Binance Review: Read This Before You Register

7 min readOct 14, 2023

Introduction

Hey there, fellow crypto enthusiasts! Today, we’re diving into the fascinating world of Binance, a cryptocurrency exchange designed to make even the savviest of investors raise their eyebrows in awe.

This digital playground is packed with a vast array of cryptocurrencies, global trading galore, and fees that’ll make you do a double take. But hold onto your digital wallets, because there’s a plot twist — Binance is currently under the scrutiny of U.S. regulators. So, let’s break it all down, shall we?

Note:On June 5, 2023, a legal storm brewed as the SEC pointed its legal cannons at Binance Holdings Ltd., BAM Trading Services Inc., and the trailblazing founder Changpeng Zhao. Their alleged crime? Violating the sacred texts of U.S. securities laws. In a swift retort, Binance delivered a resolute statement, proclaiming the sanctity and fortitude of all user assets domiciled within Binance and its network of sibling platforms, including the esteemed Binance.US. They swore to wage a spirited battle against any claims to the contrary. We shall remain vigilant, keeping an eagle eye on this developing saga.

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Pros and Cons

Pros

A Plethora of Coins for U.S. Traders Oh, the choices! Binance showers U.S. customers with over 150 tradable cryptocurrencies. It’s like a candy store for crypto lovers. And if you’re outside the U.S., guess what? You’ve got even more goodies to choose from.

Low Fees That Won’t Break the Bank When it comes to fees, Binance is the frugal friend you’ve always wanted. Low fees mean more moolah in your pockets, and who doesn’t love that?

A Smorgasbord of Trading Options Binance is like a buffet of trading options: peer-to-peer trading, spot trading, margin trading — you name it, they’ve got it. Not to mention a whole variety of order types, like limit orders, market orders, and even the exotic “one-cancels-the-other” order. It’s a trader’s dream! Although, our U.S. pals might miss out on some of these options.

Cons

The U.S. Version — Slightly Limited Binance’s global platform is like an all-you-can-eat feast, but the U.S. version is a tad more reserved, with only 153 cryptocurrencies on the menu. Also, it’s currently only open in 46 states, so you might want to double-check if your state’s on the guest list.

It’s a Bit of a Brain-Teaser With great power comes great complexity! Binance is like the Rubik’s Cube of crypto exchanges — exciting, but confusing. Even the seasoned traders can sometimes get lost in its many features.

No Built-In Digital Wallet Unlike its peers, Binance doesn’t come with a built-in digital wallet. It’s a bit like buying a car and being told you need to find your own tires. Trust Wallet is your buddy here, but if there are problems with Binance transfers, it might not hold your hand.

Regulatory Rollercoaster Binance has been getting cozy with regulators worldwide — and not in a good way. It’s had its fair share of legal tiffs in multiple countries, so you might want to look elsewhere if you’re risk-averse.

Note:Engaging in cryptocurrency investments, exploring the world of Decentralized Finance (DeFi), and considering participation in Initial Coin Offerings (ICOs) are endeavors characterized by high levels of risk and speculation. These markets are notorious for their extreme volatility. It is strongly advisable to seek guidance from a certified financial expert before embarking on any financial ventures in these domains.

Company Overview

Picture this: it’s 2017, and a software wizard named Changpeng Zhao creates Binance, a decentralized crypto exchange. Fast forward to today, and Binance has grown to become the Goliath of the crypto world. It even attempted to snatch up the mighty FTX but pulled out when it discovered the rival’s financial health was a bit iffy.

Binance’s world tour isn’t all sunshine and rainbows, though. In the U.S., authorities are giving it the side-eye for alleged money laundering and tax shenanigans. And, not to forget, it’s been slapped with bans in several countries.

Cryptocurrencies Available on Binance

Binance is like a treasure trove, with over 350 cryptocurrencies up for grabs worldwide. But, and there’s always a but, if you’re in the U.S., you’ll need to settle for around 150 of these glittering gems. They even play nice with various fiat currencies, making it a real global party.

Now, let’s talk name-dropping! Binance.us has a star-studded guest list, including Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network (MATIC). But that’s not all — the A-listers like Dash, Cosmos, Compound, Bitcoin, Ethereum, Litecoin, and Cardano all grace this stage.

Trading Experience

Trading on Binance is like piloting a spaceship. You’ve got real-time charts, an array of order types, and a dashboard that’ll make your head spin — in a good way! Sadly, not all features are available to our U.S. comrades, including margin trading and some of those fancy order types.

Quick note: Binance isn’t the host with the most in terms of a digital wallet, so they recommend you cozy up with Trust Wallet to keep your assets safe and sound.

Fees

Are you tired of exchanges robbing you blind with fees? Binance comes to the rescue! Its fees are among the lowest in the industry. Even our U.S.-based friends get a sweet deal, although they pay a bit more than the rest of the world. The more you trade and the more Binance Coins (BNB) you hold, the lower your fees. Plus, there are bonus points for referrals and becoming a VIP. Who doesn’t love discounts?

But wait, there’s more! Binance users might stumble upon other fees for withdrawals and various payment methods, so be sure to keep an eye on those.

Security

We all know security is a big deal, especially in the world of crypto. Binance steps up to the plate with two-factor authentication, address whitelisting, and other protective measures. But, hold onto your seats, because its reputation isn’t squeaky clean. It’s average, but not exactly the Fort Knox of exchanges.

Opening a Binance Account

The first step to crypto glory is opening a Binance account. It’s as easy as 1–2–3:

Head to the Binance website. Click here to get a signup bonus.
Click “Get Started” and spill the beans about yourself. Verification might take a few minutes.
Enable 2FA, link your payment method, deposit funds, and you’re off to the races!

Customer Service

When you need help, Binance has your back. You can submit a ticket, have a quick chat, or even tweet your woes. They’re all ears (or rather, screens) and are ready to assist you with all your crypto conundrums.

Customer Satisfaction

Here’s the juicy part — what do users think of Binance? Well, opinions are mixed. On Trustpilot, Binance gets a so-so rating, with some folks grumbling about customer service and withdrawal headaches. On the flip side, some have had a smooth and seamless journey. Your mileage may vary!

Account Management

Managing your Binance account is a breeze. You can do it through your desktop or mobile app, available for iOS and Android. Check your portfolio, trading history, and more with ease. Managing payment methods is a walk in the park. Just head to the “Spot Wallet,” select your asset, and follow the on-screen instructions. Easy-peasy!

How Binance Compares to Other Cryptocurrency Companies

Binance isn’t the only kid on the crypto block. If it’s not your cup of digital tea, consider Coinbase Pro, a strong contender.

Binance vs. Coinbase Pro:

Binance and Coinbase Pro are like Batman and Superman, each with its own set of superpowers. Here’s how they stack up:

Binance has more cryptocurrencies on its global platform, while Coinbase Pro leads in the U.S.
Binance offers lower spot trading fees, saving you a pretty penny.
Binance has a rewards program, while Coinbase Pro has a native digital wallet.
Coinbase Pro is seen as more secure and stable compared to Binance’s compliance and regulatory woes.

Choose your hero wisely! Binance’s got global appeal, but Coinbase Pro shines in the U.S.

Final Verdict

Binance — the colossus of crypto exchanges, but with a twist! It’s tangled in a web of regulations and might make your head spin with its plethora of features. Still, if you’re an experienced trader with a penchant for variety, Binance might just be your crypto playground.

Frequently Asked Questions

Can Binance Be Trusted? Trust but verify! Binance’s security measures are average, and it’s not part of the Securities Investor Protection Corp. (SIPC). So, make sure you’re comfortable with the risk.

Is Binance Better Than Coinbase? Binance offers lower fees, while Coinbase Pro gives you a native digital wallet. However, Coinbase Pro is the golden child in terms of stability and compliance.

What Is the Disadvantage of Binance? Regulatory issues and a global-vs-U.S. disparity. Plus, it’s a bit of a brain teaser for newbies.

Can U.S. Citizens Use Binance? Yes, but on Binance.us, with a few states left out of the party.

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