Binance Exchange Review
Binance is the world’s largest crypto asset exchange and is based in Malta. Originally launched in China, the company decided to relocate to a more cryptocurrency-friendly environment. Even though the exchange was only launched in 2017, it has gained the trust of millions of investors and quickly became the leading cryptocurrency exchange in the world. Binance is not currently registered with any legislative board.
Nevertheless, it is considered a trustworthy exchange because of the extra security measures, such as anti-phishing code, PCI Scanning, Secured Sockets Layered encryption technology, pseudonymisation, and internal data access restrictions, that it has voluntarily decided to implement. These aim to protect the customer’s funds and personal informal from unauthorized personnel.
Binance is popular among both novice and serious traders alike as it offers different trading interfaces. For professional traders, it provides advanced trading techniques, including margin trading, whereas the inexperienced traders can quickly exchange any cryptocurrency for BTC or ETH or any of the other hundreds of Altcoins available on the platform.
Is Binance Exchange Safe?
In 2019 the exchange became the victim of a sensational cyberattack which resulted in the loss of 7,000BTC. Whilst this would have spelled the end for most exchanges, Binance was able to replace all lost coins, meaning that no user lost any funds. In addition, learning from this incident, the platform bolstered its security measures, transforming it into one of the safest exchanges in the world.
Today, Binance protects the account of its users using 2FA (Two Factor Authentication) so that it is very difficult for the hackers/fraudsters to steal information and surpass security. In addition to that, users can also set a unique, anti-phishing code to differentiate between the genuine and the fake emails which are sent by phishing websites. Binance processes the withdrawal requests only after getting confirmation from the user via email.
Binance Exchange
Binance is considered as a centralized cryptocurrency exchange broker as it only directly deals with crypto-based assets such as Bitcoin, Altcoins or ICO tokens. Buying and selling of select cryptocurrencies is permitted through Binance’s partnership with Simplex. Users can quickly exchange their coins and tokens without even submitting any documentation to verify their account. Unverified accounts, however, have a limit on the withdrawal of 2BTC/24hrs. When compared with other exchanges, it charges only a nominal fee of 0.1%. Users are eligible to get further discounts if they are holding the Binance Coin (BNB).
Binance provides a wallet service to deposit your coins, however, they will not provide you with the private key, but only with your public address key. Binance exchange has acquired the popular Trust Wallet which can be used to store ERC20 and ERC71 tokens along with 14 cryptocurrencies.
With the Binance exchange, it is possible to buy cryptocurrencies or any token only after depositing cryptocurrency into your account.
How to Signup on Binance
Screenshots are shown for illustration purposes only. Actual product may vary.
To create an account on Binance, do the following:
Visit the official site : https://accounts.binance.com/en/register?ref=37467774
Enter your email, password and click the ‘Register’ button after agreeing to the terms.
Within a few minutes, you should receive a confirmation email from the Binance team. Click the ‘Verify Email’ link on that email, or paste the link address on your browser to activate your account.
Verification Requirements
You don’t have to submit any documents to trade cryptocurrencies on the Binance exchange. The non-verified account holders (Level 1) can withdraw up to 2 BTC per 24 hours, whereas verified account holders can withdraw up to 100 BTC per day..
How to Deposit Coins on Binance
Screenshots are shown for illustration purposes only. Actual product may vary.
Before starting to trade you will need to have deposited one or more cryptocurrencies, preferably BTC or ETH, onto your Binance account. To do so follow this step by step guide:
Log into your Binance account
Select ‘Funds-Deposits’ located on the top of the page.
On the left-hand side, enter the coin/token (eg. BTC) to deposit from the drop-down box.
You will be shown the deposit address to which you have to send the selected cryptocurrency. If your wallet has a mobile app, you can scan the barcode to get the address. Otherwise, you will have to copy the full address and paste it on your wallet to make the transfer.
To know the status of your deposit, navigate to Funds-Transaction History located on your account page.
How to Buy Digital Currency on Binance
Screenshots are shown for illustration purposes only. Actual product may vary.
You can trade a large number of cryptocurrencies on the Binance Exchange with a nominal trading fee. To do so, you must have any one or more of the four trading currencies (BTC, BNB, ETH, USDT). Alternatively, you will need to make purchases using a credit/debit card option.
Binance offers two types of modes to buy/trade cryptocurrencies: Basic and Advanced. The Basic mode is intended for novice traders, whereas, serial or professional traders can make use of the Advanced mode.
How to Buy Bitcoin (BTC) on Binance
Screenshots are shown for illustration purposes only. Actual product may vary.
This example will show you how to buy Bitcoin (BTC) using Ethereum (ETH).
Log into your Binance account.
Choose ‘Exchange – Basic’, located close to the top left-hand side of your account page.
On the right-hand side of the page, you should see a box detailing difference cryptocurrencies and their respective prices. Above that box, you can choose any of the markets (BTC/ETH/BNB/USDT). In this example, the option ETH is selected.
Select Bitcoin by searching ‘BTC’ on the search box provided and click on the result ‘ETH/BTC’.
In the trading graph which appears you will find the ‘Buy/Sell’ section with different types of orders (Market, Limit, Stop-Limit). Click the ‘Market’ tab.
Enter either the amount of BTC you would like to buy or the amount of ETH you would like to trade. Then click the ‘Buy’ or ‘Sell’ button accordingly.
How to Buy Ethereum (ETH) on Binance
This example shows how to buy Ethereum (ETH) using Bitcoin (BTC).
Log into your Binance account.
Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, replacing BTC with ETH.
How to Buy Ethereum Classic (ETC) on Binance
This example shows how to buy Ethereum Classic (ETC) using Binance Coin (BNB).
Log into your Binance account.
Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, selecting BNB instead of BTC. When searching for the trading pair you will need to choose ETC/BNB in order to effect this trade.
How to Buy Litecoin (LTC) on Binance
This example shows how to buy Litecoin (LTC) using Bitcoin (BTC).
Log into your Binance account.
Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, selecting LTC instead of BTC. When searching for the trading pair you will need to choose LTC/BTC in order to effect this trade.
How to Buy Bitcoin Cash (BCH) on Binance
This example shows how to buy Bitcoin Cash (BCC) using Bitcoin (BTC).
Log into your Binance account.
Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, selecting BCC instead of BTC. When searching for the trading pair you will need to choose BCC/BTC in order to effect this trade.
How to Cash Out on Binance
Through its partnership with Simplex and other partners, Binance allows you to sell a supported cryptocurrency for select fiat currencies, and have the funds sent to your Binance cash wallet. In order to do this, you must first have a fully verified account.
Alternatively, you may choose to withdraw or send coins to another compatible wallet.
Log into your Binance account.
Select ‘Funds-Withdrawals’ located on the top of the page.
On the left-hand side, enter the coin/token to withdraw from the drop-down box.
Copy your wallet’s public address and paste it, enter the amount and click the ‘Submit’ button.
For security reasons, you will receive a confirmation email from Binance to your registered email address. Once you click the confirmation link on that email, your withdrawal request will be processed.
To know the status of your withdrawal request, navigate to Funds-Transaction History located on your account page.
Supported Cryptocurrencies
Binance exchange allows its members to trade over 597 altcoins and cryptocurrency tokens. It offers trading pairs in BTC, ETH, BNB and USDT.
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), 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), 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), Modum (MOD), Storj (STORJ), Nuls (NULS), Agrello (DLT), Basic Attention Token (BAT).
To check out the full list of cryptocurrencies supported by Binance, kindly visit their homepage, scroll to the bottom and click on ‘Fees’ to know all the supported cryptocurrencies.
Supported Countries
Binance exchange accepts users from almost all countries in the world including the UK, EU, Australia, and Canada.
Supported
Most countries in the world are supported, including the UK, EU, Australia, and Canada.
Excluded
Apart from sanctioned countries, residents from the US are banned from using Binance due to regulatory issues. However, Binance USA is available for those users.
Exchange Fees & Limits
Every cryptocurrency exchange will have its own fee structure and limits, and Binance is no exception.
Fees
Binance will deduct a fee for every trade made on your account and their fee structure is given below:
Trading Fees
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 0.015% to 0.075%. If the trading fee is paid using BNB, then a discount is applied, whose value decreases annually.
Deposit/Withdrawal fees
Binance exchange doesn’t charge any fees to deposit cryptocurrencies nor does it have a minimum deposit limit. However, the withdrawal fees and the minimum withdrawal vary based on the cryptocurrency. For BTC, it a 0.002BTC minimum withdrawal with a fixed fee of 0.0005BTC (roughly €2.80 or $3).
When using a debit or credit card to buy cryptocurrencies using Simplex or another fiat partner, a 3.5% service fee does apply. This fee is not charged directly by Binance, but by the payments partner.
Screenshots are shown for illustration purposes only. Actual product may vary.
Since Binance offers margin trading and futures trading on select coins you can use leverage to open larger positions which you would otherwise be able to afford with your investment capital. Daily interest rates apply depending on the coin and your margin trading account status.
The full fee schedule, including borrowing rates and price indexes, can be conveniently found in one page. scroll down to the bottom of the page and click on the ‘Fees’ link.
Supported Payment Methods
Binance allows customers to buy cryptocurrencies using fiat-based payment options like credit card & debit card through their third party, Simplex. Alternatively, you can also deposit cryptocurrency funds directly in the platform.
Binance Security
To protect its customer’s account from unauthorised access, Binance exchange offers 2FA (Two Factor Authentication) via Google Authenticator or SMS. Before enabling the 2FA through SMS, you must check whether the country is listed in the SMS Supported Countries. Simply follow the below steps to check out the list of countries:
Go to Binance's homepage
Click on ‘Support’, found on the top right-hand corner of your screen.
Click on ‘FAQ’.
Scroll down to the ‘Two-Factor Authentication’ section (on one of the right-hand columns).
Click on ‘Supported SMS Countries’.
Binance Customer Support
The best way to get in touch with Binance is through their 24/7 live chat option which is available in seven languages. Another popular option is to submit a ticket. To do this, all you need to do is by clicking on ‘Support‘ and then ‘Submit Request‘ respectively. Even though Binance exchange is available on social media platforms like Facebook, Twitter etc, they don’t provide customer support through those channels.
An alternative way to get help is to visit the website’s FAQ page and Help Center. These pages contain useful and detailed information to guide you through a variety of different processes. In addition, you can access the Binance Academy to get information on trading along with a better understanding of common terms used on the platform and beyond.
Generally, the customer support of Binance is considered very slow/sluggish when compared with other exchanges.
Binance Review Conclusion
By providing both the Basic and Advanced trading screens, Binance has succeeded in its attempt to satisfy both the novice and the professional traders. It charges a nominal trading fee when compared with other exchanges and now also supports fiat-to-crypto payments. Another advantage of the Binance exchange is its user-friendly mobile app which helps both the iOS and Android users to trade cryptocurrencies on
If you would like to save a further 10% on your trading fees aswell as supporting my blog, please kindly use this ref link when signing up.
https://www.binance.com/en/register?ref=37467774
You can browse my blog for other cryptocurrency avenues which ultimately will help you grow your wealth and hopefully help you achieve financial freedom.
Binance is a leading exchange platform with some awesome perks for users. It is user-friendly and nice interface. Thank you for this information on Binance.