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Binance review

Binance is one of the leading cryptocurrency exchanges in the world. In today’s time the market is filled with a wide variety of choices, so selecting the right exchange for trading could be quite confusing. The exchange was officially started in the year 2017, previously based in Hong Kong but the company is based in Malta in Europe and not in Hong Kong. Malta along with Estonia and the few other countries in Europe has developed a license for cryptocurrencies exchange. The exchange provides it’s users a wide variety of coins, token against multiple cryptos, and fiat pairing.

 

This exchange has been admired for its large variety of supported coins which is not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Dash, Ripple, and many more. Binance has been successful in placing itself among the top three exchanges in the world based on its trading volume. It is considered as one of the most trusted and reliable exchanges in the world.

Now let’s have a complete review on the Binance crypto exchange for better understanding. In our review, we will try to give you a detailed description of everything you need to know about Binance.

 

How does the exchange works?

When you open the Binance website the first thing that you will notice is the platform that it offers, there are two different trading options for digital currency trading and i.e basic and advance.  The first one basic does not provide more – in-depth – knowledge to the traders who are interested in the more detailed analysis as compared to the advanced version. It may surprise you that even the basic is not that basic. None of them is considered easy to use for the first-timers, neither basic nor advance version. But anyone who has some knowledge about how the exchange works and little information about digital currency and bitcoin should be able to work on the exchange and its platform.

The Basic trading view is very well designed and well laid out with the help of the graphs, Charts for the pair, order book, and chart history. It has the price on the left graph is in the center with the buy-and-sell box and the trade history on the right side.

In the advanced trading view, the chart occupies a wider space, and the trade price the latest trade price is shown in the right corner and the trade history in the far-right corner, whereas the buy and sell box are in the lower right corner. The choice of the trading view among the two is completely dependent upon the preference and the need of the users.

 

How to Sign up and log in to Binance?

To use the exchange, you will have to first create your account which is very simple and easy. For the first stage, you don’t need to verify your account 2BTC daily withdrawal limit. In the second stage, you need to upload your photo ID to allow up to 100BTC per day post which you need to wait till the time you get the approval from the website. The time it takes for verification may differ depending upon the site’s supporting staff. There are higher limits and to arrange for that you need to contact them directly. After this, the users can fund their account to start trading.

After you add funds in your account you can start exchanging and investing digital currency pairs. As mentioned above it offers plenty of choices.

 

Binance Fees

Every trade start between the two parties the makers (the maker's order make the liquidity in the market, so they are called makers), and the takers (takers are those who remove liquidity from the market). The makers are the ones whose order exists in the order book before the trade stars and the takers whose order places the order.

Binance charges its makers an average fee of 0.1% on each trade. It is among the few exchanges which offer the low trading fees in the market. Those who pay using Binance token get a 50% discount or pays less trading fees. Binance trading fees are less than the industry’s average trading fees, which is around 25%.

The withdrawal fees may differ for the withdraw of different currencies. For instance, 0.0005 is charged for Bitcoin withdrawal, and 0.005 is charged for ETH. Its found that an average BTC fee is approx 0.0006 per withdrawal, whereas Binance charges 0.0004 BTC, and Withdrawal of Ripple you will be charged 0.25XRP.

 

Deposit Methods

Earlier Binance only used to accept cryptocurrency deposits, and don’t use to accept any deposit of Fiat currencies. And because of this reason, new crypto investors could not trade in Binance. On 31st January 2019, the exchange announces that under certain circumstances it is possible to make credit card deposits. Besides this, on 26th December 2019, they announced that they now allow their users to muddle visa card to their account to make purchases directly on its platform. In addition to this, it has recently announced that from 9th July 2020 the exchange will offer wire transfer. This is made possible through their partnership with a company called Clear junction.

 

Binance Safety & Security

Safety & Security is considered as one of the important features that the users seek in crypto exchanges, as the exchange stores all information of the account holder and handles cash for deposits and withdrawal. So, it becomes important for the exchange to provide security against hacks or cyber-attacks. But Binance is considered reliable in terms of security as it provides 2FA two-factor Authentication though, it provides a platform that offers a multi-tier and multi-tier system architecture. It is graded as B+ which clearly proves that it is one of the top crypto exchanges and better than the various option available in the market.

Binance has managed to gain a high level of trust from its user over the period of time.

 

Binance Customer Support

Binance provides good customer support to its users and satisfies its customers by answering all their questions in a timely manner. The team on Binance is reactive and provides professional aid to the users. Support tickets are submitted through the online form on the website and it is answered through email. Though, Binance does not offer live chat or telephonic to its users as of now.

 In today’s time, good customer support has become a very significant factor for any exchange to achieve success in this industry, as there are various other exchanges in competition.

 

The Conclusion

Based on our review, and market analysis, it won't be wrong to call Binance as one of the most popular crypto exchanges worldwide. Hence, you can trust this platform and start trading any day. You won't be disappointed.  

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  • Binance offers the lowest industry exchange rate of 0.1%

  • Users can earn interest by holding coins and can gain up to 1% - 20% yearly on Binance account

  • Multiple payment methods are available

  • High liquidity for traders

  • Very reliable and safe platform

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  • The interface isn't very friendly for beginners as well as experienced traders

Key HighLights

  • Two Factor Authentication (2FA). Binance provides an extra layer of verification to complete its security measures. Users can set their own 2FA codes required for accessing the Binance account. The same credentials can be used later for signing up with the website.

  • Trading with Multiple Cryptocurrencies. The platform is known for its variety of choices when it comes to choosing between different altcoins. You can never get enough of what the platform has to offer. A versatile crypto exchange with amazing benefits for its users. This is what you can expect from Binance. 

  • Lowest Trading Fees: With just a 0.1% trading fee, Binance is one of the best crypto exchanges you can choose to trade with bitcoin and other altcoins. If you are using the Binance native token, you can also avail a 50% discount on the trading fees. Plus, you can enjoy free deposits for users. 

  • Amazing Customer Support: You can depend on Binance for its exemplary customer support team. This means that they are available 24 by 7 and reaches out with a solution promptly.

Compare with Other Top Exchange​

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Huobi
 

  • Supports multiple trading platforms

  • You can start with a minimum deposit of just $50

  • It shares huge educational resources for its users

  • Caters to customers query 24/7

  • Supports a huge range of cryptocurrencies

  • Offers high security to its users with high safety measures

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Binance

  • It serves the highest trading volume from around the globe

  • A very reliable platform for trading with bitcoin and other digital assets

  • Supports multiple payment options

  • Unmatched customer support with prompt resolution

  • Advanced trading features for users

  • It has its own native token, BNB, and various perks associated with the same when using BNB to trade on the platform

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HotBit

  • Promotes high safety by using two-factor authentication for deposit as well as withdrawals

  • Users can continue without the KYC procedure

  • It is one of the exchanges with the fastest withdrawal time

  • Users can earn interest when locking a huge list of altcoins

  • It also offers a mobile app for android as well as iOS users

  • Makers earn a 0.05% fee for initiating trades

  • Benefits of Trading with Cryptos

  • Risks of Trading with Cryptos

Disclaimer

Our website is designed for educational purposes. We do not offer any financial guidance or advice for making crypto trades. For any such consultation, you must look for the concerned team. To give you some tips, always stick to the investment of funds that you can lose without much risks.

Please note, we earn an affiliate advertising commission for recommending crypto exchanges and wallets and use those funds for the growth of the cryptocurrency ecosystem.