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Binance Review: Global Cryptocurrency Exchange

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From this review, the Binance exchange and its ecosystem will give an idea of what the platform is, its advantages and answer the question of why Binance is synonymous with a reliable cryptocurrency exchange today.

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A few years ago, the number of exchanges for exchanging digital currencies could be counted on one hand, whereas now every week a new cryptocurrency exchange appears in the world and their total number is already several hundred.

 

Each user chooses a site depending on the actual need. For trading, it is more profitable to use exchanges with minimal commissions, for exchange – sites with a large list of available currencies and convenient payment methods, and to store digital capital, it is worth choosing services with enhanced security settings. But there are cryptocurrency exchanges that are convenient, profitable and reliable for any digital cash transactions. And the first on this list is Binance.

 

Binance is a relatively young crypto exchange: it was launched in April 2017. But the platform began to gain popularity with lightning speed and occupy the first positions in the world rankings. And already in January 2018, Binance became the world leader in terms of trading volume.

Brief description of the features of the Binance exchange

Binance is the largest cryptocurrency platform used by millions of traders around the world. At first, Binance offered only cryptocurrency exchange: it was strictly a cryptocurrency exchange, and all transactions within the platform were carried out using digital money.

The founder of Binance made an open statement at the very beginning that “no decentralized exchange is capable of processing such volumes of information while maintaining such a high level of protection.” The high speed of the site, which does not fail even at peak load, combined with the highest possible level of account security and the impeccable authority of the creator, instantly attracted the attention of users from all over the world.

Binance is now considered the fastest growing trading platform. In January 2018, a record number of registrations on the exchange was recorded – 250,000 per hour. Every day, developers record 0.6-1.1 million active traders who carry out transactions using the trading platform. Multilingualism is a great advantage of the exchange, since Binance works with the expectation of international trading, therefore the official website works in 16 languages.

You can also learn more about Binance if you study this review here.

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The history of Binance and its founder

The Binance founder became a billionaire in less than a year. His name appears regularly in Forbes rankings. And the rest of the team are professionals with successful experience working on Wall Street in the field of cryptocurrency technologies. Binance is run by the best of the best, and the team’s results speak for themselves. The company is headed by 43-year-old Zhao Changpeng, who previously headed the Blockchain development department, and was also one of the owners and CTO of the Chinese crypto exchange OKCoin.

In 2013, Zhao learned about Bitcoin from an investor friend with whom he played poker. Since then, he began to be actively interested in various crypto projects, and in 2014 he sold his house in Shanghai and invested all the money in Bitcoins.

Working for OKCoin as a chief technology specialist, the future creator of Binance began to think about his own crypto exchange. Changpeng did not dare to launch his project for a long time, but then 2017 came, when the boom of ICO projects covered the crypto industry. During the crowdsale, the CEO of Binance raised the required $ 15 million in just a month, which finally confirmed his belief in cryptocurrency.

Binance Trading Fees

As we noted above, the Binance crypto exchange owes its rapid success to the lowest trading commission among similar sites, only 0.1% of the transaction. In addition, there is no deposit commission on Binance.

Moreover, the tariff per transaction can be reduced by 25% and decreased from 0.1% to 0.075%. In order to receive special conditions for conducting transactions, you need to buy the internal cryptocurrency of the Binance Coin exchange and use it to pay commission fees.

Today, the Binance exchange charges an average commission of 0.1% on every transaction a user makes. Those who choose to pay with Binance Token (BNB) can get a 50% discount on trading fees, which is not a bad savings option. Thus, the Binance exchange offers the lowest commissions for transactions and withdrawals, as well as zero deposit commissions.

Binance deposit and withdrawal fees

The commission for withdrawing funds from the exchange will differ, depending on the type of cryptocurrency.

The exchange has no restrictions on the number of coins for transfers, but there is a restriction on withdrawal. Initially, registered users have a withdrawal limit of 2 bitcoins, in order to increase the amount of cryptocurrency for a one-time withdrawal, it is necessary to pass verification.

Trading Review

Binance Margin Trading. In July 2019, Binance launched margin trading, and users can trade with borrowed funds that the exchange allocates against a deposit. At the same time, in order to trade using leverage, a trader does not need to register a new account: a margin trading account is opened in two clicks. Thus, you can trade on Binance using your own and borrowed funds and it is very convenient to do this, since the two functions are implemented on the same platform.

Now margin trading on Binance has long been implemented and is very popular with traders. However, be aware of the risks when trading with leverage.

  • Binance Futures. Binance’s crypto-derivatives platform that allows you to trade futures with up to 125x leverage.
  • Binance Options allows you to trade options using leverage.
  • Launchpad is a program to support various blockchains and other startups.
  • Binance Savings is a service that will provide you with the ability to accumulate crypto.
  • Binance Staking allows those who wish to make money on cryptocurrency deposits.
  • Binance Debit Card makes it possible to buy goods using a cryptocurrency card, as well as a bank card.
  • Binance Crypto Loans offers loans in cryptocurrency assets.

What is Binance Coin (BNB)?

Binance Coin is the internal cryptocurrency of the Binance exchange, issued based on the Ethereum blockchain. The company created it to strengthen its position in the market, accelerate trading, and released it during the ICO. With the help of currency, the exchange improves the functionality of its services and develops new ones.

The exchange buys and burns BNB tokens once a quarter in the amount of 20% of the profit for a given period. This is provided in the Whitepaper so that their value grows due to a limited number. The process will continue until the exchange redeems 50% (100,000,000 coins) of the total Binance Coin volume.

For a long time, the currency has shown stable growth. At the time of Binance registration, its value (exchange rate against the dollar) was $ 0.1. On January 6, 2018, it reached a price tag of nearly $ 25. But during 2018 there were several sharp drops to $ 4.58.

Nevertheless, Binance Coin is considered a promising exchange-traded asset, since in proportion to the growth in the popularity of Binance exchange projects, and they have a colossal one, the value of the currency will inevitably grow.

The coin can be used for trading to trade on Binance, it is presented in many currency pairs, or it can be used to pay a commission for transactions on a cryptocurrency exchange, for which the user receives a 25% discount on the size of the fee, as we have already mentioned above.

What other features does the Binance ecosystem offer?

Binance has an educational portal with a lot of content on blockchain and cryptocurrencies, an investment fund Labs that invests in startups, a BCF charity initiative and even lending – an analogue of traditional bank deposits, only cryptocurrency is used instead of dollars and other fiat.

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  • Binance US and other versions of the Binance exchange for local markets. Since there are regulatory differences everywhere, such versions of the Binance exchange differ in accordance with local laws.
  • Binance Jersey is a fiat-to-crypto exchange for European countries, which makes the exchange of Bitcoin (BTC), Ether (ETH), litecoin (LTC), Binance coin (BNB) and Bitcoin Cash (BCH) for the European Union currency (EUR) and the British Pound Sterling (GBP) is much more convenient and quick.
  • Binance DEX. Binance decentralized exchange built on Binance Chain.
  • Binance JEX. Binance cryptocurrency futures and options trading platform.
  • P2P trading on Binance. The essence of the peer-to-peer concept is the conclusion of transactions between two people, while they are carried out directly, without the intervention of a third party, for example, an exchange. On P2P Binance, the platform actually acts as a cryptocurrency exchange. You sell fiat or cryptocurrency and another user buys. The only difference is the presence of a guarantor, which in this case is the exchange itself.
  • Binance OTC – OTC trading center for large investors and other crypto investment sharks.
  • Binance Fiat Gateway. You can buy various cryptocurrencies with a bank card using about 40 fiat currencies.
  • Binance USD (BUSD) and Binance GBP stablecoins, which are regulated and issued in cooperation with the Paxos Trust Company.
  • Binance Academy. An open access learning center for educational resources on blockchain and crypto.
  • Binance Research. An institutional-grade platform for analysis for investors in the crypto space.
  • Trust Wallet. Official, secure and decentralized wallet from Binance.
  • Binance Cloud. Enterprise cryptocurrency exchange solutions for businesses.
  • Binance Card. A cryptocurrency payment card that can be used to pay for everyday purchases like a regular bank card.

 Binance API

 The Binance exchange provides users with API keys – a programming interface for automating trading. To create an API key, 2FA must be activated on your Binance account.

To create an api key you need:

  1. In the user center, select API Management.
  2. Come up with a name for the API key and click Create.
  3. Enter Google Authentication Code:
  4. The API key & secret pair is ready to use.

If for some reason you need to delete the key, click on Delete and confirm the action.

Available cryptocurrencies

Today on Binance, the number of available trading pairs is several hundred and is constantly growing. Among the available coins, you can find both the top-end and very young ones. In addition, the exchange has its own internal currency Binance Coin (BNB), issued to raise capital through ICO. BNB holders receive additional discounts and bonuses, for example, trading commission for them is 0.075%.

Minimum deposit

Binance compares favorably with other trading platforms in terms of the minimum deposit. There are no serious restrictions created by the exchange itself. You can deposit as many coins as you want, the restrictions are due only to the transfer commission and the peculiarities of the coin blockchain.

For example, NEO coin can only be transferred with whole coins without fractional parts, that is, the size of the NEO deposit in binance – 1 NEO.

But there is still one deterrent to the deposit, and it is due to the restriction on the withdrawal of funds from the exchange. The minimum withdrawal amount depends on the specific cryptocurrency and is always indicated in the withdrawal window immediately below the Amount column.

How to make money on Binance

The whole process of trading on the Binance exchange comes down to buying and selling cryptocurrency. To trade on the Binance exchange, you must understand all the risks that cryptocurrency trading entails.

You must first enter the exchange.

  1. To get started with the Binance exchange, go to the official website and select the appropriate website language. Then select Login from the main menu.
  2. After making sure that you have entered the correct URL – https://www.binance.com – enter your username (email address) and password and click “Login” to enter your account.
  3. We carry out a simple captcha and get into your personal account.
  4. Execution of simple captcha.

To strengthen the security of your account, the system immediately offers to enable two-factor login. By clicking on the circle with the first two letters of the login, located on the menu bar, we get to the user’s personal account.

How to trade on Binance: guide and instructions

With a large daily trading volume, the Binance exchange is able to provide cryptocurrency trading at a basic and advanced level. This is possible thanks to the trading terminal operating in two modes Basic and Advanced.

They differ in a more advanced set of trading indicators and professional tools for technical analysis, which is available in an advanced version. You can switch from one mode to another using the Exchange tab.

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Basic mode is the main operating mode for binance. It is comfortable for new users and traders with little experience. But even the basic mode of the Binance trading terminal looks rather difficult. The fact is that the Binance crypto exchange was created with an emphasis on serious and intense trading. The Basic Mode interface is clearly structured and divided into 5 areas:

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  • selection of a currency pair;
  • exchange glass;
  • panel of orders for buying and selling;
  • schedule;
  • trading history.

Advanced mode allows users additional options. An expanded panel, a black background that does not distract from the trading process, a wider selection of professional tools for technical analysis. Everything is strict and to the point.

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Binance order types

To start making money on Binance through trading, you need to select the type of order – an order to buy or sell cryptocurrency on the exchange, which indicates the number of coins to be sold or bought, as well as the price, in the hope that soon the price will change to the desired one and the operation will be performed automatically. Here you can select a limit order, market order or stop loss.

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Before you start working with the exchange, it is also important to know that as soon as you place an order on Binance, it goes to the order book. That is, your coins are kind of “frozen” until the trade is executed.

Using a stop loss order

There are also so-called stop losses or stops. Why do you need a stop loss and how to use it? A stop order will be useful if the price of an asset goes up or down sharply. Then the trader can hedge. It sets certain price conditions, upon reaching which a sell order is automatically placed. And the deal is closed on the terms set by the trader himself.

A few more important points on how to work with stops. For example, how long is the order valid? A stop order is valid until the trade is completed or canceled by the trader.

Is it possible to cancel a stop loss order and how to do it? The list of open orders for each coin is displayed on the exchange on the trading page. To cancel the required order, you just need to click Cancel. To display all open orders together, you can hover over the Orders menu item and select Open orders.

It is worth noting that you can set stops for both selling and buying cryptocurrencies – the Buy and Sell fields, respectively. But if when selling the limit price should be slightly lower than the stop price, then when buying it is exactly the opposite.

Thus, using limit and stop-limit orders, you can make deals at more favorable prices, without the need to constantly monitor the market. Experienced traders are advised not to neglect stop orders and, if possible, always place them. True, beginners are often afraid of limit orders and prefer to work with market orders. This is most likely due to the lack of a clear understanding of how and why to place stops.

How to make money on Binance

The next step after registering and verifying your account is to top up your balance on Binance.

Previously, the Binance exchange only worked with cryptocurrency, fiat was not supported. Users could not replenish their account with a card, dollars, euros, payment card or other methods using traditional currencies.

Now, operations for depositing and withdrawing money on Binance are carried out with both digital cash and fiat. Moreover, Binance offers to buy BTC and ETH with a Visa / Mastercard.

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To transfer digital money to your account on the exchange, select the Wallet → Deposit tab. Next, we select the currency of interest – this is how the money is entered on Binance.

A list of cryptocurrencies traded on Binance is available on the exchange website. To start working on the exchange, you first need to replenish your account balance. In simple words, throw money on the exchange. To do this, in the list that opens, we are looking for a digital currency, the balance of which you plan to replenish, for this you can use the search bar.

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To replenish the balance, for example, in BTC, in the line with this cryptocurrency, click on the Deposit button and enter the required amount. Thus, money from your Bitcoin wallet is automatically credited to your Binance account. Of course, you must have an online wallet with BTC coins for this.

How to withdraw money to Binance

Withdrawing funds from Binance to a card or even fiat is also not a difficult task. Withdrawal from the exchange is carried out through the “Withdraw” button, which is located in the table of assets on the balance sheet, which will take you to the page for managing the withdrawal of any cryptocurrency in your personal account, but by default there will be the currency that we selected in the last window.

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Depending on the currency, the information on this page may differ. But, in total, everything is the same here. The main and general fields are the address and the withdrawal amount. The exchange will also notify you about the amount of cryptocurrency that you will receive in the wallet after the transfer, taking into account the commission.

1. Log in to the system by entering your data and password;

  1. Click “Wallet” → “Withdraw”;
    3. Select the coin you want to withdraw;
    4. Fill in the fields Recipient’s address and Quantity and click Send;
    5. The system will send a confirmation email with the subject “Request for withdrawal confirmation” to the registered email address of the Binance account;
    6. Open the email, check the details to make sure this is our intended transaction. If everything is in order and we want to proceed with the withdrawal, click on “Confirm Withdrawal”.Be sure to check your withdrawal: go back to the official Binance website and log back in. Click “Wallet” → History of deposits and withdrawals. You should be careful when exchanging cryptocurrency through exchangers, often users do not take into account the commission that falls on their shoulders, and transfer the amount less than required

    Mobile and desktop Apps

    Binance crypto exchange is optimized for trading on mobile devices. Mobile program for smartphones based on android was released at the very beginning. You can easily download the dedicated Android app on Google Play. Then the Binance mobile app for iphone was released and is available on the App Store.

    All programs have a complete set of trading tools. It is convenient to trade using a smartphone, since it is almost impossible to be in front of a computer all day. Thanks to the Binance mobile application, a trader can always be aware of the current exchange situation and not miss profitable price offers.

    Registration on the official Binance website

    Registration on Binance is not a complicated process, therefore, in order to create an account on the exchange, just a few simple steps are enough. To create a free exchange account:

    1. Go to the official website of the exchange and on the main page select the Registration tab;
    2. In the form that opens, enter your email address and password;
    The password for working on the cryptocurrency exchange must be as reliable as possible and contain uppercase and lowercase letters, as well as numbers. it should not be the same as any other passwords you use to work with other services.
    3. You further confirm that you are over 18 years old and agree to the Binance Terms by reading them before;
    4. Then click “Create an account” and solve a simple captcha in a new window by moving the slider so that the puzzle is formed;
    5. If the registration form is filled out correctly, to the specified email address
    You will receive a notification to verify your email address. To activate your Binance account, you need to enter the 6-digit confirmation code you received by email.

    How to get verified?

    To use all the features of the exchange, you need to go through full verification on the site.
    In your personal account, click Confirmation and select the Type of identity verification: personal or corporate.

    Binance profile verification takes place in 4 stages:

    Personal Information → Identity Information → Personal Information → Accepted

    First, we enter personal data: name, surname, gender, residential address, passport details, etc. You must also attach scans of your passport and your photo with your passport in hand. After filling in this information, the withdrawal limit will increase from 2 BTC to 100 BTC per day.

    Security on the Binance platform

    One of the reasons why Binance is so popular is the high security of data on the exchange. Various data encryption, electronic keys and so on are used here. Thanks to this, many traders trade here in large volumes.

    User verification is a prerequisite for trading on a P2P platform. Thus, Binance wants to minimize the number of cases of using the service for fraudulent purposes.

    Note that the exchange joined the Financial Action Task Force on Money Laundering. As a result, the exchange shares user KYC data with service representatives in order to exclude the possibility of illegal money laundering or the purchase of cryptocurrency.

    For the safety of transactions, a wide amount of information about traders is provided. This publishes data on the number of transactions completed by the user, order processing time and the number of canceled orders. For convenience, the minimum and maximum limits and available volume are displayed, as well as the desired payment method.

 

Binance 2FA

Two-factor authorization (2FA) is an additional measure of your security, in fact, entering the exchange website for two or more factors. For example, confirmation via Google Authy followed by email.

Recently, there has been a wave of phishing attacks, when a site that a user needs is replaced by its fake version. The official Binance website is no exception, it is worth checking the domain name every time you connect.

Step 1. Download and install the Google Authentication app.

Step 2. Scan the QR code.

Step 3. Copy the backup copy of the key.

Copy and save your 16-digit Google 2FA key. You will need it to return Google authentication if your phone is lost or your account is compromised.

Step 4. Open the installed Google Authenticator app on
mobile phone

To create an account, you either need to scan the QR code or enter the digital key manually.

Step 5. Enabling Google Authentication.

To connect 2fa two-factor authentication on the exchange website in the user’s personal account, select the Security → Google Authentication -> Enable section.

Should you use the Binance crypto exchange?

Binance.com is not just an exchange that specializes in Crypto-to-Crypto transactions where you can buy over 1000 cryptocurrencies, it is a whole ecosystem of controlled social projects. The competent policy of the founder of the exchange is that it allows you to eliminate dependence on the regulated authorities of different states by opening branches in different countries.

Since its launch, the exchange has experienced explosive growth and is now positioned as a cryptocurrency exchange with the 4th position in terms of daily trading volume. This explosive growth was due to a variety of reasons, one of which was its ability to process up to 1.4 million transactions per second, which means you can trade with peace of mind no matter how busy the site is.

In addition, Binance offers competitive market rates for its trading fees. Binance also encourages its users to store their cryptocurrencies on the Binance exchange, enabling them to receive a regular airdrop. This is a great benefit for those who want to trade their coins on a regular basis while still receiving a financial reward (GAS) for their hold.

They pride themselves on being an exchange for everyone, claiming to provide a user-friendly interface for mobile and web platforms for beginners and to make a complex UI for experienced traders with the click of a button.

There is no doubt that over the next 5 years, the industry is transforming beyond recognition and cryptocurrencies will finally be used on a massive scale. The most important reason why clients should trade with you? Binance is the largest cryptocurrency exchange in the world today.

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

Disclaimer: All content found on thecryptotime.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

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