Binance review

Binance, originally based in China, was founded in 2017 by software developer Changpeng Zhao. 

It has been able to achieve its mission of being the world’s leading blockchain ecosystem by offering an extended product suite that includes the largest digital asset exchange. Currently, Binance is ranked as the largest cryptocurrency trading platform by trading volume around the world. 

Reputation

Binance is a popular cryptocurrency exchange, especially among experienced crypto traders. It offers a wide selection of crypto products although the selection is more limited for US citizens.

While Binance is the largest and possibly the most popular crypto exchange, it has suffered multiple regulatory clampdowns worldwide including in the United States. In most cases the exchange has been accused of lack of registration, lack of transparency, offering crypto unregulated derivatives, and issuance of its new product called “stock tokens.”

It was banned in the US in 2019 on regulatory grounds resulting in the creation of Binance US, which is a separate exchange affiliated with Binance but designed to comply with all applicable US laws. Binance is currently facing investigations by the authorities for allegations of money laundering and tax offences.

In June 2021, Binance was also restricted from carrying out its business in the UK on regulatory grounds.

Other countries where Binance has been blocked from operating include Japan, China, Thailand, Canada, and the Netherlands. 

In July 2021, it was fined by Thailand's Securities and Exchange Commission for committing an offence under the Emergency Decree on Digital Asset Business B.E. 2561 (2018).” It was also fined by The Dutch central bank for offering services within the Netherlands without being registered in the country.

All UI review

Users can access their Binance dashboard through a desktop browser, downloadable desktop application or mobile apps for both iOS and Android smartphones.

Binance dashboard allows traders to access the full suite of Binance products including the Binance exchange, BNB Chain, Trust wallet, Binance Research, Binance Launchpad, Binance Labs, Binance Charity, Binance Academy, Binance card, Binance Gift Card, Binance decentralized exchange, Binance learn and earn, and Binance NFT marketplace. 

Fees

Binance fees are among the lowest in the crypto industry although US customers pay slightly more through Binance US. It employs a maker/taker fee structure and the fees vary depending on the trading volume and amount of Binance Coin (BNB) held.

Binance does not charge any fees for converting cryptocurrencies and making payments to crypto wallets. It however charged some fees for buying and selling crypto, trading, and withdrawing funds to bank accounts. It charges 0.5% for buying and selling cryptocurrencies, 0.00% to 0.1% for trades, $15 for U.S. customers for wire transfers, and 4.5% for debit card transfers. It does not charge any fees for ACH transfers.

Users can however get discounts by using BNB coins, referral bonuses, and reaching the very important person (VIP) status by trading a certain amount of assets.

Functionality

Binance users can buy cryptocurrencies using fiat using bank transfers or credit and debit cards.

Compared to its competitors, Binance offers a wider selection of crypto trading products including crypto conversion, crypto spot trading, crypto margin trading, peer-to-peer (P2P) trading, crypto futures, and European-style crypto options.

Binance also offers some additional products like Swap farming which allows users to earn BNB tokens for swapping cryptocurrencies over the counter (OTC) liquidity and execution services, strategy trading, and leveraged tokens. It also offers a number of products that allow users to earn a passive income through DeFi staking, liquidity farming, ETH 2.0 staking, and dual investment.

Security

Binance security includes a two-factor (2FA) authentication and addresses whitelisting. It also allows users to do device management and restrict device access.

The Binance US provides FDIC insurance on all US dollar balances.

There has not been any major security issue involving Binance accounts and Binance remains to be one of the safest crypto exchanges around the world to date.

Reliability

While Binance is inaccessible in some countries, it offers a wide range of crypto products and trading tools in the areas where it is accessible. 

With its mobile apps, users can also trade on the go while accessing all the features of the Binance dashboard including the various order types such as stop order, limit order, stop-limit order, stop-market order, and trailing stop order.

Customer Support

Binance offers three ways for customers to reach out in case of disputes. These ways include asking basic questions via a live chat, submitting a ticket and receiving email assistance, and reaching out via Twitter.

Conclusion

Binance is, by all means, a great crypto exchange since it offers one of the most robust selections of products and trading tools.

However, because of its robust selection of trading features and options, Binance is not particularly user-friendly, especially for newbies. While experienced traders may appreciate the variety offered by Binance, beginners may experience a steep learning curve as they learn how to use the various tools on the Binance dashboard.