Today we review Binance for you. What is Binance? How does it work? What services are provided to you? This is just a few of the questions this short review will help you answer!
Name of the Company: Binance
Official Website URL: https://www.binance.com
Owner: Chanpeng Zhao (CEO)
Overall rating: (4.4 / 5)
Recommended? : Yes
The cryptocurrency terrain has in the last decade mushroomed with numerous players, in the capacity as entrepreneurs trying to deliver services to the market. Most of these firms are actually delivering services in a manner that is similar to what the financial services companies relying on the traditional currencies and assets have been doing. The only difference is that this time, cryptocurrencies are involved. Today I will therefore look at Binance, as I try to highlight its main objectives in the market place, and whether you can rely on it. I will achieve this objective by answering the following questions:
– What is Binance about?
– How does it work?
– Which products and services do Binance offer?
– What can be said about its genuineness?
– Is there investment or income-generating opportunities offered in this company?
– What are the unique benefits and drawbacks of dealing with this company?
What is Binance?
Binance has managed to build its reputation in the current world as one of the best crypto-only trading platforms. This company begun its operations in China, but was moved to Hong Kong upon China’s disregard of the cryptocurrencies within its territorial boundaries. This company has managed to create a centralized exchange environment for the decentralized cryptocurrencies and has been offering its services to the general public in a very professional manner.
At the heart of Binance is the objective to tackle problems arising from the lack of proper infrastructure, insecurity, terrible customer service, and poor customer service in the market niche it operates within. In line with that, this company has its vision as being to increase the freedom of money on a global scope, in a bid to improve lives around the world.
This is the reason Binance has established its position as a crypto-to-crypto exchange platform that does not deal in or handle fiat currencies such as Euro and USD. At the moment, any client can exchange any of the following crypto pairs at Binance: XRP, Tether, USTD, BNB (Binance Coin- the Native Binance Token), Bitcoin, Ethereum.
How does it work?
In order to carry out any exchange on Binance, you are required to create your account. The account creation process is quite easy and straightforward and you can actually do it without needing any support from Binance’s support team. New clients are required to register using their email Id, for them to be granted access to a basic account through which they can withdraw up to 2 BTC per day.
Upon registration, you can access your personal Binance account by providing your email ID and the password you provided in order to access the fully functional dashboard. Upon logging into your account, you will realize that Binance offers basic and advanced trading options.
If you have traded in the fiat currencies using another online platform, you are very likely to understand how to go about matching the various cryptocurrency pairs as you seek to make a profit.
The advanced trading option differs from the basic one, in that you can access more superior analytical features of the digital currencies you are trading in over time. The basic version merely lets you view the graphs and charts, order books, and the trade history for your preferred cryptocurrency pairs.
Products and services offered
What is Binance offering in the market? As described above, Binance offers its clients a crypto-to-crypto exchange service that allows them to work freely without any red tape. Also, as seen above, users are offered both the basic and advanced trading interfaces. Binance takes pride in its ability to offer a platform that lets you pair up several cryptos. The best thing about this company is that it charges a flat 0.10% fee on all trades. This means you can take advantage of this fee to trade in volume, and end up saving a lot of cash in comparison to what would have been the case if you had relied on any alternative platform.
In the recent past, Binance has also partnered with Simplex, which comes in as a brokerage service supplier. With the services offered by Simplex, you can purchase 6 different cryptos using your credit card in order for you to do your trade. This however attracts a 3.5% service charge.
Is it a scam or is it legit?
Binance is a genuine company offering genuine services through a business model that is easy to understand. As of now, there are no outstanding technical or support issues in this company that are worth mentioning. This means that this company has been consistent in the provision of services to its clients, ever since it commenced its operations in 2017.
The reviews done in several consumer trust sites reveal that indeed Binance is a professional company. On 99 Bitcoins (https://99bitcoins.com/bitcoin-exchanges/binance-review/ ) Binance has an overall rating of (8.7/10) stars, with its currency support, online reputation and customer support being the major contributors to this rating. On Blockonomi (https://blockonomi.com/binance-review/),
Binance is pointed out to be the leading an most trusted cryptocurrency exchange platform without a doubt since it is able to offer great fees and excellent digital currency support. We also learn from this review that Binance’s CEO, Chanpeng Zhao (CZ), has been a notable figure in the cryptocurrency world, and the only thing that matches his high standards of integrity is his own high standards of integrity.
On CoinSutra (https://coinsutra.com/binance-exchange-review-safe-reliable/), Binance has a (5/5) rating. The author of the review cites Binance’s security, trading volume as well as community initiatives as the most likeable aspects about it.
Bottom line, Binance is a legit company and if you happen to be absorbed into the cryptos’ world, this is a reliable platform to use whenever you want to trade. With the affordable rates and security offered by Binance, you will achieve your objectives without actually requiring a helping hand.
You can without a doubt, rely on Binance to invest. Being a trading platform that only supports cryptos, you can rely on your knowledge about digital currencies and make an income for yourself or your company.
Pros and Cons
It is always a good thing to compare the positive sides against the not so positive ones to get a better overall view o something. As always in our reviews we provide you with some clear points on both sides of the spectrum:
-Led by leaders who have integrity
-Very affordable rates
-There are no issues with liquidity
-Supports voluminous trades
-Works with Simplex (brokerage service provider)
-Excellent digital currency support
– Only supports cryptos
– Not a place you “hoodl” on
Do You Own or represent Binance?
If you are a representative, or associate of Binance and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or by sending us an e-mail to: email@example.com
Final words and verdict
Overall rating: (4.4 / 5)
Ok, I think that sums up the overall view of Binance pretty good. It is a legit service for sure, however, if you are looking to buy crypto and sit on it (so-called hoodl) then you should not keep your investment on Binance (or any other online exchange for that matter).
If you are looking to make an investment in Bitcoin (or other cryptos) then you need to keep your investment in cold storage (offline) in order for you to stay safe from hackers. The best place I can recommend in that case is Regal Wallet, there you can also fully insure your investment.
I hope you found this short review of Binance to be helpful and that you now have a better understanding of what it is and if it is something for you or not. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com