Binance Crypto Exchange Review and Service Explanation
In 2017, the Binance cryptocurrency exchange was launched and in a few months, it became one of the most successful projects of its kind. Today, the platform is being used by thousands of users from all over the world. What do people value this exchange for? Let’s find this out in our Binance review.
How Binance Exchange Works
The process of using Binance is pretty simple. It starts with registration.
The exchange interface is customer-friendly, intuitive and relatively simple. There are 6 languages available – choose whatever you understand. The English interface would be intuitive for any user. Specify e-mail, password, if you want a referral link, confirm the captcha. Account activation is carried out by the link sent by e-mail.
To start full-fledged work on the exchange, users should undergo verification, which has three steps. For the first one, you should connect your mobile phone number or use Google verification.
After the first stage, the amount of funds withdrawn will be limited by a limit of 2 bitcoins per day. For most users, this is more than enough.
You can increase the limit of withdrawn funds to 100 BTC daily by going through the next stage of verification, providing passport scans and a signature sample, or legal information if trading is carried out on behalf of the company.
If this limit is not enough, then you need to contact support and fulfill all their requirements, the amount of which is determined individually for each of the clients.
How to trade?
Start with deposit of funds: you can top up your account with Bitcoin or one of about 50 altcoins. You cannot replenish the account with fiat money. When replenishing, you need to go to the deposits section and select the necessary currency, after which the corresponding wallet address for replenishment will be provided.
Be careful, as errors and transactions of inappropriate cryptocurrencies can lead to their complete loss. It is very convenient that after you replenish your account with a particular cryptocurrency, the links to available pairs with this crypto will be shown.
The withdrawal of funds within the established limits is carried out in pretty much the same way.
To start bidding, you should log in and go to the “Trading Center”. You can choose the “Basic” interface or “Advanced one” – there are no significant differences between the interfaces, but if you are going to use analytical tools, the second option is preferable.
Next, select the pair you need, a list of which is presented at the top of the screen. In total, four markets are available for users:
The graph on the screen will display the change in rates and configure markers, time intervals and many other parameters. The tools for statistics and analytics on the exchange are also present.
Once you select the pair, you will proceed to an intuitive window where the necessary cryptocurrency sums should be specified. Transactions are processed instantly: the exchange has a high throughput capacity and processed 1.5 mln transactions per second.
You can choose one of the following types of orders:
Limit, they are executed when a certain course is reached;
Market, orders executed at the current rate;
Stop-limit, where stop is the price of the start of transactions, and the limit is its restriction.
Trading Fees and Limits
The commission for trading on Binance is 0.1%. BNB holders enjoy 0.05% transaction – this is a special bonus discount. The system is designed so that the discount on the commission would proportionally reduced by half every year for five years.
Thus it will be:
50% in the first year
25% in the second year
12% in the third year
6.5% in the fourth
0% in the fifth
Binance charges a withdrawal fee of 0.0005 BTC – this is one of the lowest commissions in the industry.
Binance has four major markets: BTC, ETH, USDT and BNB – all of them can be traded with 200 supported cryptocurrencies. The list of available pairs can be found on Binance website.
Until recently, Binance supported only major fiat currencies like EUR and USD. But it has decided to reconsider the available fiats and added four trading pairs with Russian Ruble:
Today, it supports over 10 fiat currencies:
It also keeps adding new cryptocurrencies, for instance, ENJ and $ICX:
The major trading volumes on Binance exchange are attributed to pairs NEO / BTC, GAS / BTC, ETH / BTC, and BNB / BTC. Yet, Binance keeps adding new cryptocurrencies.
Binance Customer Support
To provide users with technical support, developers have allocated a separate board. On it you can find the answer to one of the frequently asked questions or turn to a specialist yourself if something does not work as it should. Technical support reviews are mixed: some of them praise the exchange while others claim that it steals users’ crypto assets.
The customer support is available on 24/7 basis in live chat, but no telephone customer support is provided.
Security and Hack Cases
Binance takes care of user security and demands customer verification, which helps to reduce the risk of frauds. Before you deposit your money on any exchange, you must go through the verification of your account and connect additional features to improve security (2FA is highly recommended).
To boost the safety of your crypto assets, you can do the following:
Verify your mobile phone;
Enable 2 Factor authentication with the help of Google Authenticator (detailed instructions are provided on the website);
Store large amounts of cryptocurrency on cold wallets.
Despite the security measures taken, Binance became a victim of hackers on May 8 2019. Half a year ago, hackers stole 7,000 BTC from the exchange. The hack was devastating, but Binance claimed it will do everything possible to improve the situation.
It affected the reputation of exchange, but it seems to have recovered from the loss. The Secure Asset Fund for Users (SAFU) that Binance introduced in 2018 helped to restore the platform and compensate for users’ loss.
Binance Alternative for US Customers
Our Binance review wouldn’t be full without a short overview of the American version. For US customers, there is a temporary project – Binance US website. It started functioning in November 2019 and is expected to replace Binance.com in the United States (it’s available in all states except New York). It allows selling and buying crypto with total compliance with the local legislation. The customer support on the English language is provided, and the exchange supports a lot of cryptocurrencies. Both basic and advanced interfaces are available. The functionality is pretty much the same as on the original website.