, which is documentation verification. At this step, you will need to provide pictures of a government-issued ID and pass a facial recognition verification step. Now we just need to wait for the verification process to end, which usually takes around 24 hours, but Binance specifies that it might take up to 2 days.

Step 3: Deposit funds and start trading

When it comes to depositing funds into your account, there might be different options depending on your country of residence and the crypto you want to buy. The most common deposit options available are bank transfer (SWIFT), debit/credit card deposits, and P2P trading deposits

After the deposit is in, you are all set to start and become a fully-fledged trader. You can now buy and hold, day trade, and use other strategies that you find attractive.