Binance Review
While there are several available options for traders to invest in Bitcoin, the easiest path is through an exchange. If you would like to trade confidently and prevent the risk of blowing your funds, you need to go through a trusted exchange. Therefore, we bring you a Binance exchange review today so you could have adequate knowledge of the platform.
With the advancement in technology comes the proliferation of fraudulent activities. The major attraction of cryptocurrency and blockchain is the security and privacy that it provides for investors. Therefore, these critical features should be at the core of every exchange. An excellent exchange must provide users with the best services via a secure and safe environment.
Again, it is always a great relief to know that an exchange you are trading with is reliable and licensed. Presently, not many exchanges can boast of a secure network and robust crypto trading platform. However, any financial service provider should offer quality trading services and a wide-ranging list of crypto assets.
The flexibility of an exchange is also a prime feature that cannot be overlooked. The trading interface must be easy to use and navigate to afford users the best experience. Transaction fees are also a crucial part of a cryptocurrency exchange; they must be kept low and affordable.
Similarly, the payment structure of the exchange must be flexible and as simple as possible. Summarily, there are many more factors that make a great exchange. However, we will try our best in this review to go through the fundamentals of Binance exchange.
| Exchange platform | Binance Exchange |
| Website | binance.com/en |
| Variety crypto | 150+ |
| Account needed | Yes |
| Verification | Optional |
| Verification levels | 2 |
| Trading Platform | Web-based and Mobile app |
| Payment Method | Bank deposit, Credit/Debit card, 3rd party payments, P2P trading, Crypto deposit, Wire transfer |
| Customer Support | E-mail, Facebook, Reddit, YouTube, Instagram, Twitter, VKontakte |
What is Binance Exchange?
Binance exchange is a crypto exchange firm that was launched by Changpeng Zhao in 2017. The company is currently the world’s largest crypto exchange by trade volume and spans across an entire ecosystem. Binance exchange runs exclusively on its blockchain with a native coin called BNB, which is currently the 3rd ranking coin by market cap.
The company’s vision is to make crypto investments inclusive for everyone around the globe, and also to redefine financial freedom. Binance offers other services apart from its decentralized exchange, which includes Binance:
- Academy,
- Charity,
- Info aggregator,
- Labs,
- Launchpad,
- Wallet.
- Trading platform, and many more!
Binance has an active global community of supporters and also a team of hardworking, talented individuals. The early investors in Binance were rewarded with the BNB coin at the early stages.
The coin was worth $0.1 at the time, but the value has increased over time. Also, the entire ecosystem runs on the BNB token. It has many use cases and also functions as the underlying gas.
In addition to the native token, the Binance exchange offers numerous crypto assets, including Bitcoin, Stablecoins, and other Altcoins. Furthermore, Binance exchange supports OTC (Over-The-Counter) trading and other trading services. It allows users the luxury to buy and sell different cryptocurrencies either on their mobile or desktop.
On any finance platform, high liquidity makes it possible to execute trades at higher speeds – without time-lag and slippage. The average daily volume on the Binance platform is currently at 2.0 billion, while the average transactions/sec is above 1.4 million. The company also has an excellent support service that is open to customers 24/7 to report any bugs within the network.
Payments and Withdrawals
The exchange provides a very efficient and easy way to exchange fiat currency for various crypto assets. As mentioned earlier, an exchange should offer multiple options to ensure that their customers get the best. Binance provides several methods through which customers can buy crypto on the platform:
- Credit/Debit Card
One incredible feature of the Binance Smart Chain is its scalability, which is why many traders and developers prefer it to other exchanges. Binance works with several trusted platforms to provide scalability solutions to traders and investors alike. It recently liaised with Simplex to allow customers to use their credit/debit cards to purchase Bitcoin and other cryptocurrencies.
The platform supports a wide range of currencies, including the United States Dollars (USD), Pound Sterling (GBP), and Euros (EUR). With your credit/debit card, you can purchase up to 31 different cryptocurrencies.
- SEPA and Wire Transfer
Binance allows its users to buy cryptocurrency through SEPA (Single Euro Payments Area) and wire transfers. The fascinating side of this option is that it draws no transaction fees and is fast. However, this payment method is not an option for USD accounts as it is not supported.
Binance supports the purchase of cryptocurrencies using Stablecoins like Binance USD (BUSD), Tether (USDT), PAXOS (PAX), and Coinbase (USDC). A Stablecoin is an asset whose value is pegged to another stable asset like fiat currencies or exchange-traded products. Immediately you complete the transaction, Binance will fund your wallet with the newly-bought cryptocurrency.
Binance Platform
One effective way of lowering the entry barrier for users is through the use of an interactive platform. When users find an interface very easy to relate with, the flow of activity on a platform is generally improved. An exchange should have a traversable user interface with simple-to-use tools that allow for flexible trading.
The user interface of Binance is friendly and allows for a relatively easy trading experience. Binance permits traders to customize its trading platform according to their trading desires and taste. It also offers different trading packages for clients depending on their experience level, risk appetite, and trading abilities.
As a result, Binance caters to the needs of its clients by providing different trading services. You can trade several cryptocurrencies on the platform, including crypto/fiat pairs. The exchange also supports OTC (Over-The-Counter trading). For the order book method, users can choose between the basic, classic and advanced options.
- Basic Platform
The basic trading platform allows for quick trading of cryptocurrencies. Clients can trade any of their favorite coins, including BTC, at the click of a button. It is the simplest way to trade on the platform.
- Classic Platform
This platform is more like a traditional trading platform that provides users with slightly advanced trading tools, as opposed to the Basic version. Some trading options available on the Classic platform include stop-loss, limit order, spot or margin trading. The platform also has a bonus feature that allows you to place two orders at once, such that when one order gets triggered the other is canceled.
- Advanced Platform
This one is particularly suitable for pro traders who prefer to use unique advanced trading tools not available on Classic. Apart from that, it has similar features to the Classic platform. The platform supports advanced chart features that can improve trading and user experience.
Margin Trading
Binance supports margin trading on its platform. Margin trading refers to a technique where an asset is traded using funds borrowed from a third party. In contrast to regular accounts, margin trading accounts usually allow traders to enter positions with the borrowed funds.
Margin trading uses the concept of leverage to maximize the profits made by traders. However, it can result in severe losses as well. In traditional financial markets, the borrowed funds for margin trading are usually supplied by brokers. Contrarily, in crypto trading, other traders supply the funds and earn interest in return.
In the cryptocurrency markets, the margin used usually ranges from 2:1 to 100:1. Binance allows users to trade up to 10x leverage on some coins. However, to trade using margin on the exchange, you have to complete identity verification (KYC) and 2-Factor Authentication.
Depending on the risk appetite of users, Binance allows traders to choose from the available margin trading options. Cross margin risks the entire fund in your margin trading account, while Isolated margin mitigates your loss to a single pair you are trading. In addition to margin trading,Binance also supports spot and futures trading.
VIP Trading
The VIP program is designed to increase the trading experience for high-volume traders. The program has 9 VIP levels and rewards the traders based on their trading volume. Each stage requires a higher trading volume than the previous one and even comes with significant benefits such as access to discounted fees.
To gain entry into the VIP program you are required to have at least 50BNB in your account. The other requirement is that you have to trade at least 50BTC for spot trading or 250BTC for Futures trading in 30 days. You become qualified to apply for the program when you meet these requirements.
OTC Trading
OTC (Over-The-Counter) trading does more than just a fiat on-ramp into the crypto market. Instead of trading directly on an exchange, OTC trading allows you to trade sizable amounts of coins without a significant impact on market price. It simply involves a private mutual agreement between two parties to exchange an asset for a reasonable price.
Since OTC trading requires strong liquidity, Binance not only offers liquidity for BTC but altcoins as well. Binance also offers deep liquidity pools for less liquid coins such as MANA, ENJ at a competitive price and great speed.
One of the benefits of conducting OTC trades on Binance is that it reduces counterparty risks. The trade between the two transactors occurs at the same time. That means that your coins do not leave your account until the agreement is finalized.
P2P Trading
P2P (peer-to-peer) trading is an essential step towards the decentralization of finance. The Binance P2P escrow service allows users to safely trade cryptocurrencies with their local currency. An escrow service is a secure arrangement that makes room for transactors to safely exchange assets and funds.
Although the buyers and sellers on the P2P network are anonymous, the working principle is easy to understand and efficient. The first step is for a buyer/seller to find a counterparty on the network and subsequently place a buy/sell order. Once that is done, the fund will remain on the Binance platform till the transaction is entirely processed.
Binance offers a chat platform where the buyers and sellers can communicate, which is the next step after you have placed an order. With the click of a button, the buyer can notify the seller of the deposit, and in return, the seller will release the cryptocurrency. In summary, Binance escrow service allows a seamless and highly secure transaction between buyers and sellers.
The P2P network on Binance is one of the security measures of the platform to ensure the transparency of transactions. When any of the transacting parties defaults, the other party can open an appeal, which Binance will address. Once the issue has been addressed, the cryptocurrency is released to the appropriate party.
Binance Limits
The exchange offers two limit levels regarding the amount of cryptocurrency you can withdraw from your account. Level 1 accounts have a maximum withdrawal limit of 2 BTC in 24 hours, while verified accounts can withdraw up to 100 BTC in 24 hours.
You will need to complete the Know Your Customer (KYC) confirmation process before your account is verified. You also have to provide some other documents, part of which is the proof of identity.
Security
The most important feature to look for in an exchange should be the security measures set up to prevent the platform from attacks. Amid the growing concerns regarding hackers, a good exchange should put security at the forefront of all other activities. It should employ various methods to secure user funds, personal details, and also the platform.
Regarding security, many investors believe Binance is the most secure crypto exchange. The exchange implements several safeguarding measures using the best and latest technology available. Many Binance customers have credited the platform for its unmatchable security features.
The platform uses state-of-the-art technology, like artificial intelligence (AI), big data analytics, and cyber forensic analysis, to ensure the smooth running of the platform. Also, the platform started the Secure Asset Fund for Users (SAFU) to protect users’ funds. The exchange apportions 10% of the network’s transaction fees to the SAFU to insure against future breaches and attacks.
Also, Binance decentralized exchange platform offers impressive user-friendly and security features. It allows users total control of their private keys. It does this by providing secure ways through which users can link their crypto wallets and addresses to the DEX platform.
The exchange uses 2-factor authentication, Google authentication, SMS authentication, and email authentication. It provides users with the option to withdraw their tokens to cold wallets. Binance uses IP addresses and cookies to block out automated exploitations like phishing, Distributed Denial of Service (DDoS) attacks, and spam.
Binance analyzes the trades taking place on the platform to detect fraudulent and irregular transactions and thwart potential fraud. The exchange also ensures that it provides relevant information related to security through its crypto education arm.
Furthermore, the platform relies on centralized storage to adequately manage user assets. The company has a security team from various fields to provide a very safe environment for trading. This team addresses the vulnerabilities in the platform and also manages the risks associated with crypto services.
Support
An indispensable part of a company is the customer support team. Companies understand that customers are gold and must render quality service to satisfy them. That is one reason the support team is the most significant part of an organization.
Binance support service is available round the clock (24/7). Therefore, the team is quick to respond to all grievances and issues raised by customers. They ensure that their international clients get the best from the company’s services by providing multilingual support.
The customer support team works relentlessly to ensure that users enjoy a complete and satisfactory service. In 2018, they retrieved more than 3 million different tokens for people who had lost them to fraudulent parties. The support service is exceptional as they also ensure that customers get enough help and education on any issues reported.
Like most top exchanges, inquiries are made through emails. The website supports 15 languages, which is part of what makes it a competitive exchange. It also has a chatbot that can provide some quick responses to very mild issues.
Conclusion
In a financial environment, there is nothing more satisfying than low fees, fast execution, an intuitive platform, and quality customer service. Binance has evolved over the years and risen to the top by imbibing these core qualities. It is currently the largest crypto exchange, and as a result, it offers massive liquidity to its variety of users.
On many occasions, it has been evaluated as one of the best exchanges in the world. In terms of security, the exchange has been considered to be the most secure. Binance is a complete ecosystem and offers various services to improve the overall trading experience of its clients.
The company lowers the barrier of entry into the crypto world by offering educational services as well. That ensures that customers have adequate knowledge of cryptocurrency before they invest in the space. You could even open an account with Binance today to enjoy its very exceptional qualities.
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