BINANCE Review 2019

BINANCEReview

Established recently in mid-2017, Binance is new cryptocurrency exchange that is geared towards crypto-to-crypto trading. The platform is based in Shanghai China and is headed by Changpeng Zhao. The exchange also recently opened a branch office in Shibuya-ku, Tokyo. Although just founded a few months ago, Binance is already making waves in the cryptocurrency trading community. The exchange offers an impressive range of Cryptos and Altcoins such as BTC, ETH, LTC,  and Binance’s own crypto called BNB, for trading at very competitive fees.

Contents

Already Binance has been touted by many as an ideal alternative to the Bittrex exchange. Apart from its wide selection of Altcoins and competitive fees, Binance also offers its customers a stable and secure trading environment.  The exchange uses multi-cluster and multi-tier architecture to ensure its reliability. It is also capable of processing as many as 1,400,000 orders per second. Binance also boasts of being able to provide its traders with high liquidity as it is well capitalized with financially strong business partners.

Exchange Platform

In terms of trading platforms, Binance offers its clients 2 types of trading platforms, a basic platform, and an advanced platform. Both these platforms are fairly advanced and sophisticated for a beginner cryptocurrency trader. For anyone who truly appreciates these platforms, they need to have some background in cryptocurrencies as well as how the platforms and all their various features work.

Binance 1

The Basic Platform

The basic platform is actually quite an advanced trading platform. It features a detailed chart with various technical indicators which can be overlaid over the charts. The basic platform also allows you to manage your trades as well as view order books and trade history. The key difference between the basic and advanced platform is the ability of the advanced platform to perform a more detailed technical analysis. The tools are more sophisticated and you can perform your analysis over a longer time frame.

Binance 2

One of the key attractions of the Binance Exchange is the fact that the exchange offers its clients a wide selection of Altcoins to trade with. The following list below shows some of the cryptocurrencies that are available for trading at Binance:

  • Bitcoin
  • Bitcoin Cash
  • Bitcoin Gold
  • Dash
  • EOS
  • Ethereum
  • Ethereum Classic
  • IOTA
  • Litecoin
  • Monero
  • Neo
  • OmiseGo
  • Ripple

It is because of Binance’s ability to offer a wide choice of cryptocurrencies that makes it so attractive to cryptocurrency traders. In fact, Binance is only one of two exchanges that offer IOTA.

binance 3

Binance Deposit and Withdrawal Options

Since Binance specializes in crypto-to-crypto trading, it does offer the option of funding your account with fiat currencies. Deposits are only possible with cryptocurrencies and there is no limit imposed. In addition, the deposits are free from any kind of fees.

As for withdrawals, the amount which you can withdraw depends on your verification level. Level 1 is no verification and your withdrawal amount is capped at 2 BTC per day. As for level 2, you can withdraw up to 100 BTC. For be classified as a level 2 verified account holder, you are required to secure your account with Google Authenticator or 2-factor authentication security. In addition, you have to submit personal details and documents which Binance can use to verify your identity.

Binance Fees and Charges

On average, the fee at Binance for each trade is 0.1%.if you pay this fee using a Binance token, there is a discount of 50% on the trading fee.

As for withdrawals, the fee depends on the cryptocurrency. The following table below shows you the typical fee that you have to pay for making a withdrawal for a particular cryptocurrency.

Coin

Fee

Binance Coin

Bitcoin

Ethereum

Litcoin

Neo

Qtum

Status

Bancor

Eos

Bitcoin Cash

Gas

USDT

1

0.001

0.01

0.01

Free

0.01

10

1.2

0.7

0.0005

Free

50

Binance does not specify which countries are supported and which countries are not supported. With regards to U.S traders, Binance makes no mention of any kind of prohibition policy concerning U.S based customers.

Binance Privacy and Security

There are 2 levels of verification at Binance, Level 1 which is unverified and Level 2 which is verified. In order to increase your withdrawal limits, you need to have your account verified. Verification will require you to provide the following information to the exchange.

  • Country
  • First name
  • Gender
  • Last name
  • Passport ID
  • Passport photo
  • Selfie with passport

With regards to the security at Binance, the exchange has provided very little information about its security measures. The only thing that is known about the exchange set up is the fact it employs a multi-tier system architecture. As for the security of the wallet, Binance uses 2-factor authentication to safeguard the integrity of the wallet.

Binance Customer Support

While the customer support is available in various languages such as Chinese, English, Korean and Japanese, the quality of this support is lacking when compared to what other leading exchanges are offering. Currently, the support is only available in the form of a basic FAQ. There is no live chat or telephone support available.

Binance Pros and Cons

Pros

  • Wide selection of cryptocurrencies
  • Advanced trading platforms
  • Competitive fees
  • IOTA available for trading

Cons

  • No support for Fiat currencies
  • No live chat or phone support

Binance FAQ

  • Does Binance accept U.S clients?

Binance does not expressly prohibit or encourage trades from the U.S.

  • Does Binance accept fiat currency deposits?

No. At present, only cryptocurrencies are accepted for deposits.

  • How can I make a withdrawal?

To initiate a withdrawal, you need to first provide a wallet address for the receiving end.

  • How to Register and Deposit on Binance?

Simply go and click the link in the top right-hand corner of Binance’s website. Fill in all the relevant fields and then click “Registry”.

Conclusion

From our observation, we noted that the exchange might not be entirely suited to beginner traders. This is because the design of the trading platforms is geared more towards those who already have some experience trading cryptocurrencies. Nevertheless, Binance is still one of the cheapest exchanges to trade on.

BINANCEUser Reviews

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BINANCEFeatures

Coins Available
  • Bitcoin
  • Bitcoin Cash
  • Bitcoin Gold
  • Ethereum
  • Ethereum Classic
  • Dash
  • Zcash
  • Ripple
  • Litecoin
  • NEO
  • EOS
  • Stellar
  • Cardano
  • Verge
  • FunFair
  • QuazarCoin
  • enjincoin
  • Gifto
  • coindash
  • cindicator
  • iostoken
  • Vibe
  • aelf
  • ambrosus
  • status
Accepted Countries
  • Yemen
  • Japan
  • Sweden
  • Finland
  • Argentina
  • Brazil
  • Germany
  • France
  • Russian Federation
  • Uzbekistan
  • Uruguay
  • Australia
  • Cameroon
  • Chad
  • Canada
  • Denmark
  • Greece
  • Haiti
  • Iceland
  • Libya
  • Mexico
  • Nepal
  • Belize
  • Romania
  • Cape Verde
  • Senegal
  • Sri Lanka
  • United Kingdom
  • Eritrea
  • Gambia
  • Indonesia
  • Lebanon
  • Angola
  • Malta
  • Bahamas
  • Benin
  • Chile
  • Ghana
  • Gibraltar
  • Grenada
  • Serbia
  • Guinea-Bissau
  • Syria
  • Tonga
  • Kenya
  • Namibia
  • Oman
  • Jamaica
  • Palau
  • Solomon Islands
  • Kyrgyzstan
  • Tunisia
  • Montenegro
  • Peru
  • Trinidad and Tobago
  • Bahrain
  • Belarus
  • Bulgaria
  • Colombia
  • Cuba
  • Cyprus
  • Algeria
  • Burkina Faso
  • Cambodia
  • Kuwait
  • Saint Lucia
  • South Sudan
  • Tanzania
  • Turkey
  • Virgin Islands, British
  • South Korea
  • Malawi
  • Maldives
  • Netherlands
  • Botswana
  • Qatar
  • Saint Kitts and Nevis
  • Saint Vincent and the Grenadines
  • Slovenia
  • Sudan
  • Taiwan
  • Tuvalu
  • Vatican City
  • Malaysia
  • Moldova
  • Nauru
  • Papua New Guinea
  • Zambia
  • Andorra
  • Bolivia
  • Afghanistan
  • Congo
  • Cote d'Ivoire
  • Laos
  • Dominican Republic
  • Mauritania
  • Egypt
  • Gabon
  • Morocco
  • Uganda
  • Nigeria
  • Swaziland
  • Vietnam
  • Austria
  • Barbados
  • Bosnia and Herzegovina
  • Djibouti
  • Equatorial Guinea
  • Comoros
  • Estonia
  • Fiji
  • Ethiopia
  • Mali
  • Hong Kong
  • Ireland
  • Italy
  • Philippines
  • Macedonia
  • Poland
  • Madagascar
  • Sierra Leone
  • Vanuatu
  • Panama
  • Portugal
  • Samoa
  • Saudi Arabia
  • Timor-Leste
  • Albania
  • Burundi
  • Guinea
  • Iran
  • Armenia
  • Bangladesh
  • Belgium
  • Kiribati
  • Lithuania
  • Bhutan
  • Mongolia
  • Cayman Islands
  • Myanmar
  • Niger
  • Rwanda
  • Sao Tome and Principe
  • Slovakia
  • Czech Republic
  • Thailand
  • United Arab Emirates
  • Ecuador
  • India
  • North Korea
  • Liberia
  • Marshall Islands
  • Mozambique
  • New Zealand
  • Pakistan
  • Venezuela
  • Zimbabwe
  • Antigua and Barbuda
  • Croatia
  • Guyana
  • Kazakhstan
  • Lesotho
  • Central African Republic
  • Norway
  • Paraguay
  • San Marino
  • Spain
  • Suriname
  • Switzerland
  • Tajikistan
  • Guatemala
  • Honduras
  • Iraq
  • Mauritius
  • Nicaragua
  • Singapore
  • Somalia
  • Azerbaijan
  • Brunei
  • China
  • Costa Rica
  • El Salvador
  • Georgia
  • Hungary
  • Israel
  • Jordan
  • Latvia
  • Micronesia
  • Seychelles
  • South Africa
  • Turkmenistan
  • Ukraine
  • Isle of Man
  • Kosovo
  • Monaco
  • Liechtenstein
  • Luxembourg
  • Togo
US Accepted
Yes

Payment Method

Deposit Options
cryptocurrency
Withdrawal Options
cryptocurrency
Company Information
Exchange DetailsInfo
Headquarters CountryChina
Foundation Year2017
Typeexchange
Trading AllowedYes

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