Binance review 2023: is it worth it?

Binance is a cryptocurrency exchange created in 2017 by Changpeng Zhao, a Chinese-Canadian developer (aka CZ). Zhao’s business, Beijie Technology, founded the exchange following a $15 million ICO. Binance, founded in China, relocated its headquarters to the Cayman Islands.

Binance homepage

Why, you may ask? It’s because of the Chinese government’s increased control of the cryptocurrency business. Since its inception, the exchange has seen tremendous success. It now holds the top rank on Coinmarketcap regarding 24-hour trading volume.

Its 24-hour trading volume is often more than five times that of its nearest competitor, Coinbase. Binance has a separate US version, which is different in terms of services. Binance US was launched in 2019 to provide US users with a safe and stress-free trading experience.

US traders may deposit USD straight into their trading accounts and trade directly against the greenback. The platform is a significantly reduced version of the worldwide exchange. But it retains most of its basic trading features, such as minimal costs set at only 0.1%. Binance US even provides zero-fee trading on Bitcoin trading pairs versus USD.

How to earn money on Binance?

There are many different ways to earn money with Binance. To begin, you can invest or trade in the cryptocurrency exchange market. You can do this without holding any cryptocurrency, just like investing in gold on the stock market. Second, you may stake and lend coins to the system or other users using the currency you currently own.

One of the simplest ways to earn money with Binance is to use the Binance P2P product in conjunction with Binance Earn. Binance P2P allows users to purchase and trade cryptocurrencies with other users directly. Binance Earn enables both new and experienced crypto users to quickly earn money on their current crypto assets.

How does Binance work?

Binance offers some of the best trading features. But how does it work? I’m talking about little details you need to know before getting started. Let’s look into these details!

Binance has a lot to offer. It includes over 600 cryptos divided into spot and futures markets. Some of the cryptos you can trade are

Cryptos

• Bitcoin (BTC)
• Ethereum (ETH)
• BNB (BNB)
• Dogecoin (DOGE)
• Cardano (ADA)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• Stellar Lumens (XLM)
• TetherUS (USDT)
• USD Coin (USDC)

For a complete list of the cryptocurrencies available on Binance, you can check the Markets page. Did you notice BNB in the list? It is the symbol of the Binance coin. Yes, Binance has a native coin too.

BNB is a cryptocurrency like other digital assets on the market. It fluctuates in value as individuals use and trade it. Along with this, Binance offers NFTs too. It has a fully established marketplace where you can buy and sell NFTs.

Binance trust wallets

The Trust Wallet is a hot (internet-connected) wallet that supports hundreds of coins on most major blockchains. It is simple to transfer funds from Binance to a Trust Wallet or any external crypto wallet.

Withdrawing from Binance to my MetaMask and Trust wallets is simple for me. Without the complications of a specific blockchain, withdrawals are usually completed in less than 10 minutes and at a low fee.

How does the Binance platform work?

You can trade easily through the native platform of Binance. It is very convenient and simple to use. I use it every single day, and it’s better than other platforms I use. So, let’s get started.

You can trade any cryptocurrency on Binance, which supports most of them. There are two Binance platforms: Basic and Advanced. The basic platform is beginner-friendly, while the Advanced is for pro traders. The difference is the number of tools available. Also, you have the option of connecting Tradingview with Binance platforms.

Both platforms show you an option where you can select the type of cryptocurrency. On the other side, it shows all the buy and sell orders. The chart in the middle is a candlestick chart that shows price changes.

It is possible to adjust each candlestick’s duration to a definite timeframe. It is very admirable how flexible users’ trading options are. You can use Binance on a PC, a mobile, or a web application.

Binance platform

Which trading indicators are available?

Have you ever considered the indicators you use when trading? As a trader, you should know why indicators are important. Binance uses several indicators.

Let’s have a look at them. You can use indicators to track your trades and fluctuations in the crypto market. Some of the important indicators available on Binance are:

• Moving Average Convergence Divergence (MACD)
• Relative Strength Index (RSI)
• Moving Average (MA)
• Bollinger Bands (BB) and more.

And yeah, like any other account, you have to follow some steps to get started with it. So, let’s see what a Binance account is. The reason why Binance has a single account on offer could be because it is an international crypto exchange for advanced traders. Let’s learn about that account; how it works is what you need to know.

Traders can access this platform through a downloadable application available for iOS and Android devices; or another option is the browser. Now, the account opening steps are quite simple.

1. To initiate two-step authentication, you must enter your email, password, and phone number.
2. You also have to insert a govt-provided ID, which can be any ID (license, passport, Visa, etc.).
3. Once your account is set up, a funding source is added, and you are then ready to trade.

Getting started with Binance

Does Binance offer a demo account?

We have just learned about the Binance trading account. But does Binance offer a demo account? Well, to learn about that, you have to stay tuned. Let me tell you if they offer a demo account.

Yes, Binance does offer a demo account. You have a virtual allotment of 10 BTC and 100 ETH to test your trading strategy under “real-market” conditions. It will assist you in developing and adjusting your rules in the most lucrative manner.

Binance is one of the world’s most secure and trustworthy exchanges, with numerous layers of “bank-like” security. Binance is regarded as a secure exchange that provides user account safety. Cold wallet storage and two-factor authentication are two examples of secure technology. However, there is always danger!

Binance was the victim of a significant cryptocurrency hack and security breach in 2019. Hackers used phishing emails, malware, and other methods to penetrate the security systems. 7,000 Bitcoins (roughly USD 40 million) and certain users’ two-factor authentication credentials and API tokens were stolen.

Binance used its immediate emergency insurance fund (SAFU) to refund any users who lost money due to the security issue. However, overall, Binance is super safe. Keep your crypto safe, and avoid the scams telling you you’ll receive free bitcoins.

Binance began in China but subsequently relocated its headquarters to the crypto-friendly state of the Cayman Islands.

Who owns Binance?

A particular entity owns every exchange firm. Binance exchange is an exchange firm under a widely renowned entity. Want to know about the firm that owns Binance? Let’s see. Binance cryptocurrency exchange is a Chinese-based firm owned by Changpeng Zhao.

The deposit methods offered by Binance are simple and convenient. The deposit methods are

• Bank Transfer
• Credit or Debit card
• Cash transfer

You can also buy cryptocurrency using the following fiat currencies

• United States Dollar (USD)
• Euro (EUR)
• Chinese Yuan (CNY)
• Australian dollar (AUD)
• Indian rupee (INR)
• Russian ruble (RUB)

You can also buy cryptocurrency using the following crypto coins:

• Binance USD (BUSD)
• Coinbase USD coin (USDC)
• United States Tether (USDT)

Binance offers traders a 10 USD minimum deposit limit. Binance allows the trader to deposit up to 5000 USD with no extra fee. After account verification, this limit is increased to 30,000 USD.

How to withdraw funds from the Binance account?

Binance offers various withdrawal methods. The withdrawal methods are simple and convenient. Want to know about these withdrawal methods? Here’s a quick guide to the withdrawal methods offered to the traders by Binance.

The withdrawal methods offered by Binance are the same as the deposit methods. There are various fiat currencies in which a trader can withdraw their assets. There is a withdrawal fee that is deducted on every withdrawal. This fee is different for different assets.

15 USD on domestic wire transfer and 35 USD on international wire transfer is deducted when the traders withdraw money. When traders withdraw assets using the Automated Clearing House (ACH), there is no withdrawal fee.

Binance deposits and withdrawals

Binance offers pleasant, round-the-clock chat support from their customer service representatives. You can also reach Binance straight through their official page on Facebook.

Multiple social media accounts are also available for assistance. Yet another option is to take a glance at the FAQ section. What more could you ask for?

Binance offers a variety of promotional codes, from bonuses to savings. Consider all your options carefully, then choose the one that appeals to you the most. An entire team manages all deals, coupons, and codes. Thus, a range of hand-selected discount/promo codes is available.

Does Binance offer bonuses?

Numerous crypto exchanges offer bonuses to traders in different forms. Likewise, Binance also offers different kinds of bonuses. Impressive, isn’t it? Let’s have a look at the bonuses offered by Binance. Three main kinds of bonuses are available on Binance.

Referral bonus

Getting this bonus is perhaps the simplest thing on earth. Just refer the broker to your friends, acquaintances, or family members. And you are all set to get a 40% commission for every trade. Amazing, right?

Sign up bonus

Traders that sign up to Binance are eligible to receive this bonus. You’ll have to accomplish some assigned activities after setting up the account. When done, you will get the bonus.

Other bonuses

In addition to these perks, Binance also gives one-time deals for novice traders. There was once a giveaway worth 50,000 USDT. It was when Binance added Bitcoin Cross Collateral to Binance Futures.

Traders received the cryptocurrency as a welcome gift. To be eligible, participants had to finish an initial Bitcoin deal by a deadline. To see if there are any current or upcoming giveaways, remember to check the Binance Market page.

The exchange does not add any tax on its own; instead it provides you a process to keep track. Let us have a look. Binance has a tax portal for traders. You can check it on their FAQs page. This intriguing feature helps traders access their transaction history by providing two tools: a tax API and an export statement tool. It helps customers put together their crypto taxes.

Binance tax info

Is Binance good for beginners?

The exchange is easy for beginners to use while providing enough coins and features to satisfy skilled traders. Binance is a platform I would suggest to crypto traders of all levels of expertise.

What is Flexible Savings?

Binance’s Flexible Savings is a one-of-a-kind crypto Binance savings account. When a user subscribes to Binance’s Flexible Savings, interest on cryptocurrency holdings and staking is deposited into the user’s Binance account.

Can I keep my coins on Binance?

Yes, you must leave funds on exchanges to trade. However, it is strongly advised that you only leave money on Binance that is actively traded. If you have several coins not being traded on your Binance account, withdraw them as soon as possible.

Are Binance and Binance US the same?

The UI and many functions are the same, but there are distinctions, such as the number of cryptocurrencies accessible to trade in the United States vs. elsewhere and which states Binance operates in.

How long does it take for Binance to verify the user?

Binance’s verification process is simple and quick. Binance identity verification takes about 15 minutes. Binance verification normally takes less than an hour.

Is Binance better than Coinbase?

Binance is better suited to users knowledgeable in cryptocurrency terminology and investment alternatives, whereas Coinbase is designed for quick and straightforward trading.

Which wallet is best for Binance?

The best BNB wallet for Android and iOS devices is Trust Wallet. It not only allows you to trade on the Binance DEX with your BNB but also to engage with Smart Chain DApps on the built-in DApp browser.

Are there NFTs on Binance smart chain?

Binance Smart Chain NFT marketplace is the largest centralized NFT marketplace in the crypto world, where you can buy and sell in-game stuff, virtual land, art pieces, and more.

Final thoughts

So, there you have the review of the top crypto exchange. Binance has created a huge name and has become the flagship exchange. If you want to open an account, grasp all the details first. Go through the guide again if you don’t understand anything. If you are looking for more crypto exchanges, you can check our detailed guide. While Binance is definitely a crypto exchange to consider, there are some to stay away from, like Mercatox.