As a potential or current cryptocurrency investor or fan, you have probably heard of Binance Crypto Exchange. It is the world’s largest cryptocurrency trading platform. The wide variety of cryptocurrencies available on the platform come as no surprise. However, Binance’s user interface is not the friendliest trading platform.
Inexperienced users might find the platform challenging so you should expect a steep learning curve if you have limited knowledge. However, it could be worth the trouble depending on your level of commitment. For one, it has a noble variety of market charts, not to mention the hundreds of cryptocurrencies.
You might also be pleased by the diverse trading features on its desktop or mobile dashboard. With Binance, you will have access to different trading options including futures and options. Furthermore, it also gives you many order types that make your trading experience more interesting.
However, this cryptocurrency exchange best serves experienced crypto investors than new investors. Binance crypto exchange has run into regulatory issues and is currently under investigation in the U.S. Similarly, some of its options and features cannot be accessed by traders from the United States. As a U.S trader, you can only access approximately sixty five of the cryptocurrencies available on the platform.
Nevertheless, the downsides are overshadowed by its comprehensive learning platform that can help inexperienced traders. It also has an NFT platform that is available to some users among other options. If that is not enough, you might be impressed by its fairly lower trading fees.
Objective Overview of Binance Exchange
Binance was established in 2017 by software developer Changpeng Zhao. It is a decentralized crypto exchange that was originally based in China. Fast forward to today and it has the largest cryptocurrency trading volume globally. It experienced an upward trajectory for the longest time until recently.
Binance has been facing a few regulatory challenges in countries such as the United States. The U.S authorities have even gone as far as opening an investigation into the company. The company has been accused of money laundering and tax infringement. In many ways, these issues have slowed its roll.
For instance, it’s been banned in many countries as a result. Traders have raised concerns over these regulatory issues so you might have to think twice before settling for it. Furthermore, despite offering hundreds of cryptocurrencies for global users, Binance U.S only offers approximately sixty five cryptocurrencies.
It limits the number of options available to U.S traders. However, it’s still the best exchange platform for traders looking for a platform with an advanced interface. Binance exchange platform is designed in a way that favours experienced users than amateur ones. As an experienced trader, you will find the various features appealing and useful in many ways.
However, as a beginner you might find the features confusing and frustrating. So, it’s not the place to go if you are in the market for quick cash since it will take time to learn the best trading strategy. Experienced traders may appreciate the variety Binance offers, but users might find this platform confusing given its many features.
Advantages of Binance Cryptocurrency Exchange
The one obvious advantage of this company is that it offers a wide variety of tradable cryptocurrency options. It gives investors an opportunity to better manage their investment portfolio through the different options. More options mean more potential to improve the returns on your investment. As a trader, you also get access to different opportunities to earn profits. This is particularly true for traders and investors outside the United States.
Secondly, Binance charges relatively lower fees than other crypto exchanges in the world. Thus as a trader, you get to keep more of your earnings than you would on more expensive platforms. It also makes it an excellent investment avenue as you get a chance to grow your investment at reasonable fees.
Finally, using the Binance cryptocurrency platform gives one access to several trading options and order types. If you are looking for a platform that allows peer-to-peer trading, spot trading, and margin trading, then this is the place for you. Peer-to-peer trading is effective if you are an inexperienced trader.
Similarly, Binance offers many order types to its large community of users. Examples include, limit order, market order, stop-limit order, stop market order, trailing stop order, post only order, and one-cancels-the-other order. The only downside is that U.S customers cannot access some of the order types. A good example is the margin trading option.
Disadvantages of Binance Cryptocurrency Exchange
The company provides hundreds of cryptocurrencies for trade worldwide. However, the limited US version makes it inaccessible to US traders. Binance.US is only accessible in 44 states.
Furthermore, the complex and confusing platform might not be appealing to inexperienced traders. Even some experienced users might find it intimidating and overwhelming when it comes to some features and trading options.
Binance offers no built-in digital wallet on its platform like other large exchanges. Instead, their users are redirected to Trust Wallet. Despite having a good reputation, Trust Wallet only offers limited support if there are problems with Binance transfers. The regulatory issues facing the company are also a red flag for most traders.