- It is a popular and large crypto exchange platform.
- Supports over 100 different cryptocurrencies for trading.
- The 2 step authentication makes crypto transactions secure. The website deploys Cryptocurrency Security Standard protocol as well.
- Binance charges lower fees than segment contenders.
- The customer support provided is robust and diverse means are there.
- There are multiple financing services available.
- Options to trade fiat currency available through third party alliances.
- The incident of Bitcoin theft in 2019 remains a black spot.
- Email support may not be prompt always.
- There is no direct fiat money Deposits or Withdrawals.
Binance exchange Review
The lack of govt nod and scepticism of naysayers notwithstanding, there is no stopping the growth of the cryptocurrency sector. Apart from the geeks and tycoons, millions of people with interest in exploring newer investment and transaction options are opting for cryptocurrencies. As the popularity of cryptocurrency grows, the need to use suitable and safe online platforms keeps growing, naturally. That explains why the crypto exchanges are so popular nowadays! Binance is among the major and popular crypto exchanges and its services are available in a lot of countries too.
The basics of Binance-explained
Binance is a crypto exchange service that facilitates crypto-to-crypto trading. It does not accept fiat currency in a direct way. The crypto exchange was set up in 2017 and at that time it was based in China. However, owing to the rigid cryptocurrency laws in China, it has shifted base to Japan. Changpeng Zao set up this exchange and he used his experience of working in the Tokyo stock exchange.
At the beginning, the team behind Binance raised money by using an ICO and gave the investors own cryptocurrency token, called the Binance Coin. This was actually a token modelled on the Ethereum Blockchain. Since its beginning in 2017, Binance has grown considerably and there have been hurdles too. However, Binance has succeeded in overcoming the hurdles. It is often said to be NASDAQ of crypto sector.
Binance now offers support for a huge number of cryptocurrencies and that is one reason behind its steady popularity in this industry. It now offers support for various fiat currencies like USD, EUR, and GBP. Users can pick from UI options like basic, advanced and classic. While Binance is a global service there are a few nations where it service is not available. These include Afghanistan, China, Democratic People’s Republic of Korea, Lebanon, Cuba, Iraq, and Ivory Coast etc.
Getting started with Binance
Much like any other crypto exchanges, you need to open an account with Binance to start using its services. It is quite simple.
- At first, browse the Binance homepage and select the Register button.
- Then, you have to type in an email address and use a strong password.
- After confirming the email id, the Binance account is activated.
- After initial login, you will be prompted for enabling two-factor authentication. For this, using your mobile number is necessary.
Depositing funds at Binance
Since Binance won’t let you deposit funds using debit or credit card, you have to use the supported cryptocurrencies. You may use Ethereum or Bitcoin.
- At first, login to your Binance profile and select Funds and then pick Deposits.
- Now, pick the Select Deposits Coin and enter the coin code. (ETH or BTC)
- Then you will see the deposit address and each currency has its unique deposit address.
- Now, just copy the deposit address and go to the cryptocurrency wallet. Transfer the desired number of crypto coins to the Binance account.
- The coins should get added to your Binance account within 10 minutes. You can check Funds> Balances after some time.
Trading on Binance
Using your Binance account, you can trade your existing cryptocurrency for another type. For example, you can use Bitcoin to buy Ether.
- Click on Exchange and then on Basic.
- At the right side of the UI, find Favorites.
- Now, you will need to select the cryptocurrency that you earlier deposited into your Binance profile.
- At next step, enter the cryptocurrency code you wish to purchase.
- Click on currency pairing and click on Market so that you can purchase the cryptocurrency at present market rate.
- Next, enter the amount of coins you wish to purchase. You can use a percentage or exact amount of coins.
- Now click on green buy button. Check the Funds > Balances section.
How to withdraw funds from your Binance profile?
It is simple to withdraw funds from your Binance profile.
- At the top of profile page, choose Funds> Withdrawals.
- If two-factor authentication is enabled, execute that step to proceed.
- Select the option Select Withdrawal Coin and then choose the cryptocurrency code.
- Then, type in the wallet address to send your coins to.
- Now, type in the amount of coins to withdraw.
- Click on the submit button.
Binance withdrawals take around 30 minutes to be executed. In rare cases, it may take longer. While the withdrawal process is smooth, the supported fiat currencies are AUD and RUB.
What is Binance Advanced?
When you create an account in Binance, you get 2 sections, namely Basic and advanced. The latter is meant for seasoned crypto investors. The advanced section offers you an in-depth analysis of the sector. You may, for example, see the nuances of Bitcoin and Ethereum price changes in a graphical format. There are Candlestick bars to assess cryptocurrency price rise and fall in detail.
The services offered by Binance
Binance has remained a popular crypto exchange not only because of a wide range of currency support but also for its flexibility. Over the years, it has enhanced its service portfolio, thereby accommodating diverse types of users and investors.
- It offers (P2P) trading service and cryptocurrency buyers and sellers can get connected easily. It involves fiat payments with plenty of payment options.
- Of late, Binance has joined hands with Simplex to offer a brokerage service through credit and debit cards. So, you can buy 31 distinct crypto coins using credit cards.
- Using its alliance with 3rd party providers, Binance users can now buy crypto directly through fiat money using bank transfers and SEPA.
- Brave, a security-centric web browser offers a Binance Widget. By using this widget, you can trade and buy crypto coins through Binance platform.
- Binance offers some services aimed at the crypto industry veterans. These include spot trading, Margin trading, Binance Futures. The latter enables traders to speculate the price of popular altcoins.
- Binance Financing is the new addition to its existing portfolio of services. This is segregated into a few sections.
- Binance Savings enables the users to get returns on idle funds. There are locked savings accounts with higher interest and Flexible savings accounts with variable interest rates.
- Binance Smart Pool lets you contribute to a mining group and that splits rewards.
- Binance staking enables users to earn returns using decentralized finance coins and proof-of-stake. It also comes in flexible and locked variants.
- The Binance Visa Card lets you spend your cryptocurrency at places accepting only fiat currency through credit or debit card.
- Crypto Loans are offered by Binance through BUSD and USDT.
- Binance Liquid Swap is a unique AMM platform where users can trade coins with minimal slippage on Liquid swap.
What about the fees?
Any crypto exchange or platform you avail will charge you for using its services and in this regard Binance scores very well. It has a lucrative fee structure. The 0.1% charge is quite enticing for users who can do without immediate fiat liquidation. If you use its futures trading platform, fees are lowered- to 0.02% and 0.04%. This is where it races ahead of rival crypto exchanges. BNB, the native token of Binance can be used to get more discounts on the trade charges. There are withdrawal fees but deposits are not charged.
What about the support and access?
Binance services are available globally. However, the US residents need to use Binance US. This happened after the US Department of Financial Services imposed a lawsuit on Binance for alleged violation of virtual currency regulations in NY. Binance.US was started thereafter and it adheres to the monetary regulations of NY.
The customer support offered at Binance is decent. Email based support is there and most suers avail that option. Of late, chatbot support has been added. The good thing is the website is multilingual. Then, there is social media based support. Binance’s huge social media community exist on platforms like Instagram, Facebook, Reddit, Twitter, Weibo.
How safe is Binance?
Before you deposit your funds in a crypto exchange, assessing its safety level is something you cannot overlook. Binance is thought to be among the safer crypto exchanges. However, in May 2019, Binance was hacked and the incident made headlines, naturally. Almost 7000 Bitcoins were stolen from it and the users were compensated using its emergency insurance fund. The amount was worth $40 million approx. Binance still drew praise for its prompt reaction.
What is Binance DEX?
Binance has unveiled a Decentralized Exchange to override the security issues. Binance DEX runs on Binance Chain blockchain and it relies on the Binance coin. The Decentralized exchanges do not store customer data and funds. The funds are stored in individual trader wallets. Since the DEX functions in crypto-to-crypto mode, it is outside the scope of regulation.
Binance wallet and app
While you can use the Binance website to avail all its services, there are apps and wallets too. The Binance Trust Wallet is known for its good security features. It supports more than 14 blockchains. Its app is fully functional and ease of usage is as good as that of the website.
Summing it up
Overall, Binance remains one of the most sought after crypto exchange that offers a wide range of services. It is ideal both for the beginners in the cryptocurrency sector and the veteran ones. The support for crypto currencies is very good. The crypto trading platform has a nice and uncluttered UI and the app is also as good as the website. The additional financial services make it ideal for investors seeking a diversified portfolio. Its competitive trading rates also work in its favour. There are a few glitches like an occasionally sluggish support system and lack of direct fiat money deposit and withdrawal but these don’t act as deal breakers.