If you’re looking for a platform for crypto trading to purchase your first digital assets, Binance stands out as a good option. The biggest cryptocurrency exchange offers many benefits and the high daily trading volume it has, shows that many users are taking advantage of them. If you’re not sure this is the best place for you, we’ve prepared this Binance review to help you understand the platform better, considering its advantages and disadvantages. By the end of the article, you’ll be able to decide for yourself if Binance is the best place for you to trade crypto or if you want to explore more options.
What Is Binance?
Before we begin our Binance review, we’ll start by explaining what is this platform. Binance is a centralized cryptocurrency exchange, established in 2017 by Changpeng Zhao, commonly referred to as CZ. If you’re not familiar with the cryptocurrency world yet, a centralized exchange means a platform for trading digital assets that complies with the know-your-customer (KYC) policies and lets a third party monitor transactions, all done to provide greater security to users.
Shortly after the exchange was introduced, it became one of the largest platforms for buying and selling digital assets. Today, Binance remains in the first place, among more than 520 exchanges, based on the daily trading volume of the platform. That means that many users, from all over the world since Binance offers its services globally, are constantly trading crypto on it.
However, we should mention that Binance has limitations on where it serves. In 2019 the US regulations regarding digital money started getting stricter and threatened to stop the normal functioning of the platform. That’s why Binance stopped operations on US ground and instead created a new exchange called Binance.US. If you wonder how Binance vs Binance.US differs, it’s all based on legal policies, as Binance.US was specifically created to comply with the American crypto laws.
There have been other instances of countries trying to stop the normal operations of the largest crypto exchange. So far, though, this hasn’t stopped Binance from remaining the top choice for the majority of investors and traders around the globe.
In this Binance review, we’ll cover all the information you need to know about the platform before you decide whether you want to use it or not.
Binance Review: Everything You Should Know About the Exchange in 2022
To help you understand the platform better, in our Binance review we’ll try to answer all the questions you may have about it. Here are the things we’ll cover about the biggest crypto exchange:
🟨 Creating an account on Binance
🟨 Offered services
🟨 Supported coins
🟨 Trading fees
🟨 Payment methods
🟨 Supported locations
🟨 Customer support
Creating an Account on Binance
We’ll begin our Binance review by covering one of the most essential things you need to know about it – how to create an account on Binance. Since the platform is relatively easy to use, you’ll be able to quickly navigate its site and learn how to open an account. Your options are two: to create an account using your phone number or email on the website or register through the Binance App.
To create your account you’ll have to provide your email address, create a password (with at least 8 characters, an uppercase letter, and one number), and then complete two verification stages. The first one is mandatory and is called security verification. In it you’ll have to type the code Binance sent to your email – in 30 minutes if you’re registering on the site and in only 10 if you’re creating your account through the app.
The second verification is called identity verification and you can skip it if you’re okay with having very limited options on the site. However, if you want to experience all the features of Binance, you’ll have to provide documents and photos of yourself to prove your identity. If you’re wondering how long does Binance take to verify your account – it may take up to 10 days, though it’s usually shorter. As long as you follow the steps and do the process in the 15-minute window you’re given, you won’t have any issues, for example, your Binance residential address pending. In case you fail, you have 10 tries and you can try again after those, after 24 hours.
To summarize the first part of our Binance review – the registration on the site takes a relatively short time though you may need to wait for a little to get your account fully verified. It may seem like an ordeal to some, but it’s worth mentioning that Binance requires all those steps to secure everyone’s trading.
One of the most important things you’ll probably look for in a Binance review is learning what features the site provides. Beginning with the obvious, you can buy and sell cryptocurrencies on the site. But more than that – on Binance you can set up recurring buy orders, earn passive income, conduct peer-to-peer trading, access crypto derivative products and limit orders, trade NFTs, and participate in Binance’s Launchpad and Launchpool to find new cryptocurrencies. You can also store your tokens on the wallet the platform provides. Additionally, the platform also provides its users with free educational resources, helping them navigate the decentralized space better. You may have noticed that this isn’t simply a centralized exchange, it’s a platform that provides many features for its users. That’s why we mentioned you may want to verify your account in the previous section, because if you do, you’ll be able to access many of the site’s perks, depending on the verification level you’ve picked.
If you’re looking for a place where you can trade a big variety of cryptocurrencies – you’ve found it in our Binance review. The platform provides users with the opportunity to trade over 600 digital assets and many crypto-to-crypto trading pairs as well. This means that you can not only trade big-cap cryptocurrencies like Bitcoin, Cardano, and Dogecoin, but you can also find less popular digital assets, as long as they passed Binance’s security check.
The biggest crypto exchange is famous for its low trading fees and we can’t skip mentioning that in our Binance review. On its website, you’ll find more information in detail, but to sum it up, you can take advantage of very low trading fees, including deposit and withdrawal. But to make things even better – you’re able to get 25% off if you pay with the native token of the exchange called BNB (previously known as Binance Coin).
Having mentioned the low fees on the exchange, we must talk about how you can pay in our Binance review. Here you’re provided with a big variety of options again. Depending on your location, you may be able to pay with up to 45 different fiat currencies, as well as with different stablecoins with USDT or BUSD (though you have to purchase those first). You can pay for your cryptos using different methods, including a bank transfer, credit or debit cards, peer-to-peer trading, or outside payment services, based on your location.
As we’ve mentioned at the beginning of our Binance review, you can access this trading platform from many locations globally, though there are some restrictions. For American users, you can only trade on Binance using its branch – Binance.US, though it doesn’t support four states, including New York. Otherwise, the exchange has had some other legal problems in different countries, including the UK, Japan, Canada, and Thailand. If we exclude that, you are able to benefit from its services from pretty much everywhere in the world where crypto isn’t banned.
As we’ve mentioned earlier in our Binance review, you’re required to verify your account in order to trade more safely. That’s part of the overall enhanced security on the platform that includes the option to set up two-factor authenticity for your account, and additional steps you can take to make sure your assets are secured.
In 2018 the platform established the SAFU – an emergency insurance fund that protects users’ money in case of a hack on the platform. The fund proved its reliability in 2019 when 7,000 bitcoins were stolen through a hack but none of the users were affected since SAFU protected them.
If you’re curious about trading on the biggest crypto exchange and looked for a Binance review, you’re probably looking for an answer to how Binance treats its customer. The platform provides 24/7 customer support and you can contact them through email, phone, or chat. You can take advantage of the strong social media presence of the brand as well, and message them there if you’ve encountered any issues.
What Are the Pros and Cons of Binance
If you want to skip reading our whole Binance review in detail, here you can see the pros and cons of the exchange in 2022.
Binance Review: Pros
✔️ Wide variety of cryptocurrencies
✔️ Low trading fees and additional discounts when using BNB
✔️ Many payment methods and fiat currencies supported
✔️ Several ways to earn passive income
✔️ Advanced trading tools and educational resources
Binance Review: Cons
❌ Not available in the US, customers have to use Binance.US there
❌ Regulation issues in some countries
❌ Has been hacked, though users didn’t suffer losses
❌ Identity verification may take up to 10 days, slowing users’ trading
As you can see from our Binance review, the advantages of the exchange may be able to overcome the disadvantages. Even though the exchange has had regulatory issues and had to stop operating in America, it created Binance.US there which became very successful as well. It’s likely that the cryptocurrency regulations globally will increase if digital assets continue to be used and that may mean problems for Binance as well. However, so far it’s managed to even out the pros and cons and come forward successfully.
Binance Review 2022: Should You Trade Crypto There?
Having read our Binance review for 2022 what do you think, will you start trading there? As you can see, the platform didn’t become successful by pure luck. It provides users with a secure environment to trade digital assets and take advantage of the big variety of cryptocurrencies, payment methods, and other additional features. If you consult with our guide and read more information, you can decide if this is the best exchange for your own trading needs. Keep in mind that many people have already trusted Binance but you should do the necessary research to know if you want to trade crypto there or not.