Binance is one of the world’s biggest crypto-to-crypto exchanges, with an emphasis on low transaction fees (generally around 0.1% of each trade). As China’s primary Bitcoin exchange, it is probably the fastest and most liquid of all the exchanges in the world. One of it’s primary features is having it’s own Cryptocurrecny Token known as BNB, which successfully passed ICO ( Initial Coin Offering ) with the idea of raising funds for platform development and maintenance.
Originally intended to serve Chinese clients only, it’s fast growth encouraged developers to expand it beyond China. Now Binance supports a variety of langues including English, Korean and Mandarian and quickly gaining status as fully international cryptocurrency exchange. The Binance exchange is quickly gaining traction among US users, who can avail of basic or advanced options for trading. The basic platform layout is enough for the majority of people who want to trade whereas the advanced option is clearly designed for trading professionals.
Binance Account verification
In order to use the exchange, users will have to create a trading account. The process of account creation is not much different from other exchanges and is pretty straightforward. No verification is required for an upgrade to level 1 account which sets the withdrawal limit to 2 BTC daily. However, in order to withdraw up to 100 BTC per day users will have to undergo additional verification which requires submitting a copy of your government issued ID. Upgrading to higher withdrawals limit is also possible but you need to contact their customer support directly or arrangement. Users are also required to activate a 2 factor authentication for additional security.
Once the account is verified, you can jump straight into the exchange and fund your account. It is worth noting that Binance support a multitude of cryptocurrencies for making a deposit but we recommend sticking to Bitcoin or Ethereum for this purposes. Also, as of now Binance does not support deposits in fiat currencies.
In order to fund your account go to Funds , choose Deposits/Withdrawals at the top of the website page, choose a currency you wish to send and click on “Deposit” button which will give you a wallet address for transaction. After that you can send funds to this address directly from you wallet by typing in the address manually or by scanning a QR code provided by exchange.
Binance’s trading platform is web-based however it does feature two basic layouts for traders to use(Basic and Pro View). Casual Traders will certainly enjoy using the Basic Exchange Mode, that provides a more casual trading interface whereas the Pro layout provides the necessary functions for the professional to take advantage of. The dashboard has all the tools necessary for efficient market analysis including candlestick charts and volume. There is also extensive order book that provides useful information on all transactions taking place on the exchange.
Transaction processing is where Binance truly shines. Binance claims it’s platform has the capacity to process 1.4 million orders per second. We have nothing to support this claim but have to note that platform works really fast. Traders will surely enjoy their transactions processed with no delay and in real time which might give them an edge by contrast with other platforms which occasionally suffer infuriating slowdowns during overloaded trading sessions.
Binance has a reputation of having one of the lowest transaction fees in the industry which currently stands at 0.1% for each trade. Also, users can also enjoy a generous discount of 50% if they choose Binance Token as currency for covering trading fees. Given the quality of services provided we believe this to be a great offer which should definitely raise the bar for other top exchanges some of which still charge preposterous trading fees of 0.5% -1.0%.
In addition to low fees users can take advantage of generous friend referral program which everyone is free to participate. By taking part in the program you may receive 20% commission of all trading fees from your referrals’ accounts. Withdrawal fees are also quite low compared to other exchanges. Below are some examples of fees you will be expected to pay depending on the currency used for withdrawal.
Binance Customer Support
The customer support area on Binance is quite backward comparison to other exchanges on the market. Is mostly limited short FAQ entries which might not be enough to address all the issues customers may face. Another irritating issue is that there are some grammar mistakes as website was originally in Chinese and was later translated into English. Binance would greatly benefit from improvements in this area though. You can also submit a support ticket via online form which will be answered by a skilled representative in a timely manner.
Is Binance Safe ?
Being one of the newest exchanges on the market, Binance has gained surprisingly flawless reputation as a trustworthy and reputable cryptocurrency exchange. Yet they are not very open when it comes to disclosing where they keep customer’s funds or what sort of security measures they have in store. The 2 factor authentication gives users additional trust and account protection. The exchange is reported to have suffered a major hack attempt in March 2018 which was successfully put to halt by exchange’s security measures. The malefactors had been apparently accumulating customers’ login details through phishing website and installing APIs on the hacked accounts. The move was of massive proportions as criminals proceeded with converting all altcoins on the affected accounts into Viacoin, inflating its price and selling it for profit at high prices. The scheme was tracked by Binance and no funds were withdrawn by hackers with the latter eventually sustaining losses all their profits were donate to charity while customer;s funds were recover back to the respective account holders.
The Bottom Line
Binance strives to become one of the biggest players on the market by providing decent trading technology, huge array of cryptocurrency pairs to trade and rally generous fees and commissions. On the other hand, Binance is operates from china where official stance on cryptocurrencies has deteriorated recently.
- Lowest fees on the market
- Excellent trading interface
- Fast and effective
- Serves a huge range of cryptocurrencies (including Bitcoin)
- Multi-Device Support: Binance supports web browsers, Android, HTML5, WeChat, and other platforms.
- Very High Transaction Processing Speed
- Proprietary Platform Technology
- Only provides options for limit and market orders
- As a strictly cryptocurrency only exchange, you cannot fund your account with normal currency
- Hong- Kong Based
- Relatively Low Liquidity (after China Regulation Efforts)
- Not very accessible to beginners