Binance is the ideal platform for those interested in diversifying their portfolio by trading a range of altcoins. With low fees, high liquidity, and a widely-accepted reputation of excellent security, Binance has become a very popular platform.
The Bottom Line: Binance has a wide range of altcoin offerings, making it a worthwhile exchange for those looking to diversify their crypto portfolio. The low transaction fees and trading discounts are a striking plus for cost-conscious traders. While most features are aimed toward experienced traders, the dual trading interface enables level-appropriate trading technology.
Binance at a glance
Binance accounts are relatively simple to set up and verification is optional, streamlining the onboarding process.
Binance is an all-crypto exchange. For those who do not already own cryptocurrency, you will need to purchase BTC, ETH, LTC, or XRP with a credit card initially. You can further trade these cryptocurrencies with other coins on the exchange. If you already own cryptocurrency on another exchange, simply deposit this into the exchange to begin trading.
There are two trading interfaces: Basic and Advanced. Both interfaces give the users interactive charts, lists of trading pairs and relevant information, basic statistics, and a place to create orders. It is self-explanatory to place a buy or sell order, but users will need a little education to understand the charts or to use the more advanced features, such as margin trading.
In general, Binance isn’t considered to be a platform for the novice trader. If you have never used as exchange before, Binance doesn’t introduce itself to beginners well. Instead of an interactive tour, novice traders need to read the educational resources available on the website. While vast in number, these articles are quite dense and difficult to absorb.
There are iOS and Android apps for Binance, both of which have been praised for their ease of use.
While Binance doesn’t have the tightest verification process and tends to shy away from regulation, it is also widely considered as one of the most secure crypto exchanges. In fact, an assessment by the Blockchain Transparency Institute mark Binance’s trade volumes as 100% authentic, free of any fraudulent trading.
Consistently being nudged by highly intelligent hackers, Binance has learned to lock down security through experience. Though sophisticated hackers have attempted to penetrate Binance, as of yet, all attacks have been repelled.
However, despite claiming to be focused on security and having never fallen to a breach, Binance isn’t very forthcoming with specifics on the techniques used for security.
Binance offers one of the widest ranges of altcoins, as well as access to popular cryptocurrencies like BTC, ETH, LTC, and XRP.
In total, there are approximately 145 cryptocurrencies available on Binance. Users can also trade with Binance’s own coin – BNB – and receive discounts for trades when using it.
The Binance Academy section provides a range of courses to help new traders learn about blockchain, cryptocurrency, and using Binance. The courses have articles and videos divided into various sections covering topics such as the theory behind blockchain, crypto real-world cases, trading guides, and technical analysis.
While not as extensive a library of resources as other exchanges, the Academy section does offer a good selection of beginner guides.
Binance customer service doesn’t receive great feedback, with users noting that it is slow. The ticket system – which is meant to be the fastest route to support – takes over 24 hours. There are options to contact the community through Telegram, Reddit, and Twitter, but these responses are sometimes inaccurate.
In terms of support on the website, there are still some translation errors from Chinese to English in the FAQ sections, making it a bit difficult to understand.
Binance doesn’t charge for crypto currency deposits, but does charge a standard trading fee of 0.1% per trade. This is very low in comparison to other crypto exchanges. If you are looking to make a deposit through a credit card, the fees are 3.5%.
Withdrawal fees depend on the cryptocurrency you are exchanging, but on average cost less than 1 USD.
What You Need to Know
Binance is the ideal platform for those interested in diversifying their portfolio by trading a range of altcoins. With low fees, high liquidity, and a widely-accepted reputation of excellent security, Binance has become a very popular platform. However be aware that it isn’t the best exchange for beginners, and that you need prior experience in order to maneuver the website effectively. If you need a little help traversing the platform, check out the Academy section for a guide to using Binance.