Binance Review 2022
Binance is an exchange platform that offers the most favorable rates among other exchanges. It does not matter that you are a beginner or seasoned trader seeking to trade crypto because Binance is the most straightforward and cheapest way to use. Individuals worldwide can use the platform to trade crypto, giving it positive reviews from users. The exchange platform recently amalgamated with 3rd party companies to enable credit card and wire transfer buying of cryptocurrencies at a price. Binance follows US trade regulation, making it an acceptable means of crypto trading in the region. This review will examine this exchange platform in detail, its features and whether it might be ideal for you.
What is Binance?
Binance was formally launched in July 2017 by Changpeng Zhao, a developer based in Hong Kong. When it was first introduced, Binance value was around $0.1 but the coin price appreciated as it got more popular.
The company maintains an impressive track of records, attracting more investors every day. Following the clashes with the Chinese government’s opinion on cryptocurrencies, Binance now operates its servers from more lenient states, giving it the freedom to run a competitive exchange service worldwide.
The exchange platform has had phenomenal success since it was launched and is now among the top ten ranked in 24-hour trading volumes. Unlike other exchange platforms, Binance offers its users fair prices, which is why it is considered the cheapest among them all.
According to a Binance review Singapore, the Monetary Authority of Singapore is closely watching the regulatory advancements surrounding Binance Holdings. This is a standard procedure followed by most governments whenever an exchange platform applies for a license.
Due to its existence in many countries, several reviews are available, including Binance review Canada, Binance review India, Binance review the UK, and even Binance review Reddit. These are the various places you can confirm the legitimacy of Binance by checking reviews of other users.
Also read: How to read crypto charts
Services On Binance
Binance has incredible versatility and several different services. At a glance, the following are some of the prominent features of Binance.
As the name suggests, Binance is an exchange platform that allows users to exchange fiat for Bitcoins and other cryptocurrency coins in the market. Users can purchase crypto on Binance through P2P trading, credit/debit cards, and SEPA/wire transfers. This means that users are not limited to specific modes of transacting, unlike some exchange platforms.
Trading on Binance is the easiest and simplest among all other platforms because it is user-friendly. There are no complicated procedures that users have to follow to trade. Additionally, various impressive cryptocurrencies are available for trading in conjunction with Bitcoin, Ether, Tether, XRP, and BNB. If you like to trade in fiat, there is a Binance fiat market available for you. The primary forms of trading offered on Binance are spot trading and margin trading.
Also read: How to use binance
Binance savings enable users to return on their idle funds by signing up for flexible or locked savings accounts. Flexible savings accounts bring forth variable interest rates while the locked savings account yields a higher interest rate on a fixed-term deposit. This means that with locked savings, you have to save the same amount every month for you to get the interest and for a flexible savings account, you can through any amount as you desire.
The staking service on Binance enables users to earn returns on proof-of-stake and decentralized finance. Users do not need special technical knowledge to stake the coins themselves because they are easy to use and most things are understandable. Just like the Binance savings accounts, staking services are available in both flexible and locked versions.
Binance Smart Pool
Binance smart pool gives miners the opportunity to contribute to a more extensive mining group that splits rewards. Hash power is automatically shifted to the most profitable crypto to mine at any time, offering users a hands-free optimization.
Binance Visa Card
This allows users to use their crypto holdings in areas that only allow fiat currencies via credit or debit cards. The measure is taken to prevent cases of fraud and to make the business environment favorable for everyone. The cryptocurrency holdings are converted automatically into fiat when you make a payment and there is no transaction fee involved in the process.
Crypto loans enable users to get hold of stable coins, which is why Binance introduced them. The loans are offered to users as BUSD and USDT, two of the most prominent crypto coins. Like the old banking system, there are qualifications set for you to get the loan including vetting of your account.
The cryptocurrency market is evolving at high speed and with advancements come price competition. The Binance fee structure is cutting edge and its competitors have little to no chance of overthrowing Binance. This exchange platform charges an average fee of 0.1% on every trade made by a user. There is a 50% discount for those who choose to pay through the Binance token, something everyone loves about Binance. At the same time, these are some of the lowest prices you will find in the market at this time.
Withdrawal charges are not fixed because they depend on the digital currency in use. For example, Bitcoin may charge 0.0005 on coin withdrawals while ETH withdrawals may cost 0.005. Concerning transfer limits, there is no set limit for the number of coins you can transact in a day, although if users are not verified, their withdrawals are limited. Verification will make you a level two user, therefore eliminating the limits set in place, providing more freedom when using Binance.
Also read: Is cryptocurrency a good investment
Is Binance Safe?
Before involving yourself with any platform that consists of the usage of money, it is crucial to verify its legitimacy. Even though Binance is a new cryptocurrency exchange in the market, it has constantly managed to get trust from many users worldwide and the digital currency community. Whether Binance is a safe place to invest is, however, not conclusive because Binance does not provide users with enough data on how their funds are secured. From our research, we like to think that despite the omission of these factors, Binance takes security seriously and has insured the funds in case of cyber breaches.
In March 2018, there was an attempted cyberattack on Binance and the threat was neutralized effortlessly. This event instilled a lot of confidence around Binance because everyone witnessed how strong their security system is. Their automated processes caught the attempted hack before anyone lost their funds and a bounty of $250,000 was offered to anyone who will catch these hackers.
How Does Binance Work?
If you visit the Binance platform for the first time, you will realize that the platform offers two options for digital currency trading: basic and advanced. Both versions are a bit complicated for beginners, but those with a background in digital currencies and knowledge of how exchange platforms works will manage to maneuver around.
The most significant difference between basic and advanced trading versions is that the advanced has more features that provide extensive technical scrutiny of digital currency value gradually. The basic view is well designed and well laid out, all the information you may require is indicated with prices on the left margin, graphs in the center and trade history on the right.
On the other hand, the advanced version is a bit complicated and only recommended for those who have knowledge regarding exchange platforms. The theme of the advanced version is dark, making the trade charts larger. Information on the latest trade prices is indicated on the right with the buy and sell boxes beneath. The option you take is dependent on your preference and expertise on exchange platforms.
To use the exchange platform, users have to create an account, a fast and straightforward process that will barely last two minutes. There is no need for verification for level one, but there is a withdrawal limit with this and for level two, verification is required but after that you will have higher limits. The verification time can vary depending on the traffic on the Binance website.
At the moment, the matching engine of the exchange can process about 1.4 million orders every second, making it one of the swiftest exchange platforms available. On top of that, Binance operates on all types of devices such as WeChat, Android, web and HTML5. Users who might not be conversant with English are also catered for since various languages are offered by Binance, including Chinese, Korean, English, and Japanese.
According to everything outlined so far, there is no doubt that Binance will develop and establish better features for the benefit of the user. After reading this Binance review, I am sure you are convinced that Binance is among the best cryptocurrency exchanges, and that is what I believe as well. With the fairly priced transaction and withdrawal fees, Binance stands a chance of becoming the world’s leading exchange, although there are a few modifications needed for it to get to that point.