Cryptocurrency has surged in popularity in the last few years. These are digital currencies that can be used for various means including making purchases. Cryptocurrency trading is also immensely popular. Like Forex, you can buy and sell cryptocurrencies and potentially profit due to their fluctuating value. This has benefited a lot of people but it has also led to many scams. If you’re looking to find a crypto exchange, this Binance review will help you decide if it’s best for you.
Binance is an online cryptocurrency and fiat currency trading platform and exchange. It caters to all types of traders, including novices with minimum knowledge, and experts who prefer using complex trading tools.
In this review…
- Binance Overview
- Binance Pros & Cons
- Binance Review UK
- Advanced Crypto Trading
- Binance Review UK Summary
Binance is essentially a full cryptocurrency trading platform. Regardless of how you want to trade, you should be able to find a suitable method on the Binance platform. For example, if you don’t really understand trading charts and pairs, you can simply outright buy cryptocurrency like Bitcoin and Ethereum using fiat currency.
Alternatively, if you want advanced control and want to analyse market fluctuations carefully, you can use the advanced trading platform. This shows crypto pairs and detailed graphs so you can enter and exit markets with precision.
At first glance, the Binance platform may seem overwhelming. However, once you get used to it, it is an incredibly useful platform. It certainly offers one of the best crypto trading solutions available. There are a few potential drawbacks, however.
Firstly, the registration and verification process can be tedious. But this is mainly to improve security and prevent fraud. Also, there have been instances where UK debit and credit cards will not process withdrawals. This is because Binance was temporarily banned in the UK.
- Two-factor authentication for secure login
- A comprehensive set of trading tools and charts
- Simple buy & sell feature to pay directly with fiat currency
- NFT marketplace
- Also supports P2P trading
- Supports transferal to third-party crypto wallets
Binance Pros & Cons
Binance Review UK – Is This a Worthwhile Crypto Exchange?
In this Binance review UK, we look at all the different features of the platform. This includes the utility of the dashboard, the simple buy/sell feature, and the advanced trading platform. We also look at security, the mobile app, and customer support.
The main part of the Binance platform is the dashboard. For first-time users, the dashboard may seem overwhelming. You may find it difficult to know where to start, or what tools to use first. At the top, there is a series of menus for the different tools such as buy crypto, markets, trade, and derivatives. To the right-hand side, you can also access your account, order, and wallet.
Once you understand the basic layout, Binance does become easier to use. Also, we like that it has different trading options for different levels of experience. For example, those who have never traded before can use the “convert” tool. This essentially allows you to buy cryptocurrency directly using GBP, for example.
Alternatively, you can select other trading methods such as advanced, P2P, strategy trading, and margin trading. Therefore, while the dashboard can be complicated, you can easily select a trading option to suit your level of experience.
Buy Crypto Feature & Convert
For beginners, and those who have no interest in detailed trading charts, Binance has two simple options for buying and selling cryptocurrencies.
The first option is the “Buy Crypto” feature. This essentially allows you to immediately buy cryptocurrencies like Bitcoin using different fiat payment methods. You can select a card deposit, pay directly via a credit/debit card, buy via P2P trading, or even use third-party payment providers like Simplex.
This makes buying crypto incredibly easy and gives those with minimum experience a simple entry point into the market. A point to consider when buying crypto using cards is that there is a 1.8% fee for each transaction.
Alternatively, you can use the convert feature. This allows you to convert one currency into another. For example, you can convert GBP into Bitcoin, or convert Bitcoin into SHIBA. This is the easiest trading method available and again is aimed at beginner users. Always remember that there is a spread when buying crypto – this means that Binance will sell the crypto to you at a slightly lower rate than the current market value.
If you don’t have any experience trading but want to start learning, the “Buy crypto” and convert tools will be invaluable. You could use these tools to make quick purchases and sales before potentially moving on to more advanced analytics and trading.
Advanced Crypto Trading
Binance also has an advanced trading platform. This is similar to a Forex trading dashboard and lets you analyse crypto trends and markets in greater detail.
If you switch to the advanced trading mode, you are presented with trading charts for crypto pairs, for example, BTC/USDT. It shows detailed statistics including the current value, 24h change, 24h high, and 24h low. You can also see graphs that show the overall trend lines.
At the bottom, you can also see your order book. This includes your funds, trade history, order history, and open orders. Essentially, you have everything you need to analyze crypto markets and make spot orders. This is certainly not an option for beginners. Most people will look at the advanced trading screen and have no clue what is happening. This is only meant to be used by those who have trading experience and using similar platforms such as Forex and stocks.
However, for the experienced user, the advanced crypto trading platform is an invaluable tool. It gives you full control over your trading. Also, it allows you to easily analyze current crypto market trends and see price fluctuations.
Binance Mobile App
If you want to trade and invest on the go, there is also a Binance mobile app. This is free to download from either the Google Play or Apple stores on smartphones. The app has two modes – lite and pro.
The lite version is essentially a simplified app that is great for beginners. It reduces the menus into a minimalistic design and makes it easy to buy and sell cryptocurrencies. Alternatively, the pro version is far more advanced. This version can feel a little cluttered, but it aims to give users complete control and allow for advanced trading and investments.
Security is of prime concern when trading cryptocurrencies. Luckily, Binance has a great range of security features to protect its users.
Firstly, there is an ID verification process. Until you have verified your account, you can only withdraw a set amount. Secondly, there are various verification methods for the account login too. You have to complete a simple CAPTCHA first, and then you have to receive a unique code to both your email and mobile. This may seem tedious, but we feel this is a great security measure to prevent fraud.
The mobile app has similar security features too for the login process. In terms of crypto storage, each Binance user also has their own wallet. This is a secure wallet and we have no reservations about the safety of your fiat currency and crypto investments.
Binance has a range of customer support options, but no telephone support. The main platform has a live chat feature. Initially, this uses AI technology and you must ask a series of questions to get directed to the correct place. However, eventually, you do get put through to a member of the customer support team.
There is also a dedicated support centre. Here you can search for help on different subjects like resetting your password, unlocking your account, and deposit and withdrawal issues. Lastly, registered users can also submit a support ticket. This provides a support trail and is possibly the most effective customer support method.
Binance Review UK Summary
Binance is certainly one of the top trading platforms available for UK customers. While simple platforms like Coinbase, or digital banks such as Revolut offer a more simplistic approach to crypto trading, Binance caters to a wider audience. Whether you want to buy your first cryptocurrency or are an experienced trader, Binance has tools and trading options to suit your needs. You may also want to check out Coinmama and Changelly for alternative options.
The security measures and login verification process is excellent. Also, the wide support for different cryptocurrencies is extensive. If you do intend to use this platform, we advise checking carefully to see if your debit or credit card will be accepted for deposits, and withdrawals, however. You may need to contact your bank to authorize your debit or credit card usage on Binance as there has been instances where banks simply block Binance transactions.
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