Anyone out there, involved in cryptocurrencies has likely heard the name Binance already.
Similarly, It’s the leading global cryptocurrency exchange, additionally as you’ll soon learn in this Binance review, a whole lot more besides.
Since its inception in 2017, it has been led by its founder Changpeng Zhao and has continued to feature low trading fees and the innovation that has made it so popular in the crypto community.
In the short time, Binance has been around, it has launched a mountain of new features, and it also enjoys a vibrant and active community of traders.
Also, It’s even talked about morphing into a decentralized autonomous organization (DAO) in the future, which would leave its governance to the traders who use it.
So, before going forward you need to know some basic keys about the app, however, this article will help you with a bundle of questions, let’s get started without making any further delay.
Is Binance App Good for Beginners?
Binance is an online crypto exchange headquartered in Hong Kong and is one of the most popular companies in the industry.
Many users trust Binance based on its excellent performance (it has remained in the top 3 when it comes to daily trading volume), easy-to-use online and mobile platforms, and very low taker and maker fees.
In Addition, Binance has two types of trading accounts: Basic and Advanced.
The basic option is recommended for first-time traders as it has straightforward and easy-to-understand features great for beginners in the crypto space.
Should I Use Binance as a Beginner?
If you are a beginner and looking for a decent spot for your financial gestures, here you go!
In Addition, one of the major draws for Binance users is the ease and speed with which you can trade cryptocurrencies in real-time.
The exchange cleverly offers different types of trading interfaces depending on how experienced you are.
Binance recommends the use of the convert feature for newbies, which breaks everything down with a simple interface.
So, the easiest way to trade is by executing spot trades at real-time prices.
Also, Binance offers a few different types of spot trading options, such as market, limit, stop-limit, and OCO.
Moreover, First-time traders may open a free account to practice trading and to get acquainted with charts, graphs, and tools used for trading.
In short, it’s a good app to go for beginners, with decent knowledge by consider Binance a good exchange for crypto traders of almost every level of experience as trading.
Along with Binance will take you from beginner to expert through its Basic and Advanced settings.
Is Binance Safe and Legit or a Scam?
Binance is the world’s largest crypto exchange, and its legitimacy can be verified by the hundreds of thousands of daily transactions.
However, Binance is a major target for hackers around the world. On May 7th, 2019, hackers stole 40 million dollars worth of Bitcoin (roughly 2% of Binanceʻs BTC holdings).
While Binance covered what was stolen, it is the largest hack in Binance history.
In Addition, to Binanceʻs credit, they stop dozens of hacking attempts a day and have never had another successful hack.
Similarly, Binance is heavily targeted for phishing scams, malpractice where hackers create a look-alike site or email to get you to expose your username and password.
Also, Binance is also one of the primary targets for key-loggers, which can record passwords and send them back to the hacker.
So, knowing all of that, Binance is as safe as your internet habits are.
There have never been reports of malware, data selling, or theft coming directly from Binance.
Which Should a Beginner Use, Coinbase or Binance?
Binance and Coinbase are two cryptocurrency platforms with very different approaches.
In Addition, Coinbase is a U.S.-based exchange designed for beginners with a simple interface and limited transaction types.
So, Binance has a steep learning curve, supports advanced users, and provides international traders with hundreds of currency trading options.
Although the Binance platform is user-friendly and offers three levels organized according to the trading experience.
Thus, it isn’t nearly as easy to use as Coinbase is, The Binance.US version is less robust with limited options and higher fees.
However, We put Binance and Coinbase side-by-side to review the overall price for various transaction types and accepted fiat currencies.
Similarly, available altcoins for trading purposes. We also explored ease of use for web and mobile applications, security protocols, standout features, and customer service.
Create an account on Binance Now: Click Here
How Do You Trade in Binance If You Are a Beginner?
Binance is currently one of the largest exchanges for digital currencies and is very popular among cryptocurrency traders.
The platform has a very big offer and is suitable for beginner and experienced traders.
So, it has all the paperwork and licenses to operate, then just Go to the official Binance.com website.
In this guide, you will get an explanation step by step of how to transfer cryptocurrency to Binance.
In Addition, how to execute a buy or sell order and how to convert it back to Euros, Everything you need to know is how to start trading at Binance.
Is it Safe Now to Trade in Crypto With Binance in India?
Yes, Binance is legal in India, and a growing number of investors at Binance are Indians.
However, the problem remains that the Binance wallet does not support INR deposits.
So, the user has to hold another crypto wallet that supports INR entries, and they can easily transfer the amounts from there.
What is the Disadvantage of Binance?
1. Saturation problems, at certain periods the network goes down, due in part to the great popularity enjoyed by the platform.
2. Fixed amounts, the platform does not allow transactions with the amounts we want.
However, these are restricted to a minimum and maximum amounts for withdrawals.
3. Payment waiting periods Transactions are not instantaneous and have a waiting period of half a day or even longer.
4. Collaboration with governments- Binance has a policy of collaboration with governments.
As it can give our data as customers when the relevant government so requests, either by order of a judge or as a form of control.
Also Read: Best Place to Buy Crypto for Beginners
Bottom Line
In this article, we have tried our best to answer every possible question related to Is Binance App Good for Beginners? and its other related topics.
Hope you will be satisfied with our answers if you still have any doubts or suggestions.
Then definitely come in the comment box with your questions and doubts, you are most welcome, we would love to join your thoughts.