Binance is among the leading digital currency exchanges around the globe which supports more than 200 digital currencies for the purpose of deposit and withdrawal. Let us have a look at the Binance review.
Binance is a digital currency trading platform that provides one of the most competitive rates in the crypto space. Whether you are just starting with crypto trading or you are in the business for long, this is the cheapest and the easiest platform for you.
The platform offers its services to users from around the globe and has gained favorable reviews from the crypto space. Recently Binance has partnered with 3rd party companies like Simplex to enable wire transfer and credit card purchases of digital currencies. And lastly, the users of the U.S can trade from Binance.US that has been formulated based on the US regulations.
This trading exchange has been receiving massive success since its launch in summer and now it is placed among the top 10 based on the 24-hours trading volume.
Services Offered By Binance
Other than digital currency exchange, this platform also offers other services to its users. It is now more than just a digital currency exchange. For a crypto user, this is the one stop destination.
The Binance exchange enables the users to exchange fiat currency for cryptocurrencies like Bitcoin or other altcoins. There are several ways through which the user can purchase crypto on Binance. They are:
Binance provides P2P peer-to-peer) trading services that connect the sellers and buyers of digital currency directly. This allows fiat payments along with an array of payment options that are completely dependent on the preferences of the user.
Binance has newly partnered with Simplex to offer a brokerage service through debit and credit cards. This service enables the user to purchase 31 varied digital currencies with a credit card.
With the integration of 3rd parties, Binance arrived with a great feature. Users can now buy cryptocurrency with their fiat currency using SEPA and bank transfer. This service is especially lucrative as SEPA and wire deposits require no transaction fee at all.
Binance Trading Platform
Binance trading is user-friendly and fairly easy. There is an option of impressive digital currencies that the user can choose from for trading along with Ether, Bitcoin, Tether, XRP< and BNB. These crypto pairs are also available on the fiat market of Binance. These users get to choose from “basic”, “classic”, and “advanced” interfaces for the purpose of ordering book style trading along with margin, OTC, and peer-to-peer trading lists.
There is the latest addition in the services that are offered by Binance and that is its financing options.
Binance savings enables users to initiate a return on idle funds, via a “flexible” or “locked” type of account. Flexible savings accounts offer variable rates of interest, while locked savings accounts offer higher rates of interest on fixed deposits.
Binance also provides a staking service, which enables users to earn returns on decentralized finance coins, and proof-of-stake coins, without the requirement of technical knowledge to stake the cryptos themselves. This staking service is also available in flexible and locked account types.
Binance Smart Pool
Binance smart pools enable the miners to be a part of a larger group of mining which splits the rewards. The hash power is redirected automatically to the most strong digital currency to mine at any time offering the users with hand-free optimization.
Binance Visa Card
The Binance Visa Card enables users to spend their digital currency holdings in the places that only take fiat currency through debit or credit cards. From your knowledge, your crypto holdings will be altered to fiat when you buy something so that you will not need to hold fiat on hand.
Binance provides loans to the users in the form of USDT and BUSD, which are collateralized with ETH or BTC. It offers an effective and easy way to grab stablecoins while keeping up with exposure to your digital currency holdings and avoiding the taxable event of crypto selling.
Currencies And Payment Methods
The number of coins available to trade or exchange in Binance is more than 200. Among them here is a list of all major digital currencies that Binance offers.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Binance Coins (BNB)
- Binance USD (BUSD)
- Basic Attention Token (BAT)
- Cosmos (ATOM)
- Dash (DASH)
- EOS (EOS)
- Nano (NANO)
- Paxos Standard (PAX)
- Tron (TRX)
- TrueUSD (TUSD)
- Tether (USDT)
- Settler Lumens (XLM)
Crypto in Binance can be traded for fiat or other cryptos on the trading exchange or bought directly by using these payment methods.
- Credit/ Debit card
- Bank transfers
Binance offers a competitive rate in the market. It is among the cheapest digital currency exchanges in the market with so many services that they offer. A flat 0.1% rate on trading is very lucrative for traders who do not require immediate liquidation of fiat. Along with that, traders who use the Future Trading platform by Binance enjoy even lower rates that begin from 0.02% or 0.04% for the markers and traders respectively.
The native token of Binance, BNB offers an added discount on the trade fee of up to 50%, when the users are working with coins.
Pros And Cons Of Binance
Now that you know the important features of Binance and how it is among the leading digital currency exchanges in the world, let us now see the pros and cons of this exchange.
- Approximately 200 cryptocurrencies traded
- Offers great deals on native Binance Coin (BNB)
- 0.1% flat trading fees
- SAFU (Secure Asset Fund for Users) integrated.
- Problems with 2-factor Authentication
- Problems with ID verification
- Customer service is slow in response.
We have put together all the features to evaluate Binance objectively. There are more pros than cons. The low fees of this exchange and the array of services that they offer make it among the top exchanges that the customers can rely on. Every user should have experience with Binance at least once in their crypto career.