binance cryptocurrency exchange
Review – Is Binance Legit?
Binance is one of the top-rated crypto exchanges in the world. It’s known for low fees, a massive trading volume, and a lengthy list of coins available for trading — over 340 different coins.
There are three platform options for beginners who want simple OTC trades to advanced traders who want things like candlestick charting, futures trading, and to trade crypto on margin. There’s clearly a lot to like about Binance, but it’s also worth noting that it had a major security breach in 2019 and continued issues with U.S. regulators.
At a Glance.
What we like.
What Needs Work.
Ease of use.
Binance is one of the top crypto currency exchanges around, and there are two main things you’ll hear about this exchange: low fees and lots of available coins. Being an inexpensive trading platform with over 340 different coins available definitely makes them stand out, but this Binance review will explore what else you can expect from Binance.
I’m going to cover Binance’s features, including the newly released Stock Tokens. You’re also going to learn about Binance’s fees, what’s the difference between Binace and Binance.US, and whether or not this exchange is worth your time.
Binance Review 2022 | Is Binance Legit?
Binance is a crypto trading platform, and it’s grown to become an industry giant since it was founded in 2017. The platform is built for new and experienced traders, and with over 340 different coins available to trade on Binance, it has one of the largest lists of crypto available for trade.
There are two different Binance exchanges: Binance and Binance.US. And if you’re in the U.S., Binance.US is where you’ll need to trade. The U.S. arm was launched in 2019, and since U.S. traders were blocked from the main platform in 2020, Binance.US has grown exponentially — it now is in the top 10 of largest crypto exchanges by volume, according to CoinMarketCap.
My Binance review will get into it more, but what Binance is really known for binânsje nei muntbasis is being an innovative exchange with high liquidity, low fees, and quick trading times.
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Binance currently ranks #1 on CoinMarketCap for a number of factors (liquidity, weekly visits, available coins, markets), but one of the main reasons is volume. At the time of writing this Binance review, the trading platform is seeing over $16 billion in trading volume.
The trading platform is incredibly intuitive, making it easy for new traders to jump in without feeling too overwhelmed. There are actually three trading platforms for users to choose from depending on the type of trade they want to make, running from beginner-friendly to advanced.
Binance Convert: آنها چه کسی هستند Simple, OTC (over-the-counter) platform for converting one type of crypto into another.
Binance Spot: Spot trading is exchanging one crypto for another, but this platform gives you sophisticated tools to make the kind of trades you want. Spot shows you order books with asks and bids, real-time candlestick charting, and advanced trade types like stop-limit or OCO (one-cancels-the-other) orders. It also shows open orders and order history.
Binance Advanced: This is a buffed-up version of Spot giving full access to all of the trading tools it offers.
Binance offers margin trading on selected trading pairs, anit has a specific platform for margin trading, with all of the pairs conveniently located on the right hand side of the window.
When you’re getting ready to make a trade on margin, Binance displays the level of margin with its associated risk. Risk level changes based on market movement, and if you’re margin level drops to the point that it becomes too risky, Binance will issue a margin call and have you make a repayment or add collateral. Binance will liquidate your funds if your level drops even lower.
Binance P2P is a peer-to-peer trading platform where buyers and sellers can connect with one another to trade directly. Buyers can also purchase crypto initially on this platform using multiple different fiat currencies.
The P2P platform lets you filter for different currencies, payment methods, and amounts. A list will be generated to show you who’s currently selling what you’re interested in. Buyer and seller are responsible for verifying payments and releasing the crypto for transfer. You can appeal the transaction if there are any issues, and there’s also a chat window to get in touch with the trader on the other end.
Binance Stock Tokens (New for 2022)
Stock Tokens are Binance’s newest feature, and these tokens closely track the performance of publicly traded companies. You can purchase fractional shares of a listed company with stock tokens, and the value of the token increases and decreases with the value of the underlying share.
Binance doesn’t charge any commissions on stock token transactions. And these tokens also payout dividends, when it applies, but buying tokens does not give you company voting rights like you would have with traditional stock shares.
Stock Tokens isn’t available everywhere — US citizens aren’t eligible, and you’ll have to meet certain verification requirements based on where you live.
Derivatives & futures trading.
Binance has a growing list of advanced options for traders, including:
Coin-M Futures: Offered as perpetual or quarterly contracts settled in cryptocurrency USDS-M Futures: Perpetual or quarterly contracts settled in USDT or BUSD Binance Leveraged Tokens (BLVTs): Derivatives that give you leveraged exposure to an underlying asset binance cryptocurrency exchange
Options: 신원 확인없는 바이 낸스
American-style options that are cash settled Binance Vanilla Options: This is a newer feature that allows users to buy European-style options Binance Battle: Another new feature that combines gaming and crypto, and users predict the future direction of a contract within a 5-minute window.
Lite Mode is a brand new feature on the Binance app. It was introduced in early 2021 to offer brand new users a way to quickly and ùine ath-bhreithneachaidh sgrìobhainn binance easily start buying cryptocurrency. It’s basically a stripped down and simplified version of the regular Binance trading app, and there is a button in the app to switch back and forth between the apps.
This is a 1:1 USD-backed stablecoin issued in partnership with Paxos and approved by the New York State Department of Financial Services.
Binance doesn’t charge any fees for purchasing, converting, or trading BUSD on its platform..
Binance Academy is a dedicated learning platform where everyone from brand new traders wanting to learn the basics to seasoned traders can hone their skills and learn to strategize. Academy gives you step-by-step guides and explainer articles labeled by skill level.
Some of the recent guides include: What Is a Short Squeeze?, How to Calculate Return on Investment (ROI), Custodial vs. Non-Custodial NFTs, and What is Polygon (MATIC)?
This is Binance’s exclusive token launch platform. You can take and earn new tokens through Launchpad. One of the most recent Launchpad projects is Tokocrypto (TKO), which is the first Indonesian local cryptocurrency project.
The Binance Trust Wallet is the official wallet for Binance users, and it’s free to store crypto in the Trust Wallet. You don’t have to use the Trust Wallet, but it is highly rated in the app store for it’s ease of use and security.
Binance Visa Card.
The Binance Visa card allows users to spend the crypto in their spot wallet.