There are over three hundred crypto exchange websites out there. Of these exchanges, Binance remains one of the topmost. This unbiased review offers some insight into the platform. It provides a brief overview, the features, plus the pros and cons of it plus an expert verdict.
Rolled out in China in 2017, Binance is the largest cryptocurrency exchange in the world. Founded by Changpeng Zao(CZ), the massive cryptocurrency exchange boasts a trading volume of up to $3,344,864,994. The platform deals in hundreds of cryptocurrencies, including Bitcoin and its very own Binance Coin(BNB). Members can buy, hold, sell, or pay using them.
1.Binance Wallet–it allows you to buy or store digital coins using this cryptocurrency exchange. You can also pay for stuff with this open-source wallet securely and conveniently.
2.Futures Trading–In cryptocurrency trading, there’s an element known as “Futures Trading.” It’s all about making a buying or selling decision based on your prediction of the future price of a given cryptocurrency. For example, if you anticipate that the price of the BNB would increase in the future, you can decide to buy the coin now and wait to sell it at a profit when that occurs. Conversely, if you expect a drop in the price of the coins you hold right now in the future, you can decide to sell them now before that occurs.
4Margin trading–it refers to buying of more cryptocurrencies than a trader can afford to, using a broker would lend funds necessary for that. Binance features that kind of cryptocurrency trading, offering members an opportunity to make more without needing large sums of money.
5.Visual enhancements—Binance boasts several visual enhancement elements such as well thought out icons, font, and moving graphics. These visual elements not only make the exchange intriguing but they also contribute to easy navigation.
6.Binance Coin(BNB)–Unlike other cryptocurrency exchange platforms out there, Binance offers its own cryptocurrency besides other digital currencies. If you want to diversify your profitable opportunities, you can think of it besides bitcoin investment.
- The Binance website offers enhanced performance with faster loading speeds, saving you time.
- Additionally, the website offers a new and improved support center featuring a revamped page, which can be quite helpful. Here’s is where you’ll find frequently used support topics even as you try to obtain potential solutions to your problems. Plus, Live Customer support is available in up to 8 different languages i.e; English, Chinese, Russian, Spanish, Portuguese, Korean, and Turkish.
- On top of that, Binance supports up to 15 languages, making a perfect exchange for the global community. Some of these languages are; English, Chinese, Korean, German, Spanish, Portuguese, Vietnamese, and Polish. Other languages are, French, Russian, Turkish, Indonesian, Dutch, and Italian.
- Furthermore, Binance offers nearly all cryptocurrencies out there besides its very own Binance Coin. Whether you are keen on investing in Bitcoin, Ethereum, Tether, Ripple, or any other digital coin, this exchange has got your back.
- What’s more, Binance is relatively easy to get started on. The sign-up process is relatively simple and so is buying cryptocurrencies. Plus, you may choose to pay with a bank deposit, credit card, debit card, or cash balance on your Binance account.
- Another advantage is that Binance is very trustworthy, thanks to its deep pockets and high liquidity. These factors enable enables it to compensate its affected users if there occurs theft of funds. Crypto loans–please read about margin trading.
- Binance charges high withdrawal fees, which is the key issue that discourages some people from using the exchange. For example, they will take 0.1% of the amount you withdraw! Other top exchanges like Coinbase will take 0.5% or less than that.
Apart from the fact that it’s relatively expensive in terms of withdrawal fees, Binance is an excellent exchange. This website lets members trade in nearly all cryptocurrencies that are available. Most importantly, it enables members to acquire digital currencies on loan. Also, this exchange is relatively trustworthy. If you lose your funds to hackers as a result of the website’s security faults, the site will probably compensate you. If you don’t mind paying a little more when it comes to withdrawing your profits, Binance suits the bill.