Over the past few years, words such as cryptocurrency, blockchain technology and bitcoin have constantly been in the spotlight. In this world of digitalization, it is no wonder that we are turning to virtual currencies to replace our cold hard cash. Bitcoin, Ethereum, Litecoin, Monero and Ripple, the options are endless. The vast amount of cryptocurrency available would even get the most experienced traders scratching their head. Personally well-versed in the stock market ourselves, exploring the market of cryptocurrencies has always been intimidating. However, we recently chanced on Binance, which provided us a wealth of information on cryptocurrency trading and how to go about it. Discover more about it in our Binance review below.
Binance Review: A Leading Cryptocurrency Exchange Platform
Binance is a cryptocurrency exchange platform that offers competitive exchange rates at low trading fees. With its new acceptance of debit and credit cards as well as wire transfer, Binance provides a variety of options for those interested in cryptocurrency, regardless of their experience in it.
Binance is actually a crypto currency trading platform that acts as a one stop shop for all traders, beginners or advanced. Founded back in 2017, its founder, Changpeng, created a one for all platform for cryptocurrency after garnering first-hand experience himself. It is safe to say that Changpeng is well-versed in the area of cryptocurrency, with accolades including the Head of Development of Blockchain.com, Founder of Bijie Technology and OKcoin Exchange.
In this section of our Binance review, we will look at some of its key features. Binance provides for varying consumers needs through the changeable interface – Basic, Classic and Advanced. The Basic interface allows for consumers to simply trade one cryptocurrency to another, for whomever may be easily confused by charts or graphs.
On the other hand, the Classic interface provides important trading information in a simple layout that is relative easy to understand. However, given the overwhelming of information available, a little learning curve is definitely required in order to use the Class interface with ease. This learning curve comes with a well-informed trade in return!
Last but definitely not least, we have the Advanced interface that provides access to every single information, from price charts to market data, for seasoned traders to analyze and utilize. These functions live up to Binance’s reputation as a professional trading platform and provides for complex trades as desired by consumers.
Another huge allure that has attracted the interest of so many customers would be the high leverages offered by Binance. Margin trading under Binance provides huge flexibility for customers, with a leverage of up to 10 times on some coins and a choice of cross margin or isolated margin for customers. Binance futures, which allows for consumers to open long and short positions using leverage, offers a leverage of up to 125 times for its risk takers!
In addition to Binance’s trading platforms, Binance also provides other services for those interested in cryptocurrency but hesitant in trading.
Binance Savings Account
You can choose to subscribe your cryptocurrency to earn interest in the Binance Savings Account. Catering to differing consumer needs again, the Binance Savings Account provides 2 options for consumers to choose from, flexible savings and locked savings. The flexible savings allows customers unlock funds from the account at any point in time but comes with a variable interest rate. On the other hand, if you are sure that you would not be needing the cash in the short run, you can opt for the locked savings plan which includes a fixed term deposit with a higher interest.
Binance Staking Service
To those who are new to the term staking, staking cryptocurrency is where process where consumers hold cryptocurrency for the verification of transactions in return for a reward. Through Binance Staking Service, consumers can earn returns on proof-of-stake and decentralized finance coins without deep understanding of all the technicalities.
Binance Smart Pool
For all cryptocurrency miners, Binance Smart Pool is a platform that provides miners with higher profits through its auto-switching hash rate algorithm to mine the most profitable currencies. With a guaranteed minimum income and a simple operating interface, the Binance Smart Pool is extremely user-friendly.
As demonstrated by the huge selection of services provided, Binance is a platform suitable for both beginner and professional traders regardless of their objective. While a small learning curve is required from complete beginners, users are rewarded through the versatility of the cryptocurrency exchange platform. From active mining to passive saving, seasoned Binance users would be able achieve numerous objectives on a single platform.
Binance also boasts an extremely user-friendly exchange process, accepting both cryptocurrencies and fiat deposits. Previously only accepting cryptocurrency deposits, this development came about as Binance continued to expand globally. The continuous addition of different fiat currencies allows Binance to become more accessible to a larger target audience. With profit margin being one of the customer’s greatest concern, Binance also offers a competitive trading fee at only 0.1% per trade, with no fee charged for deposits or withdrawals. Trades made using the Binance coin receives a further discount of 50%, making the cryptocurrency exchange platform extremely affordable.
With over 15 million Binance users and US$3 trillion average trading volume, one of Binance’s weakness would be its customer service. While Binance provides a multilingual service website with automated chatbots, responses for the email contact form have been pointed out to be slow. As such, problems such as a faulty 2FA/SMS confirmation could take a slightly longer time to resolve. However, given the high traffic volume on the platform, such problems are completely understandable. As such, Binance provides a support team that is available 24/7, to maximise its customer service efficiency.
The cryptocurrency exchange market is extremely crowded and competitive. With different platforms offering different services for different target groups, it can be confusing to find the right platform to invest in cryptocurrency. For anyone that is new or looking for a professional trading platform, Binance should definitely be at the top of your considerations. Based on our Binance review, you can see that not only will it meet your current needs, investors with changing financial goals or becoming a seasonal trader can meet their new needs on the very same platform!