Binance Review 2024

Recently, cryptocurrencies have become raving trades, and every trader needs to work with a broker that can match the market's changing nature and give a certain level of stability. This way, traders can invest knowing that their funds are safe. One such broker is none other than the popular platform Binance.

It is easy for beginner or expert traders to come across Binance easily. Since its founding, Binance has shown itself to be a broker dedicated to creating the best trading environment to keep up with the constantly evolving market. This is how they have met clients' needs to provide one of the best brokerage services worldwide.

Are you a trader curious about Binance and its services? Keep reading this Binance review to learn more!

What is Binance?

The benefits of a broker are essential. However, there are other details to pay attention to learn about Binance's mode of operations. Doing so lets you ascertain if Binance's services fit you best.

The crypto broker Binance was founded in 2017 by a Chinese trader, Changpeng Zhao. What started almost seven years ago has become one of the world's leading cryptocurrency exchange brokers, but it didn't start like that.

Since its founding, Binance has been exceptional; the company started its operations by launching its Initial Coin Offering (ICO) in July 2017. This was performed to raise funds for the company by selling its native cryptocurrency - Binance Coin (BNB). To the market's surprise, the ICO was a huge success, and Binance raised around $15 million to support its platform development.

From there on, Binance grew in innovation and technology, rapidly becoming one of the largest cryptocurrency brokers. Barely months after the launch of Binance in the financial market, it became the go-to exchange for many traders and investors, seeing how well the ICO went.

Soon, Binance had features like Binance Launchpad, where they helped new cryptocurrencies launch through token sales to replicate their success. Interest in drawing cryptocurrencies proved to be a good move for Binance as it continues expanding its services to include more cryptocurrencies.

In 2019, Binance took a new step and launched Binance DEX. The Binance DEX is a decentralized exchange that allows Binance's clients to trade directly from their crypto wallets without having to depend on a central authority to approve the trade first. The move to decentralize was a significant step in developing cryptocurrency exchanges, making Binance the top gun in the industry.

Binance incorporated margin trading, futures trading, and even their blockchain system called Binance Chain to their system. They also created an avenue for trader education called Binance Academy, which provides educational resources about cryptocurrencies and blockchain technology.

License and Regulation

Since its inception, Binance has always made an effort to acquire licenses in different countries. These efforts have paid off since the broker is licensed and regulated in over ten countries, allowing it to base its operations entirely on those countries.

As much as regulations and licenses allow Binance's operations, they protect clients from losing their funds due to mismanagement and keep Binance in check regarding the country's financial crypto laws.

The following are Binance's licenses and regulatory bodies.

France - Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF)
Italy - Digital Asset Service Provider (DASP) registration by the Organismo Agenti e Mediatori (OAM)
Lithuania - Virtual Asset Service Provider (VASP) registration by the Registry of Legal Entities of the Republic of Lithuania and the local Financial Intelligence Unit (FIU)
Spain - Virtual Asset Services Provider by the Bank of Spain
Katowice - Virtual Asset Service Provider (VASP) registration by the Polish Tax Administration Chamber of Poland
Sweden - Financial Institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority
Financial Services Permission (FSP) by the Financial Services Regulatory Authority
Bahrain - Crypto-Asset Service Provider (CASP) by the Central Bank of Bahrain
Virtual Asset Service Provider (VASP) MVP license by the Virtual Asset Regulatory Authority (VARA) in Abu Dhabi
Australia - Digital Currency Exchange (DCE) provider registration by the Australian Transaction Reports and Analysis Centre (AUSTRAC)
Indonesia - Registration of Trader Candidate
Thailand - Thailand Ministry of Finance through the Securities and Exchange Commission ("SEC")
Mexico - Tax Administration Service (SAT) license

Binance Trades

One significant advantage of trading on Binance is the numerous trading orders they offer their clients. There are six trade orders on Binance, but the broker pushes four popular ones to keep the client's interest: the market orders, stop-loss, limit, and the OCO (one cancels the other). By focusing on and incorporating traders' demands into their services, these trade orders enable Binance services to be more customer-centered and effective.

Limit Orders

This limit order allows you to manually input the maximum or minimum price you are willing to buy or sell a cryptocurrency. Once the market attains your price, the order is executed. If not, it will remain open until the conditions are met or you cancel the order.

Stop-Loss Orders

Stop-loss orders are designed to limit potential losses. If the cryptocurrency's price hits your stop-loss level in your trade, a market order is triggered to sell (or buy) at the prevailing market price, helping you minimize losses and maximize profits. It becomes a market order when the specified trigger price is reached.

Market Orders

A market order is an instruction to buy or sell a cryptocurrency immediately at the best current market price. The market orders are executed at the current market price, giving you a quick entry or exit position.

OCO (One Cancels the Other) Orders

An OCO order allows you to place two orders on the market (a limit order and a stop-limit order simultaneously). When one is executed, the other is immediately canceled.

Trailing Stop Orders

A trailing stop order follows the market's direction and adjusts the stop price based on the market price movement. It helps to maximize profits while limiting losses. As the price moves in your favor, the stop price is adjusted, maintaining a specified pace from the market price.

Futures Trading

Binance trading allows users to take a gamble on the future price of cryptocurrencies by offering futures trading. Traders can either go long (buying) or short (selling) contracts. You can leverage their positions, potentially multiplying both gains and losses.

Major Cryptocurrencies on Binance

Binance can be tagged the home of crypto as it offers 400 tradable cryptocurrencies, 11 fiat currencies, and approximately 1,591 crypto trading pairs. With this level of flexibility, there is room for every Binance client to trade as they wish; a currency pair scarcity would be unlikely.

Bitcoin (BTC)

Bitcoin is nicknamed the pioneer of cryptocurrencies, as it is the fundamental digital asset in the crypto market. It is often called digital gold and is used as a store of value, attracting institutional and retail investors.

Ethereum (ETH)

Ethereum is a flexible platform, enabling decentralized applications (DApps) and smart contracts. Binance supports many Ethereum-based tokens, creating a bigger space for traders interested in blockchain projects.

Ripple (XRP)

Ripple (XRP) is known for its focus on fast and cost-effective cross-border transactions, making it the choice for specific use cases. Binance clients benefit from XRP's global partnerships with financial institutions, contributing to increased use and adoption.

Liquidity and Trade Volume

Binance identifies as the world's largest crypto exchange by trading volume as the broker records $76 billion daily generated from a customer base of over 90 million traders worldwide. As for Binance's liquidity, the Bitcoin market holds this part, making buying and selling BTC easier. As long as there is a party to trade financial instruments, there will be one to buy without causing significant impacts on the market price and within short time intervals.

Traders and investors on Binance can capitalize on the platform's extensive market offerings, liquidity, and security features when engaging with Bitcoin, Ethereum, Ripple, and other digital assets. With Binance, you won't be limited to one trade or coin as new and promising altcoins and an upgrade of the older ones are constantly added to the platform.

Binance Security

Regarding the security of clients' accounts and funds, Binance doesn't take a back seat. Seeing the massive customer base they have managed to amass, it is certain that the security at Binance is top-notch, so let's look at what it is like.

Customer Support

Binance customer support is available 24/7 via live chat, phone line, and email. This way, you can report any issues you might encounter while trading your currencies.

Two-Factor Authentication

Binance account security incorporates a two-factor authentication system that requires you to fill out accurate information (a unique verification code) before gaining access to the account after logging out. This measures against fraudulent activities, making it significantly harder for hackers to access your account.

For the 2FA system, you need your Binance password and a unique verification code. This code will be sent to your mobile device with the Binance Authenticator. The broker also strategically uses cold storage measures to defend against hacking attempts by storing most funds in offline repositories with disconnected private keys.

Pros and Cons

Pros	Cons
High liquidity and trading volume	It doesn’t offer built-in wallets
Over 150 tradable cryptocurrencies for US customers	The platform interface may be bulky and confusing for beginners
Low trading fees	Only available in 46 US states
Wide selection of trading options and order types	Customer support response time is slow
Regulated in many countries

How to open a Binance Account

First, visit the Binance website.
Click the "Register" or "Sign Up" button on the homepage.
Fill in your email address and create a password. Be sure to follow any password requirements specified by Binance to avoid errors.
Check your email for a verification link and click on it to confirm your account.
Login after verification, go to the Binance website, and log in with your email and password.
For added security, set up the two-factor authentication.
Complete the identity verification (KYC). Depending on your location and the services you plan to use, Binance might require identity verification. So, be ready to tender any means of identification you may have.
Once your account is verified, you can deposit funds.
Fund your trading account to start trading on the Binance platform. Navigate to the trading section, choose the trading pair you're interested in, and place your orders.

Depositing and Withdrawing on Binance

To deposit and withdraw on Binance, you can follow these steps:

Deposit:

Log in to your Binance account.
Click on the "Wallet" tab and select "Deposit."
Choose the cryptocurrency you want to deposit.
Select the network associated with the cryptocurrency you wish to deposit (e.g., BEP20, ERC20, TRC20, etc.).
Enter the amount you want to deposit and click the "Deposit" button.
Copy the deposit address provided and paste it into the withdrawal field on the platform you are transferring funds from.
Confirm the withdrawal on the platform you are transferring funds from.
Your funds will be deposited into your Binance account.

Withdraw:

Log in to your Binance account.
Click on the "Wallet" tab and select "Withdraw."
Choose the cryptocurrency you want to withdraw.
Select the network associated with the cryptocurrency you wish to withdraw (e.g., BEP20, ERC20, TRC20, etc.).
Enter the amount and the address you want to withdraw to.
Click on the "Withdraw" button.
Confirm the withdrawal.
Your funds will be sent to the specified address.

It's important to note that the availability of deposit and withdrawal options may vary depending on the cryptocurrency and network you are using. Additionally, network congestion and verification processes may cause delays in the withdrawal process. Please double-check the deposit and withdrawal addresses to avoid any mistakes, as transactions on the blockchain are irreversible.

Conclusion

Seeing how Binance operates with precision and customer-centric values, they have remained at the top of the crypto market. Being a broker takes more than just listing cryptocurrencies and trade orders. Client trusts are vital in building or destroying a broker's image. So far, Binance has fulfilled its end of the bargain by providing a safe, fast, and secure means for traders to invest in cryptocurrency and financial literacy fully.