Binance Exchange Full Review
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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 and over 50 altcoins.
- 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.
Recently Forbes magazine wrote an article about the Binance CEO Changpeng “CZ” Zhao and valued his crypto net worth $1.1 billion – $2 billion. Even though the company did not exist less than a year ago, binance has become a platform that is capable of handling 1.4 million transactions per second and has 6 million users. It has even been considered the largest crypto exchange. The primary goal of the company that started out as an ICO was to be a very large yet very safe platform. The ERC20 token created by Binance that is known as BNB was initially worth around 10 cents and now its price has climbed up to $13 and reached to a market cap worth 1.3 billion US dollars.
The company became so determined because of its clear goals, objectives, mission and the plans to incentivize people. For instance, it offers 50% discount for those users who make payments with their BNB token. Another advantage is that it supports over 120 coins and works with over one hundred different cryptocurrency wallets. The CEO once told that they have gotten around five thousand applications of various tokens, however, their acceptance rate is as low as 3 percent. The past experiences of the team also play essential roles for Binance as the team consists of tech, crypto gurus and finance people who even have experience in Wall Street.
Currently, the main issue that Binance exchange is facing are the government regulations. China, where it is originally coming from has banned cryptocurrencies, meanwhile, Japan is becoming stricter and stricter on this matter. In order to avoid this matter, Binance is opening a headquarter in Malta and it has been welcomed by the Prime Ministry of Malta.
BREAKING NEWS: One-way ticket to Malta for Binance
April 13th, 2018: The outstanding cryptocurrency exchange platform known as Binance is officially moving for the third time, this time from Japan to Malta. The reason behind this is the strict regulations that the Japanese government has imposed on the company.
Binance has moved from China to Japan due to the cryptocurrency ban of the Chinese government in 2017 and now the Japanese officials blame Binance for operating without licenses. The news about Binance moving to Malta was confirmed by the CEO of the company – Changpeng Zhao. In fact, Binance was welcomed to Malta very warmly even by the Prime Minister of Malta – Joseph Muscat.
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?
Another push for Binance it is the trust it has gained from its customers. People believe in this platform and trust their investments. The company is also offering online wallets, which use 2FA aka two-factor authentication and the vast majority of the users are happy with it and did not record complaints. However, please bear in mind that in general hot wallets are risky, especially when it comes to storing a large sum of cryptocurrencies. The problem is that similar wallets are online and they are vulnerable to hacks and thefts. Binance is constantly working on this matter and is trying to become as safe and trustworthy as possible. Many users appreciate this potential and stay as loyal customers of Binance.
- 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, 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.
If you are interested in using Binance, first of all, you need to get registered on the official website of Binance.
To transfer your crypto coins to your Binance account you need to:
- Log in the wallet you are going to transfer the cryptocurrency from.
- Send the coins to your Binance account.
- Go to the Binance account. Go to the Funds section and pick Deposits and Withdrawals option. Later on, if you want to check your balance on Binance you have to refer back to this section again.
- Pick the coin you want to deposit and click on it.
- Write down or copy then paste the Deposit Address of the coin that you chose to deposit in the box called Recipient on the website that you are sending the coins from.
- Enter there the amount of the currency you wish to send and click on the continue bottom.
- You will soon receive your cryptocurrency on your Binance account.
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.
We hope this review is helpful for you and make sure to check out some more content on our website. Thank you, for next time… Cheers!