Cryptocurrency currently enjoys a high preference among traders and investors. It is because of the highly secure technology it employs, the blockchain, and most importantly the availability of several trading platforms. One of the leading exchanges is Binance.
Even though it is less than a year old, Binance has developed into one of the most reliable cryptocurrency platforms. It features low trading fees and several Initial Coin Offerings. Here is a complete Binance review that provides an in-depth look at the key features of this exchange platform.
The pros of the site overweigh its limitations. Besides, it is always under improvement to make its services better. While there is no promise of the platform incorporating fiat currencies in the near future, it is certainly working on its support system.
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Interested in how Binance compares to other crypto exchanges? We have compared all major cryptocurrency exchanges in this article.
One factor that has played a pivotal role in building Binance’s popularity is its level of security. Its security architecture incorporates ISO/ICO_27001:2013 and CCSS security protocols. The exchange protects the accounts of its users by prompting them to use a Two-Factor Authentication, 2FA. Google Authenticator is another security feature that users can opt for to secure their accounts.
2FA and Google Authenticator provide additional security besides the password. Previously, these were only required during withdrawals from Binance accounts of coins worth more than 2BTC. Today, however, Binance insists verification for all the transactions on the platform.
The failed hacking attempt on Binance in March 2018 instilled confidence on the exchange’s security and safety. Hackers had used fake websites to collect and APIs where unwary users could log in. Binance’s automated system detected the fraud and stopped the hackers before they could make away with users coins.
Even though only the hackers lost in the incident, the message is clear: users should ensure they log in to the correct Binance website. The best way to achieve this is to bookmark the page. Not clicking on links in emails and on social networks is another way to remain safe. The Binance Mobile App also offers a secure connection to the trading platform.
Binance is currently offering $250,000 to anyone who can help catch the people who masterminded the botched attack. Contact them today to help make cryptocurrency trading safer. You can still sign up to enjoy the tested and proven security offered by the exchange, even if you do not have the expertise to hunt down hackers.
A proper customer support system offers more than legitimacy approval. It is also paramount to the success of an exchange. Such a system is marked by prompt answers to customer’s queries, knowledgeable support team and most importantly, has real people.
Binance only has two customer support options at the time of this writing. They are Live Chat and email support. Besides these are FAQs and articles that provide insights on the common issues that users face on the platform.
The absence of phone support is one of the glaring weaknesses of the exchange. It is also common to receive only the automated reply with the live chat option. Some have complained that the support team took too long to reply to their emails. The bottom line is that Binance needs to work on its customer support.
Binance began its operation in Tokyo Japan but moved later to Hong Kong. It recently announced its intentions to move its headquarters to Malta in Europe. Unlike most continents, the legislation in Europe supports the use of blockchain technology.
The operations and availability of Binance are, however, not limited to its location. It accepts users from all over the world. The platform is available in 7 languages including English, Chinese, and Japanese.
Binance’s architecture takes into consideration the varied levels of expertise of its users. As a result, it offers two versions, the basic and the advance. Any person with an idea of the working of coin exchanges will not have a problem using any of the two. The primary difference is that the advanced interface provides more technical trading analysis tools than the basic one.
All one needs to use Binance is to create an account. The length of the process should not take long; however, it depends on the time necessary to verify the user’s details.
Binance mobile app, which deserves a different review also comes with an intuitive interface. It is more straightforward than the web version. Besides, it allows trading anywhere, everywhere. The app can also be used for 2FA verification during transactions.
In addition to the general feeling and interface, trading on the platform is also straightforward. All one needs is to verify that they own the account they are working on. The details on how to send and receive cryptocurrency are available in the later parts of this Binance review.
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Binance has enjoyed acclamation in the industry, among customers and beyond. Its high esteem in the sector is due to the popularity of its founders. Its CEO, ChangPeng Zhao, is one of the renowned cryptocurrency experts. His track record includes being the CTO and Co-founder of OKCoin. He has also served as the head of Development at Blockchain.
It also enjoys a fair share of positive reviews in online communities. Its low trading rate and speed of processing the transaction are some of the most applauded features. Most complaints, as expected are about their inadequacy at customer support. In some isolated cases, frustrated users have called it a scam.
Binance has also received recognition outside the industry. An example is a positive post on twitter by the Maltese Prime Minister. He was commenting on the exchanges’ plan to move its operations and servers to Malta.
The cost of a transaction is an important factor as it affects the trader’s profits. Binance charges no price for creating an account, on deposits and downloading its mobile app. It has a flat rate charge of 0.1% on all the transactions on the platform. This makes it the cheapest coin exchange in the market today.
Withdrawal fees, however, vary from one crypto to another. The highest charges are on BTC, meaning it is safer to move money to other coins to protect the profit margin. It is essential that users keep tabs on the changes to avoid making losses.
Binance has its own altcoin, BNB. The coin has so far become one of the most popular new entrants in the cryptocurrency arena. The exchange is encouraging the use of the BNB by offering discounts on fees paid using the token. The discounts stand at 50% at the time of writing this Binance Review.
Another exchange feature that goes hand in hand with fees is the trading limits. Binance has no transfer limits. Initially, unverified accounts could only send coins worth less than 2BTC. This has changed, as Binance now requires verification for all transactions irrespective of the amount.
If you are interested in what other crypto exchanges offer in terms of fees, you can check them out in our ultimate crypto exchanges review comparison.
Binance is what is commonly referred to as a pure cryptocurrency exchange. That is, it deals purely in cryptos. Only these can be transferred, bought, or sold on the platform. All form of payments that involve fiat currencies such as bank transfers, credit and debit cards and wire transfer is not applicable to this exchange.
Binance users have to buy cryptocurrencies from other exchanges that accept conventional currencies such as the USD. They then deposit these in their Binance accounts. Fortunately, the exchange supports over 100 altcoins. However, Bitcoin and Ethereum are the most popular options as they are easy to trade. Other coins include Litecoin, Ether, Ark, Bitcoin Cash, and Dash among others.
Additionally, Binance is one of the major two major exchanges from which one can buy or sell IOTA. Other coins that it offers which do not feature in most exchanges are Waltcoin and Bitcoin Gold.
“They have almost all of the tokens available for trade. In some cases, this is the only place that has the token that I want to buy. They are super fast with withdrawals.”
Even those who have a bit of experience in the industry still require a hand when trying out a new exchange. The interface of Binance does not make it easier either. Beginners might find too complicated to use. Fortunately, there are several Binance buying tutorials online.
A new trader wishing to try out Binance can watch videos on YouTube on how to buy and sell on the platform. Several articles that explain the practical details of this exchange are available online. The next three parts of this post will explain the process of trading on the platform.
If you already have an account, then your first move should be to deposit virtual currency into your account. Here is a step-wise guide on how to do this:
Step 1: Once you log in to your account, you will have a screen, which traders call the dashboard. Click the “Funds” tab in the top right corner of the page
Step 2: Select the “Deposit/Withdrawals” button
Step 3: Choose the coin you wish to deposit
Step 4: Generate the deposit address.
The website will directly lead you to the address generation. Each address is for a single transaction. You will have to generate one each time you are depositing cryptos to your Binance account.
Step 5: Transfer coins to the address you have generated in step 4 above.
All you need to do is rest and wait after you send the coins to your account. It would not take long to reflect on your account. You can view your transaction history on the “Deposit/Withdrawal” button. Contact the customer support if you think it has taken longer than usual.
It is essential that you click or tap on the “deposit” button of only the coin you wish to deposit. If you wish to deposit Ethereum, for example, ensure you click on its “deposit” and not its close namesake, Ether. If you are having a problem with the abbreviations stand for, check out the full names on the page. The precaution is essential because each coin has a different deposit address.
Users transfer coins from their Binance accounts for two reasons. The first one is that they wish to trade with them on a different exchange. However, most people withdraw their coins to keep them safe in a third party cryptocurrency wallet. Such moves commendable as exchange wallets are prone to hackers.
Having an independent wallet gives you the opportunity to share the risk of keeping your cryptos. Again, it allows you the flexibility of moving them where you want anytime. The benefits of these wallets cannot be overemphasized.
Below are the steps for transferring coins from Binance.
Step 1: Take the same step as you did during deposit, only that this time, select the “Withdrawal” option
Step 2: Enter the amount you wish to transfer
*You can send out all your coins by selecting the MAX option.
At this point, you will be prompted to activate a 2FA activation you had not created one.
Step 3: Enter the address of your destination wallet.
You can read more on how to create a wallet and a destination address online. Alternatively, you can scan the QR code using your phone.
Step 4: Tap or click “Withdraw.”
Step 5: Input your Google Authenticator Code to verify that it is your making the transaction.
Step 6: Click or tap “Submit” to complete the process.
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Normally, the transaction would take minutes to complete. However, due to a high influx of users, it might take longer, even hours. Contact Binance customer support if you believe it has taken unnecessarily long.
One limitation of withdrawals on exchanges is that it is impossible to reverse a transaction after its completion. It is, therefore, necessary that you make sure the receiving address is correct.
Even though Binance supports several cryptocurrencies pairing, Bitcoin still has the highest number of pairings with other cryptos. Fortunately, traders who have a different coin in their accounts can use them to buy BTC. The process of buying BTC is straightforward:
Step 1: Click “Exchange” in the dashboard and select either basic or advanced versions. Basic is the most suitable for most users.
Step 2: Search for BTC on the search board or click on it on the far right upper corner.
Step 3: Select either “Market” or the “Limit Tab.
Step 4: Specify the amount to be spent by entering an exact figure or selecting one of the predefined amounts
Market option allows one to buy from the available orders indicated in the “open orders” below the “Buy” button. The trader can opt to buy BTC at a specific amount with the “Limit” option. However, it will take longer to get a matching order.
Step 6: Click “Buy BTC” and wait for BTC to show up in the account.
Even though it is a new entrant in the industry, Binance has grown to become one of the most trustworthy coin exchanges. Its low transaction rates and ease of use also make it a favorite for beginners and experts.
The limitations on the support system and the absence of fiat currency might discourage some traders. However, Binance is a legit exchange that satisfies the needs of all who wish to deal purely in cryptos. Sign up today for free to begin your cryptocurrency trading.
You can check out all of the most popular cryptocurrency exchanges in one article here.
Have you traded on Binance? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!
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