Introduction

Binance is a top-rated cryptocurrency exchange with low trading fees and a wide variety of cryptocurrencies available for trading. Binance offers various trading features, like market charts and many cryptocurrencies, through its desktop or mobile applications. While its low fees might be attractive, the platform has faced regulatory issues.

What makes Binance Cryptocurrency Exchange a good option?

• Crypto Collection

Binance offers about 125 cryptocurrencies. It offers more than 150 crypto-to-crypto trading pairs, but they are limited to just Bitcoin and a few other famous coins. Its OTC portal allows trading directly between buyers and sellers. There are no transaction fees, but users must pay the difference between the buy and sell prices.

• Fees

Binance has a complex fee structure according to the cryptocurrency you deal with, payment method, and size of the trade. The Bitcoin trades are generally free. The fees are the lowest in the industry. The U.S.-based users have to pay slightly more on Binance, its fees are still lower than other leading platforms. It has a maker/taker fee structure, and fees change depending on trading volume and Binance Coin (BNB) balance. In general, higher volume trades are subject to lower fees.

Users can also get fee discounts if they use Binance (BNB) coins in trades and if they achieve the very important person (VIP) status after trading a specific amount of cryptocurrency.

• Security

Binance has various measures for security, like two-factor authentication (2FA), address whitelisting, device management, and restricting device access. This platform also provides FDIC insurance on all U.S. dollar balances.

• Trading Experience

Binance provides different trading tools, including real-time charting tools with moving averages and exponential moving averages. Users can place trades through the Binance app, Binance website, or Binance desktop app.

Binance has a minimum trade of $10. Traders can also use the Binance platform to access their portfolios and trade history and view the order book and price charts. Additionally, Binance provides various order types such as stop order, limit order, stop-limit order, stop-market order, and trailing stop order. You can also choose different trading views ranging from classic to margin and OTC views. However, many of these features are unavailable in the U.S., including margin trading and some of the order types.

• Opening and Managing an Account

To open a Binance account, follow the steps below:

• Step 1: Visit the Binance website
• Step 2: Click on the “Get Started” button in the top right-hand corner and enter the required information. The registration process can take a few minutes, as Binance will verify your account information.
• Step 3: Enable 2FA
• Step 4: Link your payment method
• Step 5: Deposit funds and start trading

Users can access their Binance dashboard through a desktop browser or downloadable desktop application. It also offers mobile apps for iOS and Android that can be downloaded in the Apple and Google Play stores.

Binance’s dashboard allows you to view charts, marketing trends, your portfolio, and your current and past trades. To manage your payment types, simply navigate to the account page and add any credit/debit cards and bank accounts you’d like to trade with. Making deposits and withdrawals is simple and can be done by navigating to the “Spot Wallet”, selecting the asset you’d like to purchase or withdraw, and following the on-screen instructions.

• Customer Service and Satisfaction

Binance offers support by email and 24/7 live chat. It offers three basic options for customer support: submitting a ticket, asking basic questions via chat, and reaching out via Twitter.

• Users can fill out a form on the Binance website to submit a ticket and receive email assistance.
• Binance has a Twitter account (@BinanceHelpDesk) for support and encourages users to tweet their issues to the company.
• A chatbox on the bottom right corner of the support screen can be accessed on the Binance website.

 Several complaints revolve around poor customer service and difficulty withdrawing funds. However, some feedback is positive even with the difficulties some users face. Many Binance users mention a good, relatively seamless experience with the platform.

Binance Cryptocurrency Exchange – Drawbacks