At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.
Binance is a popular Chinese cryptocurrency exchange, which is popular for its crypto to crypto exchange services. While the company is still fairly new on the market, it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, but also due to its low trading fees.
How does the exchange work?
Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be seriously user-friendly. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.
The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.
This is what the basic view looks like :
And this is what the advanced view looks like:
Binance Signup & Login
To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.
Now, that this is out of the way, users can go ahead and fund their Binance account. Since both BTC and ETH blockchain are flooded with transaction and the fees are not helping at all I advise you to not use them. Instead you can transfer the money into LTC for example or even XRP and then turn them to BTC in the exchange itself saving yourself time and money.
To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform.
Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.
It is also worth mentioning that in advance mode you are able to put stop-limits order which gives you the option to place simultaneously stop loss and take profit margins, which so far I haven't found on any other exchange.
Binance is also the only exchange that I know of that actually pays GAS to Neo holders. You don't have to keep your NEO in a wallet, you can keep it right on the website and get GAS monthly. A great way for passive income.
Supported Crypto Currencies
Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance Fees & Limits
Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time. Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals.
When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.
Conclusion
Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5.
Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.
Based on everything that has been outlined so far, while Binance is not the most user-friendly exchange available on the market, it does offer great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. I definitely recommend [Binance] and I believe you should give it a chance.
As always, take safety precautions such as using a unique password for signing up, switch on 2-factor authentication and try not to hold a large balance on the exchange itself for too long – remember to withdraw your currencies to your own private wallet.
DISCLAIMER: I am not a financial adviser and this is not a financial advice. You are responsible for your own investment, so please do your due diligence. Please never invest more than you can afford to lose!
I actually never tried it and might look into it to diversify my holdings at different places. Because holding large assets in 1 exchange can be very risky.
definitely worth trying ... so far I am very happy with the exchange
I will have a look on it today and make account there. Inter phase looks attractive and I hope there will be no problem in trade execution.
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