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ScandiCrypto » Binance Review

January 26, 2023 by Editorial Staff

Binance Review

Binance logo
5/5
Go to Binance
Binance
Name: Binance
Website: www.binance.com
Established: 2017
Headquarters: Ta'Xbiex, Malta
Fiat to Crypto: Yes
Crypto to Crypto: Yes
Cryptocurrencies: 160+
Margin Trading: Yes

About Binance

Binance is a world-leading cryptocurrency exchange that launched in 2017 and has one of the most competitive trading fees in the crypto market. If you are looking to trade crypto-to-crypto or a one-stop-shop that allows fiat-to-crypto and a great selection of cryptocurrencies, Binance has you covered with more than 160+ cryptocurrencies and tokens listed on its exchange.

With the option of choosing between a basic and advanced interface, Binance makes it very easy for both beginners and moderate users to trade crypto across the world.

BinanceBinance✔️ 160+ cryptocurrencies
✔️ Advanced trading tools
✔️ High liquidity
5/5
Go to Binance

Native Binance Mobile App

One of the reasons for Binance being a great platform for trading crypto is because of its mobile experience on iOS iPhone and Android. Binance has its own native app that gives you a tailored trading solution, over any mobile device.

Payment Methods & Trading Fees

Until recently, Binance only accepted cryptocurrency deposits, however now users can purchase up to 6 cryptocurrencies with debit and credit cards (Visa and MasterCard). These are the following cryptocurrencies you can purchase with fiat:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Binance Coin (BNB)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)

When it comes to trading fees, Binance crypto exchange is without a doubt one of the leading exchanges with a flat rate of 0.1%. If you choose to pay your trading fees in Binance own token called BNB then you receive an additional 25% discount on trading fees on top of the already low rate.

Service & Binance Customer Support

Just like the rest of the Binance experience, there is not much to complain about their customer support that’s available over email. Their response time is within a respectful timeframe and do their best to solve your inquiry. We have yet to encounter a bad customer experience with support when communicating in English.

Margin Trading

As a Binance user, you as a user can leverage crypto position to access greater sums of capital to trade with. Margin trading is most commonly used on the Forex market but is also popular in the stocks and cryptocurrency market.

Please note when margin trading comes with fees and great risks as it can amplify bigger losses on your investments and capital.

Conclusion – Is Binance Safe?

If we look at Binance overall as a trading platform, Binance is on the leading forefront with many features and they continue to improve their exchange. With their support of nations world-wide, low trading fees, possibility for fiat to crypto purchase, this is more than you can say about their competition.

We would recommend Binance for anyone looking to invest in altcoins or do more advanced forms for trading. With its low trading fees and two versions of the graphical user interface, Binance got something for anyone looking to trade Bitcoin or any other cryptocurrency.

Pros and Cons

✔️ Pros❌ Cons
160+ cryptocurrenciesFew payment methods
Advanced trading tools
High liquidity
BinanceBinance✔️ 160+ cryptocurrencies
✔️ Advanced trading tools
✔️ High liquidity
5/5
Go to Binance

Binance FAQ

What is Binance?

Binance is a leading cryptocurrency exchange that allows users to buy, sell, and trade a variety of digital assets. The exchange was founded in 2017 and has since grown to become one of the largest and most popular crypto exchanges in the world.

How do I create an account on Binance?

To create an account on Binance, visit the Binance website and click on the "Register" button. You will be prompted to enter your email address and create a password. After completing the registration process, you will need to verify your email address and complete the account verification process before you can start trading on the platform.

What are the supported cryptocurrencies on Binance?

Binance supports a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, and many others. The exchange regularly adds new cryptocurrencies to its platform, making it one of the most versatile exchanges in terms of supported assets.

How do I deposit funds into my Binance account?

To deposit funds into your Binance account, navigate to the "Deposit" page on the platform. Here, you will be able to select the cryptocurrency you wish to deposit, and then follow the instructions provided to complete the deposit process. Some deposit methods may be restricted based on your location and other factors.

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