Let’s start with some background information before diving into the Binance Review. Binance is a cryptocurrency exchange situated in Tokyo, Japan. It was founded in 2017 and rose to prominence during the bullish events of 2017, when Bitcoin’s price soared to over $20,000. It is undoubtedly the most liquid of all the exchange platforms in the world because it is China’s principal Bitcoin exchange.
Binance’s platform touts strong security and safety standards, with a multi-tier and multi-clustered architectural system that includes two-factor authentication and best cybersecurity practices. Binance received ISO certification only a few weeks ago a quick examination.
PARAMETERS DETAILS VERDICT
Methods of Deposit
Payment options based on fiat currency and cryptocurrency direct deposits
Debit and credit cards, as well as cryptocurrency deposits, are accepted on the exchange platform.(Read more: investing in cryptocurrencies)
Fees
There is a 0.1 percent trading cost, no deposit fees, but withdrawal fees do exist.
Binance has minimal costs compared to other exchange platforms, with additional reductions for trades made with Binance Coin (BNB). The fees for withdrawals differ based on the coin.
Token Trading
More than 150 virtual coins are supported.
For crypto-to-crypto trading, Binance accepts a wide range of coins.
There are no deposit limits, but there is a withdrawal limit.
The withdrawal limit is determined by the account level of the user as well as the cryptocurrency.
Security features include two-factor authentication (two-factor authentication) and anti-phishing protection.
Unauthorized access and phishing websites are protected by the security measures.
Apps for Android and iOS are available.
Trading interface includes charting and other tools that is simple to use.
Regulation
Regulated to the bare minimum.
Binance employs measures to reduce the amount of regulations with which they must comply.
Beginners’ Perspective on Binance
The trading platform provides rapid and reliable trading with a wide range of virtual coin options, including prominent options such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Binance Coin, as well as its own native token (BNB).
If customers transact in Binance’s native BNB cryptocurrency token, they can benefit from reduced transaction fees, great liquidity, and other savings. Binance also offers other services such as cryptocurrency listing, delisting, withdrawal, and optional verification.(Read more: cryptocurrencies attracting investors)
On the platform, there is a wealth of material for in-depth knowledge of all aspects of trading. On the platform, there are free courses that provide vital information to individuals who want to learn more about blockchain and cryptocurrency.
The FAQs and Glossary are also available for users to reference on the site.
The trading tools provided to users give traders on the site with data-driven, professional insights and analysis. Binance provides users with unique strategy specifics by utilizing proprietary data to provide exact and dependable stats.
The platform’s security includes a mechanism called SAFU (Secured Assets Fund for Users), which ensures that users’ monies are kept safe, as well as various additional security safeguards.
There are also amazing promos and affiliate programs, where you may earn 50% of the transaction fees of the customers you suggest, as well as a 25% reduction on trading costs for transactions done with the Binance Coin, the platform’s coin token (BNB).
BeginnersAccount sign-up
Binance registration is simple and quick! To use the platform’s features, you must first create an account. Binance does not demand any personal information from customers, so anyone can sign up, but they must agree to the section in its Terms of Use that states, “you acknowledge and declare that you are not on any trade or economic sanctions lists.”
The user must also be at least 18 years old, according to the Terms of Service. If you violate the terms, your account will be suspended or terminated.(Read more: Guide to depositing from Exness forex )
Sign up for an account on the platform by entering your email address and selecting a password.
Binance Analysis – Is my cryptocurrency secure?
An unverified account (Level 1) has a withdrawal limit of 2 BTC every 24-hour period, however you can get verified and withdraw more than that in a day, making it a Level 2 account.
Users are also asked to use two-factor authentication for added security.
Funding of the Account
You must first fund your account before you can begin trading. Fiat currency deposits are currently unavailable, however the exchange accepts BTC and more than 50 other cryptocurrencies.
Although there are no costs associated with account funding, nearly all coins have a minimum trade or order value. Trading and withdrawals are both expensive. Withdrawal charges vary by currency, but they all have one thing in common: a flat contribution.
The procedure is straightforward. The user must go to the ‘Funds’ menu and select the ‘Deposit/Withdrawals’ section. Create an address for the specified denomination, then copy it and send some coins. The user’s deposit and withdrawal history is maintained on file for future reference.
Is my cryptocurrency safe on Binance?
The exchange’s web-based trading platform offers consumers two trading interfaces to choose from: Basic and Pro View. For novice traders, the Basic interface provides an easy-to-use layout, whilst for advanced traders, the Pro View interface provides a more professional layout with more functionality.
Is my cryptocurrency safe on Binance?
Both platforms are fairly advanced and complex, with all of the tools necessary for successful trading. However, the trading process is the same in both interfaces.
On the trading page, you’ll find a list of trading pairs. A chart with information about the cryptocurrency trading pair of choice, as well as a few basic statistics, a box to open orders, and records, is also included.
Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether (USDT) are the four major categories featured (USDT). With a single click, the charts can be extended to full-screen mode. A variety of chart types can be selected, as well as a few limits.
To place an order, you must first choose the type of order, which can be one of three types: limit, stop-limit, or market.
The price, as well as a few other characteristics, must then be filled in.
Then, to place the order, choose either purchase or sell. After that, the order will be processed and placed.
By going to the primary exchange and clicking on ‘Balances’ under ‘Funds,’ you may see the funds’ balance.
Funds Can Be Withdrawn
Is my cryptocurrency safe on Binance?
Select the ‘Funds’ option and then ‘Withdrawals’ to access and withdraw funds on Binance. Withdrawals will not be permitted until two-factor authentication is set.
Click the Withdrawal option on the right after selecting the coin/token you want to withdraw. Under the ‘Withdrawal Address’ menu field, select ‘Use New Address.’ This will preserve the address for future use, and you can label it with a name in the ‘Label’ field.
Under the ‘Withdrawal Address’ field, fill in the specifics of the wallet’s destination address. Under the ‘Amount’ area, type the amount you want to withdraw and then click ‘Submit.’
The digital coins can be transferred to a different exchange that accepts fiat currency. The money can then be transferred to a USD wallet or a bank account immediately.
User Interaction
The Binance platform is powered by a powerful front-end and back-end infrastructure that improves the platform’s overall performance and security. There’s also a useful and dependable Customer Support option that bridges the gap between the user and the website.
The website now supports up to 15 languages, including English, Chinese, Korean, Russian, Spanish, French, and a few more, thanks to a recent upgrade to the exchange platform. The enhanced User Center displays all of the pertinent and tailored information that users require.
Is my cryptocurrency safe on Binance?
The new version includes a new and upcoming feature called Margin Trading, which allows you to switch between exchange and margin trading choices. As soon as the improved website is activated for all users, this will be available to them.
There is an unified visual language throughout the website, with modifications to the visual content that make the exchange platform for cryptocurrency transactions easier to use.
When you visit the Binance homepage, you’ll notice an easy-to-read auto-scroll feature with the newest changes and news, with news bulletins at the bottom and an announcement section beneath the banner slides that displays key news bulletins.
The bitcoin exchange is accessible via web and mobile platforms, with Android and iOS apps. The Binance trading apps are the best on the market, offering a smooth user experience for a better overall trading experience.(Read more: Day Trading for Beginners )
20 November 2019 – Updates/Developments
Binance has launched Turkish Lira trading pairs to its platform. It will be available in pairs with XRP, Ether, and Bitcoin, with Papara, a local digital wallet, providing support. It will assist the world’s largest crypto exchange in gaining a footing in the Turkish crypto sector.
Paxos has partnered with Binance to provide a fiat money gateway. With this gateway, Paxos, the stablecoin operator, will expand its user and operational reach.
Binance and HTC have collaborated on a limited-edition blockchain phone. Exodus 1 is a phone that enables advanced blockchain functionality as well as Binance trading.
Conclusion
Binance is one of the few well-known, well-respected, and well-trusted cryptocurrency exchanges that has secured its position as a major player in the cryptocurrency exchange and financial business. The UI is simple to use and safe, with a variety of bitcoin trading choices.
Binance’s transaction fees are among the lowest in the industry, with no fees for new deposits and a 0.1 percent fee on the value of trades. Binance’s infrastructure can handle up to 1.4 million transactions per second, making it a lightning-fast and efficient platform.
When compared to other cryptocurrency exchange platforms, Binance offers a wider range of cryptocurrencies to trade. Over 100 cryptocurrency alternatives are available on the platform, with new ones being added on a daily basis.
We noted the disadvantages of trading with Binance in our balanced Binance Review, such as the lack of a facility to operate with fiat currencies, but there is the option of trading in the Tether (USDT), which is a digital counterpart of the USD. Furthermore, many of Binance’s markets have minimal liquidity (following China Regulation Efforts) and only allow limit and market orders.
