Binance US Review 2022 – 2023 : Features, Fees, Pros and Cons
Binance US Review 2022 – 2023 : Features, Fees, Pros & Cons
Binance Pros & Cons
What is Binance?
Binance, now one of the world’s largest crypto exchanges, was founded in 2017 in China by Changpeng Zhao, commonly known as CZ. CZ used to flip burgers at a local Mcdonald’s and work overnight at gas stations in his teenage years.
Zhao’s company Beije Technology then started Binance by raising $15 million with the initial coin offering (ICO) of Binance Coin (BNB). At the time, the token was only 15 cents, with it reaching $690.93 at its all-time high.
Even though the company started in China, it moved its operations due to China’s ban on ICOs and centralized fiat to fiat-crypto trading. It’s currently hard to pinpoint a headquarters for Binance because CZ claims it doesn’t have a headquarters like Bitcoin, which doesn’t have an office.
Despite this, Binance is a global crypto exchange, supporting fiat (USD, GBP, EUR etc) to crypto transfers, alongside crypto-to-crypto exchanges, and with dozens of other supported products, such as savings and investments.
What is Binance US?
In 2019, Binance moved its U.S. customers to Binance.US. The U.S. exchange operates as an independent company under “BAM Trading Services“. The interface and the majority of features are the same, or very similar.
However, there aren’t as many tokens available to trade on the U.S. version, and it’s more of a basic version of the global platform. Plus, Binance.US isn’t available to residents of New York, Texas, Hawaii, Louisiana, Vermont and Connecticut.
Binance announced this move in September 2019 with an update to their terms of service, forcing American Binance customers to switch to Binance.US or risk losing the ability to trade and exchange crypto on the global version of the platform.
Binance has a wide range of attractive features for complete newbies to professional traders and has quickly become a one-stop-shop crypto platform. They continue to innovate, adding new features and products to stay ahead of their competition.
Let’s take a look and see what Binance has to offer.
Multiple Trading Platforms
You can choose from a total of five trading platforms based on your experience in crypto trading. As they’ve got something for everyone,
Binance is the perfect platform for crypto traders at every level and those who want to make simple exchanges.
- Basic Trading Platform: Binance is geared toward newbies to the Bitcoin and crypto world. Inside this trading platform, you can easily trade your crypto without getting tangled in anything complicated. It’s as simple as a currency exchange or money transfer platform, such as PayPal.
- Classic Trading Platform: Introduces charts and gives traders access to professional trading features like Stop Limits, OCOs, Limit and Market Orders.
- Advanced Trading Platform: Like Classic, you unlock a range of chart functionality and dive deep into crypto pairing and other advanced trading features.
- Margins, Derivatives & Futures Trading Platforms: Binance has a Futures Trading option with a 125x leverage on Bitcoin Futures.
- You can also use different limits for your orders in the Binance Futures dashboard.
- If you’re a beginner, we strongly discourage futures (or margin) trading as these are complicated and only to be used by experienced traders.
Binance Smart Pool
With the Binance Smart Pool, miners can earn a higher profit from mining activities.
The Smart Pool service will automatically switch hash rates to mine different currencies with the same algorithm.
They also have a guaranteed minimum income higher than the Full Pay per Share (FPPS) income.
So if you are into mining, we recommend checking out their Smart Pool for high returns.
Binance Earn (Savings)
Binance Earn acts as your crypto savings account, with various options for earning passive income with your crypto holdings.
A whole host of savings options are available depending on your desired level of risk, term, and returns.
Cryptocurrency trading fees can often cut into your profits. With competitors such as Coinbase Pro starting at fees of around 0.5%, the fees with Binance are significantly lower and some of the lowest in the industry.
- Trading Fees: Binance trading fees start from 0.1%. Depending on your trading volume and VIP levels, these fees can potentially decrease even further. When you choose to pay trading fees with BNB, you can unlock a further 25% discount. To find out what fees you will incur, make sure to check out this page.
Plus, check out our guide on how to save up to 45% on Binance Fees; if you use code GPZ64I32 at sign-up, you will save 20% off trading fees for life.
- Deposit Fees: Binance has no deposit fees unless you are depositing through a credit card or any other mechanism where the processing party charges the fee and not Binance.
- Withdrawal Fees: You will be charged a flat fee, which will vary depending on the cryptocurrency you want to withdraw. To check their withdrawal costs, head over to Binance Deposit and Withdrawal Fees.
Pro Tip: When withdrawing, you may be given more than one network, don’t choose the cheapest options. Make sure you choose a network that supports the wallet or exchange you are withdrawing to.
When someone buys crypto for the first time, their second thought is security. Whether an exchange is secure is the first thing you should consider when choosing an exchange, no matter how popular. You will trust your assets and personal information with a financial platform.
The majority of funds on Binance are stored offline, in what’s known as cold storage facilities, and your personal financial information is encrypted. They have a dedicated internal fund called Secure Asset Fund for Users (SAFU).
The exchange management stores 10% of all trading fees in this insurance fund to deal with any potential cyber breaches. So even if Binance gets hacked, you “shouldn’t” lose your money because they should refund you from their own pocket.
Is Binance Safe?
When it comes to Binance security, users have to take responsibility to make sure they apply the security features available. We recommend you start with the 2FA (Google Authenticator or YubiKey), enable alerts to secure your account from suspicious activity, and use multi-signatures and threshold signature schemes (TSS) for offline wallets.
Pro Tip: It’s not recommended to keep your assets on any crypto exchange, try to secure your crypto offline in a hardware wallet such as Ledger Nano X, Nano S or Trezor Model T
Binance was hacked in May 2019, and around 7,000 Bitcoin ($40 million) were stolen from one of the exchange’s hot wallets. They refunded the user’s wallets in full and ensured that not a single penny of user funds was lost.
if you still do not have a Binance account create a new account from here.
Other Post: https://www.ekaynaklar.com/binance-margin-quiz-question-answers-2022-2023/