Binance is the platform for all crypto-traders who want to diversify their portfolio with other altcoins. At present, the digital currency exchange market is filled with a wide variety of choices, so choosing the right stock market or trading platform can be quite a headache for novice users and veterans of cryptocurrency.
Binance is a popular Chinese Exchange Cryptocurrency Exchange, which is popular for its crypto to encrypt exchange services. Even though the Binance is still comparatively new in the market, it has gained a much popularity thanks to its impressive number of listings as part of the initial offer of coins, but also thanks to its low fees.
Review of Binance
In our review of Binance, we will try to describe everything you need to know about Binance, including how it works, the crypto pairs you can trade, the trading fees / limits on this platform, the security aspects and the customer support.
How Binance Works
Those who visit Binance for the first time will soon realize that the platform offers two options for trading your digital currency, one is basic and the other is advanced. Neither the basic nor the advanced versions are really easy to use.
However, anyone with a basic understanding of crypto-currency and some knowledge of how trading works (especially forex) should be able to use the platform and its various services. In any case, the platform is so worth the detour that it’s worth learning to use the trading screens that Binance suggests.
The main difference between the basic version and the advanced version is that the advanced version offers a more in-depth technical analysis of the value of cryptocurrency over time. Right now, the basic version dashboard offers several charts for the pairs you trade, order books and transaction history.
How To Register on Binance
To use the exchange, users will have to create an account first. The process of creating an account on Binance is quite simple and straightforward and you do not have to check your account for level 1, which is a withdrawal limit of 2 BTC per day (two bitcoins are worth more than 25000 € currently!).
For level 2 which allows for withdrawal up to 100BTC per day, you must upload a photo ID and wait for approval. There are still higher limits, but you will need to contact them directly to make the necessary arrangements.
Now that it’s done, you can have fun with a multitude of crypto-currencies. Although you can choose from a multitude of crypto-currencies, it is recommended to inform you beforehand about the projects of each of them before investing. A good tip would be to invest only in the 10 largest caps.
How To Deposit Funds on Binance
To credit your account, go to the “Funds”> “Deposits / Withdrawals” link at the top of the site and find the currency you want to send, then click on the “Deposit” button next to it, which will give you the address of the account wallet. You can then send your funds to this address to start trading on the platform. Be careful to send to this address funds that correspond to the currency you have chosen of course!
How To Buy Corners On Binance
Now that your account is funded, you can simply start trading, trading and investing in various digital currency pairs. Binance offers many choices because they support all major digital cryptocurrencies, but also many ICOs and their respective corners.
Several types of orders can be made on Binance: market order, limit order or even stop loss order. It’s all in one package. I advise you never to order the market, since the volatility of cryptocoins is quite high, you may have a bad surprise.
What Are The Crypto-Currencies on Binance
Binance has often been praised for its wide variety of crypto-currencies but also for its support for new incoming currencies. Traders may use the platform for multiple cryptocurrency, including but not limited to, Bitcoin, Bitcoin Cash, Gold Bitcoin, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple (XRP), Neo, Verge, Tron (TRX) and more.
As mentioned above, Binance also supports many corners as part of the ICO (Initial Coin Offering). With this in mind, traders can also use the platform to negotiate these corners for profit or speculative purposes.
Binance ICO And BNB Coin
Another thing to note is the Binance Coin rated BNB coin, which was issued during their own ICO. Binance’s coin can be used to pay fees and it will also feature in future plans to create a decentralized stock exchange where it will be one of the major base currencies.
The purchase of the corner Binance itself appears to be a good investment for the future, as the stock market plans to use its profits to redeem some of the coins each quarter and destroy them: this reduces the supply and makes them more valuable for the holders.
Moreover, an extremely interesting offer with the Binance coin is that they allow to have a limited fee on Binance reduced to 50% for all the exchanges that are based on this corner.
Binance’s Fees
At the time of writing this notice on Binance, Binance receives an average fee of 0.1% on each transaction made by a user. Those who choose to pay via the Binance coin can benefit from a 50% discount on transaction fees, which is great news. These fees are certainly among the lowest currently available. Withdrawal fees incline to differ for every digital currency. For example, 0.0005 for Bitcoin withdrawals and 0.005 for ETH withdrawals.
Regarding transfer limits, there is no limit on the number of coins you can deposit. However, without being verified, users are limited in the amount they can withdraw. Verification will establish you as a Level Two user, thereby lifting these limits and offering a lot more freedom when using the platform.
The verification process requires users to provide Binance with their name, first name, country, gender, passport photo or government issued ID, and even a copy of the passport.
The Binance Competitions
A unique feature of Binance, you will notice that they regularly organize contests with amazing prizes. At the time of writing, there are two competitions in progress, Waves and Tron. The Wave Corner Contest gives 20,000 WAVE Coins to traders based on the number of transactions they have made from that cryptocurrency.
The other competition is for Tron (TRX) and participants have the chance to win a Maserati car, a Mercedes Benz car, a Macbook Pro or an iPhone X. Again, the winners are the people with the highest volume of trade in this cryptocurrency.
The current rankings show that the first-place person has more than 358 BTCs in terms of trade, so you will have to be a whale for a chance to win the first prize. There are other competitions quite regularly however, so keep an eye on the site for the chance to participate.
Is Binance Safe?
Although Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly gained a high level of trust from its users and the crypto traders community.
However, the exchange does not provide enough information to users about how the funds are secure, but we like to think that security is taken seriously. Especially, given the volume of exchanges that is done every day on the platform. Two-factor authentication is available and is always nice to see. However, we know that the platform offers a multi-tier system architecture.
As always, take security precautions such as using a one-time password to sign up, turn on two-factor authentication, and try not to keep a large balance on the stock for too long – remember to withdraw your currencies in your private portfolio.
Our Opinion About Binance
Currently, the engine of the Binance Stock Exchange is able to handle around 1.4 million orders per second, making it one of the fastest stock exchanges on the market. In addition, the Binance trading platform works on all forms of devices, including web, Android, WeChat, and HTML5.
It is a platform that has made a consensus among all crypto traders or buyers of currencies more casual given the variety of corners that can be found on this trading platform.
Non-English speakers will be happy to hear that Binance’s offers multilingual support in Chinese, English, Korean, French and Japanese.
Based on all that has been described so far, although Binance is not the most user-friendly exchange available on the market, it offers great benefits and impressive customer support compared to all other trading platforms. Given that it has access to abundant resources and partners, there is a good chance that Binance will continue to evolve and offer its clients foreign exchange services in good quality altcoins.
We therefore recommend Binance without any hesitation and have added it to our list of the best exchanges of crypto-currencies.
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