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Review on Binance by Neil Madron
If you're from a developing country Binance is the place to trade.
Binance offers enough of everything when it comes to buying, selling, and trading cryptocurrency. Most people do not need to go elsewhere, as it has everything you need
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Experienced traders may want to try somewhere, as it lacks more detailed information and analysis tools. But for most users that's exactly what they need, as they don't know how to use those anyway.
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The best for me about Binance is that is available for people in the majority of developing countries. Many other exchanges I've tried to sign up with do not offer services to so many countries.
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However, I'm rating Binance highly because of its services and reputations. Yes, it was hacked in May 2019, which is why I gave it 4 stars. But at least it offers simple security features like two-factor authentication that some other popular exchanges do not. Plus, the stolen funds were insured and promptly replaced.
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Binance covers my needs as an average trader. I've had relatively few issues, and none that required the assistance of their support team. That also means, I cannot, unfortunately, comment on how good their support is or not. Since offering the option to buy and withdraw FIAT (USD, GBP, EUR), Binance is the only place I trade. Just make sure you buy a tiny amount of BNB so you can power lower fees!
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Pros
- I've used a few exchanges and for the average user Binance is the easiest and most intuitive to use.
- Binance now has options for creating stop/limit orders for both buying and selling.
- Binance offers buying and selling of top crypto via credit/debit cards (BTC, ETH, XRP, LTC, BCHABC, BNB) and via bank transfer for USD stablecoins (TUSD, PAX), which many exchanges do not offer to people in developing countries.
- Many different cryptocurrencies to trade including all major ones apart from Bitcoin SV.
- Trading fees on Binance are usually the lowest of major exchanges even for small transactions. If you use Binance's own cryptocurrency, Binance Coin (BNB), the fees are even lower.
- Binance runs its own Binance Chain, which has an increasing number of tokens including its own BNB coin.
- Binance recently launched stablecoins running on its own mainnet, Binance Chain
- Binance runs a separate decentralized exchange (Binance DEX), a native marketplace running on Binance Chain.
- Binance offers margin trading for those willing to take the risk.
- Binance runs trading competitions for certain cryptocurrencies, which requires trading its BNB coin. These competitions help push the BNB price up making for easy profits.
- Binance often launches new cryptocurrencies on to its platform through lottery draws based on trading its BNB coin. These trades help push the BNB price up making it somewhat easier to make profits.
- Binance offers many stablecoin trading pairs for many cryptocurrencies, making it easy to lock in profits.
- Binance is available in a large number of countries. If you're from a developing country, a lot of exchanges (e.g., Coinbase) are not available to people from these countries.
- Binance offers localized platforms above its main international exchange (Europe via Jersey, Singapore, and soon the US).
Cons
- Yes, things happen, but when Binance was hacked in May 2019 they covered it up before becoming more transparent. They shouldn't have covered it up in the first place when they claim how transparent they are.
- Binance was hacked in May 2019, which makes it less trustworthy. However, the funds were insured and returned.
- Less information and fewer advanced tools for more experienced traders.
- The new interface is resource-heavy, making it harder and slower to trade on weaker desktop devices. Hopefully the problem gets rectified soon.
- Platform slows to a painful crawl with major shifts in Bitcoin prices.
