Binance Review: Exchange Overview
Binance is the largest cryptocurrency exchange in the world by trading volume. In fact, it tops the ranks of cryptocurrency exchanges maintained by CoinMarketCap, which are ranked based on 24-hour trading volumes, exchange score and average liquidity. Binance triumphs over exchanges like Huobi Global and Coinbase, which follow closely in 2nd and 3rd places, respectively.
Previously based in Malta, the Binance Group is now based in the Cayman Islands. Binance has several locations and entities registered across the globe. In the United States, it’s known as Binance.US. The exchange in the U.S. uses the same cutting-edge technology and trading services as its global counterparts with the difference being U.S. regulatory compliance. It is operated by San Francisco-based BAM Trading Services.
Binance.US ranks 9th on CoinMarketCap’s list of the top 10 exchanges based on metrics like 24-hour trading volume, exchange score and average liquidity. Binance could be a good platform for you to invest in cryptocurrencies if you are a U.S.-based trader who trades frequently, doesn’t intend to pay high trading fees and needs access to a large number of cryptocurrencies.
Supported Currencies and Available Countries
Binance features a wide array of coins, counting hundreds of cryptos on the platform. Some of the supported coins include Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Ripple, and OmiseGo.
Binance is available in all countries around the world, except the following:
- Congo (Brazzaville);
- Congo (Kinshasa);
- Democratic People’s Republic of Korea;
- Ivory Coast;
- South Sudan;
Also, Binance services are not available to US residents from the following states: New York, Connecticut, Hawaii, Georgia, New Mexico, and Washington.
Binance Jersey and Binance US support all US residence.
The exchange has developed desktop apps for its trading platform, which are compatible with Microsoft MAC, and Linux operating systems, as well as mobile apps for Android and iOS devices. The platform can also be accessed via opening any web browser.
User Interface and Experience
The platform has two options available for traders: basic and advanced.
The advanced version lets users view a technical comprehensive analysis of the digital currency’s price over time. The basic version’s dashboard features several graphs and charts for trading pairs, in addition to order books and the coin’s trade history.
The Basic option has an aesthetic and clean interface, displaying on the left prices, graphs in the middle, and on the right the buy and sell boxes as well as the trade history.
The advanced view has a dark theme, the trading charts are enlarged and the current trade prices are on the right with the buy-sell boxes featured underneath them.
It is worth noting in our Binance review that it has been designed with precision, and is loaded with information. The website explains all the newly added features at every step, and it also has small tutorials that will help new traders to understand the crypto world a little better.
How to Get a Binance Exchange Account
Step 1: Go to the Binance registration page
First click the link or the button below to go to Binance’s registration page: Register on Binance
Step 2: Fill out the Binance registration form
Fill out the form by entering your email and password. Password must be at least 8 characters with uppercase letters and numbers.
Step 3: Verify your email address
Check out your email address for the confirmation code. After entering your verification code, your email address will be confirmed and you can start using your Binance account.
After your Binance account is successfully created, you need to set up 2FA (two-factor authentication) for your Binance account.
Step 4: Enable 2FA on your Binance account
Click on Google Verification to enable 2FA on your Binance account, or you can choose SMS authentication to receive 2FA codes for your account.
Install Google Authenticator app on your mobile device by downloading it from App Store or Google Play. Scan the QR code with the app and it will automatically be added to your app as you scan the QR code.
Backup both your QR code and text version of it so that you can recreate 2FA if you lose your mobile device.
In the last step, you need to enable 2FA by entering your login password and 2FA code. After that, you’ll be done and ready to use your Binance account.
Step 5: Enable the option to pay fees in BNB
To lower Binance fees further, you can hold some Binance Coin (BNB) in your wallet and pay fees in BNB.
In this way, you will receive an extra 25% fee discount and pay much lower trading fees on Binance.
On your Binance dashboard, the option to use BNB to pay for fees should be enabled as shown in the image below.
Binance identity verification
After opening your Binance account, you will have a daily withdrawal limit of 2 BTC .To increase your daily withdrawal limit to 100 BTC and deposit fiat currencies into your Binance account, you should verify your identity.
To verify your identity on Binance, first click the ”identification” tab on Binance as shown in the image below.
On the ”basic info” page, you can verify your identity by clicking on the ”verify” button. You will need to provide your basic personal information, a photo of your ID and a selfie.
After completing the identity verification, your daily withdrawal limit will be 100 BTC and you will be able to deposit fiat currencies to your Binance account.
How to Use Binance Exchange
- Select the crypto you want to deposit into your Binance account.
- The deposit address to send your coins will be displayed in the list of options. You can also purchase top coins, such as BTC or ETH with a credit card.
- Click on “Exchange” and select “Basic.” You can also click on the coin you want to trade from the list in the middle of the screen to make the main trade page appear.
- On the top left of the screen, the pair you are interested in trading will appear. The order book of buy and sell bids will be featured below.
- Click on the price you want to buy the coin and the order form will fill in automatically. You can also type in the trade order box (market, limit or stop-limit order) the amount you want.
- Wait for the order to be executed and the new coins to be deposited into your Binance wallet.
- Click on “Withdrawal” which is located under “Funds” at the top of the screen.
- Select the crypto you want to withdrawal and paste in the wallet address.
- Type in how much you want to withdraw and click “Submit.”
- Send your two-factor Google authentication code.
- Click on the confirmation link sent in the email.
- Confirm the withdrawal.
Binance Exchange Fees
Binance margin fees have an average value of 0.1 for every transaction, which differs in accordance with the VIP levels. Users who want to make payments with the Binance Coin (BNB) can have their fees substantially reduced.
Credit card payments in other fiats aside form USD or EUR will have a standard processing fee of 3.5% ($10 minimum) applied to the transaction.
Withdrawal fees vary depending on the traded coin and the amount of congestion that is accounted on the blockchain network. Note that the amount can vary without a prior notice, so it is advised that before trading, you should check the prices to get the best results. The deposits on Binance are free for all the users.
Another noteworthy mention that we should talk about in our Binance review is its particular feature called “BNB”. BNB is a utility token which was launched by Binance in 2017. It provides discounted trading binance fees to its users. So, if you are someone who is a regular in the crypto world, then you can get a lot of attractive offers from BNB.
The Binance platform supports crypto deposits and withdrawals, but in recent years, it has also added fiat purchases and withdrawals via credit cards. The credit card option is, however, available to the following number of cryptos:
- Binance Coin;
- Stellar Lumens;
- Ethereum Classic;
- Bitcoin Cash.
You can also pay using Binance Coin, the native coin of the platform, for your trading fees. This offers you a discount of 25%, which means that from the 0.1% standard trading fee, you will have to pay only 0.075%. The discounted fees will reduce over time, with 12.5% being the next percentage which will be deducted.
We should also mention in our Binance review about the Binance Visa Cards. These cards are issued by Binance free of charge. The users receive multiple perks like cashbacks up to 8% on all purchases. You can hold or exchange your assets anytime, and it also keeps your funds protected by SAFU. So, the next time you think, “is binance safe?”, yes, absolutely.
There is currently no limit to how many coins you can deposit into your account. Users that have not verified their account have withdrawal limits, while verified “level two” users do not have a limit regulated on their transactions.
Binance’s support is offered in the form of support tickets, which are sent via an online form available on their website, and responses are given via email. The exchange’s official Reddit page states that tickets will be answered by a support agent that knows the system you are using. Live chat support and a phone number are not available at this moment.
The platform is however very active on social media platforms, such as Telegram and Twitter, so it is also indicated to follow those accounts as well for information. Their blog and FAQ section on the main site also answers a wide array of questions and provides details regarding the company, its platforms, pairs, and other issues.
Binance Exchange Reputation
Binance is highly regarded as one of the best exchanges in the crypto world, as it has managed to handle very well all its losses and be completely transparent when anything occurs on the platform. Binance’s reputation is not just limited in the world of crypto for being an excellent exchange platform, but also extends to Binance charity as well. Using Binance charity, crypto users can donate towards a greater cause of helping people to live a better life via global development projects.
Binance Review: Verdict
Binance is one of the most prominent cryptocurrency exchanges, which has developed to offer a diversity of platforms and products aimed at crypto traders. The exchange is convenient to use and has proven to be reliable.