Advantages and disadvantages of Binance

Advantages and disadvantages of Binance

You want to use Binance to store and trade the crypto-currency, but you don’t know how to work this platform and so you want to know its advantages and disadvantages. We propose to you to discover them in this guide.

Presentation of Binance

Binance is a platform on which you can store your crypto-currency, but also the trader. However, you can not buy or sell for real money. In fact, you can purchase the crypto-currency by using any other crypto-currency, so if you are new to trading crypto-currencies, you will need to obtain by other means, either by undermining or by buying it on another platform before transferring on Binance.


The advantages and disadvantages of Binance

The main advantage of Binance is, therefore, the large number of crypto-currencies available. It is indeed one of the platforms to offer the most. This not only gives you more freedom in the choice of the crypto-currencies you wish to trade, but it also allows you to be able to mine crypto-currencies to be less known and therefore less taken over by the miners. In general, the more a currency is undermined, the more the mining is difficult. This means that you will be able to undermine more easily, crypto-currencies unknown, before storing it on Binance or exchanging crypto-currencies with a higher value.

But Binance has many other benefits. The platform is first of all perfectly secure, because in addition to a password you can use Google Authentificator to strengthen a bit more this security. It also offers fresh attractive, since you will pay as 0.00005 bitcoin in every transaction, whatever its amount. Finally, you will be able to withdraw 2 bitcoins every 24 hours without the need to go through all the verification steps. However, you will not really have the choice if you want to withdraw more.


However, the limitations of Binance can be annoying. In fact, you will be forced to associate Binance to another platform if you want to use real money, either to buy the crypto-currency or to sell it. In addition, it is a platform is quite difficult to use, not necessarily optimal for a beginner. Finally, the available volumes for some crypto-currencies are quite weak, so you probably won’t get as much as you’d like.

In conclusion

Binance derives, above all, his force of a great number of crypto-currencies available. This will allow you to buy or mine crypto-currencies, less well-known, which will therefore be less expensive and easier to undermine. However, its interface is quite difficult to master and the fact of not being able to use the real money may put off some. In addition, the volumes available to some crypto-currencies are quite low. However, Binance is still a platform very interesting, in particular because of its wide variety, but you’ll have to live with its few shortcomings.