Binance 2021 Review | The Ascent by Motley Fool

You can use Binance via desktop, mobile, or web-based app. Each option lets you:

  • Buy, sell, or trade
  • Set up recurring buys
  • Access live tracking and alerts, and portfolio insights

It’s a centralized exchange so you’ll need to provide some personal information to verify your account before you can get started. Binance.US accounts are available to users in the U.S. in all states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. If you don’t live in the U.S., you can use its general platform.

Buy crypto

Binance comes with a robust set of features and dashboards that can be a lot to take in. Its Buy Crypto page makes it easier to wade through the noise and make simple transactions. It’s a clean interface where you can simply buy, sell, or convert crypto.

From this screen, you can initiate a one-time or recurring buy of any available coin. You can purchase crypto with USD from your Binance account balance, a connected bank account, or a debit card.

Earn rewards with staking

If you stake certain currencies, Binance pays rewards. It’s a bit like earning interest on a savings account — you leave your currency in your Binance account, and it will earn money. Current estimated annual rewards (akin to an APY) on Binance.US are:

  • QTUM: 1%-2%
  • EOS: 0.5%-1%
  • ONE: 2%-3%
  • VeChain: 1%-3%
  • XTZ: 6%-7%
  • ATOM: 6%-9%
  • ALGO: 8%-10%
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Be aware that unlike a savings account, which is FDIC insured, if Binance or the currency fail, you would lose your money.

Trust Wallet

The Binance platform doesn’t have a built-in wallet. Instead, it officially recommends Trust Wallet, a decentralized, software (hot) wallet that supports more than 40 blockchains and hundreds of thousands of currencies.

OTC trading

Binance offers advanced traders a dedicated over-the-counter interface. You can use it to trade directly with other users outside the exchange.

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