Binance Exchange Review 2024 : Is It Worth The Hype?

Cryptocurrency traders often find it challenging to decide which crypto exchange is best suited to their requirements. Since many cryptocurrency exchanges allow us to buy, sell and hold our crypto assets, sometimes it becomes difficult for beginners to select one. This article is for you if you are one of those investors who have just entered the crypto article. In this article, we will talk about the world’s largest cryptocurrency exchange, Binance; however, before going deep, let us first understand that there are numerous factors that investors should consider when picking a crypto exchange.

These factors include the history of the cryptocurrency exchange, its safety and security features, supported assets, fees, and payment methods.

Established in 2017, Binance is the leading crypto exchange in the world today. The platform allows crypto-to-crypto trading in 600 plus cryptocurrencies and virtual tokens. These include Bitcoin (BTC), and Altcoins like Ether (ETH), Litecoin (LTC), and Dogecoin (DOGE), along with its own token, Binance Coin (BNB). If you are an investor who doesn’t want to keep your digital assets with an exchange, then Binance is for you as it also provides a Trust wallet for investors to store their electronic funds.

What makes Binance different from other crypto exchanges?

Binance is believed to have the lowest transaction fees among all the cryptocurrency exchanges. Besides, the exchange has high liquidity and gives discounts to users who pay in the BNB crypto tokens.

The platform also claims to maintain a high quality of safety and security, with multi-tier and multi-clustered architecture. Additionally, it claims it can process approximately 1.4 million orders every second. Some additional services provided by Binance include listing, de-listing, or withdrawing cryptocurrencies, and fundraising. Users willing to launch their own tokens can also use the crypto exchange platform to raise funds via Initial coin offerings (ICOs).

Binance Options Trading Fees

As per the latest announcement, Binance charges a transaction fee after opening or closing a position. The Transaction fee rate is 0.02%. Besides, exercise fees are charged whenever Options are exercised. The exercise fee rate is 0.015%.

Advantages and disadvantages of Binance

Binance offers crypto enthusiasts a variety of trading tools. These include the Binance app, Binance website, and Binance desktop app. Binance averages just 2 out of 5 stars across 3,654 Trustpilot reviews.

Should you use Binance?

Binance is more suited for experienced investors who are looking for advanced trading options and plenty of analytics to back up their investment strategy. The crypto exchange is less preferred for beginners who are more concerned about convenience and security. Novice users will face a learning curve; however, it will become easier once they get hold of it. With 600 plus cryptocurrencies, low fees, and a presence in more than 180 countries, Binance is considered an excellent choice for non-U.S. residents searching for a sophisticated platform.

How to trade on Binance?

The most crucial factor which has driven users to select Binance as their trading platform is the ease and speed with which they can trade cryptocurrencies. Depending upon the user experience, the exchange very wisely provides different types of trading interfaces. The five easy steps for those early beginners who want to trade on Binance include:

• Step 1: Register Account- There are different options through which users can register a Binance account. A Binance account can be registered from Binance App, Binance website, or Binance Desktop Application with your email/phone number.
• Step 2: Complete Verification- Users can finish identity verification on their Binance account to unlock the fiat deposit as well as withdrawal limits. It usually takes just a few minutes to complete this process. This includes verifying your basic account information, providing ID documents, and uploading a selfie or portrait.
• Step 3: Deposit Crypto – If you own Crypto in some other wallet, you can deposit the same into your Binance Wallet
• Step 4: Buy Crypto – Depending on their country, users can deposit around 50 plus fiat currencies, like EUR, BRL, and AUD, to their Binance account through bank transfers and bank cards. Once deposited, users can use the deposited currency to purchase Crypto directly. One can also purchase a cryptocurrency directly using their credit or debit card either on the Binance website or the Lite Mode on the Binance App. Here, Crypto can also be bought using P2P methods.
• Step 5: Explore Binance’s versatile products- Spot Trading: Users can start exploring Binance’s adaptable trading products after getting their first Crypto. One can trade hundreds of Crypto and BNB in the spot market.BNB powers the Binance ecosystem as it is the native coin of the Binance Chain. BNB has various use cases, like paying for trading fees on the Binance Exchange and Binance DEX and paying for goods and services online and in-store.

Is Binance safe to hold your cryptocurrency?

Although Binance is one of the best crypto exchanges, it is recommended that users store their funds in a hardware wallet, especially for long-term savings. Hackers can target cryptocurrencies that are held online. Binance ensures its hot storage, but using your cold storage is safer through a hardware wallet. A hardware wallet is basically a device that is not connected to any internet connection; whenever you want to access your digital currency, you are required to plug it into your computer.