Even if you’re only getting started in the world of cryptocurrency, there’s a good chance that you’ve heard about the Binance cryptocurrency exchange. The exchange, which was launched in 2017, quickly grew to become a favorite among cryptocurrency traders thanks to listing a huge number of different cryptocurrencies and offering attractive features for traders.
This will be going through the most important features of the exchange to help you decide if Binance is the right exchange for you or if you’re better off choosing another exchange. Here’s a quick overview of the advantages and disadvantages of Binance:
The pros of trading cryptocurrency on Binance
- Strong liquidity and trading volume, which means that your trades will be executed quickly at predictable prices
- Over 100 cryptocurrencies listed
- Leveraged trading, IEOs, lending and other advanced features
The cons of trading cryptocurrency on Binance
- Not open to traders from the United States
- Fiat currency support only through third-party providers
- The exchange was successfully hacked in 2019 (users were fully refunded)