Binance Crytpo Exchange Review
Binance is an up and coming CryptoCurrency Exchange
with a focus on crypto-to-crypto trading. The platform has
started to gain popularity in the Blockchain community thanks to its impressive
coin offerings and insanely low trading fees.
Although the company was launched just a few months ago (via
ICO), the exchange is already being promoted as a good alternative
to Bittrex.
How It Works
There are two options for trading platforms on
Binance: Basic and Advanced. I’ll be primarily covering the Basic trading
option, you can also check out the Advanced view below. There
are not many differences between the two views with the exception of being able
to do more detailed technical analysis in the Advanced view
Even the Basic view is fairly complex and not ideal if
you’re just starting to invest. It’s obvious that Binance was not created for
the casual investor. The main dashboard has several charts and graphs including
the order books, a candlestick chart, as well as the trade history.
There’s also a depth chart of the orders that you can view in a separate tab
from the candlestick chart. Basic trading View
To begin trading at Binance, you first need to Registered Account at Binance
For Registration Click Here
After that fund your
account. To do so Login and click on the “Deposits Withdrawals” link under the “Funds”
tab.
On the “Deposits and Withdrawals” page, choose which CryptoCurrency you’d like to fund your account with and click “Deposit”.
Binance provides you with a public wallet address to send your funds. I
recommend that you fund your account using either Bitcoin or Ethereum because
those are the two coins with the most trading pairs. This gives you greater
flexibility when trading.
Click On Deposit of Your Desired Currency
Once your account has some funds, you can start investing.
Navigate back to the exchange dashboard by clicking “Basic” under the
“Exchange” tab in the upper left-hand corner.
On Binance, you’re only able to make limit and market
orders. With the complexity of the interface, I would expect there to be more
advanced trading options, but those things may be added as the company matures
and grows.
Trading Fees
Binance currently charges a flat 0.1% fee on each
trade. For an exchange that doesn’t use a fee schedule, this is one of the
lowest fees I’ve seen.
If you pay using their own token (BNB), you currently
receive a 50% discount on the trading fee – bringing it down
to 0.05%. With this discount, Binance easily has the lowest fees in the
industry.
Available Cryptocurrencies
Binance has a vast selection of coins with pairings
to Bitcoin, Ethereum, and Tether. Some of the available coins
are:
Ark
Bitcoin
Bitcoin Cash
Bitcoin Gold
Dash
EOS
Ethereum
Ethereum
Classic
IOTA (Binance is one of only two major exchanges where you
can buy IOTA)
Litecoin
Neo
OmiseGo
+36 more coins
Many investors like Binance because they offer coins that
often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton
Coin.
Transfer Limits
Binance is strictly a cryptocurrency exchange, so
you’re not able to fund your account with fiat currency.
You can only deposit cryptocurrency funds, but
there’s no limit on the amount that you can deposit. There are also
no fees on any of your deposits.
The amount that you can withdraw each day is determined by
your verification tier. Without submitting any verification details, you’re
placed at Level 1 and can withdraw up to 2 BTC worth of
cryptocurrency a day.
To be classified as Level 2, you need to enable either
two-factor authentication or Google Authenticator. Right now, only Chinese
numbers are supported for two-factor authentication.
Following that, you need to provide:
First Name
Last Name
Gender
Country
Passport ID
Passport
photo
Selfie with passport
With Level 2 verification, your daily withdrawal limit
increases to 100 BTC.
Company Trust
I’ve been increasingly interested in Binance recently after
seeing it suggested time and time again on forums as a better alternative
to Bittrex. Community members seem to love this exchange.
Binance is one of the newest exchanges in the industry.
The company raised around $15 million in an ICO this past July (2017)
and immediately acquired 20,000 registered users as part of the raise.
Changpeng Zhao, CEO of Binance, has an impressive
resume with years of experience in cryptocurrency. He was the Head of
Development at Blockchain, Co-founder and CTO of OKCoin, and the Founder and
CEO of BijieTech before working on Binance.
Fund Security
Information about fund security is not available on the Binance
website, and I wasn’t able to find anything on any forums regarding it. This is
not a good sign, and I advise you to proceed with caution if you decide to
use this exchange.
All I can confirm is that Binance allows you to enable
two-factor authentication or Google Authenticator for your log-ins.
Customer Support
The customer support area on the Binance site is lacking in
comparison to other exchanges. There’s a short list of FAQs that
failed to answer a lot of the questions I had as I was using the platform.
Because the website was originally written in Chinese and
translated to English, there are sections (especially in the support section)
that have confusing grammatical errors. I’m going to give Binance the benefit
of the doubt of this, though, because the company is young, and it’s impressive
that they support multiple languages this early.
You can submit a support ticket through an online form and
get a response via email. The official Binance Reddit page states
that your ticket won’t be answered by a random support agent but rather by
someone integral to the company who knows the system you’re using.
Conclusion
Even with the love that this exchange gets from the
community, I’m staying away until it’s a little bit more established and its security
procedures have been proven to be successful.
If you’re willing to roll the dice, the myriad of coins
and low trading fees found on Binance are unmatched, and you may find
that it’s worth the risk to use the exchange.
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