Binance Exchange // Condensed Review – Pros and Cons
Binance (binance.com), launched in 2017 and trusted by millions of users, is today the world’s largest cryptocurrency exchange. Originally launched by entrepreneurs in China, the company quickly needed to move to Japan and then Taiwan in 2018 to avoid the cryptocurrency ban from the Chinese government. Soon after, they decided to relocate to a more cryptocurrency-friendly environment, and now their headquarters is situated in Malta.
Binance is popular for both beginners and professionals alike as it offers different trading interfaces for different trader levels. For professional traders, it provides advanced trading techniques including margin trading, whereas the inexperienced traders can quickly and simply trade any cryptocurrency for BTC or ETH. Both beginners and veterans have access to hundreds of other Altcoins available on the platform.
In this short and condensed Binance review, we shall explore everything you need to know about this major cryptocurrency exchange.
Register a free account at Binance
Binance Restricted Countries/Regions
Is Binance a safe cryptocurrency exchange?
In 2019, the exchange became the victim of a cyberattack which resulted in the loss of 7,000 BTC. While most other exchanges would have been bankrupt already, Binance was able to replace all lost coins, meaning that no user lost any funds.
Today, Binance protects user accounts using 2FA (Two Factor Authentication) so that it is very difficult for hackers and fraudsters to steal information and surpass their security. Today, Binance is considered a very trustworthy exchange because of other extra security measures, such as an anti-phishing code system, PCI scanning, SSL encryption technology, pseudonymisation, and internal data access restrictions. These measures sure help to protect the customer’s funds and personal informal from unauthorized access. Overall, very excellent security.
Available Cryptocurrencies at Binance
Binance allows users to trade over 250 altcoins and cryptocurrency tokens. The platform offers base currencies available in BNB, BTC, ETH, TRX, XRP, and USDT, resulting in over 1,000 currency pairs available for trading.
The top cryptocurrencies listed on the exchange are given below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Tether USD (USDT), Bytecoin (BCN), Monero (XMR), Cardano (ADA), Binance Coin (BNB), Bitcoin Gold (BTG), ICONOMI (ICN), Dent (DENT), TrueUSD (TUSD), Nexus (NXS), NEO (NEO), Status (SNT), Bancor (BNT), NeoGas (GAS), Bytom (BTM), Walton (WTC), Loopring (LRC), TRON (TRX), SONM (SNM), Verge (XVG), Centra (CTR), Substratum (SUB), Metal (MTL), Everex (EVX), Ark (ARK), Quantstamp (QSP), NEM (XEM), Steem (STEEM), Ardor (ARDR), Stratis (STRAT), Augur (REP), Zcash (ZEC), Golem (GNT), Waves (WAVES), Qtum (QTUM), EOS token (EOS), 0x Protocol (ZRX), Bitcoin Diamond (BCD), Modum (MOD), Storj (STORJ), Nuls (NULS), Agrello (DLT), Basic Attention Token (BAT), and more!
Binance Services
The whole Binance website offers over 20 financial services related to cryptocurrency. Here, we will cover the important ones that are necessary for you as a regular trader.
Binance Cryptocurrency Exchange
The Binance exchange is truly massive because you can buy and sell over 250 coins at any time you want. Of course stablecoins such as Bitcoin and Ethereum are available, but many new coins make their debut on Binance, and so the Binance exchange is a great place to discover many potentially profitable coins.
Binance Cryptocurrency Margin Trading
There’s an impressive cryptocurrency selection available for trading in conjunction with the Bitcoin, Ether, BNB, XRP, and Tether trading pairs. Crypto/fiat pairs are also available on Binance’s fiat markets.
Users can choose between the “basic”, “classic” and “advanced” interfaces.
Margin trading is available for selected trading pairs, allowing users to trade with leverage of up to 10x on some coins. Users can choose between “cross margin”, which risks your entire margin account balance, and “isolated margin”, which restricts your potential losses to a single trading pair.
Binance Cryptocurrency Futures Trading
Binance Futures, which was launched in 2019, enables traders to speculate on the price of (rather than to purchase and sell) Bitcoin and various popular altcoins, including Bitcoin Cash, Ethereum, Litecoin, Ripple, and more.
The platform allows leveraged trading of up to 125x, which means that traders can multiply their profits (but also losses) by 125 – more than many major platforms.
Binance Futures account balances are held separately from users’ regular trading accounts and must be funded with Tether (USDT) as collateral. All profits and losses will also be realized in USDT.
Binance Wallet
Binance provides a digital wallet service for you to deposit and exchange your coins (via “hot storage”), however, they will not provide you with the private key. Rather, they will give you your public address key. For beginners, this Binance Wallet is very, very advanced, as it is already built into the exchange itself so that you can deposit and withdraw with ease.
If you are looking for “cold storage” options, then Binance’s Trust Wallet is a great choice. Trust Wallet was acquired by Binance in July 2018, and today continues provides one of the most secure crypto wallets in the world.
Binance Mobile App – iOS & Android
To buy and trade cryptocurrencies on the go, Binance users can download the Binance mobile app which is available for both iOS and Android.
Binance KYC Verification Requirements
Binance Trading Fees and Limits
As you have already seen in this Binance review, the exchange is so large and complex that rules vary by jurisdiction, currency, and other variables. For example, when effecting a deposit using fiat currency, the minimum amount required in USD is $10, however, in AUD, the minimum is $30. With such differences aside, one constant policy is that Binance will deduct a fee for every trade made on your account.
In general, a 0.1% trading fee is applied. Based on the user’s 30-day trading volume and BNB (Binance Coin) balance, the maker/taker fee varies from 0.01% to 0.04%. If the trading fee is paid using BNB, then a 25% discount is applied to the fee.
Binance Payment Methods and Fees
Other than trading fees, let’s go over the deposit and withdrawal fees at Binance.
Depositing at Binance and Fees
When using Visa or Mastercard to buy cryptocurrencies on Binance using the Simplex system, a 2.5% service fee will apply. This fee is not charged directly by Binance, but charged by Simplex.
Binance exchange does not charge any fees to deposit cryptocurrencies nor does it have a minimum deposit limit. You can deposit whenever you like, and as much as you like!
Withdrawing from Binance and Fees
However, the withdrawal fees and the minimum withdrawal requirement will vary, depending on the cryptocurrency. For Bitcoin, there is a 0.001 BTC minimum withdrawal requirement with a fee of 0.0005 BTC.
Binance Customer Service
Although you can contact Binance by email or live chat, some users have reported very long delays. This might be because the exchange has millions of customers worldwide. In any case, you can reach them via live chat 24/7. For email, when they respond to your issues, their response is often very detailed and helpful. Overall, not excellent quality, but average.
Conclusion – Should I use Binance?
Overall, Binance can provide great earnings from your crypto trades. In addition to offering extensive analysis tools which can aid trading, Binance can also play a major role in your successful arbitrage strategy. Along with a sleek interface, Binance is definitely a top-ranked cryptocurrency exchange for active traders.
Please register a free account and simply login to the trading screen (either desktop, mobile, or app) to see for yourself. You can’t go wrong with Binance!
Register a free account at Binance
Up to 500 BUSD upon KYC
Join millions of investors and traders in the crypto revolution!
All it takes is 1 small step!