Being the world’s largest crypto exchange brings a lot of attention. However, this Binance review will highlight that the exchange is not only prominent and outstanding because of its impressively high trading volume.
Every crypto exchange is created to cater the needs of the users. While some are not so brilliant, others do have the capacity to facilitate a larger audience and even introduce technological and sophisticated features that make crypto trading easier and less complicated.
People who are new to the crypto space should be mindful of different factors that vary from one exchange to another and weigh in them all to make an informed decision.
This article will give you a good idea of ‘what is Binance?’ and will also help you determine whether this is a good exchange for you to use or not.
Binance Review – Popular and Powerful Platform
The Binance exchange is undoubtedly most well-known in the industry. However, it offers more than just its trading volume as mentioned above.
This platform was established in 2017 in Hong Kong. Despite the competition it was facing, Binance quickly rose to its rank and offered its services to hundreds of countries around the globe.
The exchange now offers support to more than 400 trading pairs and is known to be one of the best platforms for new and experienced traders alike.
It experienced a security breach a few years ago. However, since then it has strengthened its level of security by implementing high-end protocols and is now one of the safest exchanges operational.
Speaking of user interface, this exchange is quite user-friendly. The interface is easy for every trader to use and does not include any complex steps or procedures to follow.
It has been designed quite smartly, which is why it is capable enough of facilitating all kinds of traders. Thanks to the high-end user interface, the platform executes all orders instantly and without delay.
This Binance review aims to shed light on all major attributes of the platform, one of which is the trading interface. It is unlike any other platform and certainly adds value to the exchange.
As mentioned above, Binance is suitable for new and experienced traders alike. This is achieved by the availability of two separate interfaces that are:
The classic trading interface is for people who are new to trading. This is simple and makes it easy for people to place straightforward trades.
The advanced trading interface, on the other hand, is specifically designed for people who are experienced traders. This interface also offers advanced trading tools that assists the professionals in placing their trades.
How Safe is Binance?
If you are concerned about, ‘is Binance safe?’ then you should know the details mentioned here. It has already been mentioned above that the platform is one of the safest, thanks to the implementation of leading-edge security protocols.
Some of the security systems used to strengthen the platform’s safety are mentioned below:
- Biometric logins
- A.I. monitoring
- Cold wallet storage
- Forensics monitoring
- Notifications for suspicious activity
- Two-factor authentication (2FA) login
Fee Charged by Binance
This Binance review also addresses another major selling point of the exchange, which is its fee structure. Analyzing the fee charged by an exchange is one of the top aspects to consider before you opt for any platform and use it for buying or trading crypto.
Every crypto exchange has a fee, according to which the users usually must pay while trading, buying or selling crypto. However, some of the platforms do not have a transparent fee structure and also include charges that are not disclosed beforehand to the users.
The benefit of using the Binance exchange is that its fee structure is one of the lowest in the industry and free of any hidden or additional charges.
Here are the details of the fee charged by Binance:
- 0.02% to 0.1% trading fee for market makers
- 0.04% to 0.1% trading fee for market takers
- $1 to $15 withdrawal fee
Additionally, people who pay the fee through BNB tokens can get a further discount on the already low fee.
Payment Methods Available
This Binance review is brief yet it focuses on all major aspects of the platform such as the payment methods it supports. Choosing an exchange that offers several payment methods to the users can make the experience easier because you can choose the option that is most convenient for you.
Binance relies on more than one payment methods, which are as follows:
- Debit cards
- Credit cards
- P2P transfers
- Wallet transfers
- Wire transfers
There are several high-end platforms in the industry, however, Binance is the most prominent one. If you are interested in using the world’s largest exchange, you should skim through the details mentioned in this brief Binance review first.