Binance Review
Binance is a cryptocurrency exchange platform where you can buy and sell crypto, and is a popular option for experienced cryptocurrency investors. It offers relatively low trading fees and has a wide selection of cryptocurrencies to choose from. It stands out because it delivers diversity, great quality and a vast range of tools for you to explore. On top of that, you will be impressed with its wealth of information and tutorials.
How many cryptocurrencies are supported on Binance?
Binance has maybe the most diverse support for cryptocurrencies. At the time of writing, their website states they offer trading of more than 600 cryptos. They have Bitcoin, Ethereum, XRP, Cosmos, Cardano, Dash, VeChain, Harmony and many others. They also have the Binance Coin or BNB which can be used to pay for discounted trading fees as well additional uses.
How to trade on Binance
Trading on Binance is simple. Select 'Spot Trading', search for the cryptocurrency that you are interested in, then click the buy button. You can either choose to pay the market price or choose limit order if you have a target price you'd like it to reach first. You can choose to pay using their own BNB coin or if you want, you can pay with fiat currencies. There are plenty of options to choose from.
Binance fees
What you will notice about Binance, is that it has some of the lowest fees (0.50%) in the industry. They use the same maker/taker system that a lot of exchanges do, and you can receive discounts for using BNB coins in trades, becoming a VIP, and obtaining referral bonuses. There are no wallet or crypto conversion fees. Wire transfers using USD costs $15 when withdrawing but waived when depositing. Wire transfers can take 1-4 business days. GBP transfers are typically much quicker using FPS and costs £2 when withdrawing or depositing.
Binance security
What’s important to note about Binance is that it has a two factor authentication or SMS system. Aside from that, they also employ the ability to restrict device access, device management and address whitelisting tools are also available. You also have FDIC insurance for the USD balances.
Binance customer support
Binance encourages customers to tweet @BinanceHelpDesk for immediate support. They also have email assistance and a ticketing system, but also a chatbox. Like many other cryptocurrency exchanges, their customer satisfaction is mixed, so there are some issues. But for the most part, Binance is pretty good and it offers lots of value.
Conclusion
Binance does a great job at helping people trade hundreds of cryptocurrencies. Their fees are low, which is always a plus, and you receive a great selection of payment methods too. With that in mind, the US version of the site is more limited when compared to the international one, and it can get confusing due to its complexity. It’s still well worth giving it a shot if you want to get into crypto trading!
