Binance is the most popular cryptocurrency exchange and the largest by trading volume and has served millions of users.Whether you are new to cryptocurrency trading or familiar with other exchanges, the Binance trading platform can be a great place to start or diversify your portfolio.
Since you are considering using Binance for crypto trading, it is only right that you know the ins and outs of the exchange. So, in this Binance Exchange review, we will cover its pros and cons, trading methods, key features, and fees, and provide a detailed guide on how to open a Binance account as a beginner.
What is Binance Exchange?
Binance Exchange is one of the top centralized exchanges that gives traders access to tools and various markets, over 350 cryptocurrency assets, and 1300+ trading pairs. Although Binance has been in the industry for over half a decade, within the first six months of launch, it became one of the largest cryptocurrency exchanges in the world.
Over the years, it has expanded its services to about 180 countries while serving 90+ million users in those regions. Like other crypto exchanges, Binance platform offers services for crypto holding, listing, fundraising, de-listing, and withdrawing cryptocurrencies.
To facilitate these transactions, the platform has a blockchain-based token, Binance Coin (BNB), and offers discounts to users who pay using this native cryptocurrency token.
Apart from these features, Binance has an In-App NFT marketplace, a comprehensive learning platform, and opportunities for users to earn passive income. But before we dive into more details about the features and services, here is an overview of Binance Exchange and some of its offerings:
Exchange BinanceFounded2017FounderCo-founded by Changpeng Zhao (CZ) and Yi He.Features
- User-friendly interface
- Low fees
- Trading options: Spot, Futures, Margin, and P2P trading.
- Staking and Earn features
- Advanced charting tools
- Launchpad
- NFT marketplace
Margin Trading YesFees0.1% and 0.075% option for BNB holderDaily trading volume Average of $76 billion.Security
- Two-factor authentication (2FA)
- Address whitelisting
- Wrong address protection
- Malicious contract detection
- Cold wallet storage for funds.
- Regular security audits.
Supported CryptocurrenciesSupports 500+ cryptocurrencies, including Bitcoin, Ethereum, Solana, Ripple, and Cardano.Accepted Payment MethodsPeer to peer trading, Direct Bank deposit, Debit/Credit Card, Apple Pay, Google Pay.Device Compatibility Mobile version and desktop.Geographic Restrictions Binance is unavailable in countries like Canada, North Korea, Iran, Netherlands, Syria, the United States, and Crimea, and any non-government-controlled areas of Ukraine.Pros and Cons
Binance pros are:
- 500+ supported assets
- 1300+ supported trading pairs
- Low transaction fees
- Multiple trading options and order types
- Reputation (Popular crypto exchange platform)
- Robust Security and KYC
- Supports Fiat-crypto Transactions
Binance cons are:
- Binance.Us is limited
- The Binance platform might be confusing for new users
- Lawsuits and regulatory challenges in many countries
- Customer support could be better.
Binance Pros Explained
- 500+ Listed Cryptocurrencies to Choose From: Binance Exchange offers more than 350 tradable coins for all its customers. This gives crypto traders and investors many options. They can decide to trade or buy popular tokens or Meme coins, GameFi, and even AI coins. If you are in the United States using Binance.US, you have fewer options, around 150 coins to choose from.
- Multiple Trading Pairs: Binance has over 1,300 trading pairs from which traders can choose. Binance Exchange has 1329 pairs in its Spot Trading markets, 460 pairs for Perpetuals markets, and 460 for Futures markets. Some of these pairs include BTC/USDT, BTC/FDUSD, XRP/USDT, ETH/USDT, USDC/USDT, SOL/USDT, 1000PEPEUSDT, and BTCUSD_250328.
- Low fees: Unlike other crypto exchanges, Binance offers low trading fees, so you don’t have to worry about splurging a significant amount of your investments and earnings on transaction fees. Additionally, you could get even more discounts if you use the Binance coin, BNB.
- Multiple Trading Options and Order Types: Binance Exchange offers various trading options, including peer-to-peer, margin, and spot trading. The platform also has many order types, including limit order, market order, stop-limit order, stop market order, trailing stop order, post only order, and one-cancels-the-other order.
- Popular Crypto Exchange Platform: Over the years, Binance has built a reputation as one of the top crypto exchanges. Though it has experienced certain challenges, it is still a great choice for traders, especially those who are familiar with crypto trading.
- Robust Security and KYC: Binance enforces various security measures to protect users. For instance, the platform requires a strong password during registration and 2FA for all sensitive operations,
