REVIEW: Exploring Binance -- A beginner's guide to cryptocurrency trading

Venturing into the world of cryptocurrency trading can be daunting, but platforms like Binance.com aim to make it accessible for everyone. We set a first-time user on a journey to explore Binance.com, a leading cryptocurrency exchange. In this review, we share the experience, covering its background, key features, user navigation, signing up process, customer service, and security. We also provide a detailed list of pros and cons.

Background

Binance was founded in 2017 by Changpeng Zhao, with a mission to make cryptocurrency trading easy and accessible to everyone. Since then, it has grown to become one of the largest and most trusted exchanges in the world. Binance offers a wide range of cryptocurrencies for trading, making it a popular choice among traders globally.

First things first, imagine Binance as your one-stop crypto shop. You can do all sorts of awesome things there:

Buy, Sell, or Trade Cryptocurrency: It's like a digital marketplace where you can buy, sell, or trade your favourite cryptocurrencies. Want to snag some Bitcoin or trade it for Ethereum? Binance has got you covered!

Set Up Recurring Buys: You know those subscription boxes for snacks or socks? Well, Binance lets you set up recurring buys for your favourite cryptocurrencies. This helps people who want to steadily build their crypto savings over time.

Earn Passive Income: With Binance, you can look at several options to earn passive income. These options include "staking" your crypto or participating in various savings programs. Each offers different levels and durations of return, to suit individual expectations and risk appetite.

Access Advanced Features: Need to do more? Binance offers advanced features like crypto derivative products, limit orders, and peer-to-peer trading where you can trade directly with other users.

  Curious about what derivative products and limit orders mean? Take Learn Crypto Academy's Crypto Trading course!

Trade Non-Fungible Tokens (NFTs): Ever heard of those funky digital collectibles called NFTs? Well, guess what? Binance lets you trade them too! Whether you're into digital art, gaming collectibles, or virtual real estate, Binance has a spot for you in the NFT world.

Access Portfolio Insights: Want to know how your crypto investments are doing? Binance gives you access to portfolio insights, live tracking, and alerts, so you can stay on top of your game and make informed decisions.

Keep Track of Your Tax Obligations: Crypto taxes got you scratching your head? No worries! Binance has a nifty tax reporting tool that helps you keep track of your tax obligations, so you can stay in the good books with the taxman.

Key Features

Binance offers several key features that make it stand out:

Wide Range of Cryptocurrencies: Binance supports a vast array of cryptocurrencies, from popular ones like Bitcoin and Ethereum to lesser-known altcoins.

User-Friendly Interface: Navigating Binance.com is a breeze, thanks to its intuitive interface. Whether you're a beginner or an experienced trader, you'll find it easy to locate where on Binance you can buy, sell, and trade cryptocurrencies.

Mobile App: Binance offers a mobile app for both iOS and Android devices, allowing you to trade on the go. The app provides all the features of the web platform in a convenient mobile format.

Advanced Trading Tools: For those interested in technical analysis, Binance offers a range of advanced trading tools and charting features. These tools can help you make more informed trading decisions.

Navigating the Site: Navigating Binance was surprisingly easy, even for someone who's new to cryptocurrency trading. The homepage is clean and well-organised, with clear navigation tabs to different sections of the site. Finding the information needed, such as available cryptocurrencies and trading pairs, was straightforward. Overall, the user experience was smooth and intuitive.

Signing Up: Signing up is a simple process. A single click on the "Register" button and you’ll be prompted to enter an email address and create a password. After verifying your email, you’ll be able to log in and start exploring the platform. The whole process takes just a few minutes, and you'll appreciate how straightforward it is.

Customer Service: We didn't encounter any issues during our time on Binance.com, but we did take a look at their customer service options just in case. Binance offers live chat support, email support, and an extensive FAQ section. Knowing that help is available if needed. That gives peace of mind to a new trader.

Security

Security is a top priority at Binance.com, and they take several measures to protect user accounts and funds. These include two-factor authentication (2FA) to prevent unauthorized access, encryption to secure data transmission, and cold storage for the majority of user funds. Customers are asked to set up two-factor authentication (2FA) when they register an account. 2FA is an extra level of security that sends a special code to your mobile phone every time you want to log in, trade, or withdraw funds.

Pros and Cons

Before registering a new account at an exchange for the first time, it is important to consider their advantages and disadvantages. This will ensure that you’re choosing the right exchange for you.

Binance pros

Wide Selection of Cryptocurrencies: Binance isn't just your average crypto exchange - it's like a treasure trove filled with over 500 different cryptocurrencies! From big names like Ethereum and Litecoin to quirky ones like Shiba Inu and ICON, Binance has something for everyone. Compared to other exchanges like Coinbase, which only offers around 50 coins, Binance is like the crypto equivalent of a candy store!

Quick Listing of New Cryptocurrencies: Ever heard of FOMO (Fear Of Missing Out)? Well, Binance ensures you never miss out on the latest crypto craze by quickly listing new cryptocurrencies. Plus, they give users early access to exciting new projects through Launchpool and Launchpad. Just remember, newer coins can be riskier, so it's always a good idea to tread carefully and do your research before diving in headfirst.

Low Fees: Now, let's talk about everyone's favorite topic - fees! When you're trading crypto-to-crypto on Binance, you'll be happy to know that their fees are some of the lowest in the industry. How low, you ask? Well, they charge just 0.1% on every trade! So, if you're trading 1 ETH, you'll only be charged a teeny-tiny 0.001 ETH. Talk about a sweet deal!

User-Friendly Interface: The intuitive interface makes it easy for beginners to navigate the platform to  find out the different activities you can do. Buying and selling are easily located.

Mobile App: The mobile app allows for convenient trading on the go, ensuring you never miss out on opportunities.

Advanced Trading Tools: For those looking to dive deeper into trading, Binance provides advanced tools and charts.

Binance cons

Limited Fiat Currency Support: Binance has limited support for fiat currencies, which may be inconvenient for some users.

Complex Fee Structure: Understanding the fee structure, with different tiers based on trading volume, can be challenging for newcomers.

Customer Service Response Time: While customer service options are available, response times may vary during peak periods.

Regulatory Attention: Binance has been making headlines lately, and not all of them are good. It's caught the attention of regulators in different countries, including the big one - the U.S.! The SEC (think of them as the crypto cops) brought some serious charges against Binance and its founder, Changpeng Zhao. SEC Chair Gary Gensler even gave a warning, saying people should be cautious about investing on platforms like Binance. But hey, Binance isn't backing down - they're ready to fight tooth and nail to defend their platform!

Not Available in the U.S.: If you're in the U.S., you won't find the full Binance experience. Instead, there's a separate platform called Binance.US. It's like the little sibling of Binance, with fewer features and cryptocurrencies. You can still trade over 150 cryptos, but things like futures trading and leveraged tokens are off the table. And heads up - if you're in Hawaii, New York, Texas, or Vermont, you're out of luck!

Could be a lot to take in for Beginners: Now, here's the deal - Binance does have a good user interface for someone looking to trade crypto. But exploring all the other options on the platform could be a daunting task for beginners, given that there are just so many things you can do on Binance. On the plus side, it's like the Formula 1 of crypto platforms, designed for newbies but also meeting the needs of hardcore traders looking to level up their game. With its massive selection of markets and complex dashboards, it can feel like you're navigating through a maze! Sure, Binance has a simpler interface for newbies and tons of educational resources to trade crypto, but you'd definitely need to take your time to explore, and understand everything else.

With this in mind, you can always take the Binance course on Learn Crypto Academy to help you learn about the entire range of Binance products and services.  

Verdict

Overall, the experience with Binance.com as a first-time user is highly positive. The platform's user-friendly interface, wide range of cryptocurrencies, and commitment to security make it an excellent choice for newcomers to cryptocurrency trading. 

So, you've taken a peek at Binance and noticed there are two options to choose from - Basic and Advanced. 

Here's the lowdown:

Basic vs. Advanced: Binance is like the Swiss Army knife of crypto exchanges, offering something for everyone. If you're just dipping your toes into the crypto pool, the Basic option is your go-to. It's super user-friendly and perfect for beginners. But wait, there's more! Once you've got your crypto sea legs and want to kick things up a notch, the Advanced section is where the magic happens! It's like leveling up in a video game - more features, more stats, and more control over your trades.

Binance Advanced: Picture this - you're not just a crypto trader, you're a crypto wizard! The Advanced options on Binance let you dive deep into the nitty-gritty details of your trades. Want to know every little movement between Bitcoin and Ethereum? Boom, advanced graphs got you covered! It's like having x-ray vision for your trades - you see everything!

Is Binance Right for You?: Now, here's the million-dollar question - is Binance your crypto soulmate? Well, if you're unfazed by the SEC shenanigans and have some crypto trading chops under your belt, Binance could be your ticket to crypto paradise! With low fees, a smorgasbord of currencies, and advanced features that'll make your head spin (in a good way), Binance is like the VIP lounge of crypto exchanges. Plus, if you're outside the U.S., you're in luck - Binance has got your back!