Binance: Comprehensive Review 2022 – Fees, Pros, and Cons

Binance is one of the most prominent cryptocurrency exchanges aimed at seasoned traders with its slew of advanced research tools. Over the years, the platform has established itself as the world’s largest exchange with low fees and access to hundreds of listed crypto projects. 

Binance also stands out with the users’ high liquidity and convenience feature, thanks to the most active wallets. However, while the platform has a commendable user strength, it has also run into regulatory concerns, some still being investigated.

Think of starting your crypto journey with Binance? If so, you might want to evaluate every aspect of the platform with this comprehensive review. Continue reading as we walk you through individual aspects of the platform! So, let’s check whether Binance is the right crypto exchange for you.

Pros And Cons Of Binance

Binance At A Glance

What Is Binance Exchange: Company Overview

Binance is one of the leading crypto exchanges that has been functional since 2017. The platform allows users to buy, sell, and trade cryptos primarily on altcoin. In addition, the platform provides users with seamless access to over 500 different crypto projects and virtual tokens. The folio includes the likes of both prominent projects like Bitcoin (BTC) and Ether (ETH) while favoring other small projects like Dogecoin (DOGE), Litecoin (LTC), and even its Binance Coin (BNB) token.

The platform also provides investors with both custodial and non-custodial wallet options for storing their digital currency without compromising on safety. You can even use the platform to earn interest on your investments or carry out transactions using cryptocurrencies. Besides, you can even access different programs to help you make better investment decisions. Binance has also earned quite a reputation for charging relatively low trading fees from traders. 

Cryptocurrencies Supported in Binance

Being one of the largest crypto exchanges in the world, Binance does support a wide range of cryptos. Besides its crypto token, Binance Coin (BNB), the platform also supports Bitcoin (BTC) and Ethereum (ETH), along with hundreds of other cryptocurrencies. Binance even has the Binance Cryptocurrency Exchange List that displays all the supported cryptos on the platform. Also, these trading pairs are updated regularly to keep traders informed.     

Key Features Of Binance

Binance is one of the largest crypto exchanges in the world, and the platform defends its position for multiple reasons. First, the platform provides its users with various features and functionalities that enhance the overall trading experience. 

To give you an idea, here we’ve explored some of the primary features available on the platform: 

Mobile Trading 

Unless you’re an ideal investor, mobile trading will be the primary requirement before you sign up for any platform. This is where Binance stands out with a clean, reliable, and secured mobile application. In addition, the platform carries a similar UI to its website, allowing users to access charts and other technical features in real-time. 

To give you a Binance app review, the application is seamlessly compatible with almost every smartphone, allowing you to trade over both Android and iOS devices. Besides that, you can even avail of the APK file format of the mobile application in case you use Windows or Tizen mobile phones.    

eWallets

No crypto exchange is complete without a competent eWallet that provides safety, security, and functionality to the user’s funds. This is where Binance steps in with its eWallets. The platform introduces a wide range of eWallets where they can store their digital assets. 

While Trust wallet is Binance’s official and decentralized digital wallet, the platform provides its users with the right to select their wallets. In addition, users can choose to store their funds among the wide selection of wallets, most of which allow users to store and earn interest on them through long-term deposits.  

Trading Account

Binance provides its users with multi-tier trading accounts. Users signing up for the platform have access to Basic (dedicated to beginners and investors) and Advanced trading account. As the name suggests, both the accounts are different in terms of their tools and functionality. 

Users signing up for the basic accounts have access to the basic features that are free for all the other Binance users. Whereas, Advanced users can access customizable features to suit their needs and requirements. An option for professional traders, the advanced trading accounts over Binance give you access to P2P, Margin, and OTC trading. 

Analytical Charts

Whether a beginner, seasoned trader, or investor, we can’t emphasize the analytical charts enough. Being one of the primary aids for the traders, everybody wants to have access to exchanges that provide advanced chart and charting options. 

Binance, in collaboration with TradingView, provides its users with an exhaustive list of different charts. Adding to it, users of every type can access tools conveniently and access all technical graphs, indicators, and charts with real-time data from the market. This way, Binance makes it much easier for traders to keep up with all the trading opportunities and capitalize on them.  

Great Learning Tools

While cryptos continue to mark their existence for over a decade, we can’t overlook the popularity meter. The industry continues to get new investors every other day. Since there is still very little awareness about cryptos among the general population, Binance provides its users with access to an extensive library of research articles to help them solve any query easily. If your query is related to the investment of navigating through the platform, Binance has articles covering every subject. 

These well-written articles are comprehensive, with first-hand information to help you excel in crypto trading. Besides that, you can even access direct chat support from the Binance support team and access solutions explicitly curated to address your query. A learning section is also designed to help beginners through their crypto trading processes.   

[maxbutton id=”2″ url=”https://www.binance.com/en” text=”Binance site” ]

Additional Features Of The Platform

Those as mentioned above are some of the core functionalities and features of the  Binance platform. However, that’s not all! The platform is home to several other features and functionalities. Some of the additional features include: 

1. In-Depth Research: One of the greatest perks of using Binance is seamless access to many research materials. This is an ideal proposition for people looking to upskill their crypto trading capabilities. 

These resources give you access to effective trading strategies, expert advice, and even troubleshooting ideas for different trading queries. 

1. Trading Derivatives: Traders love diversifying their folios, and this is where Binance complies with the same! Users have access to several other investment tools and international markets through the platform. 

For instance, you can access USDT futures and coin products, such as BNB and different coin futures. Trading in these derivatives becomes much more efficient with Binance. 

1. Seamless Access To New Launches: Every trader understands the significance of accessing new crypto launches. After all, this is your best chance to buy the dip! Interestingly, Binance has a feature to help traders and investors sail through this situation. 

Here, you can leverage the ‘Launch’ feature to invest in newly launched cryptos. Binance plays a key role in capturing these launches and notifying traders allowing you to capitalize on this opportunity seamlessly. Whether it’s a working day or a public holiday, Binance offers you seamless access to the market. 

1. Financing: Apart from the profit generated via trading, Binance also provides its users with numerous bonuses. Every trader will receive a bonus or reward for depositing or staking their cryptos. 

Additionally, traders can even avail of loans to buy cryptos via Binance. You can reap the benefits of referral bonuses you get when inviting new traders to the platform. 

1. Withdrawals And Deposits: When it comes to the payment methods in Binance, there are very few constraints to bother you. The secure exchange is integrated with almost any payment gateway you can think of. 

Besides that, traders can even leverage high-volume withdrawals and deposits in fiat and cryptos, including LTC, BNB, BTC, etc. 

1. Binance Cloud: The Binance Cloud feature is one of the unique offerings you can use with Binance. This feature provides users with a crypto exchange infrastructure to focus on their development and business operations. 

The cloud infrastructure also supports comprehensive offerings such as spot trading. These spot trading offerings include crypto-to-crypto, fiat-to-crypto, and P2P fiat trading. The fee model of this cloud infrastructure is made of the annual fee, trading fee, and commission revenue

1. Binance Credit Cards: The other great offering of Binance includes its credit cards that facilitate instant trading. Traders can link their credit cards with any crypto-friendly bank and seamlessly convert their crypto gains into fiat currencies. You can even use the credit card for other crypto transactions. 
2. Binance Gift Card: Binance also allows users to create and send out Bitcoin gift cards. One can even add customized messages and themes to these gift cards. All you need to do is buy gift cards using your cryptos and send out the card’s code to your friends, family members, or anyone else, for that matter. 

Trading Experience 

Basic Trading With Binance

As mentioned earlier, Binance offers its users two different modes of trading that include the basic and the advanced. Basic trading in Binance means sticking to the basic form of trading cryptos. 

This means traders cannot get involved in other trading alternatives, but crypto trading is their final limitation. This basic trading mechanism is designed with beginners in mind. So once you get acquainted with the nuances of crypto trading, you are free to shift to the advanced trading version. 

Advanced Trading With Binance

The advanced trading version in Binance provides traders access to a wide range of tools and resources. 

For instance, the version gives you seamless access to technical indicators, charts, and more such features to enhance your trading experience. In addition, the advanced trading version means processing a lot more data than the basic version. 

Some of this data includes recent development in the market, trade history, and upcoming events you need to know about. Basically, the advanced trading version has all the basic trading features and many other features to enhance your overall trading experience. 

[maxbutton id=”2″ url=”https://www.binance.com/en” text=”Binance site” ]

Fees Structure

Binance charges some of the lowest fees in the industry. However, users signing up for Binance.us need to pay slightly more than the others. However, the fees continue to remain lower than the other platforms.  

Talking of the fee structure, the platform employs its users’ maker/taker fee. This way, the fees vary primarily on the monthly trading volume and the use of this platform’s Binance Coin (BNB) token. As a result, the fee structure is generally competitive for users carrying high trading volumes.

Besides, users can also access trading discounts by doing any of the following: 

1. Referral bonuses
2. Using Binance (BNB) coins in trades 
3. Accessing the platform’s VIP (Very Important Person) status by trading in a limited class of assets

In addition, the platform might also subject you to additional fees. Here’s a quick representation of the fee structure to guide you better.

Is Binance Safe?

For the readers concerned with the safety of Binance,  it is one of the most secure crypto trading platforms available. Many traders have time and again attested to the security level offered by the platform. In addition, the platform also has an advanced data protection platform called the Binance chain to ensure even better security for traders. So with end-to-end security features in Binance, your cryptos are certainly in safe hands.  

However, it is worth mentioning that there have been countless hacking attacks on Binance. Yet in most cases, Binance was quick to take measures and mitigate the damage caused by such malpractices. In adverse scenarios, the platform also goes as far as to suspend its services to protect its traders. Besides, most other prominent crypto exchanges in the market often fail to match the level of security assured by this platform. Therefore, if you’re also confused about whether is Binance legit or not, here’s your answer! 

Opening a Binance Account

To open an account with Binance, you need to follow the given steps:

Step 1: Search for the Binance website and visit their webpage

Step 2: Once you’ve reached their landing page, click on the “Get Started” button placed at the top-right section of your screen. 

Step 3: Once done, complete the registration process by filling in your personal information and government id for Binance to verify you. 

Step 3: Turn on the 2FA (2-factor authentication) for additional security. 

Step 4: Link the payment methods you want to fund your account with.

Step 5: Deposit the required funds and get started with your trading journey. 

Customer Satisfaction

Talking of Binance’s rating in terms of customer satisfaction, Binance comes to an average of 2 stars out of 5 over 2,000+ Trustpilot reviews. However, the platform has several complaints about its poor customer service and the difficulty users face in withdrawing their funds. 

However, even amidst the poor review of the platform, several feedbacks are praising the platform. Many users signed-up with Binance enjoy a seamless experience with the platform.

How Did Binance Perform During The Covid Pandemic?

The Covid pandemic was relatively a great time to own a company like Binance. The platform reported a $4 billion worth of 24-hour trading volume. This figure is the highest volume for any other exchange operational during this period, to put things in perspective. 

In April 2020, Binance reached a 30-day trading volume of $140 billion. As a result, Binance became the most traded exchange around the globe. Things have not changed much since then, and Binance is still considered one of the leading global crypto exchanges available in the market. 

Binance Vs. Competition 

Looking at the wide range of accessible services provided by Binance, the platform provides its users with an exhaustive range of trading options and supported asset classes. Besides providing a global-level trading experience to its users, Binance has also earned its name around providing users with a competitive fee structure in the industry. 

However, similar to its great features, the platform also comes with complaints concerning security. If Binance doesn’t seem like a legit option to you, let’s evaluate its performance in comparison to its primary competitor Coinbase Pro. 

Binance vs. Coinbase Pro

In terms of active user wallets and volatility, Coinbase Pro and Binance continue to be the largest crypto exchanges in the world. The platform also offers versatility in trading assets and options to active traders. Here’s a detailed comparison between the two platforms.

1. Supported Cryptos: Binance takes the lead as it supports more tokens than Coinbase Pro. However, Coinbase Pro takes the lead with more tokens for US-based users. 
2. Spot Fees: While both the platforms support the maker-taker model, Binance supports a lower trading fee, in comparison to Coinbase pro.
3. Rewards Program: Binance provides its users with some rewards for holding BUSD. In contrast, Coinbase Pro offers its users rewards for staking their cryptos.
4. Wallet: Binance users don’t have access to a native digital wallet, whereas Coinbase Pro users have such wallets. 

Looking at the short but insightful review, we can say that both Binance and Coinbase Pro provide their users with a reliable trading experience. However, Binance takes the lead with its exhaustive token selection, lower fees, and reward programs in terms of competition. 

What Is The Binance OTC Trading Portal?

The OTC trading portal is one of the latest additions to Binance’s offerings. The launch of this over-the-counter trading desk was announced back in 2020. However, after a long wait, users finally have access to the Binance OTC platform that helps them execute larger traders without any risk of slippage. As a result, traders can make informed decisions based on the price movement of cryptos and carry out large transactions. 

What’s even better is traders need not pay any additional fees for using the Binance OTC trading portal. Instead, if you execute a transaction of at least $10000, the platform will provide you with a quick settlement. In addition, this portal also accepts trades in 25 different cryptocurrencies. These 25 tokens are available as trading pairs after traders have completed the second level of their KYC verification and registration on its official website. 

Final Verdict

Should You Consider Using Binance?

Of course, with so many crypto exchanges available in the market, it only makes sense to ask why anyone should use Binance for crypto trading. So continue reading to learn more about some of these reasons. 

1. Ideal For Earning Passive Income On Crypto Assets: Binance is one of those few crypto trading platforms that allow users to earn significant passive income on their digital assets. However, the degree of risks associated can vary based on different factors. The staking program offered by Binance allows you to earn about 30% APR on certain cryptos. 
2. Low Fees: One of the primary reasons you need to start trading with Binance is its low trading fees. The platform has earned an international reputation for charging very low fees from its traders. The highest spot trading fee on Binance is just 0.1%. 
3. Access To Advanced Trading Tools: Binance has always offered a great crypto trading experience. This experience comes from seamless access to many advanced crypto trading tools. Beginners can even leverage the convert function, while experienced traders can do wonders with features available on the Advanced trading version. 
4. Wide Token Selection: Binance gives its traders seamless access to over 370 cryptocurrencies and thousands of trading pairs. This also includes Binance Coin (BNB), decentralized finance (DeFi), Altcoins, Bitcoin  (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and more.   

Shortcomings Of Binance

Everything in this world comes with its flaws and shortcomings, and Binance is no exception. Some of these notable shortcomings include.

1. Regulatory Complications: Not so long ago, Binance again made the headlines, but for a different reason this time. Regulators from many countries, such as the UK, Japan, Singapore, Canada, and even Thailand, have been in the crosshairs of Binance. Besides that, Us authorities are investigating the company for potential tax evasion, money laundering, and even insider trading. However, Binance denies all wrongdoings, and no charges have been filed yet.      
2. Lack Of Access To US Customers: The conventional Binance platform is unavailable in the US. Instead, crypto users from the US have to use a different platform called Binance.US, which offers fewer cryptos and trading features. Even so, Binance.US accounts are not available in many US states. 
3. Not Ideal For Beginners: Binance might be one of the largest crypto trading platforms in the world, but it is complex. The platform is ideal for helping experts maximize their profits with crypto trading. The massive market selection paired with the in-depth dashboard can overwhelm any beginner. But again, it also provides many resources to beginners, so it can help one get started with crypto trading.     

This Binance review gave you an overall and comprehensive insight into what the platform is really about. As you already know, Binance is undoubtedly one of the best crypto trading platforms available. However, that does not mean the platform is free of its shortcomings. 

Yet when you evaluate overall offerings, Binance most certainly aces the ranks compared to most other crypto exchanges in the market. Thus, assess your unique requirements as a crypto trader and then leverage the above information to decide if this is the right platform for you. 

Shrey Jain

Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.

You do not have any posts.