Binance Review 2022
No.1 Global Crypto-Currency Exchange
Binance is a well-known cryptocurrency exchange aimed towards seasoned cryptocurrency investors. It has minimal trading costs and a large range of cryptocurrencies to trade globally, while its trading possibilities in the United States are somewhat limited. While the platform’s minimal fees are enticing, it has ran into regulatory concerns and is currently being investigated in the United States.
- Year Founded — 2017
- Official Website — Global https://www.binance.com/en
- Cryptocurrencies Available 365 globally, 65+ in the U.S.
Binance : What it Offers?
- Binance offers over 65 tradable cryptocurrencies to customers in the United States. This provides several choices for cryptocurrency traders and investors. You have even more possibilities if you live outside of the United States.
Cheap fees: Because the platform has low fees, traders can keep more of their money and earnings.
- Binance offers a diverse range of trading options and order types, including peer-to-peer trading, spot trading, and margin trading. Limit orders, market orders, stop-limit orders, stop market orders, trailing stop orders, post only orders, and one-cancels-the-other orders are all available. Some of these options, such as margin trading, are not available to customers in the United States.
Binance : What are the constraints?
Binance offers hundreds of cryptocurrencies for trade globally, but the US version is more limited. Binance.us, meanwhile, is a more limited platform for US customers. Furthermore, Binance.US is only accessible in 44 states.
The platform is complicated and may be difficult to understand: While Binance’s diverse set of services and trading choices is exciting, it can also be scary. Even seasoned traders may be daunted by the sheer number of possibilities available.
There is no built-in digital wallet: Binance does not have a built-in digital wallet, unlike several other famous exchanges. It suggests Trust Wallet, which has a high reputation but may only provide limited support if you have problems with Binance transfers.
Binance : Account Registration
Follow the steps below to create a Binance account:
Step 1: Go to Binance’s website.
Step 2: In the top right-hand corner, click the “Get Started” button and fill in the relevant information. Binance will validate your account information during the registration process, which could take a few minutes.
Step 3: Enable two-factor authentication
Step 4: Connect your payment method to your account.
Step 5: Make a deposit and begin trading.
Binance : Customer Support
Customer assistance is available in three forms: creating a ticket, asking basic inquiries via chat, and reaching out via Twitter.
Users can fill out a form on the Binance website to submit a ticket and obtain email help.
Binance has a support Twitter account (@BinanceHelpDesk) and invites customers to tweet the firm with their problems.
On the Binance website, there is also a chatbox in the lower right corner of the help screen that may be accessed.
Binance : Comparing to Other Cryptocurrency Companies
Overall, Binance provides worldwide traders with a diverse selection of supported assets and trading options, as well as some of the industry’s lowest rates. While the platform has significant advantages, its compliance difficulties are a source of concern.
If Binance isn’t for you, you might want to look into Coinbase Pro, which is one of Binance’s main competitors.
Binance vs. Coinbase Pro
- Binance International supports more coins than Coinbase Pro, however
- Binance United States supports less cryptocurrencies.
- Binance’s spot trading fees are cheaper than Coinbase Pro’s maker-taker fees.
- Binance has a rewards programme for holding BUSD on its platform, while Coinbase Pro has a rewards programme for staking your digital assets.
- Binance users do not have access to a native digital wallet, whereas Coinbase Pro users have.
- Coinbase is widely considered as one of the most stable and safe cryptocurrency exchanges, but Binance has had security and compliance difficulties.
Binance and Coinbase Pro both provide a sophisticated trading environment. While Binance has lower costs and more global trading possibilities, the Binance.US platform has fewer options than Coinbase Pro, making Coinbase Pro a better choice for US investors. Citizens in other countries, on the other hand, may believe the opposite is true.
Furthermore, while Binance’s costs are cheaper, they have compliance difficulties in other countries and are under investigation in the United States. Coinbase has also had recent concerns with US regulators, albeit these are more concerning their Lend programme than the whole platform. Coinbase is generally thought to be a more stable and safe platform than Binance.
While Binance is the world’s largest cryptocurrency exchange, ongoing investigations and a long list of countries that have banned or limited its services are cause for concern. Its platform may also be too complex for inexperienced cryptocurrency investors.
Binance, on the other hand, may have the features you’re looking for if you’re an experienced global trader eager to explore different tokens and trade options. Active traders in the United States may find some opportunities on Binance. It is available in the United States, but it supports fewer cryptocurrencies than the global platform. Before you start using Binance, make sure you do your homework and compare platforms.
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