Author: Lionel Eric
Binance is a well-known cryptocurrency exchange platform for seasoned cryptocurrency investors. It offers users inexpensive trading costs and an extensive range of cryptocurrencies to trade globally.
Even though its low costs appeal to customers, the site has encountered several regulatory concerns in the United States.
Nevertheless, Binance, the world’s largest cryptocurrency trading company, provides users with a complete learning platform, NFT, among other crypto market features.
This article examines Binance’s benefits and drawbacks to help you decide if it is the perfect platform for your cryptocurrency investments and trading.
Binance Overview
Binance, a decentralized cryptocurrency exchange, was launched in 2017 by software developer Chanpeng Zhao.
Despite being the largest crypto exchange by trade volume worldwide, the site faces regulatory challenges in various countries.
However, the site provides users with access to hundreds of crypto coins worldwide.
It’s also worth noting that the global Binance platform is different from the Binance.US site, which only offers roughly 65 coins.
Pros of Binance.US
- It supports over 60 coins for trade.
- Low transaction costs
- A diverse range of trading options and order types.
Cons of Binance.US
- It is not available in seven states in the United States.
- There are fewer crypto-to-crypto currency combinations than on its parent site.
- There is no built-in digital wallet.
- It can be complicated and perplexing, especially for rookie traders.
Binance Transaction Fees
Binance.US has a flat 0.1 percent trading fee, which is lower than the fees charged by many other cryptocurrency exchange platforms in the United States. Unlike its global platform, Binance.US charges an additional 4.5 percent for debit card transfers, and it does not accept credit card purchases.
Furthermore, there are no fees for cash deposits or ACH bank transfers. On the other hand, users must pay a $15 fee for wire transfers. For Bitcoin withdrawals, you may be charged a 0.0005 percent fee.
Binance Security
Binance’s security measures include two-factor verification with the Google Authenticator app, SMS, address, and the ability to restrict device access.
Binance.US protects FDIC (federal deposit insurance commission) on all U.S. currency holdings. Even though these features can help protect your accounts, the platform’s reputation remains a concern. Overall, the platform’s security features are approximately average for the industry.
Binance Customer Support
The site provides users with three primary alternatives for customer support: chat, Twitter, and submitting a ticket.
Binance provides customer service in the following ways:
- Binance support can be reached via Twitter at @BinanceHelpDesk.
- Fill out a form on Binance’s website to get help via email.
- There is also a chatbox on the platform’s support page where you can make inquiries or complaints.
The platform’s customer care is adequate compared to other crypto trading platforms.
How To Open a Binance Account
To open a Binance account, follow these steps:
- Navigate to the Binance website.
- Click the ‘Get Started’ button and fill out the form.
- Turn on two-factor authentication.
- Connect your payment method
- Start trading after depositing funds.
Summary
Binance provides users with a diverse range of cryptocurrencies and one of the industry’s lowest trading fees. The platform has the same user interface as its parent site. If you’re an experienced trader, you should think about using this trading platform. However, a novice trader may find it confusing.