Is Binance A Great Cryptocurrency Trading Platform?

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When it comes down to the crypto world, choosing the right cryptocurrency trading platform is critical, particularly when you want to invest and trade. Having said that, Binance has become the most popular and the biggest cryptocurrency trading platform around the globe. This is because it has come out with an extensive range of features and trading options. 

Honestly, it’s not very user-friendly and investors will experience a steep learning curve with this trading platform, irrespective of their skill levels. Through the smartphone and desktop dashboard, Binance delivers an array of trading functions, including support for hundreds of cryptocurrencies and an impeccable range of market charts. 

The users can access multiple trading options. In addition to these features and tools, Binance offers the NFT platform and a promising learning platform. So, if you are thinking about going ahead with your cryptocurrency investment and trading, we are sharing our two cents on Binance! And if you ever wondered how Bitcoin became a currency, read further.

The Company Overview 

Binance was launched in 2017 by Changpeng Zhao and is popular as a decentralized cryptocurrency exchange that was primarily based in China. While it is known as the biggest cryptocurrency exchange in terms of trading volume, it is also struggling with regulatory issues in various countries. For instance, it is under investigation in the U.S. for tax offenses and money laundry while some countries have banned it. 

Binance delivers support for hundreds of cryptocurrencies for its users around the world but the global platform is different from the U.S. app, which only supports sixty cryptocurrencies. The expert crypto traders are surely satisfied with the variety of cryptocurrencies but beginners might find it confusing, given the advanced features. In addition, the growing regulatory issues and investigations have also become a concerning point. 

Supported Cryptocurrencies

The primary reason behind its popularity is the support that it provides to hundreds of cryptocurrencies. To illustrate, it supports more than 365 cryptocurrencies for trading on the platform. In addition, it supports various fiat currencies, such as INR, USD, AUD, EUR, HKD, and GBP. Binance offers over 50 to 591 trading pairs, depending on your location. While it doesn’t support Bitcoin, it does support ONE, VET, VTHO, DOGE, DASH, ATOM, COMP, ETH, ADA, and LTC.

Trading Experience

There is an extensive range of trading tools available in Binance, including real-time charting with moving averages. The users have the option of placing trades through the website, desktop app, or smartphone app. The traders can also use this platform to access the trading history and portfolios, along with price charts and order books. There are various order types available, including limit order, stop order, stop-limit order, trailing stop order, and stop-market order.

The users have the option of choosing different trading views, ranging from OTC views to margins. There is no cryptocurrency wallet with Binance but they do suggest Trust Wallet, so you can store the assets more securely. 

Fees

Just like other cryptocurrency trading platforms, Binance also charges a fee but it’s the lowest out there. This is because Binance has a maker/taker fee model and the fees are curated depending on the BNB balance and trading volumes. In particular, if you have higher volume trade, the fees will be lower. Moreover, the users can get fee discounts for referral bonuses, BND coins in trading, and reaching VIP status by trading some digital assets. 

Account Setup 

Opening the account on Binance is actually the easiest thing. This is because the registration only takes a few minutes when you verify the account details. You can also link the suitable payment method, deposit funds, and start investing and trading. Honestly, the entire process will take not more than five minutes if you have all the information available. 

Pros

  • More than 365 cryptocurrencies available for global trading 
  • Low fee
  • Easy account setup 
  • Various order types
  • An array of trading options 

Cons

  • Not accessible in the U.S. 
  • Complicated functions 
  • Not suitable for beginners 
  • Absence of digital wallet 
  • Regulatory issues 

The Final Verdict

It’s clear that Binance is the biggest exchange out there but the ongoing regulatory concerns have become an issue. Also, it can be complicated for some people. However, if you have crypto trading experience and want to work with multiple trade options and tokens, Binance is a great platform as it has all the features to help you out!

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