• About Us
  • Careers
  • Contact
No Result
View All Result
Sunday, June 29, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

Binance Review 2022: What Are the Pros and Cons of Binance?

22 July 2022
in Articles, Opinion
Reading Time: 10 mins read
126 2
Home Articles

Contents

Toggle
  • What is Binance?
  • Cryptocurrencies That Can Be Traded on Binance
  • Binance’s Reputation in the Crypto Industry
  • Binance’s Cybersecurity
  • Binance Customer Support
  • Binance Commissions and Fees
  • Analysis and Trading Tools
    • Swap Farming
    • Margin and Leverage Trading
    • Staking
    • Binance Academy
    • Copy Trading
  • How to Register on Binance
  • Alternatives to Binance
  • Pros and Cons of Binance
    • Pros
      • Low Cost
      • Advanced Trading Options
      • Analytical Tools
    • Cons
      • Complex User Interface
      • Regulatory Issues
  • FAQs
      • Is Binance suitable for beginners?
      • What digital currencies can I trade on Binance?
      • Is Binance secure?
  • In Conclusion

In 2009, an anonymous internet user going by the name or alias of Satoshi Nakamoto announced to members of a popular forum community that he had introduced a new peer-to-peer currency. This new currency utilizes blockchain technology to enable the almost immediate and third-party-free transfer of value anywhere on Earth. 

This new digital currency, known as Bitcoin, formed the basis of a brand-new asset class and the origin of a multi-trillion dollar cryptocurrency sector. About 10 years later, specifically in 2017, Changpeng Zhao launched Binance. 

This article examines the pros and cons of Binance and provides you with all the information you need to know about the platform. 

What is Binance?

Binance is the world’s largest cryptocurrency trading platform. Because of its wide range of trading options and services, it is not particularly user-friendly. Depending on their level of education and experience, investors may struggle to understand how to use Binance.

Binance’s desktop and mobile dashboards offer a comprehensive range of trading options, including an excellent selection of market charts and hundreds of cryptocurrencies. Users can also access a variety of order types and trading options, such as futures and options. Most of Binance’s options and services are not available to U.S. clients; they can only trade 65+ cryptocurrencies. 

Binance offers extensive instructional platforms, an NFT platform, and other services in addition to its tools and services. The NFT market does not appear to be open to American users at this time.

Cryptocurrencies That Can Be Traded on Binance

As previously stated, only 65+ cryptocurrencies are available in the United States. Users outside the U.S. can trade several fiat currencies, including USD, GBP, AUD, EUR, INR, and HKD.

Several cryptocurrency pairs are available on Binance, depending on your geographic location. Some of the cryptocurrencies that can be found on Binance US include Binance Coin (BNB), VeThor Token (VTHO), Harmony (ONE), VeChain (VET), Matic Network (MATIC), and Dogecoin (DOGE). Binance also supports well-known cryptocurrencies like:

  • Dash (DASH)
  • Compound (COMP)
  • ETH (Ethereum)
  • Bitcoin (BTC)
  • Cosmic (ATOM)
  • Cardano (ADA)
  • Bitcoin (LTC)

Binance’s Reputation in the Crypto Industry

Binance’s extensive list of supported cryptocurrencies and trading pairings, which includes well-known tokens such as Bitcoin and Ethereum as well as lesser-known and micro-cap tokens, makes it especially appealing. 

To be considered for listing on Binance, a token must meet specific rules and requirements (and can also be delisted for violating the terms). In 2019, a sophisticated cyberattack occurred on the Binance exchange. At the time, the hackers stole $40 million in Bitcoin, but thanks to Binance’s SAFU fund, the exchange covered all losses and paid traders immediately. This action greatly improved Binance’s reputation in the cryptocurrency industry.

Binance’s Cybersecurity

Despite its regulatory issues, the platform maintains strict control over its security. The company’s user-level security appears to be strong with two-factor authentication, sophisticated access controls, and security notifications. 

The platform employs cold storage facilities, end-to-end encryption, password resets, and real-time monitoring of withdrawal attempts and changes in email addresses to secure data. If something strange occurs, withdrawals will be halted immediately for at least 24 hours. 

Binance’s U.S. dollar balances are FDIC insured for extra security. Hence, if your balance is stolen, you can recover your funds. Also, Binance U.S. has never publicly announced a breach, even though the Binance global exchange lost $40 million worth of bitcoin in 2019. 

Overall, Binance appears to have good security, and most users should rest easy knowing that most of their assets are safe from hackers as long as they take the necessary precautions. 

Binance Customer Support

There are several ways to contact Binance’s customer support service. Among these are:

  • Ticket requests can be made through the account portal.
  • In-account live chat, which can be found in the bottom right corner of the support screen on the Binance website.
  • Contacting Binance via social media platforms such as Telegram, Reddit, and Twitter. This is the option with the quickest response time.  

Important announcements are often made on the official Binance Twitter account (customer service-related questions can also be directed to a different helpdesk at @BinanceHelpdesk). 

@BinanceResearch also has up-to-date institutional-grade assessments and more in-depth information for more experienced traders and investors. 

Binance Commissions and Fees

Binance has some of the lowest trading commissions in the industry. There is no deposit fee at the moment. Still, users must pay a set fee known as the “Binance withdrawal fee” to cover the transaction costs associated with withdrawing cryptocurrency from their Binance account.

Depending on the blockchain network you are withdrawing from, and how busy the network is at the time of withdrawal, you may have to pay a different fee to withdraw your tokens from the Binance exchange. Some of Binance’s fees are listed below:

  • Commissions on trades: 0.02 to 0.10%
  • Debit/credit card fees: 3 to 4.5%
  • Wire transfer fee: $15
  • Other fees: 0.50% for Instant Buy/Sell

Analysis and Trading Tools

Swap Farming

Users can obtain various cryptocurrencies through swapping. Binance swap farming employs an Automated Market Maker (AMM) model to swap currency pairs without trading with other parties. Users of the exchange have immediate access to a liquidity pool where they can deposit or trade cryptocurrency pairs. 

Typically, token pairs are pooled together, and the live ratio of those tokens determines the swap price. Swap farming is an intriguing service that Binance customers can use, and the fees for accessing these liquidity pools are not prohibitively expensive.

Margin and Leverage Trading

Users of the Binance cryptocurrency exchange can engage in margin and leverage trading. These options are attractive to experienced investors and traders who want to purchase futures contracts and speculate on how the prices of valuable assets will change. 

Binance trades may have up to 20x leverage. In margin and leveraged trading, as the prospect of earning profit increases, so does the prospect of incurring losses. Hence, only those skilled in risk management should engage in margin and leverage trading. 

Staking

Binance Earn allows users to generate passive income through one of the best staking platforms. Binance Earn enables users to stake various cryptocurrency assets and earn interest.

Staking options include both locked and flexible staking. Digital assets must be staked for a set period in locked staking, whereas in flexible staking, users can buy and sell tokens whenever they want. 

Binance Academy

Binance has created an online academy with tons of research, articles, and insights into the cryptocurrency market for new and experienced users. The Academy has both an incubator for leading blockchain projects and institutional-level analysis of trending news stories. 

Copy Trading

Beginners and new users can use copy trading as a special tool as they begin to build their cryptocurrency portfolios. With Binance copy trading, users can start investing in digital assets by copying the exact trades of skilled and experienced traders. 

How to Register on Binance

You can choose between two account types when opening a Binance Exchange account, and the process is relatively simple. 

Listed below are the steps for opening an unverified account: 

  • Click “Register” on the Binance homepage.
  • Type in your email address.
  • Create a password.
  • Accept Binance’s Terms of Service
  • Select “Create Account.”
  • Confirm your registration via email. 

If you want to create a verified account, follow the same steps outlined above, then:

  • Sign in to your account.
  • In the User Center, select “Identity Verification.”
  • Select “Personal.”
  • Fill out your information.
  • For document verification, select an ID type, such as a passport or driver’s license.
  • Take a picture of or upload your document.
  • Snap a picture of yourself.
  • After you’ve added all necessary documents and photos, click the confirm button.
  • Binance will then review your submission as soon as possible. 

Once your account has been verified, you will be notified via email.

Alternatives to Binance

Binance is difficult to match in terms of features. It has low fees and is the world’s largest cryptocurrency exchange. However, this does not imply that Binance is suitable for everyone.

If you’re concerned about security, you should consider using more regulated exchanges, such as Coinbase Pro or Kraken. 

Finally, if you live in the United States, you might want to check out Binance.us. The user interface is similar to the global Binance, although it has fewer features. 

Pros and Cons of Binance

Pros

Low Cost

Binance charges some of the lowest trading fees in the industry. 

Advanced Trading Options

Binance offers options trading as well as the ability to define trigger conditions for specific trade types to be executed. 

Analytical Tools

Binance’s analytical tools allow you to monitor the markets in real-time. 

Cons

Complex User Interface

Binance’s user interface can appear disorganized and difficult to understand at times. 

Regulatory Issues

Binance was investigated in the United States in 2021 for tax evasion, insider trading, and money laundering.

FAQs

Is Binance suitable for beginners?

Binance isn’t the most straightforward or user-friendly exchange available. It is designed for more experienced traders. 

What digital currencies can I trade on Binance?

Binance accepts many popular cryptocurrencies, including Bitcoin and Ethereum. On the US platform, the platform supports just over 65 cryptocurrencies.

Is Binance secure?

Binance has a solid reputation for user-level cybersecurity, although it has previously faced certain regulatory challenges. Binance US has never been compromised.

In Conclusion

  • Despite regulatory issues, most cryptocurrency traders prefer the Binance exchange because it has low fees, a wide range of services, and a state-of-the-art trading interface. 
  • It also keeps improving and expanding its services by adding more technical options and configurations and keeping up with the latest market changes and trends.
  • Binance has the highest trading volume, making it the world’s most popular cryptocurrency exchange. 
  • It is the go-to platform for taking your crypto trading career to the next level.

 

If you would like to read more articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Share75Tweet47Share13
Previous Post

Tesla Sells Majority of Its Bitcoin Holdings To Improve Its Cash Position

Next Post

A Look at the Innovative Side of NFTs: NFT Lending

Adedamola Ojedokun

Adedamola Ojedokun

Related Posts

From Wall Street to Web3: Can Lumia’s RWA Bet Survive the Tokenization Race?
Project Reviews

From Wall Street to Web3: Can Lumia’s RWA Bet Survive the Tokenization Race?

28 June 2025
What Is a Rebase Token and How Does It Work?
Explainers

What Is a Rebase Token and How Does It Work?

28 June 2025
Fiat Freezing vs. Crypto Blacklisting: The Differences in How Banks and Blockchains Manage Asset Controls
Explainers

Fiat Freezing vs. Crypto Blacklisting: The Differences in How Banks and Blockchains Manage Asset Controls

28 June 2025
Optimism: Ethereum’s Layer 2 Scaling Solution
Project Reviews

Optimism: Ethereum’s Layer 2 Scaling Solution

27 June 2025

Featured Posts

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

byOlajumoke Oyaleke
15 June 2025
0

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

byOlayinka Sodiq
12 June 2025
0

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

byOlayinka Sodiq
10 June 2025
0

What Is Price Slippage in Crypto & How Can You Avoid It

What Is Price Slippage in Crypto & How Can You Avoid It

byOlayinka Sodiq
4 June 2025
0

The Rise of Decentralized Identity Solutions in DeFi

The Rise of Decentralized Identity Solutions in DeFi

byOlayinka Sodiq
20 October 2024
0

Read More

Chain of Thoughts

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Is Tokenization All That It’s Cracked Up To Be?

Is Tokenization All That It’s Cracked Up To Be?

byOlu Omoyele
26 February 2025
0

...

Markets Update

Your Weekend Crypto Roundup | June 2025 (Week 4)

1 day ago

What South Korea’s Crypto Strategy Signals for the Next Bull Run?

2 days ago

Why Crypto Projects Are Choosing MiCA Over the US, Even With Regulatory Support on the Rise

3 days ago

Tokenized Treasuries vs. Stablecoins: Where Will Institutional Capital Flow?

3 days ago

Ethereum Transaction Fees Plunge to 5-Year Low Amid Network Lull: What This Means for the Crypto Market

3 days ago

First XRP ETF Approved on Toronto Stock Exchange— Is This a Green Light for XRP ETF Approvals in More Countries?

5 days ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Bybit Expands Global Reach with Credit Card Crypto Purchases in 25+ Currencies and Cashback Rewards

    bychainwire
    27 June 2025
    0

    BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision and South Korea Strategy

    bychainwire
    27 June 2025
    0

    The Rise of AI Beings: CARV’s New Roadmap Signals Next Wave of Web3 AI

    bychainwire
    27 June 2025
    0

    Weed® Announces Partnership with Khalifa Kush; Launches Global Commercialization

    bychainwire
    26 June 2025
    0

    GBM Launches Auction Festival with The Sandbox, Aavegotchi, Unstoppable Domains, and More

    bychainwire
    26 June 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverses
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00