There appears to really be two true kinds of approaches when it comes to what cryptocurrencies are made available. The first is to only allow for a small amount of options: that way, you can ensure you are only offering the cream of the crop. It also has the benefit of keeping the exchange simple and uncluttered. The alternative is to allow any and all legitimate options you can on the exchange, and leave it up to the user to make their own decision.
Binance appears to be very much in the latter category, with an ever-expanding roster of altcoin options. We don’t want to put an exact figure on it because this is something that is quite fluid and can change. Rest assured though that the selection is vast and includes all your favourite options, like Litecoin, Ripple, bitcoin and many, many more.
While we do fully appreciate this approach, more variety does have a small downside in that it creates a site which may appear intimidating to new users. That said, there’s no way around that – this amount of choice does simply take up a lot of space. This is not a criticism in this part of our Binance review but simply an acknowledgement that this may be a sign of the target audience.
There have been many highlights of this Binance review before and there will be more to come, but there can be little doubt that one of the key selling points for Binance is their low trading fees. All fees in this regard are either 0.1% or below, which gives them an absolutely huge advantage over much of their competition.
On top of that, there are no deposit fees on any of your coin options, although withdrawals do vary. More information on all of this can be found on the site – it really is impossible for us to cover all the intricacies in this part of our Binance review as there’s simply too many different facets to Binance.
We will say though that their reputation for quality fees is well-earned throughout and you can find all of this information very clearly laid out, alongside things like Binance futures trading fee rates and margin borrow interest rates.
It’s a bit of a tricky subject for our Binance exchange review here because, as far as we can tell, there is no specified list of supported or restricted countries. We suppose this means that the only practical restriction is whether or not you have the means to utilise the platform. We do note though that there are geoblocks in several countries. However, the currencies of many of those countries – particularly in the case of the US dollar – is supported.
Like we said, in terms of restrictions, this appears to come down to practicality. And with that said, our best indication in this regard is through the currencies that are available. All we can say here is that the options include everything from the Dollar to the Peso, from the Shilling to the Yen and so much in between: there really is no lack of options. However, we can’t give them perfect marks in this part of our Binance review due to a lack of clarity.
We believe we’ve been pretty straightforward in our Binance exchange review that this is an example of an exchange which can cater to experts, thanks to the sheer amount of variety it offers. However, that doesn’t mean they have made the basics behind how to use it difficult.
In fact, although becoming an expert at trading may be very complicated, the practicalities of using this platform is not. That is why this part of our Binance review, will go through the basics of how to use it to give you a brief Binance how to trade guide.
1. Create and verify your Binance account
First off, you’ll need to register your account. There’s a ‘Register’ button at the top-right of your screen. Here you’ll need to provide information like your email and password. You can also utilise a Binance referral code or referral ID if you have one. Agree to the terms, click ‘Register’ and prove you’re not a robot to receive an email which you can use to verify your account.
2. Set up two-factor authentication
When you then go to set up your account, you can set up 2FA, which we really, really recommend for security purposes. This is two-factor authentication, where you not only have a password but also a code sent to your phone to authenticate sign-ins. Who says you can’t learn something new in the middle of a Binance exchange review?
3. Fund your account
To fund your account, log in to your account, go on ‘Funds and Deposits’, create a deposit address, enter that address, tell it how much you want and hit ‘Send’. You now should have money in your account.
Moving onto Binance trading, the first thing to note in this part of our Binance review is that there are Basic and Advanced options and you can choose which is most suitable for you. We have to say though, even Basic is pretty complex. The Basic option sees you heading onto the exchange, choosing a trading pair, choosing the type of trades you want to make, as well as the amount, and you are good to go.