Over the last years, especially during pandemics, we have witnessed a real rise in investments in crypto-currencies. It is estimated that 3% of savers have already bought Bitcoin, and the trend is not about to stop believing the figures. To meet this increased demand, many crypto-asset exchanges have emerged. This is the case with Binance, an exchange platform known around the world.
Binance, what is it?
Binance is an exchange, a site where it is possible to buy, sell, store, and speculate in cryptocurrencies. It was originally based in Hong Kong, China, but has now moved to Malta. Although Binance was only founded in 2017, the platform has grown rapidly. In 2019, it already had nearly 15 million users. In 2020, Binance bought the CoinMarketCap site which tracks the prices of the most used cryptocurrencies.
Today, Binance provides more than 150 digital currencies, including Bitcoin, Ether, Litecoin, Ripple. Many features are offered on the platform, including Binance Futures, which allows you to place orders with high leverage. Binance is also known for pushing ICO (launchpad) projects.
In a short time, the platform has established itself as a benchmark in the cryptocurrency ecosystem thanks in particular to very competitive fees, exceptional liquidity, features highly valued by professionals and its own digital asset – Binance Coin. (BNB). Today, it is considered the world’s No. 1 platform in terms of volumes traded.
Huge Binance ecosystem
Since its launch, Binance has not skimped on the additional features. This is what explains its success with the most experienced users.
Binance deserves its place as the world’s leading cryptocurrency. The platform is ultra-complete, and it has been perfectly successful in diversifying its activities (including buying out the CoinMarketCap portal or releasing a Visa payment card). For the trading part, Binance allows you to trade over 150 cryptocurrencies, always with very low fees. All the features (Binance Future, Staking, Lending) enhance the experience and grow your capital, putting aside recent Binace abnormality that has been settled up.
In our opinion, Binance is perfect for those who already have some background in trading and cryptocurrency. The platform is still quite complex, and you can quickly get lost. That said, after a few uses, we will know how to master it better. We can also appreciate the efforts of Binance in terms of translation: the site is perfectly translated into many languages.
If you are new to trading and cryptocurrencies, then Binance might be a bit tricky. It will then be better to turn to more affordable platforms – especially in terms of user experience – even if it means having slightly higher costs. However, we recommend that you consult the Binance Academy section (including if you are not a client) as it is very rich in training.
In Conclusion
The easiest way to give you an opinion on Binance is to open an account and discover the different features of the platform for yourself. And to say the least, there are a lot of them. If you are a beginner, this can be a little overwhelming at first.
If you just want to buy / sell crypto, it might be a bit too complex. That said, Binance has the advantage of allowing you to enter the crypto ecosystem. For those who want to go further over time, it is a good entry point. For those who want to buy and hold cryptocurrency, there are much simpler alternatives.
If you just want to buy Bitcoin, follow some of many tutorials to do so. If needed, there is a free and open to everyone training called Binance Academy. It is very well supplied and will allow you to understand how to buy your first cryptocurrencies and, more generally, the whole ecosystem.