Understanding the Binance Cryptocurrency Exchange
Binance is a cryptocurrency exchange and wallet. They are one of the top exchanges for trading altcoins, have low fees, and were the number one exchange for Bitcoin by volume as of 2018.
TIP: Binance blocked the US in September, 2019. Following the blocking they launched Binance.us. US citizens will now use Binance.us in most states. For those in states that can’t use Binance, try Kraken, Coinbase Pro, or Bittrex as an alternative.
Bottomline: Binance is a popular low fee altcoin exchange. They offer a wide array of coins and are often more generous with perks than other exchanges.
Sign up for Binance via our Affiliate link: Use our referral link to sign up for Binance today and save 10% on fees: https://www.binance.com/en/register?ref=QTXCWKKH.
TIP: If you hold Binance Coin (BNB) you will have money on trading fees at Binance. BNB is has been one of the top-performing crypto assets since Binance launched. So thus far it has been a decent hold for those who wanted to save on trading fees.
How to convert dollars to crypto for Binance: Binance is kicked it up a notch in 2019. Binance users can now use dollars, credit cards, and debit cards in some regions and with some card providers. If you can’t use dollars on Binance, consider signing up for Coinbase, buying Bitcoin or Ether there, and then sending your Bitcoin or Ether to Binance to trade alts.
UPDATE: You can now use a credit card to buy crypto on Binance.
The Pros and Cons of Binance
As noted above, Binance is one of the most popular exchanges in the world here in 2019.
One reason it is popular is that it is a global exchange with a large selection of altcoins.
Another reason it is popular is that Binance has a good reputation, very low fees (the lowest of any major altcoin exchange), and generally offers perks other exchanges don’t (for example you’ll sometimes get forked coins after they fork and you get GAS for holding NEO on Binance).
Another reason it is popular is that they have a generous referral program that incentives people around the world to shill Binance on the internet (see the affiliate links above for an example).
Since Binance has a very large user base and high volume, they generally have smaller “spreads” and better “liquidity” than other exchanges (meaning it is easier to buy or sell a coin at market price when the time comes due to there being more orders on the books).
Thus, in short, the reason we are praising Binance and are comfortable shilling Binance, is because it is a good choice for an altcoin exchange with a good reputation here in 2018 (i.e., the affiliate program is just icing on the cake).
With that said, you probably want to know more than just a few selling points, and the reality is one always has to take into account risks.
One general risk is that Binance is a new exchange. They opened their doors in 2017. That means that unlike some other exchanges, they don’t have a long record of success behind them.
Another risk of sorts, for U.S. users at least, is that Binance is not a U.S.-based exchange. The exchange was based in Tokyo (as their CEO was previously involved in equities and crypto markets in Japan), but is now based in Malta due to Malta embracing cryptocurrency.
That isn’t a pro or con specifically, it is just another factor that should be considered (if you want a U.S. exchange with a solid selection of altcoins, try Bittrex).
All that said, Binance is a top exchange with a good track record and low fees that offers many cryptos and a range of trading pairs (and sometimes even offers futures on forks)… and that is hard to beat.
There are a lot of reasons to choose Binance as your primary crypto exchange. Just remember, there are always benefits and risks to weigh against each other! To be on the safe side, never leave too much money on a single exchange, and always enable two-factor authentication.
NOTE: Like with any exchange, to trade you’ll need to get verified. That means giving some personal information and proof of identification. There is no way around that. It is the same for any exchange you use. Always use crypto exchanges at your own risk!
TIP: If you feel nervous about using a foreign exchange, try following Binance on Twitter or get to know “down to earth Chinese-Canadian billionaire” Binance CEO Changpeng Zhao AKA “CZ” (see his Wiki page or follow him on Twitter).