A Look Into the Most Popular Cryptocurrency Exchange: A Binance Review

To date, when considering the most favored crypto-to-crypto trade program, Binance comes to mind. It may even be appraised as the most favored. It launched in 2017, and since then, it rapidly obtained a reputation in the blockchain circle due to its different offerings of coins and greatly low exchange fees.

The Workings of Binance

Binance has two alternatives for the exchange program: the basic and the advanced. As understood, effortless exchanges are executed with the Basic option, meanwhile, advanced exchanges is for the Advanced option.

The Fundamentals

Even being a beginner trader, the Basic option may already be complicated. Truth be told, Binance was definitely not made for the lax contrarian.

Charts and graphs like order books, a candlestick chart, and even the trade history are already included in the main dashboard. A depth chart of the candlestick chart can be found in another tab.

To input money into your account, hover over the Funds tab and choose the Deposits link to be able to start exchanging.

Now that you are in Deposits, it is time to choose the cryptocurrency you wish to input money into your account. A public wallet address is provided for you to be able to send your funds. Bitcoin or Ethereum are the best options to use when funding your account, as they have more pairs. This allows you to be more flexible when exchanging.

You can now invest as soon as your account has money. Return to the exchange dashboard—do this by hovering over the Exchange tab found in the upper left-hand corner, and click on Basic.

Limit, market, and stop-limit orders can be done on Binance. Prior to that, only the limit and market orders option was supported. Anticipate that the Binance team will think of more advanced ideas when the time comes.

Advanced View

The Advanced option and the Basic option are still similar in spite of the slightly contrasting layout. Fibonacci lines and moving averages are both present.

Other Features

Some other features that Binance has is the Binance Academy, which contains academic content focusing on blockchain; Binance Info, which provides you with ICO reviews and market stats; Binance Labs, incubator for novices; Launchpad for token launches.

Fees for Trading

An outright 0.1% fee for each exchange is charged to lax investors (<100 BTC 30-day volume), compared to the average of the industry, charge is low. A 25% discount is given if their possessed token (BNB) is used, making the charge as low as 0.075%.

But even greater discounts are given to those who have at least 50 BNB—these holders are high-volume exchangers (>=100 BTC 30-day volume). There is a trading fee schedule which depends on your exchange volume, maker/taker status, and if paid via BNB. The range of fees are from 0.015% to 0.100%.

Although depending on the cryptocurrency, withdrawal fees lean towards the higher side.

Cryptocurrencies Available

Binance has a variety of coins to choose from, as well as being paired with Bitcoin, Ethereum, Binance Coin, and Tether. Ark, Dash, EOS, and even IOTA and Walton chain are some of their available coins.

Limits of Transfer

Being a stern cryptocurrency trade, accounts cannot be funded with fiat curerency.

Although cryptocurrency funds can only be deposited, there is no limit regarding the amount you wish to deposit. Fees are non-existent when it comes to your deposits.

The verification tier determines up to how much you can withdraw for the day. You can be set at Level 1 thus being able to withdraw a maximum of 2 BTC a day if you do not verify any details.

To reach Level 2, you must be able to activate the two-factor authentication (2FA) or Google Authenticator. After, personal information such as first name, last name, address, and photo ID, are required for KYC purposes.

Once you reach Level 2, instead of just 2 BTC withdrawal per day, it rises to 100 BTC. However, to be able to withdraw a higher amount per day, the customer support team must be contacted.

Company Trust

Binance is not just one of the most favored platforms in the trading industry, but it has also raised more or less $15 million in an ICO in July 2017 and instantly obtained 20,000 registered customers in par with the raise. From then on, over nine million customers have been housed by the company.

The CEO of Binance, Changpeng Zhao, endured many years with cryptocurrency, thus allowing him to have an impressive resume.

Fund Security

In spite of the missing details in their website, Binance has demonstrated over and over that the coins you are investing are in the hands of the good.

During the early months of 2018, Binance was a victim of the phishing and API attack. Right away, the team did not allow any withdrawals and froze the funds that were affected. As soon as they were done investigated, the team was able to point out the hostile parties, abjure the coins that were stolen, and return the funds to those who were affected.

Via their Twitter account, the Binance security team does their best to keep their customers recent happenings with regard to their platform.

Customer Support

The website has an FAQ list that covers a lot of the questions asked.

English, Spanish, Italian, and Chinese are just some of the available languages that the trade and support site have.

They also have an online form wherein they will respond to you through e-mail.

In conclusion

In this Binance review, we can conclude that this platform has become a hit with beginners and advanced traders. It includes low trading fees, with many cryptocurrencies available, as well as a trading experience that is enjoyable, it does not make you wonder why Binance has taken the world by storm.

 

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