Launched in 2017, the exchange has become popular in a very short span of time. Developed by the well-known coder, Chanpeng Zhao, the platform indeed is a great option for those wanting to explore the various shades of crypto trading. The exchange is based out of Malta and provides traders with an abundance of benefits. From transparency to a high level of security, Binance has a lot to offer. Not just that, the platform is very competitive in terms of fees and assorted choices for digital assets.
In this review, let us assess the exchange in terms of various aspects influencing the performance of the platform. Starting with the flexibility of choice to fees to security to other parameters, we would find out the ups and downs of this choice.
When it comes to the digital asset choice the platform offers, we have got a lot to select from. It is very dynamic in terms of trading options. Binance has over 230 coins users can trade with. If you are into crypto to crypto trading, you can utilize these currencies for deposit as well as withdrawal needs.
The good news is that the options are not limited to just crypto to crypto trading. On the contrary, traders can also engage in crypto to fiat currencies trading without any hassle. This is a huge leap for the platform as it was the only crypto to crypto trading exchange. The exchange currently supports over 30 fiat currencies and is continuously increasing the availability of such assets over time.
When talking about the number of markets available on Binance, it is no surprise to find out the amount exceedingly higher than the oldest options around. This in turn has helped in surging the accessibility and definitely contributed to the success and popularity of the exchange.
With time, you will be finding more coins parked on Binance for trading. Hence, it does provide a huge array of choices for traders.
The crypto exchange is a very competitive niche. Every other platform wishing to offer the most attractive deals to its users. However, not many have been able to reach the level, Binance has already achieved in such a short span. The platform is known to be the cheapest in terms of trading fees. It charges a flat fee of 0.1% if you are interested in crypto to crypto trades. The same fee stands true for a number of fiats to crypto trades as well.
If you have already compared the Binance fee with other exchanges, you would know the difference. With some platforms, the difference isn’t considered. However, against most of the exchanges, this is highly competitive.
This is not just it. If you use BNB, the Binance native coin, the fee is further reduced by at least 25% and sometimes even more. Further, there are discounts available for those trading with higher volumes along with the BNB stacked in your account.
When it comes to managing the deposits as well as withdrawals fee, Binance has taken a high road. Only charging as minimum as, the network fee, Binance stands out of its competitors. Hence, the fee may vary.
Also, there are withdrawal limits that differ depending on the level of use of the Binance exchange. The unverified users are limited to a maximum of 2 BTC in a day or a maximum of $5,000 fiat currency a day. The limits are higher for verified customers.
Let us divide this aspect into two different parameters. One is the functionality of the platform and another is the ease of use. When considering the functionality, Binance is the best you can get. You do not need to make any downloads and it is completely browser-based. The platform is fast and is very intuitive.
However, when it comes to ease of use, a lot of users find it pretty difficult at first. For naïve users, it may come as a complex choice. But with time, it gets simpler and one gets used to it. And, that is when the wonder starts. You get to find out analysis, charts, researches, and a lot of other functionalities making your trading easier and simpler.
Starting with the support for multiple languages, Binance is very flexible. It offers support in 15 different languages. Apart from the ease of reachability, there is a huge database of FAQs, assisting users to solve the issues without needing assistance from the support team.
To make the matter even more helpful, the team is online 24 by 7. This means that one can reach the support team instantly without needing to wait for days or hours. You can even submit the ticket from their website and the personnel will reach you promptly for resolving the problems.
All these make the support team very prompt and competitive. Further raising the bar for Binance competitors.
Is Binance safe to use? Do we need to answer that? Definitely, the platform is safe. It has been able to turn many threats down with its very secure encryption and highly progressive algorithms. It has put many advanced security ways for the website and is very alert in ensuring that the funds are secure. Making use of a cold wallet for storing the majority of its digital assets, it provides users a very secure platform.
Above all, the platform is backed by a number of traders around the world. This definitely proves that there is something very alluring about the platform that so many traders find Binance best as their first choice.
Binance offers the lowest and most competitive trading fees
A wider selection of digital assets available to trade
Highly reliable and reputed
Fiat as well as crypto deposits accepted
When depositing fiat, the minimum deposit is comparatively higher
Trading interface seems complex for naïve and beginners