When you open an account at Binance using the following link you get a 5% fees discount.
What is Binance, what can you do with it, and short Pros & Cons Binance review
Launched only in 2017, Binance has already become one of the most popular crypto exchanges in the world. To be more precise, calling Binance an exchange today is highly reductive: the platform offers so many features and services that have contributed to its success.
Let’s take a deeper look at this platform with this Binance exchange review, the financial services it offers, and whether or not you can trust it to buy, trade, and invest your crypto.
What is Binance?
Binance is an exchange and it’s more than that. It’s a place where you can deposit your FIAT and exchange them with a high number of different cryptocurrencies and tokens, but it’s also a trading platform.
Furthermore, during the years, Binance has implemented so many other services that allow users to grow their crypto capital and even create a passive income.
What can you do with Binance?
1. Creating an account and deposit
If you want to use Binance the first thing you need to do is to create an account, verify it, and then deposit your FIAT or crypto (if you have them stored in another wallet).
Creating an account is super easy and it’s no different from registering to any other service online. The verification process requires you to provide your documents. The Binance team will then verify the information you provided and then activate your account (it can take some business days, but in many cases, it’s the activation is almost immediate!).
When you’ve verified your account you can deposit your crypto or FIAT in your Binance wallet (with zero fees in both cases).
2. Buy crypto
When you need to purchase some crypto, Binance is the place where you can do it with ease. Furthermore, you can withdraw your crypto using different blockchains. Some of them, like the Binance Smart Blockchain, are created from Binance itself and they’re extremely advantageous in terms of speed and low fees.
Both beginners and experts can trade crypto using Binance since there are two settings available: Basic and Advanced.
The Basic setting is a professional dashboard that also provides every necessary information so that the user can better understand what they’re doing. The Advanced one gives access to all detailed charts and market data.
With Binance you can both borrow or lend your crypto. Borrowers can therefore amplify their trading opportunities, while landers can deposit their crypto and wait for their rewards (coming from the interests on borrowed currencies) to flow into their accounts.
5. Other projects
Having launched its blockchain called Binance Smart Blockchain, many projects are being born. Decentralized opportunities are becoming more numerous and, for them, Binance is often the starting point. From there you can move your crypto to different platforms and start creating a passive income.
Short Binance review: pros & cons
- A high number of crypto and pairs available
- One of the lowest fees available
- Professional platform but also accessible to beginners
- Security: Binance uses advanced protocols to protect your identity and your crypto
- Insurance: when in 2019 the platform was hacked, it covered all users’ losses
- The App is very limited when compared to the desktop version
- Not the most user-friendly of exchanges
- No fiat-to-crypto trading on the main exchange
Binance is among the most recommended crypto exchange, trading, and even lending platforms available today. You can start as a beginner and learn and improve day after day until you build your passive income using this platform and the ones that are being born on its new blockchain.