1 Level
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3 Karma
Review on Binance by Neil Patel
Binance - The most trusted Centralized Crypto Exchange
Binance is hands-down the most trusted and most used crypto exchange at present. Most of the exchanges are filled with bot-created orders creating fake volumes but Binance has adequate security against fake orders hence volume reported is mostly the accurate volume.
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Non-KYC accounts can withdraw upto 1 BTC daily which is good limit for small traders. KYC process is also smooth and it only took few minutes for AI to evaluate your documents and approve/reject the application.
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Multiple trading options like spot trading, futures, margin trading are present. Users can even stake their funds and receive return in platform-backed cryptocurrency (BNB) which is one of the strongest Exchange-based cryptocurrency.
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Zero deposit fees on all cryptocurrencies. Moderate withdrawal fees for most of the coins. Multiple security options - SMS, Google Authenticator, Email confirmation making platform reasonably trusted.
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Pros
- Binance only lists decent coins, thereby saving users from worthless coins on platform.
- Instant customer support system. Your doubts will efficiently handled by informed representatives, guiding you throughout process.
- Most of the wallets are always active and running unlike other exchanges where majority of wallets are under-maintenance.
- Introduced Fiat Conversion for 180 countries (first exchange to do something this big)
Cons
- Restriction to trade cryptocurrency in decimals after certain point (mostly 2-3 decimals), thus fraction of asset always leave behind after trade.
- Binance's owner sometimes indulge in pump/dump discussion on Twitter thus manipulating market a bit.
