Binance is the most popular cryptocurrency trading platform. It also offers many trading options and features but is not very user-friendly. It can be a difficult platform to learn for investors depending on your level of experience and knowledge.
Binance provides a variety of trading options, including a large selection of market charts, and hundreds of cryptocurrency. It also offers mobile and desktop dashboards. You can also access many trading options, including options and futures, as well as multiple order types. However, the United States does not have access to many features and options. Only 65+ cryptocurrencies are available for U.S. customers.
Binance offers more than just tools and features. It also has a comprehensive learning platform and an NFT platform. U.S. customers have not yet access to the NFT marketplace.
How Binance works
Binance is a fully functional cryptocurrency exchange that offers a wide range of services.
It can be used to:
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
- Trade, buy, and sell cryptocurrency
- Establish recurring purchases
- Earn passive income
- You can access advanced features like crypto derivative products, limit orders and peer-to–peer trading
- Trade non-fungible tokens (NFTs)
- To get exposure to new cryptos, you can join Binance’s Launchpad or Launch Pool
- Get portfolio insights and live tracking, as well as alerts
- Its tax reporting tool will help you keep track of all your tax obligations
Binance’s wide range of products has put it in hot water with many regulatory agencies around the globe. Binance warns users about the potential risks. You can also temporarily suspend an account by using the anti-addiction feature. This allows you to stop losing trades for a certain period of time.
It does allow retail investors to access risky products such as margin trading. Users are responsible for managing the risk.
Cryptocurrencies on Binance
Binance offers more than 365 cryptocurrency for trade, while only 65+ are available in America. It also supports fiat currencies such as USD, EUR and AUD. Binance offers a variety of cryptocurrency pairs, depending on where you are located.
Binance U.S. offers cryptocurrencies such as Binance Coin (BNB), VeChain(VET), Harmony [ONE], VeThor Token/VTHO), Dogecoin (“DOGE”), and Matic Networks (MATIC). It also supports the following cryptocurrencies:
Features
Crypto-to-crypto Trading Pairs
Binance US offers almost 60 crypto-to-crypto trading pairs. These include Bitcoin Cash (BCH), Binance Coin(BNB), Ethereum [ETH], Chainlink (LINK), Chainlink (LINK), Litecoin [LTC], Uniswap, VeChain/VET and Tezos (“XTZ”) Binance USD and Tether can also be traded for stablecoins. Binance’s stablecoin ($1 BUSD equals $1 USD) is the only one that allows you to trade cryptocurrencies.
Digital Wallet and Security Options
Trust Wallet, a free wallet to store cryptocurrency for Binance users is the official one. It is highly rated both by Google Play and App Store users. However, users are free to choose their crypto wallet of choice.
Binance.US has not been hacked, but it has reported that hackers stole $40,000 million worth of bitcoins in 2019. The company claimed that it had paid all losses to the affected users.
It holds all U.S. dollar deposits and is insured by the Federal Deposit Insurance Corp up to $250,000 in case of bank failure. However, unlike stock brokerages and stock exchanges, cryptocurrency exchanges such as Binance.US do not have the Securities Investor Protection Corporation. This corporation protects investors against total cash loss up to $500,000, theft, or brokerage failure.
Binance Mobile App
Binance.US launched a new update to its mobile app in December 2020. It now includes live price tracking, the possibility to automate recurring purchases, and other customizable features. In addition, the mobile app has many of the same functions as the desktop website.
Peer-to-peer Trading
OTC trading on Binance.US allows buyers and sellers to trade directly. Transaction fees are not charged, but the spread between the sell and buy price is. The minimum trade amount, which is equivalent to $10,000, is also high.
Three Trading Platforms
Binance US is the same technology used by the global platform and offers three trading platforms: Basic and Advanced for peer-to–peer trading. It recommends that new users begin with the basic trading platform. This will give them the necessary information such as spot price and 24-hour price performance, trading volume, and trading volume.
The basic platform is not enough for those who are just starting out. You can purchase bitcoins directly from the website if you only want to buy them. After your account has been verified, you can enter the amount of bitcoins and dollars that you wish to spend.
Fees
Binance has some of the lowest fees in the industry. Users of Binance US will pay slightly less than those based in the United States, but its fees are still much lower than other top platforms.
It uses a make-or-taker fee structure. Fees vary depending on trading volume and Binance Coin balance. Higher volume trades will generally attract lower fees.
You can also receive fee discounts on the following:
- Trades using Binance (BNB), coins
- Referral bonuses
- Trading a certain amount to achieve the status of a very important person (VIP).
Other fees may be charged to Binance users. The chart below provides a quick overview of the fees associated with different withdrawal and payment types.
Binance Payment Methods
| Payment Type | Fees |
| Wallet | N/A |
| Debit cards | 4.5% |
| ACH Transfer | No cost |
| Wire transfer | $15 for U.S. Customers |
| Crypto conversion | N/A |
| Trades | 0.00% to 0.1% |
| Buy/Sell Crypto | 0.50% |
Pros and Cons
| Pros | Cons |
| Low fees | Not beginner friendly |
| There are many ways to make passive income. | Regulative issues |
| Wide range of cryptocurrency options | It is not available in the U.S. |
| Advanced trading tools | |
| There are many ways to deposit money | |
| Trading crypto-tocrypto or fiat–tocrypto |
Conclusion
Binance is the most popular cryptocurrency exchange in the world. However, there are ongoing investigations and a long list of countries that have banned or limited its services. Also, new cryptocurrency investors may find the platform too complex.
It might be the right platform for you if you are a skilled global trader and want to explore new tokens and trade opportunities. Binance US may offer some opportunities for active traders who are based in the U.S., however it has fewer supported cryptocurrency than the global platform. Before you start with Binance, do your research and compare different platforms.
