Binance Review 2021: Complete Exchange Overview

 

Binance Review 2021: Complete Exchange Overview

Binance is the world’s largest online cryptocurrency exchange by trading volume. The exchange is also one of the fastest platforms in the crypto market today.

As the world’s largest crypto exchange by trading volume, Binance Coin delivers investors and traders with a full suite of offerings.

CEO Changpeng Zhao founded Binance back in 2017 and is headquartered in crypto-friendly Malta after having moved from China.

The exchange provides investors with one of the widest range of cryptos available in the market place today. Cryptos on offer range from the market’s largest by market cap to some smaller and less known coins and tokens.

These include but are not limited to Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”),Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).

With the broad range of cryptos on offer, Binance also delivers investors and traders with numerous ways to enter the market.

Investors and traders can purchase cryptos by:

• Bank Deposit: Binance supports bank deposits for fiat currencies.
• Credit/Debit Card: Visa and Mastercard.
• PTP Trading: By bank transfer and 60+ alternative options.
• 3rd Party Payment: Via Banxa and Simplex.

Binance Platform Attributes

Key attributes of the Binance platform include:

• The Binance exchange is easy to navigate making it suitable for advanced and the more novice trader and investor. Binance offers multiple trading platforms to cater for different levels of trading experience. (See Key Features section).
• Users can deposit cryptocurrencies from external wallets or use a credit card, or deposit fiat currency. FX risk is removed, as Binance supports the deposit of all of the major fiat currencies.
• Traders can trade anywhere, with the Binance platform also available on Google Play, the App Store, and Android APK. For desktops, the platform is compatible with both, iOS and Windows.
• Finance: Users may earn rewards by depositing or staking cryptos, and get instant loans secured by crypto assets and more. (See Key Features for details).
• Binance supports amongst the largest number of cryptos in the market place.
• The platform not only supports spot trading but also margin and futures trading. Please see the Binance Futures review for more details.
• Strong emphasis on security, with Binance offering 2-FA and anti-Phishing measures.
• Charts are powered by TradingView – This gives users access to a wide range of indicators and drawing tools to support technical analysis.
• 24/7 – Customer support – 24 hours per day support is available via the chat page. There is also an extensive FAQ section and Learn Center to assist users to navigate the platform.

The Affiliate Program

For every new user referred to Binance, the referrer will receive a commission on fees anytime the new referred user trades on any of Binance’s spot or futures markets.

Users are free to invite new users via either a spot referral link or futures referral link and receive commissions.

Spot Referrals:

• Affiliates base referral rate is between 41%-50%. Affiliates can choose to share 0%, 5%, 10%, 15%, or 20% with the friends they invite.
• If the inviter’s daily average BNB account balance is less than 500BNB and their base referral rate is 20%, they can choose to share 0%, 5%, or 10%.
• If the inviter’s daily average BNB account balance is 500BNB or more, their base referral rate is increased to 40%%. They can choose to share 0%, 5%, 10%, 15% or 20%.
• Please refer to the Binance Futures review for details of the futures referral program.

The Pros and Cons

Pros

• A user-friendly platform, with plenty of tutorials and support to assist in familiarizing yourself with the platform.
• Binance offers amongst the widest range of cryptos in the market and a comprehensive range of crypto pairings to trade.
• High trading volume delivers greater liquidity to Binance traders.
• Supports the deposit and withdrawals of crypto and fiat money.
• Strong emphasis on security, with an array of security measures to protect investor assets.
• Launchpad gives Binance users access to newly launched coins and tokens.
• Users can earn interest by saving cryptos and earn rewards for staking cryptos.
• Multiple trading platforms to cater for different trader experience levels.
• Comprehensive support center and 24/7 customer support.

Other positives include

• KYC verification delivering an additional protection layer for Binance users.
• Mobile Compatible: Android and IOS.

Cons

• KYC compliance will be positive for some, while considered negative for traders seeking anonymity. Users are able to trade Bitcoin, however, before completing the verification process.
• A demo account is only available for the Binance Futures platform.
• The more advanced trading platforms can be daunting for novice traders while delivering for the more advanced trader.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

Binance provides multiple trading platforms to support the trading of cryptocurrencies.

Cryptos supported for trading include Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”), Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).

The Platforms

Binance offers the following trading platforms to cater for the more novice and more experienced traders:

• Basic: This is the easiest way to trade on the Binance exchange. Users can trade Bitcoin, BNB, and hundreds of other cryptos in just minutes.
• Classic: A standard trading platform that provides users with a more traditional platform to trade from. The platform includes charts and options to trade with stop loss, by market or limit order, and either spot or with margin. Binance also has an additional feature “One Cancels the other”. This is where a stop-limit order and a limit order are placed at the same time. When either of the order pairs is triggered, the other order will be canceled. If one is canceled, the OCO pair will be canceled.
• Advanced: The advanced platform offers all of the “Classic” features. Additionally, however, there are more trading tools within the charts.
• Margin: Allows traders to trade with margin to enhance earnings.
• OTC: Offers better pricing and fast settlement for larger buy or sell trades.
• P2P: Allows traders to buy and sell cryptos directly with other Binance users on the P2P platform.

Additionally, Binance has a Binance Futures platform to support the trading of cryptos via derivatives. Please refer to the Binance Futures review for details.

The Trading Platforms

Basic

In order to access the “Basic” platform, go to the “Trade” dropdown menu and click “Basic”.

• From the dropdown menus, simply select the crypto you wish to convert and enter the amount. Then select the crypto you wish to purchase.
• Preview the conversion and then complete the trade.
  

Classic

This is the more traditional trading interface providing access to charts. The platform offers traders access across the various crypto pairings. Users are able to use stop-limits and OCOs as well as trade by limit order or market order. You may buy or sell cryptos here.

Users also have the option to trade under isolated 10x.

Additionally, users that have entered into trades are also able to view:

• Open Orders.
• Order Histories.
• Trading History.
• Funds Summary.
  

In order to enter into a trade or view your orders, etc., scroll down to the bottom of the page. Choose our crypto pairing from the right-hand-side of the page. You have the option to search by BNB, BTC, ALTS, FIAT, and ETF pairings. There is also a search engine.

Below the pairings on offer, you may also view trades by “Market Trades” across Binance or view your trades only, by selecting “My Trades”.

Advanced

The “Advanced” trading platform has a similar look to the “Classic”. Additionally, however, the “Advanced” platform offers a full suite of chart functionality to support technical analysis and trading.

Other than different chart functionality, it is just the layout between the “Classic” and “Advanced” that differs.

Margin

Binance also supports margin trading in order to increase profits. In order to go to the Margin trading platform, select “Margin” from the “Trade” dropdown menu.

With Binance Margin Trading, users can borrow funds to perform leverage trading.

Margin trading supports both Cross Margin and Isolated Margin Modes.

Isolated Margin Mode:

• Each trading pair has an independent isolated margin account.
• Only specific cryptos can be transferred into it, held, and borrowed in a specific isolated margin account.
• For instance, in a BTCUSDT isolated margin account, only BTC and USDT are accessible.
• Positions are independent in each trade pairing. If an additional margin is needed, you need to fund the account, it will not be automatically be funded from other isolated or cross margin accounts.
• Risk is isolated in each isolated margin account. Once liquidation happens, it will not affect other isolated accounts.

Cross Margin Mode:

• Each user can only open one cross margin account, and all trading pairs are available in this account.
• Assets in a cross margin account are shared by all positions.
• The margin level is calculated according to total asset value and debt in the cross margin account.
• Once liquidation happens, all positions will be liquidated.

In order to enable a Margin account, go to the “Wallet” dropdown menu and select “Margin”.

Here you may either open a Cross Margin account or Isolated Margin accounts as shown below. Choose the account that you wish to open and then click “Open Now”.

OTC

The Binance OTC trading portal delivers better pricing and faster settlements for larger trades.

Go to the “Trade” dropdown menu and select “OTC”.

• Choose whether you wish to buy or sell and then enter the amount that you wish to buy or sell in the trade pairing.
• You may choose the pairings from the dropdown menus. Only enter one amount in either BTC or BUSD in the example below.
• Then click “Get Quote”.
• You will then have the choice to reject or accept the quote.

You will need to complete the KYC verification process to trade on the OTC Portal.

P2P
In order to buy and sell cryptos across the Binance network, go to the “Trade” dropdown menu and select “P2P”. You will need to complete the KYC verification process to buy and sell crypto on the P2P platform.

Here you can select whether you wish to buy or sell, the crypto you wish to buy or sell, and the transaction currency and funding method.

Upon choosing the crypto, the amount, and the currency, then choose “Payment Type” from the dropdown menu.

In the example below, we have chosen to purchase USDT in USD using PayPal to make payment. By entering your criteria, you will then be given a shortlist of users/merchants that match your requirements.

Simply click “Buy USDT” and complete the details and process the transaction. Your USDT Wallet will be funded with your newly purchased Tether upon completion of the transaction.

Charts
The Binance platform provides traders with interactive charts to support trading and investment activity.

In order to select the crypto pairing, choose from the pairings on the right-hand-side of your page or use the search function.

Binance offers users access to 3 chart formats:

• Original
• TradingView
• Depth

Users can view and include indicators by clicking the icon shown by the arrow below. Additionally, users can include technical drawings and adjust the timer intervals.

In order to access the charts, go to the “Trade” page. You can then select the crypto pairing from the drop-down menu located on the top right-hand side of your “Trade” page.

Charts are available on the Classic, Advanced, Margin, and Derivatives trading platforms.

Balances and Trading History

Binance provides users with a comprehensive historical log of all orders, loans, and savings history.

Go to the “Orders” dropdown menu located on the top right-hand-side of your screen and select from the options available.

These are broken down by:

Spot orders, Margin orders, P2P orders, Dual Currency orders, Savings History, Buy Crypto History, Loan History, and OTC History.

As shown below, Binance provides a full breakdown of each order. Additionally, users may also close out trades here or cancel all orders.

On the left-hand-side of the page, you will also be able to navigate across the various pages under the “Orders” dropdown menu.

Additionally, you are also able to view Locked Staking History and Defi Staking History.

 Key features of the Binance platform

Wallets: Binance offers users with a comprehensive list of wallets to hold cryptos and fiat currencies on the exchange.

Mobile Trading: Binance is mobile compatible and is available on Google Play, Android APK, and the AppStore.

Interactive Charts: Supported by TradingView, users have access to a wide selection of indicators to carry out technical analysis.

Support Centre: A comprehensive library of articles to assist in queries and to help navigate the platform. Users may also chat directly with customer support. Additionally, Binance has a Learn section, proving users with detailed guides on how to buy cryptos.

Trade: A wide range of platforms are on offer to invest in or trade cryptos. These include “Basic”, “Classic”, “Advanced”, “Margin”, “OTC”, and “P2P”.

Derivatives: Traders can also trade USDT Futures, Coin Futures, and Leveraged Coin products. See Binance Futures Review for details.

Launchpad: Users are given access to crypto launches to stay ahead of the market. Here, you can review the project details, including the whitepapers, the timelines, and start staking.

Research: Binance delivers its users with institutional-grade analysis and reports.

Finance: Users receive rewards for depositing and staking cryptos. Binance also offers loans secured by cryptos.

Binance Visa Card: Users can convert and pay with crypto worldwide.

Deposits and Withdrawals: Binance supports the deposit and withdrawals of both cryptos and fiat money.

Payment Methods

Binance offers multiple deposit options for users. These include:

• Crypto deposit: For users who already own cryptocurrencies supported by Binance, you may transfer these to the Binance compatible wallets.
• Bank Deposit: Binance supports bank deposits for the world’s fiat currencies.
• Credit/Debit Card: Visa and Mastercard.
• PTP Trading: By bank transfer and 60+ alternative options.
• 3rd Party Payment: Via Banxa and Simplex.

Registration

To open an account, go to the Binance home page and click on “Register” on the top right-hand side of the home page. (As shown below).

In order to create a free account, you may open an account linked to your email address or mobile.

Complete the information requested. This includes either email address or mobile number and password. If you are a referral you may also enter the referral ID.

Acknowledge that you have read and agree to the Terms of Service and then click “Create Account”.

Binance will send you a verification code to your email address. Enter the code and hit “enter”.

You may now deposit funds in order to begin trading. Binance allows you to either deposit cash, crypto, or buy crypto with your credit card.

Users will need to complete the verification process, however, to be able to use all deposit methods.

For demonstrative purposes, we have selected “Deposit Crypto”. From the dropdown menu under “Coin”, you may also select the crypto that you wish to deposit. We have chosen Bitcoin.

Copy the address or scan the QR code from your Bitcoin wallet from which you wish to transfer Bitcoin, choose the amount, and complete the transfer.

Once your Bitcoin wallet is funded on the Binance exchange you are ready to trade.

Please note that, if you choose to deposit fiat currency or purchase by credit/debit cards, you must first complete the Identity Verification process.

Post-Sign-Up Verification

In order to complete the “Identity Verification” process, go to your account dropdown menu shown by

the arrow and select “Identification”.

Upon the completion of the verification process, your withdrawal limit increases to 100 BTC. You may also make a fiat currency deposit that will have limits in place upon completion.

You will need to provide the following in order to complete the verification process:

• Primary country of residence.
• First and last name.
• Date of birth.
• Residential address.
• Photo of your ID.
• Selfie to verify your identity.

When you are ready to complete the process, click “Verify”.

• Step 1: From the dropdown menu, select your primary country of residence and then click “Start”.
• Step 2: Enter your first and last name, Date of Birth, and residential address. Also, choose your nationality from the dropdown menu. Then click “Submit & Continue”.

You will now need to verify your identity. Please ensure that you have your Photo ID to hand.

• Step 3: Click “Start” and choose your ID’s country of issuance and ID type, either passport, driving license, or ID Card.
• Step 4: Either upload a file copy of your ID, take a photo of your ID or opt to use mobile if easier. We have opted to upload a copy. Upon uploading, click “Confirm”,
• Step 5: Upload a selfie. Check to ensure that the picture is in focus and that your whole face is visible. Then click “Complete”.

If there are any issues with the information provided, you will be asked to try again. Until the process is complete, limits on deposits and withdrawals will remain in place.

Post Identity Verification Deposit

Upon completion of the verification process, you may make fiat currency deposits.

In order to make a fiat currency deposit, go to the Buy Crypto dropdown menu on the top left-hand side of the home page.

Select “Bank Deposit” and then select your chosen method of payment, complete the details, and finalize the transaction.

Binance recommends Bank/Card Deposit. Here there is a flat deposit fee of £1.95 in the case of GBP deposits. For Visa and Mastercard deposits, there is a 1.8% deposit fee.

Do note the limits that are in place for bank deposits. In the case of GBP, the limit is £460. For Visa or Mastercard, the deposit is a higher £4,600.

Supported Cryptocurrencies

Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”), Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).

Traders can locate the cryptos and pairings supported by Binance across the mainstream Binance trading platforms:

These range from the “Basic” trading platform to the “Advanced” platform.

It is worth noting, however, that not all of the cryptos are available on the Margin, OTC, P2P, and Futures platforms.

The Details

Binance supports the investing and trading of cryptos. With an array of platforms to cater to the ever-widening investor and trader pools, Binance delivers:

• Basic to advanced trading platforms to support rudimentary investing and trading to advanced trading techniques.
• Margin: Delivers margin trading to the crypto world enabling traders to enhance returns.
• OTC: Caters for those looking to enter into larger trades by offering better pricing and faster settlements.
• P2P: Gives investors and traders access to the Binance crypto network. Here investors and traders can buy and sell with other users across the Binance network.

With a variety of platforms to choose from, Binance also provides users with a wide range of options in order to deposit or purchase cryptos.

It is important to note, however, that there are limitations until you complete the verification process.

Fees and Charges

Trading Fees
Binance has a tiered trading fee structure that is based upon 30-day cumulative trading volume or 24-hour Binance Coin holdings.

Traders are categorized into VIP Levels, ranging from Level 0 to Level 9.

Trading Fees range from 0.1% for maker and taker to 0.02% / 0.04%, depending upon VIP level status. Additionally, both maker and taker can receive a 25% discount by using BNB, as shown below:

Margin Borrow Interest Rates

Margin borrowing interest rates are also based on VIP Level status and vary by crypto. See below:

Withdrawal Fees

Withdrawal fees and minimum withdrawals vary by crypto, as shown below. For the full crypto offering, the fees and minimum withdrawals can be viewed here:

Binance Wallets

Binance provides users with compatible wallets for the supported cryptos.

You can locate the crypto wallets by clicking the “Wallets” icon on the top right-hand-side of the Binance page.

Crypto wallets are classified as follows:

Spot: Binance provides wallets to manage your cryptos for spot trading. Select the “Spot” category to view wallets for Binance supported cryptos.

Here you may also deposit, withdraw, trade, and transfer cryptos to other accounts, as well as view transaction histories.

In order to trade, choose the crypto wallet that you wish to trade from and select the crypto pairing as shown below. Once you click the pairing, you are redirected to the Binance trade page to complete the trade details and execute.
In addition, users have wallets to manage margin trading, futures, P2P, savings, pooling, and swaps.

Cross Margin / Isolated Margin: Trade assets using funds provided by a 3rd party with a Margin account. Transfer funds to your margin account to start trading.

USDT/Coin Futures: Transfer USDT/funds to your USDT Futures/Coin Futures accounts to trade marginated futures. There is no expiration, with leverage of up to 125x.

P2P: With Binance Peer-to-Peer, you can trade cryptos directly with other users or businesses for a better trading experience.

Savings: Transfer crypto to a Savings Account and earn interest with the flexibility to withdraw your funds at any time.

Pool: Receive mining income and participate in a variety of mining financial services and products with Binance Pool.

Swap: Binance Liquid Swap provides convenient trading of multiple coins. Enjoy a share of commission on fee transactions by trading assets into the pool.

Deposit & Withdrawal Options

Binance facilitates the deposit and withdrawal of funds in crypto and fiat money.

For users who don’t pre-own Binance supported cryptos, you can purchase cryptos by credit or debit card, P2P trading, Cash balances, or by third-party payments.

In order to view your crypto purchasing and deposit options, view the “Buy Crypto” dropdown menu.

Deposits

Crypto Deposits
For users already owning Binance supported cryptos:

• Go to the “Wallets” page located on the top right-hand side of your Binance home page.
• Select “Spot”, choose the crypto that you wish to deposit and then click “Deposit”.
• Copy the address or scan the QR code, and complete the deposit.

As shown by the arrows below, you may also change between crypto and fiat and also change your crypto deposit or fiat currency deposit. You will need to complete the verification process, however, to deposit fiat currency.

We do recommend that you scan the QR code, when possible.

Fiat Currency Deposit

In order to deposit fiat money, select “Bank Deposit” from the “Buy Crypto” dropdown menu.

• Choose the currency that you wish to deposit.
• Select the preferred payment method. (Binance recommends bank/card deposit).
• Enter the details prompted and complete the transaction.

You will need to complete the verification process in order to deposit fiat currency.

Additional methods to purchase crypto include:

• Debit or credit card
• P2P Trading
• Cash Balance
• Third-party Payment

These options are also available to select from the “Buy Crypto” dropdown menu.

Withdrawals

For withdrawals, users may withdraw Binance supported cryptos to external wallets. The Binance platform also supports the withdrawal of fiat money.

Crypto Withdrawals

In order to make a crypto withdrawal, go to the “Wallets” dropdown menu and select “Spot”.

Choose the crypto wallet that you wish to withdraw from and click “Withdraw”.

• Select the recipient BTC address from the dropdown menu.
• Choose the transfer network.
• Enter the amount of crypto that you wish to withdraw and click “Submit”.

If you have not added a recipient address via “Address Management”, select “Address Management” from the Withdrawal page and then click “Add Withdrawal Address”.

Fiat Money Withdrawals

In order to make a fiat withdrawal, simply select fiat from the page above.

• Select the currency that you wish to withdraw from the dropdown menu.
• Choose your withdrawal method and complete the transaction. Binance recommends Bank/Card withdraws.
  
  
  

Privacy and Security

Binance delivers a high-level of security to users to protect personal information and user assets. Security measures include:

YubiKey 2-Factor Authentication: A YubiKey is a hardware device that you can use on Binance as a 2FA method to enhance account security.

Google Authentication: Used for withdrawals and security modifications.

SMS Authentication: Used for withdrawals and security modifications.

E-mail Address: Used for withdrawals and security modifications.

Additionally, Binance also delivers the following measures that complete a comprehensive security suite:

Device Management: By clicking “Manage” users can view devices permitted to access your account. Here users may also delete unwanted devices.

Address Management: Address management allows users to save and write memos for each of the withdrawal addresses. There is also the option to Whitelist, which helps you protect your funds by only allowing withdrawals to whitelisted addresses.

Anti-Phishing Code: By setting up an Anti-Phishing code, you will be able to differentiate from Binance emails and phishing attempts.

Account Activity: Provides users with account activity. This is categorized into login activity and security activity.

To improve your security settings, go to “Security” from your account drop-down menu as shown below.

Customer Support

In order to contact customer support, there are various options available:

Click the “Support” icon that is located at the bottom right of your Binance page.

You may either send a message or use the search option to find the answer to your question.

Customer support is extremely responsive and delivers support 24/7.

Alternatively, you may submit a support request from the Support section. The Support section is located at the bottom of the Binance Home page as shown below:

At the bottom of the Home page, there is also a Learn section. Binance delivers comprehensive training guides to teach new users how to buy selected cryptos.

Promotions & Competitions

Binance is quite well-known for its promotions and competitions, which have become very popular among the Binance community. It’s no surprise that these competitions increase the stickiness of the exchange, and encourage increased trading. It’s a method of gamification that we’ve seen work well in many industries.

Anyone interested in seeing what the latest promotions are can do so at the Binance Latest Activity Announcements. Here are the three open competitions when I visited:

• Binance Futures Launches Mondays & Tuesdays Bounty Promo
• SAND Trading Competition – $50,000 in SAND and Limited-Edition NFTs to Be Won!
• Binance Futures Spring Tournament – Over $1,600,000 to Be Won!

As you can see there is ample chance to win just by using Binance as your exchange of choice. New promotions and competitions are launched constantly, and on any given week you’ll have a chance to participate in a fun competition and win some valuable prizes.

Areas for Improvement

Honestly, with so many products and innovations it is difficult to make many complaints about Binance. They are involved in nearly every aspect of the cryptocurrency ecosystem, and any of the products they release are generally accepted to be user-friendly and well constructed.

If we had to choose some areas for improvement we would have to note that customer support is always an area that could use improvement. Anytime a customer has to wait more than several minutes for a response is room for improvement. In the same vein it would be good to see telephone support added.

One further area for improvement would have to be security. While Binance has certainly been quite secure, in the cryptocurrency space there is always room for improved security measures. The good news is that Binance also takes security very seriously and they are always working on improving the security and safety of their clients and the funds on their platform.

Finally, it would be great to see Binance finally transition to a DAO as it claims to be planning. In its current form the exchange is pretending to be decentralized, but is really a centralized exchange.

Conclusion

There’s so few downsides to Binance and so many features that recommend it that it’s easy to say you should be trading with them. You’ll get the lowest fees in the industry, and one of the widest selections of coins to choose from in your trading.

Plus you can explore the rest of the Binance ecosystem, which includes pretty much everything in the universe of blockchain and cryptocurrencies. In fact, it might be fair to say that if it’s blockchain related and Binance doesn’t already have it, there’s a very good chance they are working on it.

Most recently we saw this with the release of the Binance Smart Chain, which is a perfect addition to the DeFi ecosystem. It’s faster than Ethereum, it’s cheaper than Ethereum, and it has support for the Ethereum Virtual Machine.

And if you look into the BSC block explorer you’ll see that it’s growing massively. Average daily transactions have gone from under 500,000 on January 1, 2021 to roughly 2.5 million in March 2021. Plus the number of active addresses has gone from 2 million to nearly 60 million in the same time.

With the addition of fiat currency exchange in many countries around the world, and the DeFi farming and saving, plus a crypto debit card, a community that’s actively involved in the growth and improvement of the platform, and the many other innovations from the exchange it’s safe to say that Binance will be a leader in the blockchain universe for some time to come.