Binance® Exchnage- Cryptocurrency Exchange for Bitcoin, Ethereum

Pros Explained

More than 150 tradable cryptocurrencies for U.S. customers: Binance offers more than 150 tradable coins for U.S. customers. This gives crypto traders and investors many options. If you're outside of the United States, you have even more options.
Low fees: The platform offers low fees, meaning traders get to keep more of their investments and earnings.
Wide selection of trading options and order types: Binance offers several trading options including peer-to-peer trading, spot trading, and margin trading. It also offers lots of order types, including limit order, market order, stop-limit order, stop market order, trailing stop order, post only order, and one-cancels-the-other order. Some of these options including margin trading are not available for U.S. customers.

Cons Explained

U.S. version is more limited: Binance offers hundreds of cryptocurrencies for trade globally. However, Binance.us, its platform for U.S. users, is more limited. Additionally, Binance.us is only available in 46 states.
The platform is complex and may be confusing: While the broad range of features and trading options on Binance may be exciting, it can also be intimidating. Even experienced traders may feel overwhelmed by all the options available.
No built-in digital wallet available: While some popular exchanges have built-in digital wallets, Binance does not. It recommends Trust Wallet, which has a good reputation but may only offer limited support if there are issues with Binance transfers.
Binance has run into regulatory trouble in several countries: Binancehas faced several regulatory and legal issues in multiple countries, so crypto investors may want to consider other exchanges.

Introduction

Binance is the largest cryptocurrency trading platform in the world.1 Because it offers a robust selection of trading options and features, it is not particularly user-friendly. Investors may experience a steep learning curve with Binance depending on their experience and knowledge.

Through its desktop or mobile dashboards, Binance offers a wide array of trading features, including an impressive selection of market charts and hundreds of cryptocurrencies. Users can also access a variety of trading options including futures and options, as well as several order types. However, many options and features are not available in the United States and only 150 of the cryptocurrencies are accessible to U.S. customers.2

In addition to its tools and features, Binance also offers a comprehensive learning platform, an NFT platform, and more. The NFT marketplace doesn't appear to be available to U.S. customers yet.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions.

Company Overview

Founded in 2017 by software developer Changpeng Zhao, Binance is a decentralized crypto exchange that was originally based in China.3

Binance is the largest cryptocurrency exchange in the world by trading volume. In 2022 the company offered to buy rival FTX, another large crypto exchange. However, on Nov. 9, 2022, soon after the offer was issued, Binance said it would walk away from FTX after reviewing its smaller rival's financial condition.4

Binance is facing regulatory issues in several countries. In the United States, it's currently under investigation by U.S. authorities on allegations of money laundering and tax offenses. The platform has also been banned in several countries.

Binance offers hundreds of cryptocurrencies for global users. However, it’s important to note that the global Binance platform is different from its U.S. counterpart, Binance.us, which only offers about 153 cryptocurrencies.5

Experienced traders may appreciate the variety Binance offers, but users might find this platform confusing given its many features. Additionally, its ongoing investigations and growing list of regulatory issues are also concerning.

Cryptocurrencies Available on Binance

Binance has more than 350 cryptocurrencies available for trade on its exchange, but only about 150 are available in the U.S. For international users, it also supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, and INR. Depending on your location, Binance has a wide variety of cryptocurrency pairs depending on your location.

Some of the cryptocurrencies available on Binance U.S. are: Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network (MATIC). Additionally, Binance supports popular cryptocurrencies including: