What is Binance? A Review Of The Crypto Exchange

Binance is the fastest growing cryptocurrency exchange to date. In only five months, Binance has reached the top 10 position in the category of high volume cryptocurrency exchanges. The reason that the exchange has became so popular can be attributed to Binance’s high quality features. For example, Binance is available in multiple languages and they have a easy to use interface. Their interface allows people to navigate across the otherwise complex dashboard which most exchanges have.

Along with an easy to use dashboard, Binance also facilitates quick exchanges when crypto to crypto transactions are being made. Although, the platform does not allow trading of FIAT currencies. This means that you cannot trade USD or GBP.

How To Open A Binance Account?

  1. First go to the Binance website. *You should always check the url of the Binance website because there are imitation phishing sites with similar layouts to the actual site. Check for the SSL Secure Certificate to ensure that is the official site.
  2. Sign up to the platform by clicking the ‘Register’ button which is on the right of the page. Finalise the registration process and ensure your password is strong. Use their password tips otherwise it is easy for hackers to take advantage.
  3. Enable 2-Factor Authentication for extended security. Once you log in to your account Binance will request you enable 2-factor authentication. This feature allows you to secure your password  further. It’s advised you enable it because it’s harder for hackers to take your password and ultimately keeps your coins safe.
  4. You have successfully registered and your’e ready to use Binance Head over to the “desposit withdraws” under Funds in the menu. From there you can select the coin you wish to exchange.
  5. On this page you will find a list of traded coins. You then search for your coin (that you want to deposit) and press ‘deposit’. Once you deposit a coin, a new wallet will be made. The Wallet address for each coin is different, make sure you deposit your coin to the correct wallet otherwise you may lose your funds.
binance dashboard
Binance Dashboard

Binance Review

So why should you register an account with Binance? Well to start with, they are the fastest growing cryptocurrency exchange internationally for alt coin trading. Based in China, they first gained traction due to their Initial Coin Offering listings, they also have impressively low transaction fees.

How Does Binance Work?

To know is their platform is for you, you first need to know how it works. There is a basic and advanced version of the platform. The advanced version offers in-depth technical analysis of the crypto currencies over a long period of time. The basic version of the exchange still offers great features and gives trade history.

What Currencies Do They Support?

Binance supports a multitude of currencies and they have been praised for doing so. Traders can sell a variety of coins this includes; Bitcoin, Bitcoin Cash, Bitcoin Gold, Etherum Classic, Etherum, EOS, Dash, NEO,GAS,Zcash,LiteCoin and Ripple just to name a few. Binance (unlike many other exchanges), supports other tokens, part of ICO listings. Traders also get to trade these tokens for profit.

Once a new coin is introduced to the market, Binance will quickly add the coin once their ICO occurs. So for traders, this means that you can purchase a coin as soon as it hits the market. Allowing profits to be maximised due to coins being bought cheaply.

Binance Fees

As of now, they charge a 0.1% fee on each and every trade that a user makes. If you opt to pay using the Binance toke, you can get a 50% discount on trading fees. Their fees are some of the lowest we have encountered whilst trading cryptocurrency.

To withdraw your coin, fees depend on each coin. BTC (Bitcoin) withdrawals will cost 0.0005 and for Etherum a 0.005 fee is imposed.

COIN CODE Fee (per transaction) Unit
Binance Coin BNB 1 BNB
Bitcoin BTC 0.001 BTC
Ethereum ETH 0.01 ETH
Litcoin LTC 0.01 LTC
Neo NEO Free NEO

There are no limits to the number of coins that you can deposit. Although, if you are not verified then you can’t withdraw 100% of the funds. Once you verify, you become a level-2 user. This lifts all account limitations and you can then withdraw any amount you like. To get verified, you must send Binance your full details, such as.. full name, gender, country and photo of government-issued ID.

Binance Account Security

Despite being a new crypto exchange Binance has already earned the trust of thousands of traders.  Although, there is very little information available to show where and how Binance store funds. They have given users no sign to indicate poor security and their 2-factor authentication adds extra security.

Customer Support

In comparison to other crypto exchanges Binance is lacking in this department. Some questions get answered in their FAQ section, although most of the questions are left unanswered. If you have any questions about the platform, the best bet is to email them or ask on the subreddit.

The site was written in Chinese and translated to English, so there are some grammatical errors. This can be overlooked because they are still a new company.

Conclusion

The Binance engine which powers the exchange is capable of processing 1.4 million transactions every second.. This makes it one of the most powerful exchanges on the market. Another bonus is that the exchange can work on all devices. Along with multi-device accessibility, Binance is also available in multiple languages. Chinese, Korean, Japanese and English are all language options that Binance offers.

In terms of user friendliness, Binance can improve slightly but they make up for that with low fees. Not forgetting a vast range of supported currencies Binance is a great exchange for novice traders. To finalise things off, Binance is a rapidly growing exchange and they bring new features in all the time. When comparing this to competition you can rely on Binance to improve as time goes on and increase their popularity even more. For us we can recommend Binance as one of the top crypto exchanges and one to look out for in 2018.