[Review] Binance Exchange | Should You Use It?

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*Easy to Use * Extremely low fees * World’s Most Popular Exchange * Large selection of cryptocurrencies * Mobile-friendly

Binance overview

Binance is the absolutely best, and now also the world’s largest cryptocurrency exchange. Reasons for this huge popularity include extremely low trading fees, a vast selection of cryptocurrencies, a good interface and huge discounts when using its own coin (BNB) to purchase other currencies. It is actually a token that built on the Ethereum blockchain. Now BNB is traded on the Binance exchange or utilized for paying different types of fees within the exchange that include:

  • Trading fees (fees incurred from buying and selling coins).
  • Withdrawal fees.
  • Listing fees.

You can use BNB coins for paying the above fees as well as get a huge discount of around 50% in the first year.

It is based in and operates out of British Virgin Islands, Tokyo and Hong Kong. In 2017, this exchange was launched by Changpeng Zhao. He has an imposing resume with extensive years of experience in cryptocurrency. In addition, he was the Co-founder and CTP of OKCOIN, the Head of Development at Blockchain and Founder and CEO of Bijie Tech before joining Binance. Binance is actually a very new exchange but it has already gained a huge following and an impressive reputation.

With more than ten million active users already from all over the world, this exchange has become the biggest and best of them all.

Binance is known for its fast transaction processing as well as its low trading fees (0.1%). The Binance technology is capable of processing 1.4 million orders each second. This makes the platform a world leader in potential cryptocurrency exchange volume.

At the moment Binance accept Visa and MasterCard to buy BTC, XRP, LTC, ETH with USD and EUR.

I am loving Binance for how far it has come in such a short amount of time but when you consider that the CEO is somebody with a wealth of experience in Cryptocurrency trading and has been the co-founder of other exchanges, it really is not that surprising.

Binance currently supports most common language like Chinese, English, Korean, and Japanese.

How Binance Works

Binance is a crypto-to-crypto exchange for the first time it’s release, but now it is a great new for anyone want to use fiat currencies such as the USD or EUR are welcome and accepted.

Those of you that take the plunge and decide to take a look at Binance will first see that they have two different options when it comes to trading on their exchange. You can either opt to use their basic trading screen or their advanced screen but i have to warn you that even the basic version is not all that newbie-friendly.

That being said, any user that has had a decent amount of experience with trading crypto before should be able to pick up both.

There are a number of differences between the two versions but the main one is that the advanced version provides technical analysis that is much more in-depth. If you are new and are adamant about using Binance, i strongly suggest you start out with the basic version.

I do suggest that you make use of the 2-factor authentication that they recommend that you take advantage of.

  • Crypto exchange

  • Basic and advanced interfaces

Mobile Apps

Binance has certainly been busy since their launch in 2017 and they have already released an app for both Android and iOS. Many of their competitors have not gone down this route as of yet but i really like having the ability to check on our trades and investments.

Of course, their website also works on mobile devices as well as it has been mobile-optimized but there is nothing quite like a dedicated app that can provide a more efficient experience for mobile users.

The app will give you the ability to:

  • Trade on Binance

  • Make deposits and withdrawals

  • Analyze current markets

Coins supported

Binance allows the trade of around more than 100 different coins and ICO tokens, already has a dedicated app and has gained a very high level of trust from its huge fanbase. Even the customer service is being lauded – which is not something that many other cryptocurrency exchanges can boast about.

One of the biggest reasons for the popularity of Binance is the variety of coins that it supports. All of the major cryptos are supported and you will find the likes of:

No Symbol Name
1 BTC Bitcoin
2 ETH Ethereum
3 USDT Tether
4 ADA Cardano
5 AE Aeternity
6 AION Aion
7 ARK Ark
8 BAT Basic Attention Token
9 BCD Bitcoin Diamond
10 BTG Bitcoin Gold
11 BTS BitShares
12 DASH Dash
13 DGD DigixDAO
14 ELF aelf
15 ENJ Enjin Coin
16 EOS EOS
17 ETC Ethereum Classic
18 ICX ICON
19 IOST IOST
20 KMD Komodo
21 LINK Chainlink
22 LRC Loopring
23 LSK Lisk
24 LTC Litecoin
25 MANA Decentraland
26 MCO Crypto.com
27 NANO Nano
28 NEO NEO
29 NULS NULS
30 OMG OmiseGO
31 PPT Populous
32 QTUM Qtum
33 SNT Status
34 STEEM Steem
35 STRAT Stratis
36 TRX TRON
37 WAVES Waves
38 WTC Waltonchain
39 XLM Stellar
40 XMR Monero
41 XRP XRP
42 XVG Verge
43 ZEC Zcash

+100s more cryptocurrencies with new ones being added almost on daily basis.

Binance also gives users the ability to trade a number of ICO tokens as well and they are also extremely fast at adding new coins and tokens as soon as they become available. The latter is a big reason for their popularity as they often support currencies that are not supported elsewhere such as Bitcoin Gold and Walton Coin.

As for the trading pairs that they support, these are BTC, BNB, ETH and USDT. BNB is their own Binance Coin which is becoming very popular with traders due to the massive discount on fees that they charge traders who use it to trade.

Registering at Binance

Creating an account at Binance is simple and anyone that has created accounts at exchanges before will already know what is required. The usual email verification and the choosing of a username and password are required.

As for verifying your account, this is not needed if you only plan to withdraw more than 2BTC or the equivalent value in any other cryptocurrency per day. If you did require more, by verifying your account to level 2 you will be able to increase that withdrawal limit to 100BTC per day. This will require the uploaded of a government-issued photo ID and other things like your name and address will also need to be verified as well.

You can have your account verified to higher levels too which will increase your limits even more but doing so will involve getting in touch directly with the support staff at Binance.

  • Quick and easy account creation

  • Verification only required increasing withdrawal limits

Funding at Binance

Once you created your account and had it verified to the level that you need, you can then go about funding your account with the cryptocurrencies that you wish to trade. There is a vast range of cryptocurrencies that you can choose from but i always suggest adding BTC or ETH first and then perhaps adding more down the line if you have them.

You can fund your account by clicking the ‘Funds’ button at the top where you will have a choice of depositing or withdrawing. Obviously, in this instance, you will want to deposit – so choose the desired currency you wish to deposit click that option.

You will then be given a wallet address which you can now send to from your very own wallet.

Good selection of cryptocurrencies supported

Straightforward funding process

Trading on Binance

With your account now funded to your satisfaction, you can start reading, exchanging and investing in the large selection of trading pairs that Binance offers. Binance is popular because it not only supports the majority of digital currencies but also a good selection of ICO listings too.

What is seen as a disappointment for many, however, is the fact that it is only possible to create limit and market orders on Binance. Many feel that an exchange of this side should be adding more advanced trading options.

When you actually get down to trading your cryptocurrencies, if you have used exchanges before, you will find the processes quite straightforward.

Limit and market orders

Variety of trading pairs

Transaction Fees

Binance is very popular among traders for a number of reasons but one of the biggest is the low fees that they charge users.

Trading fees

On average you can expect to pay around 0.1% on every trade that you make on Binance. These fees can actually be 50% cheaper too if you take up the option of paying using Binance tokens. When you take into consideration that 50% discount, there are no other exchanges around that offer lower fees.

Withdrawal fees

As for withdrawal fees, these can vary quite greatly depending on the currency that you wish to withdraw from Binance. Some examples of these fees can be found below:

BNB – 1

BTC – 0.001

ETH – 0.01

LTC – 0.01

NEO – Free

QTUM – 0.01

Support high volume trading

Today, Binance has become one of the popular exchanges for buying, trading and selling cryptocurrencies so there are numbers of trades are happening on this platform. This is a reason why Binance can provide you better chance for selling your cryptocurrency immediately.

Stop-limit function

Recently, Binance added a new functionality of Stop-Limit to its exchange. According to this, the order will be carried out at a specific price that can be potentially better. The order will be executed after a pre-defined stop price has been touched. This is a form of smart trading that lets the buyers make smart decisions.

Transferring Limits

There are no limits at all with regards to depositing any of your cryptocurrencies on Binance and as mentioned earlier, you can withdraw anything up to the value of 2BTC per day without the need for verifying your account.

However, to increase the limits of how much you can withdraw, you will have to verify your account at least up to level two. At the second level, you will be able to withdraw as much as 100BTC per day, which will be more than enough for most of you.

Following that, you need to provide the following information:

  • First and last name

  • Country

  • Gender

  • Passport

  • Passport photograph

  • Selfie with passport

Customer Support

Binance is still a relatively new exchange and i am sure they would like to improve their customer support with regards to how they can be contacted. However, via the support ticket form that they provide, i found them to be extremely responsive. They were also very eager to assist us and resolve our issues.

Additionally, there is an F.A.Q section on their website that can be helpful in answering any questions or issues that you might have. The only problem is that you can tell that the site was translated directly from Chinese which can make it a little hard to understand sometimes.

i am sure they will fix this in time and you have to admit that their site is even available in multi-language support at all.

Countries serviced by Binance

Binance has no limitations on countries.Being a British Virgin Islands, Tokyo and Hong Kong operated exchange, there traders is from all over the world, with most traders from USA, Asia, and Europe.

As well as accepting pretty much anyone from around the world, they also provide an exchange that is available in multiple languages which can be changed easily via a drop-down menu.

Safety & Security

Binance has quickly built up a reputation for being trustworthy and for practising good security measures. This is certainly commendable due to it being a fairly new exchange in the market.

A lot of this is down to the CEO Changpeng Zhao, a guy that has many years of experience working in the cryptocurrency sector having been involved with Blockchain a co-founder of OKCoin.

What is a bit of a worry is that Binance is not very open about fund security. They have nothing listed on their website regarding how they store their funds and the information cannot be found anywhere online.

They do promote and allow users to use two-factor authentication when logging on to their exchange, which is always a big benefit to have.

Conclusion

Binance really has set the sector alight since its launch in 2017 and in many peoples opinion is the best exchange for trading. Its main selling points are some extremely low fees, a good selection of coins that can be traded

If i had any gripes, i would definitely say that it is not exactly designed to be super beginner-friendly and is obviously aimed at the more experienced traders. But if you are new to trading, you can use the beginner guide on the website and you will fast learn to trade on Binance.

Already with more than ten million active users, Binance is a must try, and although it has some limited trading options compared to some of its competitors, i just know that this is an area that they will improve over time.

They have only been operating for under a year and already have become the world largest, Binance is in our, and many others opinion the best place trade crypto coins.