Binance review: Why is it the first crypto exchange in the world?

As you probably know, Binance is the leading crypto exchange platform in terms of volume and reputation. While it's a leader in its sector, the platform is constantly improving. Every year, a new and useful section is added. Today, we're going to give you our opinion on Binance. We're confident in saying it's the most comprehensive platform available.

You can buy cryptocurrencies , trade cryptocurrencies (CFDs and Futures), participate in new token launches (IEOs), stake them, and more. In short, the platform is suitable for all types of users, that's for sure. That being said, the sheer number of options available today can make it seem daunting for beginners.

What we're going to look at here is an article to give you an objective opinion on Binance. Indeed, many newcomers to the crypto world wonder which is the best exchange platform . And we're going to review all the platforms. You'll just have to choose the one that suits you best.

Who is the founder of Binance?

The Binance platform has only existed since 2017; it is quite recent indeed. The founder, who has now become an important figure in the world of cryptocurrencies, is Chinese-Canadian and his name is Chanpeng Zhao (CZ).

Moreover, with the recent rise in Bitcoin's value, he has officially become a crypto billionaire. Congratulations to him, but anyway, that's not the point of this article. To create the platform, he initially launched an ICO to raise the necessary funds. Since then, the exchange, as mentioned in the introduction, has continued to improve. No platform offers as many services as Binance, to put it simply. Initially based in China, Binance permanently closed its Chinese subsidiary when China tightened its cryptocurrency laws. The company then quickly opened subsidiaries in Europe, specifically in Malta, so that European (and therefore French) users could easily use the service.

Is Binance a secure and reliable platform?

Before depositing your money in a crypto platform, the very first thing to do is of course to check the viability of the platform. Confidence is essential when you want to trade without fear on a platform. Binance having arrived after the other major platforms, immediately focused on the security of the platform. Yes, we haven’t forgotten the monster hacks on MtGox for example…

In terms of security on Binance, we are served. Here are the security functions found on the platform to secure your capital as much as possible.

• The use of two-factor authentication (2FA),
• The “captcha” system to avoid robot connections;
• Setting up passwords;
• Email notifications as soon as a connection, or a deposit or even a withdrawal is made,
• We have the possibility of putting our tokens on crypto wallets cold wallet type.

As a result, Binance has not taken security lightly and this is perhaps also what explains such success. First of all, you should know that by being based in Malta, Binance must follow the financial authorities of the European Union. It cannot do anything with user data. Similarly, from a technical point of view, the platform has all the necessary tools to protect your cryptocurrencies securely. Thus, you also have an option to store your cryptocurrencies "cold". This greatly limits any risk of hacking, in this way.

Finally, you can enable (and it is strongly recommended) to use 2-factor authentication. This is essential on all platforms where you have cryptocurrencies, don't forget it.

So, what we can say is that fundamentally, Binance is a solid, reliable and secure trading platform.

What are the financial assets on Binance?

Very clearly, this is where all the power of Binance lies. This is where the platform is ahead of everyone. You can trade more than 200 cryptocurrencies. Besides, it is always the ultimate goal for new cryptocurrencies to be listed on Binance. What is very appreciable about Binance is certainly the fact that the site adds new cryptos very regularly. If you are looking for a new crypto launched into the market that traders are looking for, look no further. You will definitely find it on Binance!

You can deposit different cryptocurrencies directly on the platform, for example. Likewise, you can buy cryptocurrencies directly on the platform by bank card for example. This makes it easier for beginners to get into, in this case.

As on all exchanges, you can trade and exchange crypto between them or FIAT-crypto. We would like to point this out because in the past, we could only trade crypto-crypto pairs. Ditto for FIATs. You can deposit more than 30 different fiat currencies.

As for pure trading, you can trade CFDs and access leverage of up to 125. This makes it an asset for experienced traders.

What are the fees on Binance?

After security, it is of course the costs which represent the second most important criterion. Compared to the competition, Binance is average. It does not need to have the lowest fees because the trading experience is very high. This is the other side of the coin so to speak. But, for traders, it is worth the cost!

Binance charges a flat fee of 0,1% on crypto-to-crypto transactions, and on the majority of fiat-to-crypto transactions as well. Also note that fees are subject to change. The higher your trading volume, the lower your fees will be.

The good news is that you can reduce your fees by up to 25% if you use the platform's native exchange coin: BNB. It is then extremely interesting and recommend to have some.

Therefore, you can significantly reduce your fees depending on your trading volume and the amount of BNB you hold. Note that fees can generally be as low as 0,015%!

We remind you in this regard that deposits and withdrawals via Binance are generally free. This is especially true if you trade crypto to crypto through the exchange. The only fees you can pay for deposits and withdrawals are a small network fee which is variable.

Also, there are withdrawal limits that apply depending on your usage level with the exchange. You can withdraw a maximum of 2 BTC in a 24-hour period, or $5000 max for withdrawals in fiat currency (EUR, Dollars etc).

What is the trading platform worth?

So, that’s the most important point, isn’t it. You should know that the overall trading experience is excellent on Binance. There is a webtrader built into the browser, which means you don't need to download anything. You can start trading immediately, directly on the platform.

For a beginner, this may seem complex, at least visually. However, you quickly get your bearings. In addition, the platform has thought of everything. You have the choice between a so-called "classic" view which is frankly simplified. You then only see the available markets and this is very practical for beginners.

The “advanced” version is more suitable for experienced crypto traders. In this view, you will have access to a wide range of tools and sophisticated graphical indicators.

This is why we say that Binance is a platform suitable for all trading profiles.

Overall, the Binance trading experience is very good. The platform is fast, allowing for quick order execution. As you probably know, speed is extremely important in trading.

Finally, the platform is also very pleasant in the mobile version.

Let us also remember that the great advantage of using Binance is certainly the fact that it can be used with many crypto trading bots , such as Cryptohopper for example.

What are the other services of the platform?

When you start and arrive on Binance, this can still disconcert the most beginners. In fact, we immediately see several sections. We may not immediately understand what this means.

This is what makes the platform so strong. Binance has developed a whole range of services around the platform. These are truly small, independent entities that only enrich the world of cryptocurrencies. For example, you can stake on Binance and even lend on the Binance platform.

In short, you are spoiled for choice!

You can read our article to learn more about the specifics of the services offered and how to make money on Binance. –> How to make massive money with Binance (excluding trading).

Here is the summary of all sections belonging to the Binance octopus, made up of 8 main branches:

• Binance Academy: This is all open access resources for developers. Extremely powerful for people who want to learn more.
• Binance Exchange : Ah! Here we are, this is the actual exchange platform. The heart of Binance.
• Binance Chain : This is more about the internal software used by Binance.
• Binance Labs : Honestly, this is perhaps the most useful section of Binance. It is an incubator that will finance, help and support crypto projects towards success.  
• Binance Charity : This is a really interesting branch of Binance. We had already written an article on a project for helping women through Binance’s charitable foundationEg.
• Binance Info : Like many trading platforms, it is a resource center. We have access to a complete glossary, tutorials and explanatory videos. Training above all!
• Binance LauchPad : This section is the one that launches the new tokens. For those who like to invest in new projects and new tokens, this is the place to go.
• Binance Research: It is a space for fundamental and technical information and analysis on trading.

There you go, now you know everything (or almost) about the largest exchange platform in the world. Our opinion is that Binance remains one of the most complete on the market.

But before concluding this paragraph, I have to tell you about Trust wallet.

What is Trust Wallet?

You may have already heard of it? It's an application that's been available since 2018. It's actually an open-source wallet, freely accessible, developed by Binance. It's a decentralized, self-custodial wallet , meaning you control your own keys.

—>Read the article: Custodial vs. Non-Custodial Crypto Wallets: What Are the Differences?

This universal wallet is remarkable for its ease of use. It complements the use of Binance, although the app can be used perfectly well without Binance. In fact, many people use Trust Wallet without using Binance.

It's a wallet indeed, ideal for storing Ethereum tokens of all types: ERC20 , ERC-223, and ERC-721. Yes, it's quite comprehensive, to say the least!

How is customer service on Binance?

The first good thing about Binance customer service is definitely the amount of languages ​​available. There are more than 15 languages ​​that are supported. This is also why we have a good review on binance.

If we encounter a problem on the platform, the support team is very responsive. There is also an extremely rich and detailed FAQ. And if you don't find answers to your questions, the team responds via chat 24/24.

We can file a support ticket directly in the chat support and have a real employee respond to us. For certain questions, you can even have telephone access to an employee of the customer service team. And that, I can tell you, is very rare!

Final words and review on Binance

We've just seen the basics of what Binance is . You can now better understand why it's such a popular platform among crypto holders. In fact, it's become an essential tool in the industry.

Whether for the variety of assets, ease of navigation, security, the Binance platform is perfect for buying cryptocurrencies and trading.

Similarly, with the new release of the Bitcoin debit card offering up to 8% crypto cashback , we're sure its leadership will only grow! As you can see, our opinion of Binance is more than positive.

To learn more, you can also consult the tutorial article on Binance. You can also check out our invaluable article on how to make money on Binance.

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Note: Cryptocurrency trading is highly speculative and carries significant risk. It is possible to lose all your capital invested in trading. These products may not be suitable for everyone and you should ensure that you understand the concepts of trading.

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