Is Binance the best crypto exchange? Find Out Here

binance crypto exchange

 

Who Is Binance Beneficial To?

It is one of the world’s most popular cryptocurrency exchanges, and for good reason. Its low fees and wide range of cryptos make it appealing to traders of all types.

Binance.US is available to many, but not all, residents of the United States. It should be noted that this cryptocurrency exchange is not available to residents of Hawaii, New York, Texas, or Vermont.

Despite these limitations, it is still ranked as one of the top ten crypto exchanges in the world by crypto industry ranker CoinMarketCap.com and in other Crypto News

 

What Makes Binance a Good Investment?

It supports over 130 cryptocurrencies. Although this isn’t as many cryptocurrencies as parent company Binance offers international users, it should cover the majority of cryptocurrencies an individual may be interested in trading.

Binance. Staking of 19 different cryptos, including Ethereum, Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Solana (SOL), and The Graph (GRT), is also permitted in the United States, with advertising yields as high as 12.5% annual percentage yield (APY).

Staking refers to the ability to earn passive income on cryptocurrencies by using them as collateral to aid in the construction of the coin’s blockchain.

Furthermore, Binance.US has high security ratings as well as ultra-low fees. In fact, some Bitcoin (BTC) pairs can be traded for free. This simple platform is an excellent option among the world’s many crypto exchanges for users based within the company’s jurisdictions.

Moreover, it occasionally introduces new crypto games like its Binance Crypto WODL and Halloween Spooktober.

READ  Best Structure & Designs For iPad Pro 11 Cases

Disadvantages of Binance

The US version of this exchange has fewer cryptos than its parent company does in other geographical locations, and its educational resources are not as extensive.

Regardless of the platform you use, keep in mind that buying cryptocurrencies is generally fraught with risk. Crypto is highly speculative and volatile in response to even minor news.

Binance is a good place to start if you want to invest in cryptocurrency.

The platform in the United States should have most, if not all, of what you’re looking for.

Fees

Customers in the United States have access to a tiered trading system.

Tier 0 trades incur no fees. However, this is limited to only four Bitcoin pairs: BTC/USD, BTC/USDC, BTC/USDT, and BTC/BUSD. All other trades are classified as Tier I or Tier II.

Tier I trades begin with a 0.2% taker and 0.1% maker fee for trades of $10,000 or less on specific asset pairs within a 30-day period. Tier I asset pairs include, for example, ETH/USD and SOL/USD, to name a few.

Tier II trades are a little more expensive, with taker and maker fees starting at 0.6% for trading less than $10,000 in a 30-day period on select Tier II asset pairs. A few Tier II pairs are ADA/USD and DOT/USD.

Security

While the exchange has not caused much controversy, its parent company, Binance Holdings, the world’s largest cryptocurrency exchange, has. Binance has drawn the attention of a number of US regulatory commissions, including the CFTC.

The most concerning for crypto traders, however, is a 2019 hack in which criminals stole more than $40 million in BTC from Binance. Binance.US did not even exist at the time. It should also be noted that the hack affected the parent company rather than Binance.US.

READ  The Risks and Benefits of Synthetic Data

Parent company suffered another major hack in October 2022, costing the platform more than $570 million in BNB. Binance and Binance.US were now separate entities, and the Binance.US website was unaffected.

 

Related Reads You might Like:

Maria Ameli

Learn More →
error: Content is protected !! :)