Binance is one of themost popular, if not the most popular, crypto-to-crypto Exchange platformsright now. Since its launch in 2017, it has quickly gained a reputation in the blockchain communitythanks to its variety of coin offerings and incredibly low trading fees. But is it right for you?
In this Binance review , we will talk about:
- Key information
- How does it work
- Trading fees
- Cryptocurrencies available
- Transfer limits
- Corporate trust
- Fund security
- Customer care
- Conclusion
Key information
Binance exchange cryptocurrencies: How it works
There are two options for Binance trading platforms: Basic and Advanced . As the names indicate, the basic view has everything you need to perform simple operations while the Advanced view is for more advanced traders. There are not many differences between the two points of view, except for the possibility of making more detailed technical analyzes in the Advanced view.
Overview of the basic view
As a novice trader, you may even find the basic view quite complex. It is clear that Binance was not created for the casual investor.
The main dashboard has several charts and graphs, including books of orders, a candlestick chart and history of the trading pair exchanges displayed. There is also an order depth table which can be viewed in a tab separate from the candlestick chart.
To start trading, you must first fund your account. To do this, click on the Deposits link on the Funds tab .
As a novice trader, you may even find the basic view quite complex. It is clear that Binance was not created for the casual investor.
The main dashboard has several charts and graphs, including books of orders, a candlestick chart and history of the trading pair exchanges displayed. There is also an order depth table which can be viewed in a tab separate from the candlestick chart.
To start trading, you must first fund your account. To do this, click on the Deposits link on the Funds tab .
On the Deposits page , choose which cryptocurrency you want to fund your account. Binance provides you with a public portfolio address to send your funds. We advise you to finance your account using Bitcoin or Ethereum because they are the two currencies with most of the trading pairs. Doing so gives you more flexibility when trading.
Once your account has funds, you can start investing. Return to the exchange dashboard by clicking Base in the Exchange tab in the upper left corner.
On Binance, you can place limit, market and stop-limit orders . Previously, the platform only supported market limits and orders. So, you can expect the team to add more types of advanced orders over time.
Advanced view
Aside from a slightly different layout, the Advanced view of Binance's swap is identical to the basic view with some other bells and whistles. Includes Fibonacci lines, moving averages and everything else. If your trading strategy involves a significant amount of TA, the Advanced view will be your starting point.
Additional features
In addition to the exchange, Binance has implemented numerous other features and tools in the past year. There is the Binance Academy which contains educational content on blockchain, Binance Info which provides you with market statistics and ICO reviews, Binance Labs, an incubator for startups and Launchpad for token launches.
Trading fees
For the occasional investor (<100 BTC volume of 30 days), Binance applies a commission of 0.1% on each operation, below the industry average. If you pay using your token (BNB), you currently receive a 25% discount on the negotiation fee - increasing it to 0.075% .
If you are a high volume trader (> = 100 BTC 30-day volume) who holds at least 50 BNB, you receive even greater discounts. Your commissions follow a trading commission schedule determined by your trading volume, maker / taker status and whether you pay your commission in BNB. Commissions range from 0.015% to 0.100%.
Withdrawal fees vary by cryptocurrency, but tend to be higher.
Cryptocurrencies available
Binance has a large selection of coins with combinations of Bitcoin , Ethereum , Binance Coin and Tether . Some of the available coins are:
Transfer limits
Binance is strictly a cryptocurrency exchange, so you are unable to finance your account with fiat currency.
You can only deposit cryptocurrency funds , but there is no limit to the amount you can deposit. There are also no commissions on any of your deposits.
The amount you can withdraw each day is determined by your level of verification. Without submitting any verification details, you are at Level 1 and can withdraw up to 2 BTC of cryptocurrency per day.
To be classified as level 2, two-factor authentication or Google Authenticator must be enabled. Following this, information must be provided for KYC purposes, including:
- first name
- Surname
- Address
- Photo ID
With Level 2 verification, the daily withdrawal limit increases to 100 BTC . If you are looking to withdraw more than this amount in one day, you must contact the customer support team.
Corporate trust
Binance has become one of the most trusted exchanges in the sector. The company raised approximately $ 15 million in an ICO in July 2017 and immediately acquired 20,000 registered users as part of the relaunch. Since then, the platform has grown to accommodate over nine million users and is expected to reach nearly a billion dollars in profits in 2018.
Changpeng Zhao, Binance CEO, has an impressive track record with years of experience in cryptocurrency. He was the head of Blockchain development, OKCoin co-founder and CTO, and founder and CEO of BijieTech before working on Binance.
Fund security
Although the exact details of how Binance holds secure funds are missing from the website, the company has proven time and time again that your coins are in good hands.
In early 2018, the platform suffered a phishing and API attack in which thieves started exchanging user coins for Viacoin (VIA) without their consent. When the Viacoin price rose due to rising demand, the attackers sold their VIA offer to make a substantial profit. As soon as the Binance team realized the malicious behavior, they turned off withdrawals and frozen the funds involved. After investigating, they were able to identify the malicious parties, get the stolen coins and report the funds to the appropriate people.
Binance's security and support team does a great job of keeping users up to date on any event via their official Twitter account .
Customer care
Binance has significantly improved its customer support area over the past year. It includes a list of frequently asked questions about everything from depositing coins to preventing phishing attacks, as well as a space for important announcements.
Both the exchange and the support site are available in numerous languages including English, Spanish, Italian and Chinese
If you can't find what you're looking for online, you can submit a support ticket through an online form and receive an answer via email.
Conclusion
With low trading fees, a variety of cryptocurrencies available and a pleasant trading experience, it's no wonder that Binance has established itself as a dominant force in the cryptocurrency industry. The platform quickly became a favorite among beginners and advanced traders alike. As long as Binance continues to do the things it has done to earn its stellar reputation, there is no reason why you shouldn't at least try.
