Binance is a well-known cryptocurrency platform that caters to seasoned cryptocurrency investors. It offers some of the lowest trading fees in the industry and a wide range of cryptocurrencies for trade internationally, though the American version of Binance is limited to a few trading options.
While the exchange’s minimal costs may be tempting, it has encountered regulatory concerns and is presently under investigation in the US. In this article, we’ll take a look at the pros and cons of Binance to help you decide if it’s a good fit for your needs. Without further ado, let’s dive in:
Pros of using Binance
a). Hundreds of cryptocurrencies are available
Binance has over 365 cryptocurrencies for trading, but only 65 or so are available in the US. It also accepts a number of fiat currencies for international users, including INR, USD, HKD, EUR, and AUD. Binance offers a good variety of cryptocurrency pairs depending on your location.
b). Low fees
Binance offers one of the industry’s lowest fees. Though US-based customers may pay somewhat more, its fees are still lower than on other leading platforms. Binance uses a maker-taker fee structure, where fees vary depending on Binance Coin balance and trading volume. Higher volume trades are generally subject to lower fees.
c). A broad selection of order types and trading options
Binance provides various trading options, such as margin trading, peer-to-peer trading, and spot trading. It also gives you an array of order types to choose from like one-cancels-the-other orders, limit orders, post-only orders, market orders, trailing stop orders, stop-limit orders, and stop-market orders. Some of these options aren’t available to users in the US.
Note: If you want to access Binance.com from the US or anywhere, you should use a solid crypto VPN.
Cons of using Binance
1. Binance.us is more limited
With Binance, you get hundreds of cryptocurrencies for trade all over the world. However, the US version of Binance is more limited and available in no more than 44 states.
2. The platform may be confusing
While the extensive trading options and features on Binance might be exciting, it can also be overwhelming. In fact, even experienced traders may get intimidated by all the options available at their disposal.
3. No built-in wallet
Binance doesn’t offer a built-in crypto wallet, unlike several other famous exchanges. It advises using Trust Wallet, which has a strong reputation but may only provide limited help if there are problems with Binance transfers.
4. Regulatory issues in many countries
Since Binance has faced a number of regulatory and legal concerns in several countries around the world like the US, cryptocurrency investors might want to look into alternative exchanges.
If you’re a seasoned global trader who wants to explore different trade options and tokens, Binance might have the features you need. Active traders in the US may discover some opportunities on Binance. The platform is available in the US, but it supports fewer cryptocurrencies than the worldwide platform, so if you would like to use Binance from anywhere in the world with full functionality then you can use it with PureVPN. Before you start using Binance, make sure you do your homework and compare platforms to make an informed decision.