Here are 5 reasons why Binance is so confusing…
Binance is a cryptocurrency platform that has a steep learning curve and helps advanced users in providing international traders with hundreds of currency trading options.
Even though this platform is user-friendly, some crypto enthusiasts who are beginners still find it quite confusing to use and it might be due to the following reasons :
- No Fiat deposit and withdrawal.
- Delayed response from customer support.
- Not knowing how to handle high-volume trade.
- Not knowing the cryptocurrency to pick from the high list of Alt-coins.
- Setting up two-factor authentication (2FA).
5 Reasons Why Binance Is So Confusing
1. No Fiat Deposit And Withdrawal
The Binance platform does not permit users to deposit funds through the usual traditional payment methods. However, there are other well-known crypto platforms allow customers to use their debit or credit card, platforms such as Coinbase, Kraken, Livecoin, and HitBTC. Some other exchange platforms can accept a bank transfer and PayPal.
It is quite unfortunate that Binance doesn’t support fiat deposits, which makes it a molehill to climb for beginners who are buying cryptocurrency for the first time. As you would first need to buy a cryptocurrency like Bitcoin or Ethereum using fiat before you can deposit that into Binance and then trade for other coins. In other words, you can only withdraw cryptocurrencies from the Binance exchange and to deposit, you will require to purchase crypto coins from other platforms.
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2. Delayed Response From Customer Support
There were several mixed reviews on the customer support obtained from the Binance exchange platform, some of which included delayed response from the customer support. Nonetheless, you can still contact Binance by email or live chat. This might be because the exchange has a large number of customers to attend to.
However, we hope that Binance will improve its response times. Another review from their users was that there is also no phone support, which is a service offered by other popular exchanges such as Coinbase.
3. Not Knowing How To Handle High-Volume Trade
Since the Binance exchange platform has become one of the most popular exchanges to buy, trade, and sell cryptocurrencies, there have been lots of trades taking place all the time.
This is a very significant factor to note when trying to consider an exchange platform for your use as you might have a better chance of selling your cryptocurrency immediately whenever you need to.
However simple it may sound, handling a high-volume trade can be quite confusing for a beginner, you might want to consider hiring an expert to put you through on this exchange platform.
4. Not Knowing The Cryptocurrency To Pick From The High List Of AltCoins
There are over 100 numerous cryptocurrencies available on the Binance exchange platform. They vary from well-known coins such as Ethereum (ETH) and Litecoin (LTC), to smaller coins like CyberMiles (CMT) and ZCoin (XZC).
An interesting fact had stated that there are over 1889 individual cryptocurrencies, with new ones being created every day. This fact alone makes Binance one of the most popular exchange platforms globally. However, this can be quite confusing for a beginner.
You might want to consider getting the help of a crypto pro to put you through as having to choose among a high list of Alt-coins can be overwhelming for a first-timer.
5. Setting Up a Two-Factor Authentication (2FA)
The Binance exchange platform takes security very seriously, and hence the reason why their customers are asked to set up two-factor authentication (2FA) when they register an account with them.
2FA is an extra level of security that sends a special code to your mobile phone every time you want to log in, trade, or withdraw funds. This medium of security is a nice idea, and it might probably be one of the reasons the exchange platform stands out from the rest.
However nice the security strategy on the platform is, it can still seem quite confusing to a beginner who is just starting to learn the crypto world works. Nonetheless, you might want to consider seeking the help of a crypto expert to put you through.
Wrapping Up Why Binance Is So Confusing
There are a lot of pros attached to using Binance. It is one of the best exchange platforms globally for trading between different cryptocurrencies. Binance delivers a great, easy-to-use interface that caters to all types of traders. That’s not all, it’s also a platform you can trust as it is well secured.
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