Binance review (2022) Review
Binance was founded by Changpeng Zhao. It is one of the best-known cryptocurrency exchanges in the world for its low-cost trading mainly. It’s a comprehensive platform to buy, sell, or swap a good range of cryptocurrencies, offering more than 220 cryptocurrencies. The Binance platform is aimed squarely at those who have been in the cryptocurrency game for some time now. But it is also good for beginners, the only reason why we recommend Binance for traders is that a beginner would not take advantage of everything Binance offers. It provides all the top features that an advanced trader desire.
Binance boasts a bunch of tools suited to various needs and abilities of the trader. Binance Futures Battle is one of them. It allows traders to compete with each other to get points for their trading. All they have to do is predict Bitcoin’s direction in the next few minutes. Binance Asset Conversion is a feature that allows you to convert assets directly into a coin-margined wallet without needing to transfer them from the spot market. They also offer Cross-collateral tools and Price prediction.
I haven’t found any information about their regulation on the website, so I went looking on the internet. The information I found wasn’t good. This is what I read several times: “Binance has come under scrutiny from U.S. federal investigators. US. Regulators are reportedly investigating how the company may be involved in helping Americans evade taxes, launder money and conceal illegal transactions, among other potential issues.” This is a statement from bankrate.com. In their Terms and Conditions, they mention regulations, but they were nowhere to be found.
Binance demo account
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. Going through their website, I found out that Binance does not have a demo account. You can only trade on the exchange by depositing real cryptocurrency.
They offer some of the lowest fees in the crypto industry, so traders looking to minimize the sometimes-massive costs, traders may want to take a close look here. Fees starting at 0.1 percent, 0.5 for instant buys and debit card fees of 4.5 percent. They use a volume-based pricing model. It gives you further discounts further on.
Registration is straight forward, from my point of view. In the top pane, on the right side you simply click “register”. After that a pop-up window comes up asking where you`re from.
After choosing the country you are from, click confirm and you`re taken to the next step. Here you can see the next steps. Create an account > Verify Identity > Unlock a prize
Then you start filling in the details they require. I like how you can see the progress on the right side.
Once you fill in your email address and a password, you have 30 minutes to verify by a code that has been sent to your filled in email address. That had been sent to my address in a second.
After you fill in the code, you need to type in your telephone number and wait for a verification code to come to your phone. And then you get to verify your identity. This is where I stop, because I don’t want to open an account without testing, knowing what I`m going into. Other than that, the registration seems simple, straightforward and verification codes came immediately.
After canceling the registration, the whole website has been blocked. I couldn’t access the website at all.
On their platform you have a total of 59 cryptocurrencies available. You`ll find ones like Bitcoin, Ethereum, Binance Coin, Solana and dozens of others that you’re probably not familiar with. It uses the same technology as the global platform. It offers three trading platforms: Basic, Advanced and OTC for peer-to-peer trading. Binance advises its new users to start on the basic trading platform, which will still give experienced traders the information they need such as spot price, 24-hour price performance and trading volume.
The website is very responsive and easy to navigate on. The only problem I had was that I couldn’t find any information about their regulations, about a demo account and their tools. The colors, grey and yellow, are fine by me, nothing extremely flashy and that’s what I like. The main page shows their pros and no extra marketing blabber. When I went from one tab to another, everything happened in an instant and I was not forced to wait in awkward silence to get to the next page. Again, I can’t say more about the website, because of being blocked.
In the bottom right corner, you can see live chat. The other way of contacting them is by support on their website. I found no phone number, email or an address. Educational material can be of great use to new traders that want to get into the trading world. I haven`t found much on their website. But then, going to their YouTube channel, you can find some educational videos there.
Brokers social networks
At the bottom of their webpage you have a footer and on the right an army of social networks they have. They use Facebook, Twitter, Instagram, YouTube, Reddit and Binance Community. Facebook is up to date. They post a couple of times a day. You can see posts like news, interesting facts and information about Binance. Instagram too is up and running. They have around 2 million followers, now that’s admirable.
You`ll find tutorials on YouTube, like how to verify, how to deposit funds or how to secure your account etc. Then you`ll find guides in English. For example, “How to buy crypto with a debit or a credit card”, or “How to adjust your leverage” etc. Their activity on social networks is great.
Advantages and disadvantages
Overall it gives a wide choice of cryptocurrencies with a trading fee that is among the lowest of the cryptocurrency exchanges. Binance is not available in some states, including Connecticut, Hawaii, Louisiana, New York, Texas and Vermont, although they`ve said, they will add these. The customer service is lacking and also educational support, like a demo account. I was missing some information on their website too and then we have these regulatory issues.
- Low fees
- Wide selection of popular cryptocurrencies
- Active on social networks
- No lags experienced with website
- Missing information
- Lacking contact details
- The webpage was blocked after I refused to identify myself for a couple of hours.
- The platform is complicated for new users
Pros / Cons