Last Updated on February 2, 2022 by Arty Fisher
Binance is a cryptocurrency exchange based in China and registered in Hong Kong. It was launched in 2017 by Changpeng Zhao and Yi He, who also founded OKCoin.com, one of the largest Chinese Bitcoin exchanges. Read on for our review.
Binance is known for its fast transaction processing as well as its low trading fees (0.1%). They have an extremely responsive support team and their platform is very intuitive. The only downside is that they don’t provide access to advanced trading tools like candlestick charts or order book trading.**
What sets Binance apart?
Takes Security Seriously
Binance takes security seriously. It has never suffered a major hack, and only one minor security flaw in its history. The company is a leader in this area, which is why we recommend it as the best cryptocurrency exchange for serious traders who are looking for security.
Depth of Account Tools
International account support lets you trade bitcoin and other cryptocurrencies with up to 100x leverage. You also get access to advanced trading tools like limit orders, trailing stop loss and others.
High Volume Exchange
Binance offers high volume trading so you can trade large sums without affecting price or moving the market. This is a huge advantage if you’re investing large sums or trading at high volumes.
Fast Transaction Processing Speed
Binance offers some of the fastest transaction processing times in the world of cryptocurrency exchanges. You can place an order, fill it and have your funds available to withdraw within minutes – even seconds in extreme cases!
Trading fees are very competitive at Binance – especially if you pay them with BNB tokens rather than bitcoin or Ethereum. This makes Binance an excellent choice for anyone who wants to take advantage of arbitrage opportunities without paying high fees
Support for coins
Binance supports Bitcoin, Ethereum, Litecoin, EOS, and the controversial Bitcoin Cash (BCH). This is significant because it means that Binance does not support any fiat currencies, unlike Coinbase or CEX.io which allows users to buy cryptocurrencies with USD.
Binance has over 140 coins available for trading against the platform’s BNB token. Traders can choose to pay either the maker or the taker fee (0.1% or 0.05%).
Pros and Cons of Binance
The following are some pros and cons of using Binance:
- Fast transactions
- Extremely low trading fees (0.1%)
- Great community
- Excellent support team
- Free giveaways every 2 weeks in their token (BNB) via their quarterly token burn scheme.
- Doesn’t provide access to advanced trading tools such as candlestick charts or order book trading
- Has been hacked before but was able to cover the losses from their own funds.
- Binance is not a fiat-to-cryptocurrency exchange.
Should you sign up?
Binance is known for its large number of digital assets listed on the platform. In fact, there are literally hundreds of coins available for trading on BNB, which makes it one of the most diverse platforms in the industry. There are other exchanges that do fiat transactions like Coinbase and Crypto.com
One of the biggest drawbacks to using BNB tokens is that they are not particularly easy to acquire by newcomers. The only way to purchase these tokens is through cryptocurrencies or fiat money. Therefore, if you don’t have access to either of these currencies prior to signing up for an account on Binance, you won’t be able to purchase your tokens and use them for trading purposes.
Besides this drawback, Binance is a popular cryptocurrency exchange whose website provides access to a large number of trading pairs for cryptocurrencies.