Binance Review 2024: Best crypto exchange?

Binance overview

Binance is a crypto exchange platform that offers investors maximum control for managing their crypto assets. There are three versions of Binance accounts to choose from: Basic, Advanced and OTC.

Aside from the standard buy, sell, send, receive, and exchange features, the platform also offers limit orders, market orders, stop-limit orders, trailing stop orders, post only orders, peer-to-peer trading, margin trading, and one-cancels-the-other orders.

You also get access to exciting challenges and giveaways and advanced insights into data to make more informed investment decisions. 

Is Binance good for beginners?

In short, yes. Binance is a good crypto exchange for beginners who want a user friendly crypto exchange interface and lots of trading and coin options. Investors who live in the U.S. should know that there are significant differences between the Binance exchange for U.S. residents compared to global users.

Beginners should start with the basic Binance platform until they feel comfortable moving on to the more advanced interface. Trades must be at least $10.

In the past, Binance did not support deposits using fiat currency, so beginners had to purchase crypto elsewhere before transferring it to Binance. Today, Binance allows deposits made in many popular fiat currencies, making it much more equipped to serve investors who are just beginning to trade crypto.

Binance also offers a unique learning tool called the Binance Academy, which has a comprehensive library of online resources that explain blockchain and crypto for beginners and techniques for more advanced traders.

Binance features at a glance:

•        Binance gives traders some of the best access to the Smartchain ecosystem

•        The Binance Secure Asset Fund for Users is there to insure your assets in the event they’re lost due to a security breach

•        Traders can access a rewards center that has challenges and giveaways so you can earn free crypto.

•        It’s possible to participate in leverage trading and margin trading as well as long and short selling.

•        Stake your coins from your crypto wallet or through Binance Staking, which allows you to earn rewards and gather interest at rates higher than traditional savings accounts.

•        Works with Trust Wallet to provide a secure place to store your coins

•        Binance Broker offers options to monetize websites and make it easy to access the Binance network

•        Users can get a Binance Visa Card to make purchases using crypto worldwide

•        Binance is beginning to support stock trades using crypto through the platform. Users can buy stock in companies using Stock Tokens. Each Stock Token is worth one share, and the value rises and falls along with the stock’s value.

Is Binance legit?

Binance is a widely used cryptocurrency exchange with more than $1 billion in daily trades. It was founded in 2017 and has grew to become the largest crypto exchange in the world in terms of trade volume.

Is Binance safe?

Binance is considered a safe and secure cryptocurrency exchange, but it did experience a major hack in 2019. Technical glitches can occasionally cause problems during trades.

Binance uses various security features to protect users information and assets. From two-factor authentication, multi-signature functionality, PIN codes, and recovery methods, users can be assured that their assets are safely stored on Binance.

Binance also uses the CryptoCurrency Security Standards.

Countries where Binance is available

Binance is a global crypto exchange that serves investors in more than 180 countries.

However, most U.S. investors will need to use Binance.US. The exchange still offers low trading fees and a wide range of currencies, but not as many as the global exchange. As of May 2021, Binance.US was not available in seven U.S. states (Connecticut, Hawaii, new York, Texas, Vermont, Idaho, and Louisiana). Also, U.S. traders can’t purchase crypto with a credit card or participate in any margin trades.

The U.S. government in early 2021 said it was investigating the platform regarding possible money laundering and tax offenses.

How many coins and altcoins are available?

Binance is known for its massive selection of altcoins, and it is a good exchange for those interested in small-cap coins.

Binance has more than 500 cryptocurrencies available for global traders and 52 cryptocurrencies for for U.S. residents.

You’ll find all of the popular cryptocurrencies on Binance and Binance U.S., including Bitcoin, Etherium, Bitcoin Cash, Litecoin, Chainlink, Dogecoin and more.

Binance Security

Binance accounts are secured using two-factor verification via the Google Authenticator app or SMS. U.S. assets are FDIC-insured up to a certain amount in case their account is compromised. The platform also uses device management, address whitelisting, and secure cold storage to protect users and their crypto funds.

Has it been hacked?

Although Binance is a very secure platform, experts recommend that traders should consider storing funds they want to save in a hardware wallet rather than in a crypto exchange account.

Binance has been the victim of cybercrime in the past, but the issue was resolved and no user funds were lost. Binance was breached in 2019 when hackers got away with 7,000 Bitcoin, worth about $40 million at the time. The hackers also gained access to some user information, including two-factor authentication codes.

Binance promptly tracked the stolen Bitcoin to a wallet and covered the stolen funds in full so users’ funds were not affected, CNBC reported.

Binance.US has not had a reported breach.

Verification process

Binance’s verification process is relatively easy to get through, but you will need to provide photos of documents and accurate personal information.

When you create a Binance account, you will need to confirm your email address and set up a two-step authentication process for extra security. Once you complete the verification process, your Binance deposits will be instant.

U.S. users need to prove their identify using an official form of identification. International Binance users do not need to show a photo ID to verify their account.

But, is it safe to upload a photo of a driver’s license and provide your Social Security Number to Binance?

Although the platform has been the victim of hacking in the past, user information is stored very securely on Binance. It’s important to always use your real name on Binance and provide accurate information so you can access your funds and avoid any problems.

Binance user experience

Binance is perhaps most well known for how easy it is to learn and use on a regular basis. It also provides new investors with plenty of resources and learning materials to understand crypto trading.

The platform’s customer service team is known to promptly address concerns and respond to requests professionally. Customer service representatives can be reached via online chat and promise to respond to requests within 24 hours.

Binance also supports crypto-to-crypto trading with many popular cryptocurrencies.

Binance fees explained

Binance fees are relatively low for the industry.

Each trade is assigned a VIP level depending on the 30-day trading volume and average 24-hour holdings. VIP levels come with their own maker/taker fees that range from 0.014% to 0.075%. Binance fees are higher for smaller trade volumes.

There is a 0.02% to 0.10% fee per purchase and trading fees of 3% to 4.5% for debit card purchases, free Single Euro Payments Area (SEPA) transfers, or $15 per U.S. wire transfer.

Binance.US allows zero-fee trading between crypto buyers and sellers. Users do need to pay the spread between the buy and sell price with a $10,000 minimum trade amount.

Binance fees are lower than Coinbase, another leading crypto exchange, which charges a 0.50% fee per trade.

Payment methods supported by Binance

Binance allows users to deposit funds into their account via their linked bank account, credit/debit cards (Visa and MasterCard), PTP trading, or a third-party payment service via Banxa or Simplex.

Users can also deposit crypto they already own into their Binance account.

Binance withdrawal methods and fees

Before attempting to make a withdrawal, you’ll need to have two-factor authentication set up. You can easily select which currency you want to withdraw and enter a wallet address to send the coins to.

Most withdrawals take about 30 minutes, but large withdrawal amounts or network demand might cause the withdrawal to take longer.

Binance withdrawal fees, minimum amounts and methods vary by crypto.

Does Binance have a wallet?

Binance has two wallets to choose from: The Binance coin wallet and the Trust Wallet.

The Binance wallet is exchange-based, so it’s ideal for daily use. It’s also safe to keep money in your Binance wallet for long periods of time if you’re not a very active trader. Binance keeps the vast majority of users’ assets in cold storage where it’s offline and safe from hackers.

Binance also allows users to use their own digital wallet if they want to use a different one.

Binanance app: What to know

Many investors look for a crypto exchange that has a safe and user friendly mobile application so they can keep an eye on their investments from wherever they are. Binance’s free mobile app helps you have access to the exchange and manage transactions while you’re on the go.

The Binance.US app is not as intuitive as the desktop site, but it has been updated to include live price tracking and options to set up automatic recurring buys.

Active traders find the app useful because it allows you to set up notifications to alert you to price changes and trends, so you always purchase crypto at the best price, and maximize your potential profits.

How safe is the Binance app?

Binance’s mobile application is very secure. Users must be verified to use the app, and Binance security features also apply to users on the app. For example, Binance protects funds using its Secure Asset Fund for Users, so your assets are protected in the event of a hack.

Understanding how the Binance app works:

The Binance app allows you to do most of the trading activity you would log on to your online Binance account for. Through the app you can:

•        Buy, sell, and instantly trade crypto - the app supports all of the crypto currently available through Binance or Binance.US

•        Set up recurring buys

•        Request notifications for certain coins and

Binance pros and cons

For the most part, Binance users have positive experiences with the exchange, but there are some drawbacks to the popular service.

-Binance Pros:

•        Among the most experienced and trusted crypto exchanges available today

•        Low trading fees

•        There’s a wide range of cryptocurrencies available and more added each day

•        Offers a variety of trading options perfect for more experienced investors

•        Mobile app allows you to buy, sell, and trade while you’re on the go

•        Binance Academy helps beginners learn the basics about crypto and blockchain

•        Only a $10 account minimum

-Binance Cons:

•        Availability varies based on location; not available in some U.S. states

•        In the past, you couldn’t deposit funds using traditional payment methods like other exchanges

•        Some users find that customer service is not responsive to requests

•        Withdrawals can sometimes take awhile

•        Users report running into problems with the mobile application when they try to verify their identities to access their account