The Binance cryptocurrency exchange was established in China in 2017. The headquarters is located in Malta and the exchange is one of the leading cryptocurrency platforms simply because of the features it offers.
Rating: 4 / 5
- Multiple coin support
- Offers basic and advanced trading options
- High liquidity
- Low transaction and withdrawal fees
- Reward programs and bounty for their community members
- Long photo ID verification time
- Stores personal information of its users
With its headquarters moved to Malta one of the most blockchain and cryptocurrency friendly nations, this crypto exchange has gained so much popularity in the last couple of years. This popularity is as a result of the exchange’s crypto to crypto services. Aside from that, this recently launched exchange has gained popularity because of the number of Initial Coin Offering (ICO) listing that it offers, the friendly nature and high professional attitude of the CEO. Also, low trading fees make the exchange popular.
This exchange has been designed for professional and first-time traders. The exchange offers users certain trading tools that will help them engage with these digital assets. The exchange has this easy and precise user interface that makes it straightforward for users to buy and sell their cryptocurrencies. Additionally, the exchange has been integrated with certain features that make it capable of handling complex transactions.
The Binance exchange was developed by Changpeng Zhao who previously developed trading systems that were used in the Tokyo Stock Exchange Market. With his experience in that field, Zhao was able to create this exchange.
How The Binance Exchange Works
If you visit this site, one of the first things you will notice is that the exchange offers users two trading platforms; the advanced and the basic options. It is important that users bear in mind that neither of these options provided by the exchange is easy to make use of. This means that users will need to have a background knowledge of how crypto exchanges work before they are able to make use of this platform.
The key difference between the advanced and the basic trading options is that the former offers users in-depth analysis, charts, and reports of the crypto market.
(1.0) This is exactly how the advanced trading platform looks like. It offers users in-depth charts and analysis of the crypto market in real time.
The basic trading option offers just a few charts and graphs for each of the trading pairs users are trading. The picture below is exactly how the basic trading option of the Binance exchange looks like. On this chart, users will see their trading pairs, as well as make payments either with BTC or ETHER coins.
Binance Registration & Login
Like every other exchange, users will have to create a binance account to make use of the site. Unlike most of the other exchanges, creating an account on the Binance exchange is quite simple. The Binance exchange integrates two account levels.
Level 1: To create this binance account, users will not be required to verify their personal information. Also, this account level offers them only 2 BTC withdrawal limit daily.
Level 2: You will be required to verify your personal information as well as upload a photo ID. Once you have successfully uploaded your photo ID, you will have to wait to get verified. On this exchange, the time for verification will depend on how busy the verification team is.
Before choosing this exchange, it is important that you carefully consider these factors, as well as choose the withdrawal limit that will suit you.
Once your uploaded photo ID has been verified and approved by the team, you will be required to fund your account before you can begin buying and selling coins. On this exchange, users have to choose from a multitude of cryptocurrencies to buy and sell.
For those seeking to fund their accounts with digital currencies, it is important that they know that on this exchange, funding accounts with ETH is faster than with BTC coins.
One of the leading features of this exchange is that of multiple cryptocurrency support. Some of these digital assets include;
- Bitcoin (BTC)
- Ethereum (ETH)
- Dash (DASH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- ZCash (ZCASH)
- Ethereum Classic (ETC)
- EOS (EOS)
- NEO (NEO) and many other coins
Trading On The Binance Exchange
To trade you have to take the following steps;
- Create an account
- Fund your account
- Click on “Exchange” and choose either the “Advanced” or “Basic” option.
- Choose your trading pairs
- Enter the amount of currency you want to trade with
Binance Fees (Payment Methods)
On the exchange, the binance fees amount to about 0.01% of each trade that is carried out. Currently, the exchange has made its own native token, Binance coin (BNB), available and will be used for all charges incurred on the site. You stand to gain certain benefits from trading with the Binance coin (BNB). During the first year, users stand to gain 50% discount on all binance fees charges, during the second year, users get a 25% discount. The token is currently being traded on exchanges meaning that the value is liable to fluctuations and market movements. This exchange does not support the use of fiat currencies. This means that users are not able to buy coins directly with either their credit or debit cards.
The binance app has been made to be compatible with the following operating systems;
- PC client
The binance app is user-friendly and has been designed to ensure that users make the most out of it.
To ensure that the exchange is safe, the Two-Factor Authentication system and the Google Authenticator system have been integrated for the verification of withdrawals and other security modifications. All users on the exchange will be required to integrate one of these technologies.
The exchange has put in place a means for users to quickly interact with them. This will ensure that all challenges are addressed before they escalate. There is a WeChat group created. The Binance support group provides users the opportunity to lay complaints and also get replies immediately from the customer care team.
The Binance exchange is currently one of the leading exchanges, meaning that users are satisfied with the type of service they offer. Developed mid last year, this exchange has not been tested. Hopefully this binance review has helped you to make a choice about which exchange to use.
This article was created for the sole purpose of informing the user. In no way is there any partnership or collaboration with the organisation, product or service mentioned in this article.
Do you want to read more reviews? Visit our page about exchange reviews.