Binance Exchange Review
|Support Types||Email , Online|
|Languages||English , Chinese|
|Minimum 1st Deposit||No Minimum|
|Minimum Account Size||No Minimum|
|Minimum Trade Amount||No Minimum|
|Maximum Trade Amount||No Maximum|
|Free Demo Account|
|Commission Info||Trading Commission|
|Account Types||Real Money|
|Deposit Methods||Bank Transfer , Debit Card , Other|
|Withdrawal Methods||Bank Transfer , Debit Card , Other|
|Trading Currency||Many Altcoins including Bitcoin, Ethereum and others|
|US Traders Allowed|
- Multiple-Coin Support
- Multiple-Language Support
- All Devices Covered
- High Performance
- No Fiat Payment Options
- Doesn't offer phone Support
Binance Exchange Review
What is Binance Exchange?
Binance Exchange is a popular Chinese cryptocurrency exchange that provides its users with an extensive list of trading tools, security features, and market charts. Binance is one of the recommended exchange platforms for beginners. It provides both advanced and basic interface that makes it easy for first timers to successfully navigate through their website. While putting beginners in mind, Binance exchange provides sophisticated trading features like margin trading for professional traders and crypto investors. The Binance trading platform offers a digital token to token exchange services to its large number of users.
Although being a newly launched exchange platform, Binance has gotten a lot of recognition because of its Coin Offering. Apart from its ICO, the platform’s low transaction fees is another reason why the exchange has gained popularity.
Binance exchange offers its users two options for the exchange and trade of digital tokens or coins. The two options are Advanced and Basic. The major difference between these two options is the fact that the advanced option offers users a more in-depth analysis of digital token values over time. While the basic option offers users several charts and graphs for the digital currency pairs they are trading or exchanging.
Binance exchange is a solely cryptocurrency focused exchange. Since it does not deal with traditional and fiat currencies, there are fewer issues regarding its regulation. Although based in Hong Kong, the Binance platform has its numerous servers located in South Korea. To ensure that people from around the world can get access to the exchange, Binance offers support to seven languages on its website. These languages include; English, French, Russian, Japanese, Spanish, Korean and Chinese. Currently, the Binance platform has over six million users and this large number of users is linked to its ICO listing and its referral programs.
Binance Exchange Review – Features & Advantages
1. Multiple devices. Binance exchange supports almost all devices and operating systems. It supports the use of Android, IOS devices, personal computers, Web, HTML and WeChat. While doing this, the cryptocurrency exchange offers users a mobile application that can be used to view their funds and also transfer or trade digital tokens at their convenience.
2. Speed. This is one of the celebrated features of the Binance platform. Over 1.4 million transactions can be processed by the platform in a second. This makes it one of the fastest exchanges in the world. The platform is designed in such a way that over 20 million users can simultaneously be on the platform. It has about 6 million users presently meaning that the platform still has a long way before scalability issues hit it.
3. Language support. This is another feature that appeals to users. There is nothing like being able to carry out transactions on a platform in your local language. The Binance platform cements itself as one of the leading and most innovative cryptocurrency exchanges in the world with this feature. The platform supports seven different international languages. According to the developers of the platform, more languages will still be added to the exchange. In addition to its multi-language support, the exchange is available in over 186 countries of the world.
4. Innovative team. The team behind the development of this cryptocurrency exchange is experienced, innovative and determined. The founder of Binance has previous knowledge at Wall Street and software development. Aside from that, the platform has a host of other experienced team members that have worked in numerous large establishments like Blockchain info, Bloomberg, Accenture, Nomura, IBM, Morgan Stanley and other investment banking and tech giants.
5. Multiple digital currencies. Not only does Binance exchange offers its users multiple languages but also multiple digital currencies or tokens to trade and exchange on the platform. Some of the digital tokens include Bitcoin, Ethereum, Litecoin, Ripple and other altcoins.
6. Low transaction fees. Another feature that has made Binance gain recognition is that of lower transaction fees. All transactions carried out on the platform are charged as low as 0.1%.
7. Adopted technologies. Technologies that have been developed by the Binance team of developers have been adopted by over 30 exchange platforms in the world.
Another interesting thing about Binance is that they have completed an ICO and issued Binance Coin. It can be used to pay for the trading fees and also will be featured in the future plans to create Decentralized Exchange which was announced during ICO. Investing in Finance Coin looks like an interesting opportunity as Binance itself plans to buy back portion of its coins every quarter and destroy them, hence decreasing the supply and making them more valuable to its users.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
How to trade on Binance Exchange
Trading on Binance is easy and straightforward and you can start investing in Bitcoin, Ethereum, and other cryptos immediately after signing up.
First, you have to deposit some funds into the platform. Remember, that Binance only exerts other cryptocurrencies and no fiat money. You can trade in pairs in BTC, ETH, BNB, and USDT. Once funds are deposited, you can choose Basic or Advanced trading screens.
This is how the Basic screen looks like.
This is how the Advanced screen looks like.
Then you choose which pair you want to trade and there is a number of useful features available, You can place BUY and SELL orders. You can check all your open orders in the “Open Orders” section until it is filled. Once the trade was completed, your new cryptocurrency will be available under “Deposits / Withdrawals” section from where you can transfer to the wallet of your choice.
Binance exchange offers you an opportunity to invest in most popular cryptocurrencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and other tokens.
Binance Exchange Review – Fees & Limits
Binance has the lowest fees in the industry and charges an average fee of 0.1% on all transactions. And customers who choose to pay with the Binance token can get 50% off their trading fees.
There are, however, also withdrawal fees which vary depending on the digital currency. For example, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals.
Below is the list of withdrawal fees for some of the most popular cryptos just to give you an idea what fees could be.
Opening account with Binance
Like most cryptocurrency exchanges, creating an account with Binance exchange is quite easy. To ensure that the platform does not experience any future shut down, it has put a restriction on the total number of users that can sign up in a day. Once you have opened the website, you have to click on “create account” or “register”. You will have to enter an active email address and then select a password.
After you are logged in on the platform, a confirmation mail will be sent to you. A link will be in the mail that will be used to confirm your account. If an account is not confirmed, the account may be closed in the future. The Binance platform comes with a user-friendly interface that is simple to understand. Once your account is confirmed, you can begin depositing funds into your account. Doing this is also easy, all you have to do is click on the “Withdrawals/ deposit” column on your account portal.
With the dark cloud of speculation hovering over the cryptocurrency industry with regards to the lack of regulation and what form it might take whenever that materialises, customers of the Binance platform are especially concerned about the eventual fate of Binance exchange. China is one of the hostile grounds for crypto assets as such customers of this platform are always on the lookout for potential crackdowns.
Binance Exchange Review
Pros & Cons of Binance Exchange
While Binance is a new player on the market, it comes with a lot of features and quickly became one of the most popular exchanges to trade. Some of the pros and cons are listed below.
- Supports over seven languages and more will be added.
- High liquidity
- The platform is able to execute about 1.4 million transactions in a second.
- Low trading, transaction and withdrawal fees
- The Binance platform supports about 100 different cryptocurrencies to invest
- It is hard to access the platform’s long-term growth because it is a new exchange
- Several reports of delays by users when withdrawing funds.
- No fiat currencies
Binance Exchange Review
Binance Exchange Review – Conclusion
Based on everything that we have covered in this Binance exchange review, we consider Binance to be one of the leading cryptocurrency exchanges. It offers sophisticated trading platforms for both beginners and professional traders have unparalleled investment universe of digital tokens, lowest trading fees in the industry and fast, secure, reliable trading environment.
At the same time, Binance faces the same challenges as all other participants of the new crypto economy. It is not immune to hackers’ attacks and regulatory environment in China and worldwide do not add certainty.
Another potential disadvantage is the lack of support for fiat currencies. But that, on the other hand, has its benefits. If no fiat currencies are involved, the verification and sign up process are much simpler and straightforward.
While many investors prefer to trade on exchanges, CFD brokers are getting more and more popular among beginner and professional crypto investors. If you are interested to learn more, please visit our Crypto Brokers Review.
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