With support for over 200 cryptocurrencies that you can deposit and withdraw, Binance is definitely one of the biggest crypto exchanges today.
Binance is a popular cryptocurrency exchange that provides customers with the most competitive rates, numerous trading opportunities, and a host of other benefits.
In this Binance review, we look at some of the key features of the exchange to give you a better understanding of it before you sign up.
Binance was launched in 2017 in Hong Kong by Changpeng Zhao, a developer popularly known simply as CZ. The exchange was created by Zhao’s company called Beijie Technology, after raising over $15 million in their ICO.
Everyone who invested in the ICO received the Binance coin (BNB) that can be traded with other cryptocurrencies and pay fees at the platform. The initial value of BNB started at $0.1 but has continued to grow as Binance becomes more and more popular in the cryptocurrency trading community.
In response to the Chinese government’s negative opinion on cryptocurrencies, Binance now runs most of its servers in more crypto-tolerant countries with all the freedom to offer a competitive exchange service.
The Trading Platform
One of the best things about Binance is that it’s a fairly easy and user-friendly platform for both beginner and more experienced traders.
The exchange may seem overwhelming at first but after you get used to some of its key features, everything else easily falls into place.
Another great thing about the exchange is the huge selection of cryptocurrencies and pairs that you can trade on.
All the popular coin pairs are available on the platform including Bitcoin, Ethereum, Tether, BNB, XRP, and many more. There are over 200 coins and several fiat markets to trade on at Binance.
You also get a choice of three interfaces to choose from, namely the Basic, Classic, and Advanced interface for order book, peer-to-peer, margin, and OTC trading.
Binance offers several types of trading including:
- Spot trading on a wide range of crypto pairs, advanced charting tools, and the ability to convert different cryptocurrencies at real-time market value.
- Margin trading for selected pairs where you can trade with up to 10x leverage on several coins.
- Futures and derivatives. Binance also offers its users leveraged futures trading. The exchange launched Binance Futures in 2019 to help the platform’s users to speculate on the price of popular coins such as Bitcoin and other altcoins instead of simply buying and selling. Binance Futures also come with up to 125x leverage which allows traders to multiply their profits as well as losses 125 times, which is among the highest leverage in the crypto trading sector. Binance Futures have lower fees than spot trading. The maximum fee is just 0.04% on any trade.
- Leveraged Tokens. Binance provides traders with Leveraged Tokens derivatives with UP and DOWN contracts on the price of selected coins after a specific period of time. This allows you to leverage exposure to cryptos without having to risk liquidation.
Binance Currencies Deposit and Withdrawal Options
Binance provides traders with over 200 cryptocurrencies to deposit, trade with, and withdraw.
The exchange accepts all the major coins and altcoins including BTC, ETH, LTC, XRP and many more.
You can also trade crypto for fiat currencies using Credit/Debit cards, Bank Transfers, and SEPA.
As the cryptocurrency space becomes more crowded, Binance is attracting more traders to its platform by providing some of the lowest fees in the industry.
If you’re a trader that doesn’t want immediate liquidation, Binance is a perfect exchange to consider because they offer a flat rate of just 0.1 percent. Overall, traders at Binance enjoy the lowest fees such as 0.02% for markers and 0.04% for takers.
Keep in mind that most of the other large exchanges charge as much as 0.2% or higher. The native Binance token also gives you more discount of 50% when you pay fees it.
Deposits are completely free at Binance except for the blockchain fees that are paid by the sender. Binance has withdrawal fees which basically depend on the blockchain’s transaction fees. The exchange is always updating its withdrawal fees regularly to ensure that traders enjoy the fairest prices possible.
Binance KYC Limits
In terms of limits, Binance has a very simple structure. The platform has withdrawal limits only depending on your level of verification.
All Level 1 verified accounts can withdraw a maximum of 2 BTC every 24 hours. Level 2 verified accounts can withdraw up to 100 BTC every 24 hours.
The verification process is completely automated and all you need to do is fill out the KYC form and provide proof of identity, address, and a few other documents depending on the level you want to be verified for.
Binance Security and Privacy
To ensure that its clients’ digital and fiat assets are sufficiently protected, Binance has several high-level security measures including the following:
- 2-Factor Authentication via YubiKey hardware device.
- SMS authentication when logging in, making a withdrawal, or performing any security modification in your account.
- Google Authentication for withdrawals and other account security modifications.
- Email address authentication when making a withdrawal or performing a security modification in your account.
These security measures have been put in place to ensure that nobody else can easily access your digital assets in Binance.
Binance Customer Support
You can reach the Binance customer support desk by clicking the support icon at the bottom of the page and sending your message or using the search option to find answers to your question.
You can also open a ticket at the support section at the home section of their website.
Binance also provides users with a complete suite of helpful articles and guides in their FAQ section at the Support Center to help you navigate the platform with ease.
Binance Pros and Cons
- One of the most popular crypto exchange platforms
- Over 200 coins available to trade at any time
- Low fees
- High level of security
- High volume trading at all times
- The platform may seem a bit overwhelming for a complete beginner but fortunately, there are several helpful guides to help you get started immediately.
Binance is a global leader in crypto trading. The platform provides both experienced and beginner traders with a huge number of tradable products, low fees, and security protocols to keep your digital assets safe.
They even recently launched their Binance Visa Card and Launchpad to help users trade on the platform with much ease.
Have you used Binance lately? Please share your experience with the exchange in the comments below.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.