Review on Binance by Gustavo N

Name: Binance
Item: Binance
Rating: 4

August 02, 2019

Binance is one of the best cryptocurrency exchanges avaiable, and it has some…

Binance is one of the best cryptocurrency exchanges avaiable, and it has some problems but they are usually present in any other exchange, like the lack of live chat with the support, not standard and sometimes high fees on trading/withdrawal and even with all improvements in this area along the years, is still risky in terms of security of your funds and kyc information if you choose to verify your identity to trade higher amounts.
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Pros

Binance is very easy to use. It has its own coin, the BNB, which can be used as gas to bep2 tokens and/or used to pay the fees on trades. Also, every few days there’s a new promotion which gives cryptocurrency to holders of a minimum quantity of BNB. It has a platform called Binance Academy, to teach you the basics and some advanced information on trading. It also has many coins/tokens avaiable, and a huge user base. The volume of the exchange is then on top. For security, Binance has a good technical team and a SAFU fund (a fund of cryptocurrency) for emergencies, like hacker attacks. The fees are not high comparatively, and very competitive. Some of the coins and tokens have the lowest fee to withdrawal compared to other exchanges.

Cons

Security: Binance HAS suffered from hacks before, but the hackers never could take too much money, and the SAFU fund has compensated any losses. Like any exchange, you should never leave your cryptocurrency there long term. The support is not the best, at least online. They have not yet a chat, only email support.