Binance Wallet Review 2022: Pros and Cons

Binance is one of the most popular cryptocurrency exchanges in the world and it has become a favorite among traders. The Binance team is constantly working to improve their product and make it more user-friendly. In this review, we will take a look at how easy it is to use Binance as well as what features they offer.

How Does The Binance Wallet Work?

The Binance Wallet is a desktop application that you can download from their website. The Binance Wallet allows you to make multiple account types, which is useful for different trading strategies.

Binance Wallet Overview

 The Binance Wallet is a very user-friendly application that allows you to make multiple account types. The interface is easy to use and it looks like they have paid attention to every detail, which means that it’s also very secure.

Features

The Binance Wallet offers a lot of features that will allow you to manage your portfolio efficiently. Some of the features are:

Trading View

This is the most popular trading view and it displays real-time price and market data for all pairs;

Portfolio View

In this section, you can see your portfolio in detail as well as add new coins;

Trade History

Here, you can see what transactions have been made with each coin on an interactive chart and find out how many orders were executed

Order Book

You can use this feature to look at the current order book and place buy or sell orders.

 

Pros And Cons

Binance is a cryptocurrency exchange that was launched in July 2017. The company offers users the ability to trade cryptocurrencies and fiat currencies, such as US dollars and Chinese yuan. Binance has attracted many traders because of its low trading fees. 

Pros:

 The Binance Wallet is very user-friendly and offers a wide range of features for managing your portfolio;

The interface looks great, it’s easy to use and it’s also very secure;

They offer a lot of options that will allow you to manage your portfolio efficiently.

Cons:

• Not available in the US

• Lack of transparency in corporate structure

 

How To Use Binance Wallet

You can download the Binance Wallet on your computer. The application is available as a desktop app.

Once you have downloaded and installed the Binance Wallet, open it using your browser.

You will see an empty page with some links to different sections of the wallet.

To create a new account, click on “New Account”.  Click on the “Sign Up” button and you will be prompted to create a new account. You can choose between an email address and a username, but it’s not necessary to fill in these information as they are only used for KYC (Know Your Customer) purposes.

The next page shows your current balance, trading history and some other useful information. On this screen you can also find out how much Binance has paid out so far to its users.

On the right side of the screen, there is a list of all coins that are supported by Binance. Clicking on any coin will open up the order book for that currency pair. The Binance Wallet allows you to view real-time data for all currencies listed here. 

You can buy or sell cryptocurrencies from within the wallet using either fiat or cryptocurrencies and click on the respective buttons at the bottom of this section. To withdraw funds from your account, click on “Withdraw”. You will be shown a different page where you can choose the amount of your withdrawal and click on “Withdraw”.

FAQ

How can I trade coins on Binance?

If you want to trade coins, the first step is to sign up a new account. You can do that by clicking on “New Account”.  You will be prompted to create a new account and enter some of your personal details. After you have created an account, click on “Sign Up” and then click “Next”. On this page, you will see a list of all the cryptocurrencies available for trading. Click on any cryptocurrency from this list and click “Buy/Sell” in order to open up the exchange for that coin.

How many different types of accounts does Binance support?

The Binance Wallet allows users to create three different types of accounts – Basic Account, VIP Account or Professional Account.

Each type has its own unique features which are explained below.

Basic Accounts: This type of account is completely free and it allows users only limited trading options such as buying or selling Bitcoin ( BTC), Ethereum (ETH) and BNB. You can view only your trading history and the value of your account in real time.

VIP Accounts: These accounts are for traders who want to trade more than one type of cryptocurrency but not at all times. VIP accounts allow you to buy or sell Bitcoin, Ethereum and BNB whenever you want. You can also use this type of account to deposit funds into your account so that you don’t have to wait for days before they show up in your balance. 

Professional Accounts: Professional accounts are paid accounts with a monthly subscription fee.
This type of account allows users access to all the other features that Basic and VIP Accounts offer plus some additional tools such as market-data API access, advanced charting tools and coin-level statistics on a per-currency basis (e.g., price changes over the past 24 hours). 

How do I withdraw funds from my Binance Wallet?

If you want to withdraw funds from your Binance Wallet, you will have to create a new account. You can do that by clicking on “New Account”.  You will be prompted to create a new account and enter some of your personal details. After you have created an account, click on “Sign Up” and then click “Next”. On this page, you will see a list of all the cryptocurrencies available for trading. Click on any cryptocurrency from this list and click “Buy/Sell” in order to open up the exchange for that coin.

How much does it cost to use Binance?

The fees charged are quite reasonable considering what is offered here – free withdrawals (no fee), no minimums or limits on trades and very low spreads between exchanges. However, there are many other features which you might want to pay for such as advanced charting tools or market-data API access so it’s hard to give an exact figure without knowing exactly what you intend to use this exchange for.

Can I use Binance with a mobile phone?

Yes, you can use Binance on your mobile phone if it is running the latest version of Google Android or Apple iOS.

How do I buy cryptocurrencies from Binance?

If you want to purchase any of the supported currencies from Binance, click on “Buy/Sell” in order to open up the exchange for that coin. Then select one of the currencies available in your list and enter the amount that you want to spend by clicking on “Buy”. Click “Next” when all the details about your transaction have been entered correctly and then click “Submit Order”. After confirming that it has been sent successfully, wait for confirmation.

Is The Binance Wallet Available On iOS And Android?

Yes

Is Binance good for beginners?

Binance is a great place to begin trading. Binance offers an easy-to-use interface for beginners, and it has low fees. If you’re new to crypto trading, then this exchange is the way to go.