Binance.com Exchange - Review
As cryptocurrency grows in popularity, more and more exchanges are being created for buying, trading and selling different cryptocurrencies. This makes it more and more difficult to decide which exchange you’re going to use.
Some are aimed at beginners, while others are better for more advanced traders. So, it’s important to know which exchange is right for you!
This Binance review will give you a complete overview of the Binance exchange. Once you have read this, you will have a good understanding of whether it is the right exchange for you.
First, we will give you some background information on Binance, and how it has become one of the most popular exchanges to trade cryptocurrencies. We will then explain some of the advantages of using Binance, as well as some disadvantages, too.
There will also be a step-by-step guide on how to deposit, trade and withdraw coins, along with some helpful images. So that by the end of our Binance review, you will have all the information you need to start trading on the exchange by yourself.
Well, what are you waiting for? Let’s go and discover more about Binance!
What is Binance?
Binance is an exchange that host crypto-to-crypto trades. This means that they do not accept real-world money, such as U.S Dollars (USD) or Euros (EUR). The exchange was first created in 2017 and was originally located in China. However, as cryptocurrency laws are very strict in China, the exchange has since moved to Japan, a country that loves digital currency!
The man who created Binance is called Changpeng Zao, however, he is well known as CZ. Interestingly, CZ used to build some of the trading systems that are used in the Tokyo stock exchange. I guess he used this experience to help make Binance what it is today!
Before Binance opened their exchange, they raised money through an initial coin offering (ICO). This is very similar to crowdfunding, where people can invest to help a company get started.
However, an ICO is quite different, as people invest cryptocurrency instead of real-world money. The Binance ICO raised the equivalent of $15 million, and in return they gave investors their own cryptocurrency token, which is named the Binance Coin (BNB). Even though it’s called Binance “Coin”, it is actually a token, which is built on the Ethereum blockchain.
Binance have had a very successful start since they were created in 2017. They are now averaging more than $1 billion in daily trades, making them the largest exchange for alt-coin trading. In fact, Binance grew so quickly, that in January 2018 they had to suspend new registrations. This was because too many people were trying to open a Binance account.
Before registering a new account at an exchange for the first time, it is important to consider their advantages and disadvantages. This will ensure that you’re choosing the right exchange for you.
Advantages of Binance
✓ Huge list of alt-coins
One of the main reasons that Binance exchange is so popular is because they list so many different cryptocurrencies.
✓ Low fees
Another excellent feature of the exchange is that when trading crypto-to-crypto, Binance fees are one of the lowest in the industry. Customers are charged 0.1% on every trade, meaning if you traded 1 ETH, you would only be charged 0.001 ETH!
Regular traders on Binance exchange have the chance to win prizes. These prizes change all the time and have so far included free cryptocurrencies, such as Waves (WAVES) and Ontology (ONT). They have even a gave away a Maserati car! How cool is that!
✓ ICO launch pad
Binance is well known for listing new cryptocurrencies as soon as their ICO has finished. This shows that many crypto companies view Binance as their favorite exchange. Binance doesn’t just list any old cryptocurrency though, it has to really prove itself as a solid cryptocurrency for Binance to list it.
Binance takes security very seriously, and customers are asked to set up two-factor authentication (2FA) when they register an account. 2FA is an extra level of security that sends a special code to your mobile phone every time you want to log in, trade or withdraw funds.
If you are still wondering “Is Binance safe?”, the website also uses the CryptoCurrency Security Standard (CCSS) to protect accounts, which is an industry standard for major exchanges.
✓ High Volume Trading
As Binance have become one of the most popular exchanges to buy, trade and sell cryptocurrencies, there are lots of trades happening all the time. This is an important factor as it means you have a better chance of selling your cryptocurrency immediately, if and when you need to.
Disadvantages of Binance
✗ Customer Support
There are mixed reviews on the customer support offered by Binance exchange. Although you can contact Binance by email or live chat, some users have reported long delays. This might be because the exchange has a large number of customers, however, we hope that Binance will improve their response times. There is also no phone support, which is something offered by other popular exchanges like Coinbase.
If you have read our Binance review from start to finish, you should now be able to decide if it is the right exchange for you. There are many advantages to using Binance, however, there are also some disadvantages to consider — such as not being able to deposit with a debit or credit card.
Whether you decide to use Binance or not, at least now you know how to use Binance, and you should easily be able to deposit, trade and withdraw funds!
So, what do you think about the layout of the exchange? Does Binance have the cryptocurrency that you want to buy?
Let us know if you enjoyed our Binance exchange review!