Author: David Phineas
Binance is a cryptocurrency trading platform with affordable commissions. The platform seems like the simplest and most effective option for newbies or experienced marketers wanting to trade cryptocurrency.
Binance welcomes users around the universe and has received positive feedback from several cryptocurrency enthusiasts. The exchange has partnered with third-party companies like Simplex to enable wire transfer sales of cryptocurrencies and credit cards.
However, users in the United States are designated to use Binance-US, which is significantly different from the usual Binance version. Nevertheless, it is much more compliant with the U.S. trade laws.
Cryptocurrencies Available on Binance
Binance Exchange supports over 365 cryptocurrencies. However, only 65+ are accessible in the United States. It also supports a range of fiat money for international customers, including EUR, USD, GBP, AUD, INR, and HKD.
Binance has a massive spectrum of cryptocurrency sets available based on your destination. Binance Coin (BNB), Harmony (ONE), VeChain (VET), Dogecoin (DOGE), VeThor Token (VTHO), and Matic Network are among the cryptocurrencies currently offered on Binance US (MATIC). Furthermore, Binance accepts common cryptocurrencies such as:
- Cosmos (ATOM)
- Ethereum (ET H)
- Litecoin (LTC)
- Dash (DASH)
- Compound (COMP), and
- Cardano (ADA)
Platform and Features
Binance is available in two versions for regulatory purposes. The first version is destined for U.S. users, while the second is designed for users in other regions. The platform features in the United States are more restricted than their counterparts due to regulatory constraints. Moreover, it is unavailable in various states, including New York.
Binance, like other exchanges, is present on both desktop and mobile versions. Their app is suitable for investors of all levels of experience. They have included a lite functionality that streamlines the user interface. This makes the platform more accessible to new investors. The lite version addresses a key criticism leveled at Binance Exchange, i.e., too complicated for new investors to explore.
Binance recognizes a variety of payment options, supports a wide range of fiat money, and provides several possibilities for transferring money in and out of your account. These options are not limited to SEPA transfers, bank transfers, cash deposits, and wire transfers.
If you want to trade cryptocurrencies, Binance may be a platform to consider. Their extensive collection of trading tools, chart options, and indicators provides traders with the necessary resources.
Furthermore, Binance followed the footsteps of other major exchanges by entering the lending and borrowing markets. This feature allows verified Binance users to accrue interest on their cryptocurrency assets. They provide up to 7% APY.
Is Binance Safe?
Binance is regarded as a secure exchange that provides user account protection through two-factor authentication (2FA) Binance was hacked on May 7, 2019, resulting in the theft of 7000 Bitcoins from the exchange. On the other hand, Binance stated that all liabilities would be covered by their Secure Asset Fund for Users (SAFU).
Binance secure asset fund for users or SAFU are options Binance uses to secure user funds.
Any funds lost by their consumers will be reimbursed from SAFU, which was implemented in 2018. Binance has several security functionalities, including two-factor authentication, and device restrictions. Each feature makes accessing money on your Binance account nearly impossible for anyone other than you.
Pros
- A wide selection: Binance has one of the world’s most diverse lineups of cryptocurrencies. Their platform allows users to buy over 500 crypto assets.
- Platform: Binance platform is optimized for high-level trading and provides users access to financial products such as choices, innovative charting tools, and the best technical analysis tools.
- Transaction Varieties – With its features and other options, Binance seems to be better than most trading platforms. Trailing stop-losses, margin trading, and peer-to-peer trading are just a few advanced exchanges and tools available to users.
Cons
- Transparency– Some information are hard to find on the website.
- Customer Support – Their customer support is limited to email and live chat only.
Conclusion
Despite regulatory hurdles, the Binance Exchange remains the leading contender for many cryptocurrency traders. The website offers low transaction fees, broad options, and sophisticated trading analysis features.