Binance: A Comprehensive Review
Advantages:
- Wide range of alt-coins: Binance offers over 500 cryptocurrencies, from well-known coins like Ethereum and Litecoin, to lesser-known ones like Shiba Inu and ICON.
- Low fees: Binance fees for crypto-to-crypto trades are among the lowest in the industry (0.1%). Trading with Binance Coin (BNB) gives a 50% discount. Deposits are free, while withdrawal fees vary by cryptocurrency.
- Prizes: Regular traders have a chance to win prizes, including free cryptocurrencies and even a car!
- ICO Launchpad: Binance is known for quickly listing new cryptocurrencies after their ICOs, showing the exchange's trust in their potential.
- Security: Binance requires two-factor authentication and uses the CryptoCurrency Security Standard to protect accounts.
- High trading volume: With Binance's popularity, trades happen constantly, making it easy to buy or sell cryptocurrency.
Disadvantages:
- Customer support: Binance has received mixed reviews for its customer support, with reported long delays. No phone support is offered.
- No fiat deposits/withdrawals: Binance doesn't support traditional payment methods, making it difficult for beginners to buy their first cryptocurrency. Customers can only deposit and withdraw cryptocurrencies.
