Binance is a popular although still young cryptocurrency exchange. It was launched in 2017 and has been gaining weight in the blockchain community since then. It may not be the best choice for beginners, as the interface is clearly designed for more experienced users who will be very impressed by the number of available cryptocurrencies.
Binance exchange was launched in September of 2017 as an ICO with Zhao Chagpeng as its CEO. It used to be China-based with its office located in Hong Kong, but then moved to Tokyo, Japan, and recently had to be relocated to Malta. The company operates worldwide and offers multilingual support.
Nowadays, Binance is one of the largest and fastest cryptocurrency trading platforms, capable of processing 1.4 million orders per second. It provides Bitcoin and Ethereum trading pairs with over 100 altcoins, constantly adding more of those.
How It Works
Trading can be done in one of two modes: Basic and Advanced. Despite the name, the Basic version will probably still be too complex to any newcomer with no experience in trading digital assets. There are a few tables and graphs displaying trading pairs, Open Orders, and 24h Order History sections. Everything is well organized to provide users with all they need on the screen: prices and the trade history on the sides, and graphs, as well the buy and sell boxes – in the middle.
The Advanced version is not strikingly different, but it has a dark color theme and offers some additional tools for a more detailed analysis. The trading charts take a larger portion of the screen to display more details, and the buy/sell boxes are moved to the right under the latest prices. However, just like the Basic version, it allows limiting, marketing, or setting a stop-limit order.
Whichever version you chose, they both offer some decent tools for trading, although we hope there will be more options in the nearest future as Binance exchange keeps growing.
Available Currencies and Fees
One of Binance’s most notable features is the number of coins it supports. There is no point in trying to indicate a specific number as the list grows longer every day. There are over a hundred items, including the most widespread cryptocurrencies you would expect, like Bitcoin, Ethereum, Litecoin, Zcash, Ripple, Dash, Monero, as well as some newer and less known ones. Traders can also use Binance to generate profits from trading various tokens present in the platform’s ICO listings.
There are currently four trading pairs in BTC, ETH, USDT, and BNB. The latter is the Binance Coin, which can be used to pay fees or as an investment itself. In the future, the company plans to use part of its profits to buy back BNB and ultimately destroy half of all of them, which will make the remaining 100 million BNB more valuable.
Besides, if you have any BNB, it will be used by the platform to pay trading fees as default, which is 0.05% instead of 0.1% when using other currencies.
There are no fees for deposits, and for withdrawals, they depend on a coin, so you have to refer to the table provided on the website to find out the exact amount.
A word of advice, if you want to have the most possibilities when trading, you should first buy Bitcoin. Binance offers the largest number of trading pairs for this cryptocurrency, with Ethereum taking the second place.
Creating an Account
The sign-up process is pretty simple, but the details you will have to provide depend on how much you are planning to withdraw at once. There are three tiers with different withdrawal limits. Upon creating Binance account, you will be assigned level 1 with a daily withdrawal cap of 2 BTC. For upgrading to level 2, you will have to verify your account by uploading a photo ID. Once it’s approved, the new daily withdrawal limit will be 100 BTC. If that is still not enough for you, you will have to contact Binance directly to find out how you can get a level 3 account.
There is no much information about the means of protecting the users’ funds on the website, except for a two-factor authentication available to clients. This is a serious letdown, especially for a new platform. Nevertheless, Binance’s CEO Zhao Changpeng is a well-known person in the cryptocurrency community, giving us a good reason to trust the exchange. He used to work as the Head of Development at Blockchain, co-founded OKCoin, and was the CEO of BijieTech.
There has also been news about a hacking attempt in March 2018, or rather a fraudulent activity. The hackers have been gathering users’ Binance login information and installing API access on those accounts. They then used a 3rd party app to buy Viacoin, pumping the price and selling their own supply at a high value. These actions were detected by Binance’s automated systems, and any damage to the users’ funds was prevented, with only hackers losing their money.
As we can see, Binance has proven to be safe, but you should always check the URL and be extra careful when downloading Binance app. Make sure the link to it is available on the site; otherwise, it can be a phishing attempt.
There is a neat FAQ section with some useful information, which could nevertheless benefit from adding even more answers about the site and the platform’s operation. However, you can always contact Binance support team by submitting a help request. They usually answer pretty quickly and send a qualified and helpful reply via email. There is, unfortunately, no live chat or support by phone.
The Bottom Line
Binance exchange is one of the largest and fastest cryptocurrency trading platforms out there. There are certain things that still have a place for improvement, and we would like to see information about funds protection or live chat with support agents. Nevertheless, Binance has accomplished a lot in a short time, and you can see the progress by reading some older reviews. It keeps introducing new tools and features, and is constantly adding more coins to trade.