Binance Pros and Cons Pros: Fast account opening process Low fees Hundreds of cryptocurrency pairs Secure multi-currency wallet Basic and advanced trade setups Good liquidity Extensive educational resources Various deposit options Cons: Complex platform; not suitable for beginners Has ran into regulatory trouble in several countries Can one exchange be all things to all traders? In two short years, Binance has grown into the NASDAQ of the cryptocurrency market. But as trading on Binance becomes more liquid and faster, is it providing an unfair advantage to the big monied traders? With the many exchange scandals happening over the years, many users online have been asking “is Binance safe?” or “is Binance reliable?”. After testing the exchange in depth by reviewing fees, features, and pros and cons, we have found that the average trader is at an advantage when using this platform and we recommend users to try this exchange. There are several reasons why we think many traders could have a safe experience on this platform, all of which we will explain in this detailed review. eToro - Our Recommended Crypto Platform Our Rating ASIC, CySEC and FCA regulated - 20 Million Users Worldwide Buy with Bank transfer, Credit card, Neteller, Paypal, Skrill, Sofort Free Demo Account, Social Trading Community Free Secure Wallet - Unlosable Private Key Staking Rewards for holding ETH, ADA or TRX Copytrade Winning Crypto Traders - 83.7% Average Yearly Profit Buy Crypto 81% of retail investor accounts lose money when trading CFDs with this provider. On this Page:Contents [show] What is Binance? Binance’s meteoric rise to become the leading cryptocurrency exchange seems incredulous but possible if you know its founder. Changpeng Zhao worked for the Tokyo Stock Exchange and Bloomberg before building one of the fastest high frequency trading systems, Fusion Systems. Since Binance launched in 2017 in China, its fast execution times have attracted hordes of professional traders. When China shuttered crypto exchanges, Binance moved its offices to Malta. Binance Jersey and Binance Uganda recently opened to provide fiat-to-crypto trading. With one of the fastest order execution times and institutional-grade research reports, professional crypto traders have found a home on Binance. Over-the-counter trading (OTC) between private parties was introduced in 2019 for trades over 20 (~ USD 1 million) BTC. An incubator lab for blockchain startup projects and a launch pad for ICOs allowed for many new coins and trading pairs. Binance is the largest bitcoin exchanges in the word after Coinbase with a daily average trading volume of $2 billion. However, with more platforms cropping up daily to buy cryptocurrencies, it may not necessarily be the best option for the retail investor in 2022 . Can retail traders who also use the exchange compete on an exchange known for its fast trade execution? Since many traders are new to cryptocurrency trading, we set out to discover how user friendly this exchange is for beginners. To evaluate how intuitive the Binance platform is, this review assesses how to trade cryptocurrency on Binance, as well as the exchange’s safety and security. How does the Binance exchange work? Binance is a centralized cryptocurrency exchange. With the recent launch of the Binance Decentralized Exchange (DEX), Binance aims to give the trader the choice of the best of both worlds. Binance.com The crypto exchange seeks to cater to all levels of investors by providing both a Basic and Advanced trade setup. Over 400 coins are offered. If you want immediate access to new coins, Binance is where to get hot alt coins. The steady flow of coins from its ICO launches to alt coin listings on Binance ensures early access to a good supply of new coins. While on some exchanges you may have to wait patiently for liquidity to trade new coins, on Binance, you can participate in trading competitions and earn while helping to create liquidity in new coins. Trading fees are low and even cheaper if you use Binance coin (BNB). As a centralized exchange, though, Binance is vulnerable to security breaches and says it fends off dozens a day. Binance Decentralized Exchange (DEX) Binance is sidestepping these security issues with the launch of its Decentralized Exchange (DEX). Binance DEX runs on its own blockchain, Binance Chain blockchain, and uses the Binance coin (BNB). Decentralized exchanges do not hold customer funds or information – the main targets of hackers. Instead funds are held by the wallets of the individual traders. The Binance DEX launch is one of the most watched launches in crypto exchange history. Binance has the trading volume to build liquidity, which has been the main weakness of other DEXs. The DEX will remain crypto-to-crypto and thus outside the purview of regulators. Take Dex for a Test Drive The Binance Chain testnet is open. Do not use real coins on the demo account! If you have 1 BNB in your account, you can go to the Test Faucet, where you will be prompted to open a testnet wallet. Within minutes, you will receive test funds in your wallet to play on the new decentralized exchange. Best Cryptocurrency Exchange in March 2023 Invest$=StellarStellarXRPLitecoinEthereumBitcoin CashBitcoinBancor Network TokenMakerBasic Attention TokenStorjDecentralandEnjin CoinChainlinkQuantCrypto.com Chain TokenAlgorandOrchid ProtocolHedera HashgraphLoopring0xSynthetixTetherCompoundCeloTerraEthereum ClassicZCashTRONTezosNEOIOTAFantomEOSDogecoinDashCosmosCardanoyearn.financeKyber NetworkBalancerCurve DAO TokenBand ProtocolUMARENFTX TokenAaveSerumSushiBinance CoinChilizAvalancheThetaPolkadotSolanaPolygonUniswap Protocol TokenThe GraphShiba Inu1inchThe SandboxAxie Infinity ShardsGalaAnkr NetworkAsia Pacific Electronic CoinAPI3AmpLivepeerMy Neighbor AliceOrigin ProtocolCartesiSKALE NetworkFileCoinSparkFetch.AIBitcoin GoldBitTorrentMatic NetworkSwipeVeChainHydro ProtocolElrondSolaOasis LabsRaydiumIlluviumRender TokenAlien WorldsYield Guild GamesTravalaPancakeSwapEthernity ChainHarmonyImpactGasMercury ProtocolNearAuguriEx.ecNumeraireMulti Collateral DaiOMG NetworkWrapped BitcoinGemini DollarPARSIQGolem Network TokenAragonaelfABBC CoinVergeQTUMOntologyNEMMoneroBitcoin SVWavesArdorAmpleforthDaiPaxos StandardUSD CoinDecredStoxDFI.moneyRavencoinHoloStatus Network TokenCrypto.comUtrustHiveNervos NetworkArweaveKusamaSteemZilliqaWorldwide Asset eXchangeSiacoinIOS tokenICON ProjectHorizenBytomBitsharesKavaNanoReserve RightsGatechain TokenJUSTHyperCashHuobi TokenNEXOMachine Xchange CoinxDai ChainFloki InuWirex TokenAkash NetworkRefreshMore Filters1 Providers that match your filtersSort ByRatingRatingPrice1 Providers that match your filters Payment methodsCredit CardGiropayNetellerPaypalSepa TransferSkrillSofortFeaturesInstant VerificationFor BeginnersWallet ServiceMobile AppUsabilityVery GoodGoodAverageBadSupportVery GoodGoodAverageBadFees0 or betterSafety0 or betterCoin selection0 or betterRating0 or betterClear FilterRatingfor $1000 you get0.0399 BTCFeaturesEasiest to depositMost regulatedCopytrade winning investorsFeesSafetyCoin selectionfor $1000 you get0.0399 BTCBuy CryptoRead Review68% of retail CFD accounts lose money.FeaturesPayment methods How does Binance Compare with other Exchanges Visit Site68% of retail CFD accounts lose money.Visit Site74% of retail investor accounts lose money when trading CFDs with this provider.Visit SiteThe price and value of any investment in digital asset products can fluctuate.Visit SiteThe traded price of digital tokens can fluctuate greatly within a short period of time.Visit SiteMarket prices for digital tokens can be volatile and highly unpredictable.Visit SiteAs with any asset, the values of digital currencies may fluctuate significantly.Visit SiteThe value of digital currencies can go up or down frequently.Visit Site71% of retail CFD accounts lose money.Visit SiteAs prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase.Rating5.04.74.74.64.54.44.34.14.0Mobile App Rating10/109/109/108/108/109/109/109/1010/10FeaturesMobile AppWalletNumber of Coins7460223617596515123FeesTrading FeesSpreadsSpreads0.1%0.1%0.1%0.1%0.50%Spreads0.2%Deposit FeesN/AN/AN/AN/AN/AN/AN/AN/AN/AWithdrawal Fees$5N/A0.0005 BTCN/AN/AN/AN/AN/AN/AExtrasRegulatedASIC, CySEC, FCACySECN/AN/AN/AFCAFCACBI, MiFIDN/AMin. Deposit$50100 EURN/AN/A$10$10$2$100N/ALeveraged TradingN/AN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x1-200xLatest Prices (per Coin)Bitcoin$25068.05$24919.13$24838.46$40391.88$40393.04$40404.41$40416.27$24906.72$40377.55Ethereum$1725.79$1720.66$1709.98$2796.11$2795.55$2797.45$2796.59$1714.68$2795.54XRP$0.38$0.38N/A$0.23N/A$0.78$0.30$0.38$0.78Tether$1.01$1.01$1.00$1.00N/AN/A$1.00N/AN/ALitecoin$85.58$85.15N/A$109.04N/A$109.10$109.04$85.24$108.99Bitcoin Cash$134.30$134.70N/A$506.41N/A$295.12$295.07$134.63$294.96Chainlink$7.14$7.08N/A$14.26N/A$14.68$14.67$7.18$14.68Cardano$0.35$0.35N/A$0.83N/A$0.83$0.83N/A$0.83IOTA$0.22$0.22$0.22N/A$0.70$1.91$1.91$0.23$0.70Binance Coin$312.55$309.77$309.69N/AN/A$385.92N/AN/AN/AStellar$0.09$0.09N/A$0.19$0.08$0.19$0.19$0.09$0.19Bitcoin SVN/A$37.32N/A$182.50N/AN/AN/AN/A$77.12USD CoinN/AN/AN/A$1.00N/AN/AN/AN/A$1.00EOS$1.14$1.14$1.13$2.06$2.06$2.06$2.05$1.15$2.06MoneroN/A$153.99$151.97N/AN/AN/AN/AN/A$188.31Payment methodsCredit CardGiropayNeteller