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Pros and Cons of the Binance Exchange Platform

By August 5, 2022No Comments

Binance is known as one of the largest crypto exchange platforms in the crypto world. This platform is currently in operation and is based on trading volumes. This exchange platform was established in Hong Kong and hence its laws and rules are also governed according to Hong Kong Law. Check out what makes bitcoins a better cryptocurrency alternative than their substitute.

Binance platform is not listed on any stock exchange and its corporate fee structure is not known to be transparent, for instance, one cannot easily find the location of Binance’s headquarters. 

The Binance exchange platform is not accessible in the United States. If you are living in the U.S, you can use Binance’s partner site Binance U.S. this site uses similar engine and wallet technologies and is licensed from Binance. As compared to the original Binance platform, Binance U.S offers product selection and trading pairs. 

The Binance firm currently has over 2,800 employees and a 15 million client base. It has a huge quarterly trade volume of almost equal to $180 billion which makes it equivalent to the Coinbase exchange platform. It has also been noted that Binance has shown bigger turnouts than Coinbase at some points. 

Pros of Binance Exchange Platform

Here are some points where Binance Exchange shines more than any crypto exchange platform. 

Fewer Charges

Binance trading fees are less than many other exchange platforms. It charges only 0.1% charges on trades. 

Well-known Industry Presence

People all around the world know Binance and well-recognized its name. It has a well-established reputation and position in the crypto world. Moreover, due to its amazing features, it has earned a lot of popularity and recognition in the crypto market. 

Secure platform

Binance or Binance U.S, both platforms use high-level safety features to protect the data and funds of their users. This platform uses advanced-level security practices to keep all data, information, and deposits completely secure. 

Multiple Trading Platforms

Just like many other crypto exchange and trading platforms, Binance also offers multiple features that include spot trading, margin trading, peer-to-peer (P2P), stock token, and a lot more to its users. 

Own Exchange Token

 Binance has its exchange token, known as BNB. This token provides exclusive rights to its users including Launchpad investing eligibility, lower trading fees, conversion of crypto balances to BNB, and a lot more. 

Huge Crypto Collection

Binance has a huge variety of crypto coins and assets available on its platform. Moreover, it has a wide range of crypto-to-crypto trading pairs. 

Passive Income

Through this exchange platform, one can easily earn rewards and other prizes as passive income. People with crypto holdings can earn crypto tokens and a lot more. 

Payment Options

Binance allows its users to use different payment options for making transactions and payments. On Binance, one can make payments with a variety of options available. 

Cons of Binance Exchange Platform 

The Binance exchange platform is one of the leading platforms. Though it is used by many, it still has a few drawbacks. 

Not Ideal for Beginners

Unlike many other exchange platforms, Binance is not made for beginners. It is not easy to use and does not provide a user-friendly interface. People who are new to the crypto world can get confused while using it. For a simpler interface, you can go for any other exchange platform such as Coinbase or Bitcoin Trading Software. 

No Phone Customer Support

The world is moving forward and adopting technologies to make everything easier and simpler. Though Binance is a modified platform, consisting of all the latest features and technologies, it still does not have phone customer support. 

No Services in New York

Binance and Binance U.S are not offering services in New York at present. Other than New York, 12 more states are also affected including Alaska, Alabama, Connecticut, Georgia, Florida, Louisiana, North Carolina, Idaho, Texas, Washington, and others. However, Binance U.S is working to provide services in all states. 

Bottom Line

The pros of Binance outweigh the cons. Its versatile features make sure that the Binance exchange is the ideal choice for people involved in the crypto world.

This platform never stops upgrading, developing, and expanding. It offers a huge diversity of services and keeps up with the latest trends and development in the crypto industry. 

Binance is a huge network that consists of various parts. It is today known as the biggest crypto exchange by volume and ranks amongst the most recognized ones. Binance’s other segments include Binance Chain, Binance Academy, Launchpad, Binance Labs, Binance Research, and Binance Charity.

Jerico Saquing

Jerico Saquing

Jerico is the founder of Peso Hacks. He's also a freelance writer who specializes in topics related to finance, travel and games. In his spare time, he likes to watch anime, play mobile games and read books.

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