Last updated on February 15th, 2022 at 05:14 pm
Binance is an online crypto exchange headquartered in Hong Kong and is one of the most popular companies in the industry. Many users trust Binance on its excellent performance (it has remained in the top 3 when it comes to daily trading volume), easy to use online and mobile platforms, and very low taker and maker fees. Let’s see if Binance could be the cryptocurrency exchange you’ve been looking for in this Binance review.
Here is an excellent review video about Binance;
Binance Headquarters And Regulations
Binance started in Hong Kong in 2017 and has moved offices in Taiwan and finally in Malta. Most cryptocurrency exchanges prefer to build their offices in countries like Malta, Estonia, and Gibraltar as these places hold specific licensing requirements for this industry.
Binance is also incorporated in different countries like Seychelles and the Cayman Islands. It also has offices in key cities like California, London, Paris, Berlin, Istanbul, New Delhi, Kampala, Singapore, Manila, Ho Chi Minh, Jersey, and other cities in Asia. It operates in more than 40 countries.
How Many Customers Do They Have And From Where?
Binance has more than 15 million members from 180+ countries. There are some restricted names as swell, and these apply to places or countries under an economic sanctions list classified by the US Commerce Department’s Denied Persons List.
US users are instructed to create an account at Binance US website exchange. There are also Binance Jersey, Binance Singapore, and Binance Uganda.
What Are The Types Of Binance Accounts?
Binance has two trading alternatives or accounts: Basic and Advanced. The basic option is recommended for first-time traders as it has a straightforward and easy to understand features. However, it lacks many trading features that serious and expert traders need.
The advanced alternative has a different looking window with more charts and graphs with trading histories on one side of the screen. These tools help the advanced user make more expert decisions. First-time traders may open a free account to practice trading and to get acquainted with charts, graphs, and tools used for trading.
What To Expect With Binance?
Is There A Fee To Transact At Binance?
Here are significant features that you must consider when trading in Binance.
- Account Sign Up And Verification
To start trading using Binance, you must sign up for an account. This is a very straightforward thing, and the requirements and the procedure depend on where you’re located. Users undergo a KYC verification that asks for any government ID or document (driver’s license, passport, or ID) and a document with the user’s address, such as a utility bill.
If you don’t verify your profile, you will have limited withdrawals of only 2 BTC daily. Verified accounts can withdraw 100 BTC per day.
- Trading Platforms
You can trade online through the Binance official web platform https://www.binance.com/en. You may also use the Binance app available in iOS and Android. Binance products like Futures, Options, margin trading, spot trading, and P2P trading are available on both platforms.
- Supported Cryptocurrencies And Pairs
Binance accepts more than 180 cryptocurrencies and altcoins. The Fiat Gateway allows you to purchase Bitcoin and more than 15 cryptos using any of the in-demand fiat currencies through bank cards and cash.
Uses Universal 2nd Factor authentication and recommends users to use two-factor authentication using SMS or Google Authenticator. All withdrawals through the different withdrawal methods should be confirmed through email.
- Deposits And Withdrawals
You can deposit and make a withdrawal through bank transfers, debit cards, Crypto Transfer, and credit cards.
Binance charges very low fees: 0.0004 withdrawal fee, 0.10% taker fee, and 0.10% maker fee.
- Different Binance Products
Aside from crypto trading, Binance also comes with unique products, including Futures, DEX decentralized exchange, JEX crypto futures, and options platform, and Launchpad for crypto crowdfunding for top-tier private exchanges offerings, among others.
- Tools And Training
Binance offers charts and graphs, as well as timely information about specific trades and exchange activity. First-time users may also visit the Binance Blog for news and any updates from the market.
- Customer Support
Customer support is offered 24/7. You can contact Binance through chat service or through their support center or submit a request for any questions or inquiries.
What Are The Advantages Of Transacting With Binance?
The following are good reasons to trade using Binance:
- Binance charges very low fees, with one of the lowest maker and taker fees.
- Trading times are quick, and thus you can see your investments grow in seconds.
- It is one of the easiest to use. With the basic account and free account, you can practice trading.
- You can buy and sell your cryptocurrency with fiat money.
- You can choose from their wide variety of cryptocurrencies, one of the largest in the industry.
- Binance offers high liquidity.
- With the advanced account, you’ll get your hands on charts, graphs, and tools.
- Uses to factor authentication for account access and needs confirmation before a withdrawal is made.
Some Binance disadvantages to consider
- Does not offer fiat currency trading and trading pairs
- You can only contact customer support by chat or by creating a ticket; there is no phone number to call.
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Binance is one of the most trusted cryptocurrency exchanges, and lately, it is also turning its attention to futures trading, options, P2P, and crowdfunding trading/products. It has a secure framework, easy to use, and access platform and has very minimal fees. It may have all the good qualities of a cryptocurrency exchange you’ve been looking for. We recommend Binance to all beginner and expert crypto traders.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.