The many crypto exchange markets available to pro and newbie crypto traders is flush with so many choices, finding the best exchange or trading platform to suit your needs could be quite a challenge, but we’re going to take a comprehensive look at Binance.
As one of the largest Bitcoin and Ethereum trading platforms, Binance has garnered a lot of attention. This review seeks to answer basic questions around Binance and briefly shares the company’s history, how to register, customer support and FAQs, fees, security, and of course the pros and cons of trading on this exchange.
A Brief History of Binance
Binance is a popular cryptocurrency exchange that was launched in 2017 in China and led by the popular Chinese entrepreneur, Changpeng Zhao. It is considered the world’s biggest crypto exchange by adjusted volume.
The company gets its moniker from the combination of two words “Binary” and “Finance”. In 2018, due to tight crypto regulations in China, the exchange moved its headquarters to the Island of Malta in the EU zone.
The exchange is noted for its crypto to crypto exchange services. It also owns its unique token: Binance Coin (BNB).
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Though relatively fresh on the crypto market, when compared to other coins, Binance has managed to rise in popularity thanks to its professional attitude, the introduction of numerous trading pairs, the remarkable quantity of Initial Coin Offering listings, plus its low trading fees.
The company inaugurated recently its own decentralized trading platform (DEX).
Sign Up and Login
Account creation for Binance is quite simple and straightforward and does not take much time.
Level 1 has a 2BTC daily withdrawal limit and does not require you to enter your personal details. Level 2 on the other hand, which allows for up to 100BTC daily requires that you verify your account. Verification might take a few days and entails that you upload a photo ID and wait until you are approved. Higher limits exist but you are then required to contact the company directly to resolve that.
The time for verification can also differ depending on the volume of support requests on any given day. It is, therefore, better to plan ahead if you wish to cash out bigger amounts. Also to ensure this step is concluded before investing and trading huge sums on the exchange.
Supported Crypto Currencies
One of the strongest selling points of Binance is its large spectrum of support coins. Crypto traders can trade various digital currencies on the platform. Digital coins offered on the platform include Bitcoin, Bitcoin Cash, LiteCoin, Bitcoin Gold, Ethereum Classic, Ethereum, NEO, EOS, Zcash, GAS, Dash, Ripple, and a host of other coins. The exchange also supports several tokens in their ICO listing section. Armed with this information, traders can make a profit by leveraging on the platform to trade these tokens.
Binance is also very quick to add fresh coins and tokens after their ICO which suggests that users can buy these coins cheaply and make a greater profit down the road.
Binance currently offers trading pairs in ETH, BNB, BTC, and USDT.
Available payment methods
Through its collaboration with Simplex, Binance enables users to make credit and debit card payments for cryptocurrencies, meaning you can purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP tokens using Visa and MasterCard.
Using a debit or credit card on the platform comes with a lot of benefits, some of which include:
Convenience: Almost everyone has a Visa or MasterCard credit or debit card.
Ridiculously low fees: Compared to other platforms, Binance only charges 3.5% per transaction or 10 USD, whichever is higher.
Very fast transfers: It usually takes a less than an hour for cryptocurrency to reach your wallet.
Trading and Withdrawal Fees
Trading fees on each trade made by a user on Binance presently stands at an average of 0.1%. Irrespective of the trading pair or volume that is chosen, users will still incur these costs, however, those who choose to make their payment through the Binance token can get a 50% discount on the trading fee, meaning that if you use BNB, the fee is only 0.05%. This represents one of the cheapest trading fees available; good news for traders.
On the other hand, withdrawal fees tend to vary from coin to coin and on a day-to-day basis. The coin’s network fees, as they are termed, differ depending on the blockchain’s traffic and the number of needed confirmations. ETH withdrawals, for instance, is charged at 0.005, while 0.0005 is what’s currently charged for Bitcoin withdrawals.
Transfer Limits
Regarding transfer limits, users who are on level one (unverified users) are limited in terms of how much they can withdraw, but no limits on how much they can deposit. Level two verified users, have no limits and are provided greater power when using the platform. As stated above, verification requires that users provide the platform with their full name, gender, country, passport or government-issued ID, and a selfie taken with “Binance” written as you hold your ID.
How safe is Binance?
Binance has succeeded to win a high level of confidence from its users in particular and the crypto community in general. Though not much is known of its security architecture, aside from that the platform offers a multi-tier and multi-tier system architecture, but we are pretty sure of the availability of an anti-bot application that protects users from spam attacks.
Also, every account has several security options like; password manager, API safety tools, Anti-Phishing Code, withdraw access manager and two-factor authentication (2FA) which is a recommended extra layer of security.
Trade & Exchange
Binance offers simple exchange services and trading features that are simple and pretty straightforward. In Binance exchange, you simply swap altcoins with other currencies of your choice while trading in Binance features the standard set of Limit, Market, and Stop-Limit functions.
Labs, a program which offers a platform for ICOs to offer and trade their tokens, and LaunchPad, which is a platform that allows you to fund new projects and suggest improvements to the blockchain, are two other services currently on offer by Binance.
Binance Fiat Move
Worthy of note also is the recent announcement by Binance regarding the launch of a new fiat to crypto exchange: “Binance Jersey“. The trading platform allows you to trade in fiat currencies such as Euros and Pound Sterling thanks to loose crypto laws.
In March, 2019, Binance announced the launch of Binance Lite Australia, which is the first fiat entrance to the crypto world; a platform which provides a safe, reliable, and easy way for users to purchase Bitcoin with cash in Australia.
Binance Customer Support and FAQs
A good customer support is a much-needed ingredient for any exchange to be successful. The support team of Binance is quite responsive and capable of offering professional aid to traders who are in need of assistance.
Binance offers helpful FAQs as well as numerous articles meant to help users get a handle to how the exchange works. Should you encounter bugs and other issues along the way, the platform features an easy support ticket option which is submitted via an online form featured on the website, and responses are made via email.
Pros & Cons
As we promised when we began this article, listed below are a few of points we can summarily draw up from our review of the Binance exchange as its advantages and its disadvantages.
Pros
Binance has a large pool of cryptos and trading pairs available.
The trading platform has relatively adequate security features.
Verification is not a compulsory requirement for trading.
The transfer fees are relatively low.
Binance services are globally available.
Binance matching engine is easily one of the quickest and is currently competent in processing about 1.4 million orders per second.
Payment options and fiat currencies are now available.
Binance runs on all forms of devices, like desktop, Android, iOS, and WeChat.
Binance gives multiple-language support in for non-English speakers like Japanese, Chinese, and Korean, to name a few.
Conclusion
Based on all that has been outlined in the review so far, we can conclude that Binance is undoubtedly the leading cryptocurrency exchange in the crypto market. Summarily, it is good to point out that with the plethora of resources and partners at the disposal of the exchange, its success and growth potential is predictably high.
Based on the above, we can easily recommend Binance for you.Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
