Crypto Exchange Review: Binance

General Information

Without a doubt, Binance is among the most recognizable names in the crypto sphere. It’s by far the most well-known exchange today, and if you’re one to trust volume numbers, it’s also the largest. However, it wasn’t always the same; namely, the firm hit quite a few speedbumps on its way up.

The firm has a successful ICO program to thank for its foundation. The ICO managed to collect over $15 million, making it one of the most successful projects of its kind. Those that aided the funding received thanks in the form of Binance Coin (BNB). They were able to use the currency on a variety of Binance’s services, including buying other crypto and paying for the website’s fees. The broker initially formed in China but quickly needed to relocate due to the country strengthening its crypto-related legislation.

It had to move across multiple locations before landing in its current crypto-friendly home, Malta. However, even with all that, the exchange had a massively explosive start upon its foundation in 2017. Namely, at one point, it was overwhelmed by users, needing to lock further registrations. As it is, Binance stands as the top global exchange, no matter which metric you choose to look at.

Data aggregators list Binance’s volume at multiple times larger than the next competitor. Additionally, the website has the most significant userbase as far as exchanges go, and it’s only gaining popularity. It’s quite unlikely another firm will dethrone Binance in the near future, especially with the popularization of crypto. The exchange’s top spot ensures that new traders gravitate towards it by default.

Let us have a closer look at this crypto exchange at this Binance review.

Binance: Primary Features

Binance’s quick rise to the top couldn’t have happened if the exchange didn’t have some edge against competitors. However, it maintaining that position for so long means that the features that set it apart aren’t gimmicks. Namely, the exchange offers an extensive set of conditions that ensure its users can have an enjoyable trading experience. On top of that, the features make it so everyone has a fair shot at profiting. Here are some of Binance’s specifications we felt were crucial to their success:

·         Efficient Pricing

Undoubtedly one of the crucial parts of Binance’s success is its low fees that allow traders to get the most out of their funds. Although a fee-free experience would be optimal, it’s unlikely that you’d find such a thing in the crypto trading sphere. However, Binance is the next best thing with low charges that don’t require you to reach massive monthly trading volumes. As such, it makes the exchange great for beginners or new crypto enthusiasts.

·         Extensive Fiat Funding

A lot of traders fund their accounts with fiat currency instead of various coins. That’s especially true for newer traders that don’t yet have a massive crypto wallet. However, fiat funding is often quite limited, with a low number of everyday currencies you can use and crypto you can buy. Binance’s options let you purchase upwards of 15 coins with 40 different fiat currencies. That makes funding much simpler, although we should note that fees increase with fiat deposits.

·         Futures & Margin Trading

While basic trading is more than enough for most users, some vastly prefer some of the more advanced methods. Among them, futures and margin trading can be a great way to boost profits by increasing the risk you take. Binance futures can take you up to 125x leverage, while margin trade offers at a lower rate of 3x.

·         Crypto Earning Methods

While the possibility of trading crypto is usually enough to satisfy customers, it’s quite beneficial when a firm goes beyond that. Crypto earning incomes at various brokerages, for example, bring a somewhat risk-free chance of profiting. The methods at Binance include staking and lending, among other different ways.

Just by the merit of its popularity, many deem Binance to be safe right off the bat. However, it’s always wise to check on the exchanges you want to do business with, no matter their prominence. Binance, for example, was the target of a significant hacking scheme not too long ago. In 2019, the exchange suffered a loss of 7,000 BTC to an unknown source. Luckily, the affected traders were reimbursed from the exchange’s Secure Asset Fund for Users (SAFU).

As such, although the company took a hit, it handled the situation quite well. No users suffered any long-term damage, and Binance improved its security measures since then. The improvement can be seen through a situation similar to the previous one. However, this one has a much happier ending.

Namely, there was another hacking attempt where the culprits managed to get a hold of numerous user accounts through phishing. Once they were satisfied with the number, they sold the accounts’ BTC reserves to purchase Viacoin (VIA). The plan was to make the former’s value skyrocket so that the hackers could sell their own holdings. However, the exchange’s security caught wind of the irregular trades, stopping the attempt. The hackers’ funds were donated to charity, and the victims got their accounts back.

From the case, we can see that the broker’s attempt to sharpen security measures was a success. The firm states that it uses a top-notch AI to prevent any misdoings. As for customers, it has 2FA, as well as a multitude of identity-confirming measures.

Fees & Conditions at Binance

As we mentioned earlier in our Binance review, its low fees are one of its primary strengths. They follow the most popular structure, with fee-free deposits and charges on withdrawals and trades. Trades impose a minuscule 0.1% trade, which trumps most competitors. To reach similar levels, it’s likely that you’d need to invest with a firm with a maker-taker model and have a massive personal monthly trading volume. As such, its one of the most user-friendly exchanges out there.

The fees on withdrawing vary depending on which coin you’re pulling back. However, while they are a bit flexible, they remain low across the board. As an additional note, fiat deposits at Binance carry a fee, as opposed to crypto deposits. The charges range from 1-7%, making fiat a less beneficial way of funding your account.

As for the trading conditions themselves, Binance is among the best in the business. It has a simple but effective platform that lets new traders get started quickly without losing out on functionality. It has simple, as well as more advanced trading methods and a massive coin library. On top of that, there are ways of earning crypto passively, further benefitting traders.

One last thing we should mention is that the website has even better conditions when using its native coin. BNB trades have reduced fees and often offer various bonuses.

Funding Methods

Earlier in our Binance review, we mentioned that they had an excellent fiat funding variety. There are over 15 coins you can buy with over 40 currencies, although those deposits carry larger than average fees. As for crypto funding, there are converters and P2P options present, as well as direct deposits.

Currencies

As the largest global exchange, Binance has the privilege of many new currencies choosing to launch at the company. As such, it has an extensive coin library that has both major players and some exotic options. That’s not to say that the exchange just accepts and lists any currency, as it chooses only those that have high quality. The total number of currencies comes in at over 200, and the total number of pairs exceeds 500.

Binance Review: Conclusion

It’s no fluke that Binance maintains its top position on the market. It offers the most extensive set of trading conditions at a low cost and has a massive variety of coins. As such, as far as trading goes, the exchange looks like it’ll keep its position as top dog for quite a while.

That’s not to say the firm is perfect. The exact security measures it uses are a bit vague, and as we mentioned before in our Binance review, it’s already had an accident. On top of that, it seems to be having some issues with its customer service team. Users have complained about its unresponsiveness, as well as general unhelpfulness. However, the two largest issues aren’t anything major. Many are willing to forgive the firm, as the importance and level of the trading outweigh the few flaws.

As for us, we’d definitely recommend Binance. There’s no such thing as a perfect exchange, and you’ll see a few issues everywhere. Binance’s shortcomings aren’t anything fatal, while it provides an excellent service. As such, both beginners and experienced traders should be able to enjoy Binance.