Review of Binance

Binance

-It is one of the largest cryptocurrency exchanges

-It offers more than 150 pairs of cryptocurrencies.

-Low trading commissions

Investing in cryptocurrencies offers the trader the opportunity to achieve great returns in a short time. Binance is a cryptocurrency exchange that provides the opportunity to invest in bitcoins and many other cryptocurrencies, in fact it has become one of the most important companies in the sector. In the following review we are going to talk about the services of this company and why it is a good option to invest and trade in the crypto currency market.

The great cryptocurrency boom has attracted certain scams to the market. In fact, if you have been interested in that topic, you have probably received emails from spammers recommending one or another platform or options to earn money quickly and easily with Bitcoin and other cryptocurrencies. Fortunately, Binance is a serious exchange that offers real financial services and has established itself in recent years.

What is Binance?

Binance is a cryptocurrency exchange founded in China by Changpeng Zhao whose goal is to enable its clients to invest or trade with cryptocurrencies such as Bitcoin, Ethereum, Ripple, Binance coin, Cardano and many other through a complete and easy to use platform. To give you an idea, with bitcoin alone there are more than 80 trading pairs available, so the opportunities are many.

This exchange is available for all electronic devices that connect to the Internet and has a multilanguage interface, which allows customers to carry out their transactions anywhere and in the most important languages, in addition to English. The technology and innovation at Binance are evident, and this cryptocurrency exchange promises to continue to lead the crypto trading market in the future. Not only that, Binance excels on the topic of security, an aspect in which many cryptocurrency exchanges fail.

Binance registration process

The registration process is very fast, since you only need an email address and define your password. When the user sends this information, Binance sends a confirmation email almost immediately to verify his or her identity. With this, the account is activated and the trader can start trading with cryptocurrencies.

As you will see later, this platform has interesting security measures, which make it a good option to invest and speculate with cryptocurrencies. Below, we go into detail regarding the company’s services.

Is Binance a scam?

Without a doubt, we can say that Binance is not a scam. On the contrary, it is a safe place to trade with cryptocurrencies, something that is not easy to find.

Most cryptocurrency exchanges, and Binance is no exception, are the target of strong criticism, in some cases well-earned, although on many occasions they are the product of clients who have lost money in their trades due to their own mistakes. Although Binance has negative reviews in this regard, in most cases the opinions of its customers are positive.

Cryptocurrencies offered by Binance

Binance accepts a large number of digital currencies. On this exchange’s platform clients can trade with multiple cryptocurrencies, including the most important ones such as Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and many more. . As stated above, Binance also offers its customers numerous tokens, as part of ICO lists, including tokens not found elsewhere. Thanks to this, traders can use the Binance platform to trade with these tokens in order to make profit from speculation on these assets.

Binance currently offers currency pairs in BTC, BNB, ETH and USDT.

An interesting feature of Binance is that it adds cryptocurrencies and tokens very quickly, after its ICOs. This means that the trader can buy them at a low price, which offers the possibility of obtaining greater profits in the future.

Cryptocurrencies in Binance

List of currency pairs that can be traded on Binance

Perhaps it would have been interesting to be able to trade with respect to the dollar or the euro, but that entails stricter regulations that are not currently of interest to this platform.

Investing is very simple. You have two screen options, the simple and the advanced, and both allow you to buy or sell the pair of cryptocurrencies you want, as well as place loss stops to manage risk.

You can also clearly view both your open orders and your order history to track the profitability of your strategies.

Binance trading platform

Those who visit Binance for the first time will quickly notice that the platform offers two options for digital cryptocurrency trading: basic view and advanced view. Neither of these two versions is very user friendly. However, anyone with experience in digital currencies and with a little knowledge of how exchanges work should be able to use the platform and its different services.

The main difference between the basic and advanced versions is that the advanced version offers a more detailed technical analysis of the value of the digital currency over time. At this time, the interface for the basic version offers various charts and other similar analysis tools for the pairs the user is trading with, order books and trading history. This is what the basic view looks like:

Basic view Binance platform

And this is what the advanced view looks like:

Advanced view in Binance

Binance Rates and Limits

At the time of writing this article, Binance charges an average fee of 0.1% for every transaction a user makes. Those who choose to pay using the Binance token can get a 50% discount on the trading fee, which is great news. These are surely some of the lowest rates available right now.

Withdrawal fees tend to vary for each digital currency. For example, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will pay for withdrawals:

CoinCodeFeeUnit
Binance CoinBNB1BNB
BitcoinBTC0.001BTC
EthereumETH0.01ETH
LitcoinLTC0.01LTC
NeoNEOFreeNEO
QtumQTUM0.01QTUM
StatusSNT10SNT
BancorBNT1.2BNT
EosEOS0.7EOS
Bitcoin CashBCC0.0005BCC

Binance Promotions

Binance regularly offers promotions to encourage traders to trade with a specific cryptocurrency.

For example, when this review was made there were two contests underway with which you could win a Maserati 3.0T Levante Classic and a Porsche Panamera. It is clear that to earn this prizes you have to trade  with large volumes but there are also usually interesting minor prizes such as mobile devices or even cryptocurrencies.

This is one more incentive to trade with this exchange, although logically you should never trade driven by the possibility of winning a prize, but simply to take advantage of the investment opportunities that exist at all times.

Payment methods

As it is logical to assume in Binance you can deposit money using a large number of cryptocurrencies.

For each of these coins, the platform offers a deposit address, where you can send digital money just like any other site or service where cryptocurrencies are accepted.

In addition, Binance has launched its own currency, called BNB (Binance Coin), which grants discounts on the fees of the trades carried out by the trader. Of course, they have announced that the currency will have a maximum liquidity volume of 200 million coins, after which Binance will buy back and destroy coins until the supply is reduced to 50%, that is, 100 million.

Fiat deposits

Currently, Binance clients can also make fiat currency deposits using the following methods: credit / debit card (VISA and Mastercard), bank transfer and third-party payment options (like Simplex, BANXA, Coinal and Paxful).

Safety and regulations

Binance security is something that could worry anyone since, as we discussed at the beginning, cryptocurrency-related scams abound on the Internet.

Although a priori Binance does not require much to register and open an account, once the user is registered the platform offers the option of carrying out a two-step verification that can be completed using the Google service or by SMS. In this way, the client can be sure that nobody except him will be able to access his account, since even if a hacker guessed the password, he would need to receive the SMS that the platform sends to the mobile phone for verification.

Of course, the Binance URL has the S of SSL encryption. In addition, its customer service offers useful tips, such as using an email account used exclusively for this platform and avoiding clicking on any link in any email received, unless you have just registered on a well-known website and you have been informed that they would send you this email.

As for the regulations, there is little to say. Cryptocurrencies are based precisely on the absence of regulations from central banks and other institutions, so Binance is not covered by any specific law.

Binance Customer Service

For an exchange to be successful, it requires a large customer service team, capable of responding to all user questions and requests in a timely manner. While the support area at Binance could be improved a bit, the team is responsive and able to offer professional help to traders in need. Support tickets are submitted via an online form that appears on the website and responses are sent via email.

There is currently no live chat support, nor a phone number where customers can contact the support team.

In addition to the customer support team, Binance offers a FAQ section and articles intended to help users get used to the exchange and the way it works.

Conclusion

The conclusion of our review on Binance is that it is a good place to invest and operate with cryptocurrencies. This exchange offers a good number of currencies and tokens as well as a simple and easy to use platform, along with good transaction fees.

Regarding the security of Binance, we can safely say that it is not a scam. You can deposit money through cryptocurrencies and withdraw it in the same way.

 

You can get more information about Binance and its cryptocurrency trading services on their website:

Go to Binance Website