Binance App Review: A powerful cryptocurrency app

Binance app is one of the world’s top crypto platforms. It is a centralized cryptocurrency exchange and it began in China in 2017. But the Chinese government’s crackdown on cryptocurrencies in 2017 forced the founders to relocate, first to Japan and later Malta. It later added offices in Taiwan and abroad. The name Binance represents a conjunction of the two words binary and finance. Today it has more than 1.5 million users and on an average day of trading, it has more than $2 billion transactions.

Changpeng Zhao and Yi He founded the cryptocurrency platform in 2017. They had previously worked at OKCoin exchange. Despite its relative newness, the platform has established itself as one of the most open-minded and innovative hubs of crypto.

This success stems from the fine crypto pedigree that Zhao and He bring to the platform. Also, Zhao has remained a member of the Blockchain.com wallet team since 2013.

Pros of Binance App:

One of the most trusted brands in cryptocurrency trading.
It offers the best-in-class features with everything for an advanced trader.
It has significant advantages when using the native Binance tokens BNB.
The transactions are very fast.
It has an easy-to-use interface.
The app offers extremely low transaction fees.
Assets are insured in case of any security breaches.

Cons of Binance app:

It can be overwhelming for people who are new to crypto or trading
Much of its functionality is being disrupted by decentralized options like Uniswap and others.
It doesn’t support most traditional payment options.
Binance US does not offer services in New York, Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, and Texas due to missing regulatory requirements.
It does not give comprehensive daily market analysis to its users.

What is Binance app?

Binance is a leading cryptocurrency exchange platform. It provides an affordable way to buy and sell many diverse coins. This including some very rare ones as well. It places great focus on offering currencies traded primarily within China.

Their focus on lesser-known coins has helped them secure powerful positioning in the market. There’s plenty of potential (and risk) trading in some of the less popular and more volatile coins.

Today, BNB coin is used as a discount, permitting users to explore the digital asset exchange. There’s a 50 percent discount on fees. But it comes with diminishing returns. After your fifth year on the exchange, you’ll see no discount using BNB coins. Nonetheless, when you start on the platform, BNB’s deep discounts pay your user fees initially.

Features of the app:

Users can trade over 180 cryptocurrencies
Low trading fees offered by the platform.
Fiat Gateway for select users.
Multiple platforms are supported.
It offers 24/7 customer service.

Features that unveil when you sign up:

Binance JEX: the futures and options trading platform for cryptocurrency.
P2P trading: This peer-to-peer crypto trading platform works like LocalCryptos or LocalBitcoins. It supports payments via AliPay, WeChat, QIWI, and bank transfers.
Crypto Loans: This feature lets you take out crypto loans secured by your cryptocurrency holdings.
OTC: This feature represents an over-the-counter trading desk for large-volume traders.
Savings: Savings lets you lend cryptocurrency assets to earn interest, permitting withdrawals at any time.
Staking: Staking allows you to stake some cryptocurrencies. In the process, you’ll reap up to a 16 percent annual yield.
Chain and Coin (BNB): This community-driven blockchain ecosystem relies on BNB and the DEX.
USD (BUSD) and GBP stablecoin: It released these regulated stablecoins in partnership with Paxos Trust Company.
Charity: This charity remains dedicated to advancing sustainable global development and blockchain philanthropy.
Labs: This initiative empowers blockchain projects and has an infrastructure impact fund.
Trust Wallet: Trust Wallet is the official, decentralized, secure Binance wallet.
Cloud: Cloud is an enterprise cryptocurrency exchange solution for cryptocurrency ventures.
Card: This crypto payment card comes with the flexibility of being used as a payment option for everyday purchases.
Jersey: This fiat-to-crypto exchange is located in Europe to facilitate trade for euros and pound sterlings with BTC, BNB, LTC, etc.
The US and other localized versions of exchange: This exchange is dedicated to markets with varying regulatory climates.

Frequently Asked Questions:

Which OS supports the app?

Both Android and iOS platforms support the app.

Is the app free to use?

Yes, the app is free to use. It also has some in-app purchases.

Is the payment secured for in-app purchases?

Yes, the in-app purchase payment method is secured.

Which permissions are required to use the app?

It requires the following permissions: Device & app history, Camera, Wi-Fi connection information, Photos / Media / Files, Phone, Device ID & call information, Identity, Contacts, and Storage.

Why should you use the app?

It has emerged as the largest exchange based on global trading. The platform achieved this status in little more than six months’ time. Its overall ease-of-use, global approach to business, and multi-lingual platform accessibility have attracted many users.