What is Binance?
As cryptocurrency continues to transform the way we think about how money works and who is in control of it, more and more people are looking to jump into the market. But finding the right crypto exchange platform isn’t always easy.
There are a lot of choices out there, and the right one for you depends on a lot of factors. One name that stands out among contenders is Binance, a Japan based exchange that has gained a lot of popularity in its relatively short life. In this Binance Review, we’ll take a close look at this exchange and give you everything you need to know about whether or not it is meant for you.
Binance is young. Having originally been founded in China, the company moved to Japan in March of 2018 to escape China’s ban on cryptocoin. The CEO, Changpeng Zhao managed to bring Binance to be the largest exchange for cryptocurrency in the world. “No decentralized exchange can handle our volume,” Zhao says of his platform, “and none are as secure as we are”.
In addition to serving as an exchange platform, Binance also has its own cryptocoin: the Binance Coin (or BNB). In it’s short lifespan, the BNB has risen from a market value of just 10 cents per token to a whopping $13.
Trading on Binance
Trading on Binance is about as simple as can be, so it’s no wonder the platform is one of the most popular in the world.
There is a low barrier to entry too, since the lowest level of account does not require identity verification. At this level you’ll only be able to withdraw 2BTC per day. Higher limits require ID verification or direct contact with the company, depending how high you want your limit to reach.
Depositing is a cinch too. Just find the coin you want to add to your funds, hit the deposit button, and use the provided wallet address to send your desired crypto to your Binance account.
Once your account is funded, buying and selling is pretty easy. Just choose the coin you want to trade in, browse the prices that others are offering, and decide how and what you want to buy and/or sell. The bottom of the screen is clearly divided into buy and sell sections for your chosen crypto. All you have to do is enter the desired amount and hit the buy or sell button.
Fees on Binance
One of the reasons Binance is so popular is because it offers some of the most competitive fees of any crypto exchange. The trading fee averages just 0.1% of the trade amount. However, you can cut these trading fees in half if you opt to pay in BNB.
The fee for withdrawing funds vary depending on the cryptocurrency you are using, and they adjust regularly based on blockchain conditions. At the time of writing this review, these are some of the withdrawal fees listed on Binance’s fee schedule:
Coin Withdrawal Fee
- Binance Coin (BNB) .06 BNB
- Bitcoin (BTC) .0005 BTC
- NEO 0 NEO
- Ethereum (ETH) .01 ETH
- Litecoin (LTC) .001 LTC
Binance has established a reputation for not only accepting a wide range of cryptocurrencies, but also being very quick to add new cryptos to the platform as they enter the market. It is worth noting, however, that Binance does not support exchange of any fiat currencies. It is solely meant for crypto.
These currencies are just a small sampling of what you can deposit on Binance:
- Binance Coin
- Ontology Gas
It is also worth noting that Binance features a number of trading pairs. If you aren’t aware of the term, this means you are able to exchange one crypto for another.
Current trading pairs include the following:
If we had to give Binance customer support a letter grade, it would probably be a B-. They are doing pretty good, but they’ve definitely got room for improvement. The staff is knowledgeable, they are quick to respond to queries, and they are generally well-known to resolve issues and provide the necessary assistance.
However, the only means of requesting support is via an online form that begins an email exchange with the Binance team. There is no phone number to call or chat support available. If one thing could make Binance an even better platform, it would be expanding the support options.
A prime question on any crypto trader’s mind is How secure will my transactions be? Well, Binance had the opportunity to prove just how impressive their security systems are back in March of 2018.
A team of hackers had managed to acquire a number of login credentials using phishing schemes. Now, a phishing attempt involves a user being fooled into providing credentials to a scammer, so this in no way reflects on the security of Binance.
However, once the hackers began to use the accounts in order to withdraw Bitcoin, the automated security systems at Binance detected and thwarted the threat immediately. In the end, no users lost a single coin, and Binance received wide recognition for their ability to handle the situation swiftly and openly.
Pros of Binance
- Very secureOffers a wide range of cryptos for exchange
- Quick to add new cryptos
- Straightforward user interface
- Low trading fees
- Easy to get started without ID verification
Cons of Binance
- Lacking in customer support options
- Doesn’t offer fiat currency exchange
All in all, it’s pretty clear why Binance has risen so far in the ranks of crypto exchanges so quickly. With top notch security, a wide variety of coins up for trade, and an interface that anyone can learn to use quickly—we are certain that Binance will work for you. The few drawbacks that it does have are easy enough to live with.
So if you’re looking for a popular platform to start trading crypto on, check out Binance and get started today.