Binance is the largest cryptocurrency trading platform in the world. Because it offers a robust selection of trading options and features, it is not particularly user-friendly. Investors may experience a steep learning curve with Binance depending on their experience and knowledge. You can deposit funds in the form of cryptocurrency or fiat currency to your card through the Binance Card App. The process is just like transferring a cryptocurrency from one wallet to another. The card uses these funds as payments, and the expenses keep on deducting after payment is made.
Depending on location, customers can withdraw crypto and withdraw money via bank card or bank transfer/bank wire. Yes, as with all crypto exchanges, hacks are never 100% impossible which is why it is important not to keep significant portions of your funds on any exchange. Best practice is to use a non-custodial crypto wallet to move your funds off an exchange for long-term holding. Plus, you can explore https://www.tokenexus.com/ the rest of the Binance ecosystem, which includes pretty much everything in the universe of blockchain and cryptocurrencies. Its goal is to provide a wider audience for new projects, while also providing the cryptocurrency community with the due diligence to vet these projects prior to launching the tokens. Adding liquidity into a liquid pool and becoming a liquidity provider is not risk-free.
Binance vs. Coinbase Pro
However, the platform is still restricted to residents in New York, Hawaii, Texas and Vermont. To truly serve U.S.-based residents to the best of its abilities, Binance.US would ideally be available in all 50 states. One of the reasons for the split had to do with the parent company facing an investigation by the U.S. Commodity Futures Trading Commission (CFTC) for a host of potential violations. Binance Launchpad’s average ROI (return on investment) is the highest out of all other exchanges, so it might be worthy of checking out.
Overall their security offerings are about average for the industry. Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. In reality, it’s amazing just how quickly the platform has grown since it was launched in 2017. Although the exchange is less than two years old, Binance is already responsible for billions of dollars in weekly trading volumes. If you do need to make contact with somebody at Binance, you can submit a ticket request via your account portal.
Company Overview
We have continued to update this review since Binance was first launched ( we were one of the first to offer a review of the platform at the time ). And as time has progressed, time and time again Binance have proven to be one of the very best, if not the best, exchanges available. Adding phone support could help provide a more responsive and personalized support experience versus relying solely on tickets and chat. But overall, Binance customer support gets the job done and improves over time.
Despite these limitations, Binance.US remains one of the top 10 crypto exchanges in the world, according to crypto industry ranker CoinMarketCap.com. It should be noted that Binance doesn’t offer a phone number for customers to call with their queries. This can make Binance a little less responsive than other exchanges, and while their online support system is often quick, it can get bogged down a little during periods of peak demand. Binance users can also access the first and one of the best IEO (initial exchange offering) launchpads out there – Binance Launchpad.
Is Binance.US right for you?
In addition to the most popular coins, Binance is known for listing many smaller cap altcoins not readily available on other major exchanges. New cryptocurrencies are often quickly added after their initial coin offering. If you hold Binance Coin (BNB) in your account, you can get an additional 25% discount on trading fees. Another notable feature of Binance is their own cryptocurrency, the Binance Coin, or BNB. As of October 2023, the BNB token is the fourth largest cryptocurrency by market cap and they are valued at $224 with its all-time high coming in at $676 in 2021.
As such, you should only trade on margin if you have a firm understanding of the underlying risks. This includes Telegram and Twitter, so it’s well worth using these channels if you are yet to receive a response. However, the platform recently announced that it would be restricting US passport holders from using its exchange.
Binance offers a crypto loans service that allows users to collateralize their crypto holdings in exchange for a loan of stablecoins or fiat. For spot trading, the standard maker fee is 0.1% and the taker fee is 0.1%. However, users with higher 30-day trading volumes can qualify for reduced fees down to 0%. Binance is available in most countries around the world, while Binance.us was set up to serve the American crypto market. Binance is the more comprehensive platform, with more features, products, and better coin support, making it the better exchange for users not located in the United States.
- However, Binance also leads in navigating the regulatory waters in specific nations with specific registrations.
- In addition, they also use big data analytics and cyber forensic investigations to monitor each transaction taking place on the exchange.
- Loans can provide liquidity but do carry risks if asset values decline.
- Additionally, it also provides charts to assist in trading and technical analysis.
- Typically, fiat gateway fees vary from 1% to 7% based on the chosen payment method and processor.
For example, BTCUP represents a 3x long position in BTC perpetual futures. After creating your password, agree to Binance’s Terms of Service and Privacy Policy. You’ll be prompted to enter your email address and create a secure password. Binance requires binance review a strong password for account security, so be sure to use an alphanumeric combination of upper and lower case letters, numbers, and symbols. Registering an account on Binance is a straightforward process that only takes a couple of minutes.
While researching the company’s pricing structure for our Binance review, we were impressed with the value offered by the platform. With competitive standard fees and large discounts available for high-volume traders, Binance is an excellent trading platform for everyone, regardless of how far they are in their trading journey. Binance supports lending and borrowing 123 digital currencies, including BTC, BUSD, BNB, ETH, and USDT. There are no penalties or fees if early repayments are made during the loan term. The interest is calculated hourly, based on the asset, and determined from the start time of the loan.