What is Binance exchange
Binance is a rapidly growing (already 10 millions of users) cryptocurrency exchange oriented to the trading with cryptocurrencies without the need of fiat. This exchange attracted a lot of new users especially by low fees and wide selection of cryptocurrencies. Despite having a successful ICO only at the beginning of 2017, Binance is already considered a big player in the field of altcoin markets and exchanges of cryptocurrencies. Binance review will bring you a lot of useful information about this cryptocurrency exchange, you will find out what is Binance, how safe is Binance and also desribes you how to trade on Binance and gives you great tip how to safe on Binance fees.
EXCLUSIVE: 20% LIFETIME TRADING FEE CASHBACK
- Deposits and Withdrawals
- Buy and sell cryptocurrencies on Binance
- Binance registration
- FAQ answered by cryptoElvis
- Pros and Cons
- Binance review – Summary
Deposits and Withdrawals
You can fund your account with any supported cryptocurrency including Bitcoin, Ethereum, Ripple, IOTA, and the US dollar Tether US (USDT) virtual alternative. For each currency, users have their own virtual wallet in their account. Traditional currencies such as USD, EUR or JPY are not supported by Binance.
Buy and sell cryptocurrencies: how to trade on Binance
Binance Exchange is professional and easy to understand exchange. You can simply trade over 100+ cryptocurencies. You can rely on high liquidity and simple trading platform that manages over 1.4 million transactions per second. Binance also allows you to trade NEO tokens and automatically assigns their holders with the bonus GAS tokens free of charge.
Registering a new account is very fast. In the first step, fill in the email and any password. You will immediately receive a confirmation link on your email to activate the account. Once you sign up, you should secure your account. For this purpose there is a two-phase verification (2FA) or SMS confirmations option.
To activate 2FA you will use a special mobile application and link it to your account. Every time you log in, the application generates a code that you have to fill in with the password. After first login, you will find simple instructions for these security steps.
After registering, you will have a daily limit for 2 BTC withdrawals. This limit can be increased to 100 BTC by uploading copies of several personal documents (such as your ID card, driving license or passport) to your account. If your daily 100 BTC withdrawal limit is not enough, you can contact customer support and negotiate individual terms.
Like any other cryptocurrency exchange, Binance charges fees for its services. The basic fee amount is 0.1% from each transaction. We have a great tip for all new users in this Binace review. There is an easy way to trade for half of the fees. Binace operates its own cryptocurrency Binance Coin (BNB). If you buy the Binance Coin, fees will be automatically charged at 0.05% rate from your Binance Coin balance. This is great way to get one of the lowest fees rate on the whole cryptoccurency market.
|Name||Binance (cryptocurrency exchange)|
|Operator||Binance, INC. (Japan)|
|Year of Establishment||2017 (Japan)|
|Cryptocurrencies||100+ : Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), STR (Stellar), Monero (XMR), DASH, NEO, GAS, IOTA…|
|Deposits/Withdrawals||Virtual wallet deposits / withdrawals (cryptocurrency only)|
|Required personal documents||No|
|Trading orders||Limit, Market, Stop-Limit|
|Min. transaction||0.001BTC (100 000 Satoshis)|
|Security (How safe is Binance)||2FA or SMS verfication|
|Additional benefits||Commissions for recommended clients|
How safe is Binance?
The Exchange is based in Tokyo, Japan, and has only been operating since mid-2017. Despite a short history, Binance has a good reputation, perhaps due to low fees and the fact that the exchange has never been the victim of any major hacker attack. Users can secure their accounts with additional verifications and in case of need also simply withdrawal any of the traded cryptocurrencies to their personal wallets.
Can I store my cryptocurrencies at Binance Exchange?
Yes, you can store your cryptocurrencies on Binance as long as you want free of charge. However, if you are large trader or simply do not want to think about the question how safe is Binance, you should consider private wallets where you have access to a private key or even better hardware wallets.
Can I open an account at Binance in my residence country?
Yes, Binance Exchange covers worldwide user registrations.
What about Binance support?
Binance has overhelming FAQ list of answers that fit to most ot the need for every beginner. In case of individual questions they have ticket system that they try to process as fast as possible but due to the massive userbase growth it can be tricky to get fast answer.
How Fast can I buy Cryptocurrencies via Binance?
You can start trading and buy cryptocurrency instantly after funding your account. It is very easy and fast proces to buy desired cryptocurrency on Binance.
Pros and Cons
Pros: very low fees, friendly user interface, fast execution of orders, community competitions for prizes, mobile app trading
Cons: still a small number of currencies compared with other exchanges that are on the market over a longer period of time, massive public interest leads to short term overloads sometimes
Binance review – Summary
Binance is one of the most popular exchanges to buy and sell cryptocurrencies and as a result they already have more than 6 milions of users on board. There are extra low fees, growing number of the new cryptoccuriency listings and friendly user interface. Some fans consider Binance to be the number one cryptocurrency exchange in the next few years. However, even now they have so many cryptocurrency to trade that even beginners will find most of the desired coins and tokens there. Low spreads, fast order executions and high liquidity seems like the reason why pros and beginners meet each other on Binance trading all together with the same, high quality conditions.