It has developed into an ecosystem that offers several trading products and tools to help crypto enthusiasts know and trade digital coins. The platform is available in hundreds of countries and offers almost all major coins.īinance has now become more than an exchange. Binance Exchange Backgroundįounded by Changpeng Zhao in 2017, Binance is the largest cryptocurrency exchange firm in the world.
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Until a while ago, New York was also on that list but the company was able to secure a license that allows it to offer some of its services to NY residents. Moreover, it also doesn’t currently work in some US states including Florida, Alabama, Texas, Georgia, Washington, Vermont, North Carolina, Louisiana, Idaho, Hawaii, and Connecticut. There are still some countries where Binance is not available. Not Available in Some Countries and States Since deposits are insured, you will get your money back but the process can end up being excruciating. Like most crypto exchanges, Binance has also been a victim of hacks and data breaches including a 2019 breach where $40 million worth of Bitcoin got stolen. However, this doesn’t seem to be a problem with the international version of the platform. The company was also in the news for ‘low liquidity’ in some parts of the world including the US. Binance US only has a fraction of coins available for trading unlike Binance that offers hundreds of trading options. Info: Binance offers limited services in some parts of the world including the US. Let’s now have a look at some of the cons of using the platform: Limited Services in Some Parts While Binance is great, it isn’t without some flaws. We’ll talk more about these later in this Binance review. Wide Availabilityīinance is an international platform and caters to users from all around the world and offers a wide range of coins to trade. Plus, some local options may also be available based on your location.
Multiple Payment Optionsīinance offers several payment options including bank accounts and PayPal. This is very important because scams are a common part of the industry. Since Binance is licensed and registered, it’s considered a reliable option. You can perform all the tasks on the apps from buying and selling coins to withdrawing funds. While the browser version of the app works well, it is not the only option for users as Binance mobile and desktop apps are also available. Here are a few things that make it one of the best exchange firms: Mobile and Desktop Apps Binance's Homepage
The agents are quite informative and friendly and you will usually not have to hold for long to get in touch with a representative. Ticketing, live chat, and phone support options are also available. You can go through written documents including a Beginners’ Guide and check the FAQ section if you have questions related to the exchange. Excellent Customer Support Binance's Support Pageīinance offers 24/7 customer support to all its users. You will have no difficulty in selling your digital coins if you ever need money. Info:According to the company, it’s “the world's most liquid crypto exchange, with the biggest volumes across multiple crypto pairs.” You will pay less if you use the platform’s own coin (BNB). Plus, the company offers ways to reduce the fee. Quite Affordable Binance's Support Pageīinance is quite affordable as each transaction carries a standard fee of only 0.1%, which is lower than what many other exchanges chart. It uses the latest technology to provide unmatchable speed to consumers giving it an edge over competitors. Here are the pros of Binance exchange: Very Fastīinance processes more than 1.4 million orders per second.