Binance Review

1. What is Binance?

Binance is a multi-cryptocurrency trading and exchange platform that allows its users to trade cryptocurrencies with each other. Changpeng Zhao developed it in 2017. The company aims to provide traders access to a large number of digital tokens while also ensuring the safety of their investments.

2. Why Binance?

Several other cryptocurrency exchanges and trading sites have sprung up over the years. But no matter how good they promise to be, I still find Binance an exchange platform worth considering. Of course, it has its flaws, but they are flaws that won’t inhibit your activities on the platform. With that in mind, let’s look at some of the advantages and disadvantages of using Binance.

2.a. Advantages of Binance

P2P Trading

One of the reasons I love Binance is the P2P trading platform. Gone are the days when you had to go through a very long process just to buy or sell cryptocurrencies. Binance offers a marketplace where you can buy and sell cryptocurrencies to other traders. I’ve spent some time on this platform, where sellers set their limits and even offer various payment options, making it quite easy to use. The market is also highly regulated, whereby, once you purchase the coins, they will be held in an escrow-like platform until the seller confirms they’ve received the payment.

Security

Any platform that deals with finances has to prove that they have the best security to protect the investments of their users, and Binance does that right from the registration process. Once you create an account, you go through a rigorous identification process that follows the KYC (Know Your Customer) principles. Before you start trading, you’ll have to provide photos of your ID, indicate the country you’re trading from, provide a selfie, and submit to a facial recognition test. All of this is to make sure that they are dealing with a real person.

Several Payment Options

Binance offers more than 60 payment options, from a bank transfer to credit cards, to mobile money; you’re most likely to find an option that works for you. They also operate in 180 countries worldwide, making an effort to integrate local currencies and payment methods into their platform. For instance, I am in Kenya, and one of the most used payment methods is a mobile money platform known as M-Pesa, and Binance allows us to trade in P2P using it, though manually. Better yet, you can also easily transfer your coins from other platforms to Binance or even convert from one coin to another.

Fees

Another perk of using Binance is the low trading fees. They charge at least 0.1% for those in the beginner level (VIP0), and the fees lower as you move up the ladder. Signing up through referral IDs earns you a 10% discount, and having BNB coins may also qualify you for a 25% discount. This allows you to save money and maximize your profits.

2.b. Disadvantages of Binance

Regulations

Despite offering low fees, Binance is frowned upon by some regulatory agencies. For instance, Binance is not regulated by the US Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC). Investors in the US may also have trouble using it since it’s not available in some States. Binance.US is a version of Binance for US residents, but overall, the acceptance of this platform in the US hasn’t been great. Investigations on tax frauds and money laundering don’t help much either in building their credibility.

It can be quite challenging to use at first

Binance’s user interface isn’t that easy to maneuver for new users, and neither is the Academy., But once you spend some time learning, it won’t take you long to find your way through the platform. Better yet, Binance also has a huge community outside the platform on sites like Reddit, Bitcointalk, and many others. In these platforms, there are tons of information on how to utilize Binance. YouTube videos on how to navigate the platform can also help.

3. How to Use Binance?

Now that we know all Binance is all about, let’s see how we can start using it

3.a. How to Open an Account at Binance?

Creating an account on Binance isn’t that complicated. Below is a step-by-step process.

  1. In your search engine, type “Binance registration” or “Binance Create Free Account,” which brings the following page. You can also access the official website and click on “Register Now”

Account verification

There are three levels of verifications n Binance; Basic, Intermediate, and Advanced. But all you need are the basic and the intermediate verification. Below is how to complete the basic verification.

  1. On the left-hand side, click settings, then click identification.

Activating the 2FA

Another layer of security that you must add to your account is the 2FA. That’s where every time you want to login to your account, Binance sends a verification code to your email, phone number, or you use an authenticator app such as the Google authenticator app. I find the Google authenticator to be the best, but you can explore the other options too. To activate it, click on the “Dashboard” section, and on the left-hand side, select Security.

3.b. How to Deposit Funds at Binance?

There are several ways you can deposit to Binance, which often relies on where you’re from and the currencies that are supported. The main types are credit cards, P2P, and cash balances.

Depositing Crypto

To deposit crypto, access the depositing sections as I’ve described above and select Crypto Deposit.

Buying With Cash Balance

To purchase cryptocurrency with the available balance, click on “Buy Crypto” on the top right section.

3.c. How to Trade on Binance?

Now let’s get to the fun part, trading. The trading feature has several features such as convert, classic, and advanced. I may not go into the strategies for trading since everyone has their preferences, but I’ll show you what each feature stands for.

Convert

In this section, you will be converting the cryptocurrencies you already have to fiat (cash) or other cryptocurrencies. Find the “Trade” option on the taskbar and click “Convert.”

Advanced

Now, the classic and Advanced are quite similar. And even though the Classic option is advertised as an easy-to-use interface, I find the advanced method great, even for beginners. Let’s see how you can use it.

Cross Margin and Isolation

If you’ll note, all the trading we did above was on the Spot option, but there are two other options, the Margin Cross 3X and the Margin Isolated 10X. The difference between the margin and the Spot is that we use the funds and the coins we already have in Spot. But for margin, you can borrow funds and repay.

3.d. How to Withdraw from Binance?

You can either withdraw fiat to your bank or cryptocurrencies to your external wallet.

How to withdraw crypto

To withdraw your cryptocurrencies or fiat, go to wallet — then click overview.

How to Withdraw Fiat

To withdraw fiat, access Wallet — Overview — then withdraw as shown above. But this time, make sure you’re in the fiat section, not crypto, as shown below.

4. Who Should Use Binance?

Anyone can use Binance, as long as it’s supported in your region. The popularity of this platform can be attributed to its low trading fees (0.1%), high liquidity, and responsive interface, which makes trading easy for beginners and veterans alike.

5. Conclusions

And there you have it. If you were still on the fence about using Binance for your cryptocurrency endeavors, I hope I have cleared everything up for you. It may not be the easiest to use, but after some time, you can be trading on the platform like a pro. Besides, it’s one of the most secure platforms you can find, and security matters when dealing with money, just like it matters in any other sector. Yes, there have been scandals, hacks, and other issues that may taint its reputation, but don’t they all? I hope you have enjoyed this review and Happy Trading Folks.

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Peter Karanja

Peter Karanja

I am a Freelance Writer for hire specializing in helping B2B and B2C companies engage their audiences and make more sales. Reach me at https:/creativitypot.com