Binance Review 2022
Do we recommend Binance?
Since the first day we are in Love with Binance, and we do recommend it to every day-trader but also regular Investors!
- Binance Introduction
- Is Binance Safe?
- Cryptocurrencies on Binance
- Binance Academy
- Spot Market trading
- Binance Futures trading
- Binance Margin trading
- Buy Crypto
- Binance Earn
- Binance Savings
- Binance Staking
- Binance Launchpad
- Binance Card
- Binance pool
- Binance NFTs
- Trading Experience
- Binance Fees & Limits
- Binance Security
- Binance Customer Service
- Why is binance banned in the us?
- How to buy shiba inu coin on Binance?
- How to transfer from Binance to Coinbase?
- How long does it take for Binance to verify?
- Binance Customer Service Phone Number
- Binance vs Coinbase
- Binance vs Poloniex
- Binance vs Kraken
- Crypto.com vs Binance
- Binance Conclusion
Published on February 23, 2022 by btc-sites.com
Binance is a cryptocurrency exchange which opened in 2017 with a focus on the Chinese market only back then. Currently, it doesn't support Users from the United Staats, but the Exchange covered this Area with Binance US in 2020. The Binance token (BNB) was created during an ICO (Initial Coin Offering) event to fund the development of Binance exchange and its whole infrastructure.
Binance is capable of processing 1.4 mil orders/second, has multi-language support – Chinese, English, Korean, Japanese, German, French, Dutch, Turkish and more and has all the major coins available – Bitcoin, Chainlink, Ethereum, Shiba, Dogecoin, Solana, Litecoin, and many more including an own Coin named "Binance Coin" or short "BNB". Trading fees are 0.1% which can be reduced to 0.09% with our custom Binance Partner Link!
We have made a very good experience with "Binance" so far. Every time when we Contacted the Support over a Ticket we got an answer within 24 hours and even Sundays. "Binance" works pretty well without any issues and very fast trading over a normal Web browser, the Binance App or the Desktop Software.
Is Binance Safe?
Yes, the self-proclaimed largest crypto exchange, Binance is one of our favorites in several categories. Firstly, it has 0.1% fees (0.09% with our link) when trading, and secondly, it has revolutionized trading with the best platform in the industry. Binance puts a lot of emphasis on speed, so you can get started very quickly and do not have to wait for ages until you are verified, as is the case with many other exchanges. Binance is not only the biggest exchange by volume but also has the most users behind Coinbase. The Binance Coin is an "Ethereum Killer" or the "Centralized Version" of Ethereum. What we also find very good is the huge insurance policy in case of a hack, which not many exchanges have.
Cryptocurrencies on Binance
When it comes to cryptocurrencies, Binance is the measure of things. On Binance you have an incredible number of different cryptocurrencies but also fiat currencies and the associated markets.
What is available on Binance?
Binance is not an ordinary crypto exchange but has much more to offer.
The Binance Academy is really something excellent because Binance wants to bring its members not only close to Crypto, but they want to make it clear that the members also understand the technology behind the partly very complicated currencies. All Binance Academy articles are presented and explained in a very simplified way despite complex topics, so that even new members understand everything well.
Spot Market trading
Trading on the spot market is the safest thing there is as there is no leverage like in futures trading or margin trading. That's why this market is the best place to invest in various cryptocurrencies. As there is no pressure from leverage or liquidation, this market is also great for trading as the Binance fees for a trade are very cheap.
Binance Futures trading
Trading on the futures market is much more complex and not for beginners or newcomers because the risk of losing everything is incredibly high. Here you can trade with your own funds, but you also have a leverage option of 1x-125x. Trading with 100x means, in reverse, 1% own balance and 99% loan balance. If you are now 1% in your trade behind you lose everything but if you go 1% into the plus you have made 100% profit. There are two different Future trading markets. There is the quarterly trading where there is only Bitcoin and Ethereum and secondly there is the perpetual trading where you are not bound to a certain time.
Binance Margin trading
Trading on the margin market is similar to trading on the futures market except that on the margin you have many more cryptocurrencies to choose from. The margin is only the amount needed to maintain a leveraged trading position. So at Binance you can trade coins like Shiba, Binance Coin, Dogecoin, or Cardano with leverage without any problems.
Buying crypto on Binance is very easy. You can deposit both with your bank and credit card and then buy bitcoin or other cryptocurrencies on the spot market or directly through the crypto buy option where you have the desired coin directly in your account. What we find very good is that if you deposit $100 you get the $100 also what is not the case, for example, at Coinbase because there are fees on a deposit!
Binance Earn is a Earn function. Here, a distinction is made between two different options, once the flexible term and once the fixed term. The interest rates are different, with a fixed term you basically have the higher interest rates than with a flexible term. With the fixed term, you even have the option to take out the invested money earlier, but you have to give up the interest. The option to lend crypto is of course also available.
This product is about lending cryptocurrencies. You can lend cryptocurrencies to other Binance members and earn really good interest, also here there is an option between flexible and fixed investment plan. Of course, Binance acts as a escrow here.
Binance staking is to be taken with a grain of salt, because if a smart contact on Binance has problems you can lose all your money, this is also called rugpoll.
Das Launchpad ist im Grunde genommen das gleiche wie ein Börsengang. Binance gibt Krypto-Start-ups die Chance, den Vorverkauf derer Coins über das Launchpad abzuwickeln. Mitglieder haben so die Chance, frühzeitig in top Projekte einzusteigen. Die Projekte werden im Anschluss auf dem Binance Markt gelistet.
Binance's Debit VISA Card is available free of charge for verified members. The use of the Binance Visa Card is also completely free of charge. There are no administrative or processing fees charged by the provider. However, one has very big restrictions with this card such as withdrawing only €270 a day and paying only up to €8700. Since this is a Visa card, you can also use it to pay in over 60 million stores worldwide.
The Binance Pool allows members to stake their Ethereum tokens on Ethereum 2.0, but that's not all, because you also have your own Bitcoin pool and thus a huge hash rate that everyone can participate in. The Binance pool is rather a smaller pool and therefore not really the best alternative.
Brand new on Binance is the NFT marketplace. Here they have taken a cue from OpenSea and created something similar on Binance COIN (BNB). So you can invest directly on Binance in NFT projects, which are only available on Binance. But who knows, Binance knows that these NFTs will sooner or later be on OpenSea because the MetaMask wallet supports both the Binance Smart Chain and Binance NFTs.
We can only praise Binance for the experience we have had in the last few years is an A grade! One has developed steadily! Alone in the website you can see the perfection where Binance is aspired. We have never had problems when buying or trading!
Binance Fees & Limits
Binance has also set the standard for fees and has made the whole industry adjust their own fees because they have lost too many members to Binance. No matter what the fees are, Binance is the best and cheapest crypto exchange.
There are limitations for non-verified members, who can withdraw a maximum of 1 bitcoin per day. Verified members can withdraw 100 bitcoin per day and much more upon request.
Binance puts the greatest emphasis on security, and it shows. Binance has been hacked before, but never for amounts that could be dangerous for the exchange. Moreover, Binance has a huge insurance that covers billions, which is not common but very comforting to know how the exchange protects itself and its members.
How too open a Binance account?
Opening an account is easy:
1 in the top right corner of the home page, you will see "Register"
2 choose country
3 select if the account is private or business
4 enter email and password
5 enter your data
6 confirm e-mail
7 verify identity
The verification process takes in most cases only a few minutes, but in very rare cases your data will need to be checked by an employee.
Binance Customer Service
The customer service is brilliant and available 24/7 for questions or problems. For this purpose, you have a round chat icon in the bottom right corner.
Why is binance banned in the us?
There are a lot of products on Binance that are not legal or legalized in the US. These products include the futures market, margin, staking and all earn products.
How to buy shiba inu coin on Binance?
If you want to buy Shiba on Binance you just need to create an account and you can deposit e.g. USDT and buy Shiba. Of course, you can then withdraw these coins.
How to transfer from Binance to Coinbase?
By opening your "Spot Wallet" you can select its payouts on the right and follow the instructions. Now you just have to add your Coinbase Bitcoin address, and you can move Bitcoin from Binance to Coinbase.
How long does it take for Binance to verify?
Verification takes a few minutes in most cases. In rare exceptions it can take a few days.
Binance Customer Service Phone Number
Binance US - 239 Greene St. New York, NY 10003. Greenwich Village. Phone Number: (888) 882-5901
Binance - Email: firstname.lastname@example.org or Live Chat
How Binance Compares to Other Cryptocurrency Exchanges
We compared Binance to the Top Exchanges in the Industry
Binance vs Coinbase
It's very difficult to compare Coinbase vs Binance because the companies are too different! Binance is a trading platform and Coinbase is a wallet. If you had to compare Binance and Coinbase then Binance would win the battle through much lower fees and in terms of security they have caught up in recent years at light speed!
Binance vs Poloniex
Poloniex and Binance are both trading platforms. If you had to choose, Binance would be the clear winner because there is unfortunately not so much volume on Poloniex anymore, it is more difficult to trade than on Binance where you have a lot of volumes. In terms of security, both exchanges are top-equipped. Especially on Poloniex, after the DDOS of 2017, much has been improved in terms of security, but despite this, we feel more comfortable with Binance!
Binance vs Kraken
Kraken loses this duel very clearly. Kraken is only good if you live in the United States because Binance is represented there under Binance US and therefore has much fewer products and cryptocurrencies available.
Crypto.com vs Binance
Crypto.com is great when it comes to staking and Visa card but as far as trading is concerned we don't need to deal with Crypto.com because with 2% fees on a purchase you are in the Coinbase category as far as fees are concerned and therefore irrelevant for everyone except the USA. Also, don't forget that Crypto.com has never been limited in the US, although they offer staking products and for this reason we as US citizens would keep our hands off Crypto.com for now.
All in all, Binance can only be praised. One has seen over the years in all products and decisions that this exchange wants to do everything right and also does! We have opened our Binance account in the first weeks and therefore know how much has steadily improved over the years.
2 years ago Binance has reprogrammed the whole homepage to guarantee a faster processing of trades and in addition they have also improved the app and the desktop app very much.
We give Binance crypto exchange 5 out of 5 stars because there are unfortunately no 6 stars!
Name: Binance Exchange
Established since: July 14th, 2017