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Binance Review 2022 – Investopedia




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 Binance
Our Take 
Binance is a popular cryptocurrency exchange designed for experienced cryptocurrency investors. It offers relatively low trading fees and a wide selection of cryptocurrencies for trade globally, though its trading options are more limited in the U.S. While its low fees might be appealing, the platform has run into regulatory issues and is currently under investigation in the U.S.
Over 65 tradable cryptocurrencies for U.S. customers
Low fees
Wide selection of trading options and order types
U.S. version is more limited
The platform is complex and may be confusing
No built-in digital wallet available
Binance has run into regulatory trouble in several countries
 Binance
Binance is the largest cryptocurrency trading platform in the world. Because it offers a robust selection of trading options and features, it is not particularly user-friendly. Investors may experience a steep learning curve with Binance depending on their experience and knowledge. 
Through its desktop or mobile dashboards, Binance offers a wide array of trading features, including an impressive selection of market charts and hundreds of cryptocurrencies. Users can also access a variety of trading options including futures and options, as well as several order types. However, many options and features are not available in the United States and only 65+ of the cryptocurrencies are accessible to U.S. customers.
In addition to its tools and features, Binance also offers a comprehensive learning platform, an NFT platform, and more. The NFT marketplace doesn't appear to be available to U.S. customers yet.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Founded in 2017 by software developer Changpeng Zhao, Binance is a decentralized crypto exchange that was originally based in China. 
While Binance is currently the largest cryptocurrency exchange in the world by trading volume, it’s also facing regulatory issues in several countries. In the United States, it’s currently under investigation by U.S. authorities on allegations of money laundering and tax offenses. The platform has also been banned in several countries. 
Binance offers hundreds of cryptocurrencies for global users. However, it’s important to note that the global Binance platform is different from its U.S. counterpart, Binance.us, which only offers 65+ cryptocurrencies.
Experienced traders may appreciate the variety Binance offers, but users might find this platform confusing given its many features. Additionally, its ongoing investigations and growing list of regulatory issues are also concerning. 
Binance has more than 365 cryptocurrencies available for trade on its exchange, but only 65+ are available in the U.S. For international users, it also supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, and INR. Depending on your location, Binance has a wide variety of cryptocurrency pairs depending on your location.
Some of the cryptocurrencies available on Binance U.S. are: Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network (MATIC). Additionally, Binance supports popular cryptocurrencies including:
Binance offers a variety of trading tools, including real-time charting tools with moving averages and exponential moving averages. Users can place trades through the Binance app, Binance website, or Binance desktop app. 
Traders can also use the Binance platform to access their portfolios and trade history, as well as view the order book and price charts. Additionally, Binance provides various order types such as stop order, limit order, stop-limit order, stop-market order, and trailing stop order. You can also choose different trading views ranging from classic to margin and OTC views. However, many of these features are unavailable in the U.S. including margin trading and some of the order types.

Binance doesn’t have its own dedicated crypto wallet, but it recommends Trust Wallet. Generally, a crypto wallet is a relatively secure place to store your assets.
Binance’s fees are among the lowest in the industry. While U.S.-based users will pay slightly more on Binance.us, its fees are still lower than what you’d see on other leading platforms. Binance employs a maker/taker fee structure, and fees vary based on trading volume and Binance Coin (BNB) balance. In general, higher volume trades are subject to lower fees. 
Users can also get fee discounts for the following:
Binance users may also be subject to other fees. For a quick look at the different fees associated with various withdrawal and payment types, you can refer to the chart below.
Binance’s security features include two-factor authentication (2FA) via the Google Authenticator app or short message service (SMS), address whitelisting, device management, and the ability to restrict device access. The Binance.us platform also provides FDIC insurance on all U.S. dollar balances. 
While these features can help keep user accounts relatively secure, Binance’s reputation remains a cause for concern. Overall their security offerings are about average for the industry.
To open a Binance account, follow the steps below:
Binance offers three basic options for customer support: submitting a ticket, asking basic questions via chat, and reaching out via Twitter. 
Binance averages just 2 out of 5 stars across more than 2,000 Trustpilot reviews. Several complaints revolve around poor customer service and difficulty withdrawing funds. However, even with the difficulties some users face, some feedback is positive. Many Binance users mention a favorable, relatively seamless experience with the platform. 
Users can access their Binance dashboard through a desktop browser or downloadable desktop application. It also offers mobile apps for iOS and Android that can be downloaded in the Apple and Google Play stores.
Binance’s dashboard allows you to view charts, marketing trends, your portfolio, and your current and past trades. To manage your payment types, simply navigate to the account page and add any credit/debit cards and bank accounts you’d like to trade with. Making deposits and withdrawals is simple and can be done by navigating to the “Spot Wallet”, selecting the asset you’d like to purchase or withdraw, and following the on-screen instructions.
Overall, Binance offers a wide range of supported assets and trading options for global traders, and its rates are also some of the lowest in the industry. While there are some positives about the platform, its compliance issues are a cause for concern.
If Binance doesn’t sound like the right option, you may want to consider Coinbase Pro, which is one of its primary competitors.
Binance and Coinbase Pro are the two largest exchanges in the world. They also offer active traders versatility in trading options and assets. Here’s how the two platforms compare.
Both Binance and Coinbase Pro offer a sophisticated trading experience. While Binance has generally lower fees and more global trading options, the Binance.US platform is more limited with fewer options than Coinbase Pro, which could make Coinbase Pro a better choice for U.S. investors. Meanwhile, citizens of other countries may feel the opposite is true. 
Additionally, while Binance’s fees are lower, they are also having compliance issues in other countries and are being investigated in the U.S. Coinbase has also run into recent issues with U.S. regulators, though the issues are less about the overall platform and more about its Lend program. Overall, Coinbase is regarded as a more stable, secure platform than Binance.
While Binance is the largest cryptocurrency exchange in the world, the ongoing investigations, and the long list of countries banning or limiting its services are cause for concern. Its platform may also be too complicated for new cryptocurrency investors. 
However, if you’re an experienced global trader who’s eager to explore different tokens and trade options, Binance may have the features you’re looking for. Active traders based in the U.S. may find some opportunity on Binance.US, but it offers fewer supported cryptocurrencies than the global platform. Make sure to do your due diligence and compare platforms before getting started with Binance.
Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.

Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.
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