Binance Review 2022: Scam Or Legit? (Complete Guide)
Let’s find the answer to all these questions in our special edition of the Binance review.
Binance is currently the most popular cryptocurrency exchange in the world and this is a complete review of binance simplex iloiloga
I have also covered about BNB (Binance coin) which is one of the highest growing crypto coins.
It wouldn’t be wrong to say that many of us in the present, or at a certain point in the past, have come face to face with the paralyzing problem of too many choices. And needless to say, the crypto space today compliments that statement to the T!
Update: Binance futures is launched as invite basis. Use the link below to create a Binance futures account for free.
With more than 2100+ cryptocurrencies and +200 cryptocurrency exchanges to choose from, binance vs coinbase pro gjöld it can get traumatizing to choose the right ones. The plethora of options on cryptocurrency exchanges can be a headache for both newbies and experienced crypto enthusiasts.
Apart from that, with most of the exchanges being centralized, there is always a looming fear of getting hacked.
However, amidst all the fears and difficult choices to make, one centralized exchange has stood out and certainly made life easier – Binance .
Disclaimer: I have used Binance on numerous occasions and in this post, I am going to tell you everything I have noticed and also the things you need to know before getting started.
Also see: Best Cryptocurrency exchanges of 2022.
Note: Binance.com does not allow registration from USA. If you are from USA, You can either use Binance.us or one of these Binance alternatives.
What is Binance?
Binance is the world’s largest cryptocurrency exchange. Binance came into existence around 2017.
Binance means “Binary Finance”, and as an exchange, it aims to power the future of crypto finance.
It is a centralized exchange and they’re based out of China. It claims to be a better alternative to many other centralized exchanges because they have identified the most major pain points of centralized exchanges and are working rapidly to provide solutions.
Problems That Binance Is Aiming To Solve.
These are the following problems that Binance is claiming to solve:
Poor crypto trading technical architecture Insecure platform Poor market liquidity Poor customer service Poor internationalization and language support.
Binance’s Answers To These Problems.
Binance has introduced and is in the process of introducing, several features to counter these problems.
Some of the features that Binance has in place are:
Matching Engine – Binance’s matching engine, as claimed in their whitepaper, is capable of handling 1,400,000 orders/second, making Binance one of the fastest exchanges in the market today. So there is no risk of being “stuck” due to matching issues on Binance. Device Coverage – They are providing cross-platform trading clients for: ● Web-based trading ● Android ● iOS and Mobile iOS app ● Mobile HTML5 ● PC (Windows) Multilingual Support – In their white paper, they promised that they will launch Binance on all of their user interfaces in English, Chinese, Japanese, and Korean. They have already added support for p2p ਬਾਇਨੈਂਸ ਸੀ their website in Japanese, Spanish, and Korean (along with English and Chinese). I would say this is a good start in just two months, and I am sure there will be more languages to come as adding full language support is explicitly mentioned in their whitepaper.
Features and Benefits of Binance:
Spot/Margin and Future trading:
Binance offers trading terminal for all kinds of traders. Be it a seasoned, hobbyist or pro traders. They started as a spot trading crypto exchange, and now they offer Margin and futures trading as well.
Binance offers crypto lending feature where you can earn interest on your crypto holding. They support many coins including Bitcoin, Binance, Stable coins to name a few.
Many of you may be aware of proof of stake coins and you would be surprised to know that Binance also offers crypto staking features. One benefit I see here is, you can also discover some interesting projects that offer staking feature.
Crypto Sub-account (manage account for your friends, family or clients)
How often you wish to have multiple accounts on the same exchange? Well, the Binance sub-account feature is exactly for you. You can use it for creating and managing the binance account of your friends, family, and clients. You can create up to 200 sub-accounts under a single Binance account which is something remarkable.
If you want to trade or use Binance exchange under a legal entity (Corporation, LLP, Pvt. limited) or any other, you can apply and open a corporate account as well.
Buy crypto assets using fiat currencies.
Binance has started adding a lot of fiat payment options to enable users across the globe to be able to buy Crypto assets using their local bank account or credit card. The benefit that you get here is, they charge pretty low fees for the same and you can directly start trading or even earn interest.
Binance pay is the latest feature which was added in 2022. It works as a payment gateway and also you can use it for P2P payment. To use Binance pay, you need to have a verified Binance account, and then you can follow this video steps to start using Binance Pay.
Binance is one of the top P2P exchange platform as well. Once you have done your KYC, you can perform a P2P transaction with other interested traders. This video guide will help you get started with Binance P2P:
In 2022, Binance added the option to trade tokenized stocks. With this new addition, Binance users can now get exposure to the traditional asset class directly on the Binance platform. To use the Binance tokenized stocks feature, you need to complete your KYC, and then you can start trading in these stocks.
Watch this video to learn everything about Binance tokenized stocks:
Binance Team.binance cryptocurrency exchange
’s team members have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and they have accumulated a large network of partners in this space.
They are clearly not newbies trying to run a scam exchange; they understand the risks and challenges very well.
In my opinion, the Binance exchange and BNB tokens are here to stay.
From a subjective economics point of view, binance cryptocurrency exchange
’s business model makes sense, and it is based on the simple law of supply and demand. So it wouldn’t be wrong to say that the price of BNB will continue to go up because people want to get a fee discount while trading on the Binance exchange. Another observation is that Binance is expanding very fast and is already in the top 10 cryptocurrency exchanges by volume – a feat worth mentioning for a 3-month old exchange. It’s clear from their business model that the price of BNB will be strictly driven by their business profits that will eventually be used to destroy 50% of all BNB tokens. They are launching themselves in various international languages across all platforms which is a good strategy for mass adoption. And last but not least, the way Binance is expanding and its volume is growing day by day, in 2022 they are #1 exchange by volume. In just 2 months, they have built a list of 50 cryptocurrencies that are being traded with a nominal 0.1% trading fee – far cheaper than most of its competition.
Binance Exchange Review 2022.
Binance started in China in mid-2017 but shifted base to Hong Kong and now in Malta after the China government banned cryptocurrency exchanges.