According to many sources, Binance (this is their website) is the most popular cryptocurrency exchange system around the globe. With access to multiple cryptocurrencies and the capacity to host peer-to-peer trading and crypto-to-crypto trading, it seems that there are many good reasons for the site’s popularity.
So what is the deal with Binance? Is it as good as it seems? Are there any downsides or caveats to look out for? Let’s take a look at the platform to see how it may or may not work for you and your cryptocurrency investment plans.
What Is Binance?
Binance was started in 2017 by Changpeng Zhao. Zhao has a background in creating high speed trading software, so naturally, Binance is known as a very high speed trading platform. Many people are drawn to the software due to the high speed of transaction execution, since the world of investments and trading often requires immediate action.
Through the Binance site, users have many options for managing their cryptocurrency. These features work together in what is known as the Binance “Ecosystem”.
The top feature of the site is the Exchange platform. This is where users go to trade. The rates and blockchain are immediately visible to users and constantly updated, meaning you can spot trade as well as instantly buy and sell over fifty different cryptocurrencies, including Binance’s own BNB tokens.
The Binance Chain is the system’s blockchain, which is maintained by the community, for the community. All users of the site also receive a TrustWallet, downloaded separately, where they can securely store and access all digital assets.
The Binance Launchpool and the Lab
If you’re considering launching a cryptocurrency token of your own, Launchpad and Launchpool are two features that Binance offers to make those dreams a reality. Users can apply to create a launch, and then focus on getting their project up and running while Binance takes care of marketing, exposure and initial user base.
Labs is an area used for incubating major cryptocurrency and Blockchain projects. An advisory service is also provided, so those heading for launch can get more details and information prior to investing their time and resources in creating their new token.
Some more Binance Features
When it comes to “details and information,” this site is well-equipped with research and learning tools. The Binance Academy provides helpful information for all levels of experience, from those just dipping their toes into the waters of cryptocurrency, to those who are ready to take it to the next level. In fact, the Academy is open access, meaning you can poke around the details before signing up.
Those who are ready to dive right in can check out the Research section, which provides “institutional-grade analysis,” according to the site. This includes detailed data regarding user behaviors and transactions from around the world. If you’re looking for some basic definitions and background on various concepts, the Info section is an open-source location for all the basics.
Last but certainly not least, the Binance Charity concept is a not-for-proifit fund dedicated to creating fundraising and philanthropic services for block-chain enabled charities.
What Are Some of the Pros and Cons of Using Binance?
Many users appreciate Binance for its comprehensive suite of interconnected features, as well as the flexibility of services it provides. Since your crypto wallet is integrated with the program, managing your funds and trading can be done simultaneously, without lapse.
Three trading platforms are offered: Basic, Advanced, and OTC. All three are available to all users, though the OTC feature is strictly for peer-to-peer transactions. Users can also purchase cryptocurrency directly from Binance, with a transaction minimum of $10. This makes Binance appealing to every level of trader, from the highly experienced trader to those wondering what this “Dogecoin” thing is all about.
But speaking about more serious tokens, the LTO token is also available on Binance. You can purchase and transfer it in your LTO wallet to stake it and earn a passive income. If you signup to Binance using this link, you’ll get a 10% reduction on your trading fees.
About the fees, the low trading fees are also a draw for this site. While the actual fees may vary depending on the type of transaction, they are all prominently displayed, so users know exactly what they’re getting into.
For those based in the United States, Binance.US offers trade on over 50 different types of cryptocurrencies and trading pairs, making it a widely helpful site for those who are interested in a more diverse portfolio.
On the downside, there are some US States where the site is not available: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont.Those working from the global site may find that the inability to trade all of the cryptocurrencies available from their site to the US site inconvenient, as well.
Is Binance a Good Site to Use?
Binance offers a lot of great stuff to assist nearly every crypto investor. From helpful tools for those who are just getting started, to incubators and support for launching your own tokens, the various educational and support tools on the site make sure users are clear on what they’re doing at all times.
Plus, Binance is really fast, which is important in the trading world, where a lag in information display can cost people a lot of money. The integrated TrustWallet feature is also something many users very much appreciate.
When it comes to versatility, usability, and convenience, many people enjoy what Binance has to offer. As cryptocurrency continues to develop, we continue to learn more about what it can do, and services that stay up-to-the-minute, such as Binance, can be incredibly helpful when it comes to ushering in the new age of cryptocurrency for users of all skill levels.