Binance Exchange Full Review
Cryptocurrency exchanges are platforms that facilitate the conversion of digital assets into fiat or other digital currencies. Exchanges play an essential role in the cryptocurrency economy. Sites such as Binance offer amateur and professional traders tools for interacting with cryptocurrencies, a popular practice today. In short, a cryptocurrency exchange acts as the interface between cryptocurrency buyers, sellers, investors, and merchants.
At present, there are different types of online cryptocurrency exchanges. Some solely connect buyers and sellers (P2P) processing transactions via PayPal, bank transfers, or liquid cash. These platforms are similar to Amazon or eBay. In contrast, the most popular exchange type is the “trading platform”. Just like the stock markets, these exchanges offer derivatives and futures options. What is more, “over the counter” (OTC) are also present as well. OTC’s accumulate digital assets from digital trading platforms at a time to meet a client’s needs. With that in mind, this post reviews Binance, an online digital currency exchange platform and try to find out is Binance legit?
Several categories of users exist in the digital asset marketplace. Among them are speculators, active traders, and investors. In response to users’ demand, Binance provides BTC and ETH trading pairs with tens of other altcoins.
What is Binance?
Today, Binance exchange is one of the fastest growing digital assets exchange platforms in the world. Although it is a relatively new entrant into the cryptocurrency exchange market, it is growing in popularity. On September 1, 2017, its CEO Zhao Changpeng announced its formation with financing obtained through an ICO.
Initially, its head office was located in Shanghai but later moved to Hong Kong. Recently, it opened branch offices in Japan and South Korea. The platform is available worldwide.
Some noteworthy features of Binance of the Binance platform for first-time visitors and investors are:
- Support for multiple digital assets including BNB, BTC, ETH, LTC tokens, and USDT.
- A user-friendly interface with full multilingual support implemented in Chinese, English, Japanese, and Korean. Initially, the Binance site only supported in English and Chinese.
- Its development team has implemented two-factor authentication (2FA) that works well with Binance’s multitier platform. 2FA works using Google’s Authenticator or SMS.
- For identity verification, users are required to submit: full names, a photo of your ID, gender, country of residence, and a selfie with government issued ID/passport. As a global exchange, Binance accepts users from all countries of the world.
- Binance has one of the most responsive and reachable support teams providing much-needed support for its platform users.
Accepted payment methods, fees, and limitations
- With Binance, only deposits are free. All trades and withdrawals are charged on average 0.1% of the trade or withdrawal. Using the Binance token (BNB) qualify you for a 50% discount on fees.
- An unverified account can only withdraw 2 BTC per day. After verifying your identity, the withdrawal limit rises to 100 BTC.
- Withdrawal charges vary between currencies. See the table below for rates:
What makes Binance special?
- Currently, its developers are beta testing an API that will be publicly available.
- Binance supports no fiat deposits or withdrawals.
- Support for the addition of third party (API) private keys for accessing the third-party mobile app or website access.
- Ability to turn the site’s BNB fee payment feature ON/OFF.
- Binance also has a referral program for registered users; visit the Binance’s FAQ page for more.
- Support tickets are submitted using an online form with responses relayed via email.
Is Binance safe?
- Binance’s CEO Zhao Changpeng has impressive credentials and is vastly experienced in cryptocurrency. Formerly, he served as the CEO and founder of Bijie Tech, co-founder, and CTO of OKCoin as well as Head of Development at Blockchain.com.
- In August 2017, Yi He co-founder of OKCoin joined Binance. She is a distinguished, influential, and reputable business executive in China. Yi is a former Vice President at Yixia Technology and the founder of Yi Zhi Bo.
- Since Yi came on board, Binance has attracted lots of attention from investors. By the time of press, Binance Coin (BNB) value has been steadily rising.
- Availability of both L1 and L2 platform features. User identity verification determines a user’s account level. Its platform is compliant with ISO/IEC 27001:2013 and CryptoCurrency Standard (CCSS) best practices.
- Three user verification levels cap withdrawal amounts –
- Level 1 24 hour withdrawal limit of 2 BTC
- Level 2 daily limit of 100 BTC and Level 3 exact withdrawal amount not disclosed.
- Level 3 requires manual authentication. You need to contact the company’s developers and request for approval.
- Its exchange-matching engine is capable of processing 1.4 million transactions per second. Industry experts consider this speed much higher than the average.
- Broad-spectrum user support for different user environments: Android, HTML5, iOS, WeChat, and Mac/PC clients.
- An international, multilingual workforce experienced in Asia, Europe, and North America. Under this team, Binance has managed to seamlessly integrate and carve its niche in the cryptocurrency exchange ecosystem.
- Support is available through a number of communication channels: Facebook, Twitter, Weibo, WeChat, and QQ on 344615861.
- Customer desk lacks live chat support.
Is Binance a scam?
- In its initial stage, Binance experienced various issues with processing speeds. As a result, comments on social media at this time were negative.
- However, today Binance is considered one of the most credible cryptocurrency exchanges in the world.
Can I Trust Binance?
- Though Binance is a relatively new entrant into the crypto sphere, millions of users worldwide trust it.
- Current user reviews vary. Some are negative whereas others are positive. Generally, most reviews are positive.
- Multilingual support on both mobile and the web makes the site user-friendly.
How do I trade or use Binance?
Binance’s trade platform is fully web-based. Within the platform, you will find two distinctive layouts: a Basic and a Pro version.
- In the Basic version, the order book is arranged vertically and sits on the left with the tape at the bottom.
- In the Pro version, the order book and tape are arranged conveniently.
Binance is a good trading platform for altcoin and on-the go-traders because of its low fees and mobile app. Its superior matching engine makes Binance one of the fastest exchanges available today. Besides, its platform supports all types of devices. For non-English traders, the platform features multi-language support. What is more, Binance’s excellent security features, acceptance of over 80 altcoins, and good customer support makes it an exchange to reckon with. Lack of fiat currency deposits and withdrawals, non-existent phone, or live chat support is its biggest drawbacks.
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