Binance Exchange Review

Binance cryptocurrency exchange was officially launched in July 2017 at Hong Kong. It raised the necessary funds for its launch by selling their own crypto-based token named Binance Coin (BNB) during the ICO (Initial Coin Offering) token sale event. Even though Binance was originally launched to attract the Chinese market, it has achieved a remarkable growth in the global crypto market within a short span of time. Based on the latest information, Binance will be moving its headquarters to the most “crypto friendly” island in Europe named Malta.

Binance can be called as a “pure crypto exchange” because you cannot use the option of net banking, credit cards, debit cards, wire transfer etc to buy the cryptocurrencies. You can only exchange BTC/ETH/BNB/USDT to buy other altcoins and tokens. That’s why you need to first buy any one of the four cryptocurrencies listed above from other exchanges before starting your trading on Binance. Besides altcoins, Binance also supports trading of a large number of tokens that are issued by the ICOs.

Is Binance Exchange Safe?

Although Binance exchange does not reveal or share the details on how the security of the cryptos is handled, it is considered as a secure exchange only. Because it successfully prevented the attempt of the hackers to steal the coins from the wallets by using its automated monitoring systems. It was able to gain the confidence of its customers as no loss of coins were reported. Still, if you want to be more precautious, it is always better to store your cryptocurrencies in the hardware wallets than the web-based wallets offered by exchanges like Binance.

(Note: Make sure that you always log in to the correct Binance url. You can check that easily by viewing the certificate on the website. Look for the ‘lock’ symbol and ‘https’ extension)

Binance Pros

  • Supports trading of 100+ crypto pairs
  • Live pricing chart – It displays the live pricing chart for all the supported cryptocurrency pairs
  • Supports 2FA (Two-factor Authentication ) via SMS / Google Authenticator
  • Available as an app for both iOS and Android platforms
  • Supports selling of cryptocurrencies with advanced options like Stop-limit
  • Low trading fees per order
  • 50% discount for using BNB
  • Supports trading of ERC20 compatible tokens
  • Competitions & Giveaways – Unlike the other cryptocurrency exchanges, Binance tries to motivate its customers by conducting regular competitions to give attractive prizes to the customers.
  • Multi-language support – Besides English, the Binance platform is available in languages like Spanish, French, Chinese, Japanese, Turkish and more.

Binance Cons

  • No FIAT – Binance does not support trading using fiat currencies ( You cannot use credit/debit cards to buy cryptocurrencies)
  • Customer support is not available through phone/live chat

How the Binance Exchange Works

Since the Binance Exchange does not offer support for Fiat currencies, the first step before starting your trading is to deposit some funds in your account. You can do that by transferring your coins from other exchanges. Once that is done, you can buy your desired cryptocurrency from the pairs which are listed on the exchange. After you complete placing the order, it will appear in the “Open Orders” section. Then, you can transfer the new currency to your desired cryptocurrency wallet. The procedure for selling cryptocurrencies is like the same as for buying.

Binance Sign up & Login Process

 

Sign up procedure (Only for first-time users)

  • Go to https://www.binance.com/ and click the ‘Register’ link on the right side of the homepage.
  • After filling the required fields shown below, click the ‘Register’ button by completing the captcha.

Binance Ctyptocurrency Exchange Signup Process Step 1

  • You should receive a confirmation email to the mail address you used for registration. Click the ‘Verify Email’ button to activate your account.

Now, you have successfully activated your account to start trading on the Binance platform.

Login & setting up your account

 

  1. Go to https://www.binance.com/ and click the ‘Login’ link on the right side of the homepage.
  2. Once logged in, your screen may look like the one below.

Binance Crypyocurrency exchange login process

  1. Here, you can enable the 2FA, Anti-phishing code options for your account. If you wish to become a Level 2 or Level 3 member, you can do that here.

How to buy cryptocurrencies from Binance?

 

Binance supports two types of orders for buying cryptocurrencies namely Limit and Market.

  • Limit – You can specify the price at which you will buy the coins. And, your order will be “Open” if you get your desired price.
  • Market – Here, you cannot specify your buying price, but only at the current market price. In this case, your order will be processed immediately and there will not be any waiting time.

Before buying the altcoins from Binance, you need to load your account with the necessary funds either by transferring from your own wallet or other cryptocurrency exchanges like Coinbase.

Depositing Funds Into Your Binance Account

 

  1. Navigate to https://www.binance.com/ and login to your account.
  2. Choose the option ‘Deposits’ from the menu ‘Funds’ on the home page.
  3. Let’s assume that you want to deposit BTC. Then, choose the BTC option from the drop-down list as shown below.trade1
  4. Now, you need to send your bitcoins to the address shown on the above screen. You can do that by entering this address as the recipient address for transferring from other crypto exchanges like Coinbase, Changelly
  5. Once the above step is done, wait for few minutes or hours to receive the funds in your Binance The processing time varies based on your cryptocurrency exchange and the network congestion.

Now, let’s see the step by step procedure to buy BCC from Binance at the market price.

  1. Navigate to https://www.binance.com/ and login to your account.
  2. Click the ‘Basic’ option from the ‘Exchange’ tab which is located on the homepage. (Let’s not worry about the ‘Advanced’ option which provides an in-depth analysis of the cryptocurrencies).
    trade2
  3. Let’s assume that you would like to exchange your BTC for buying BCC. Click ‘BTC’ tab on the right side of the page and search for ‘BCC’. Either you can directly click on ‘BCC’ from the list or type the coin name on the search bar. ( You can add the altcoins or tokens to your favorite list by clicking the ‘Star’ icon next to the coin )trade3
  4. Then, click the ‘Market’ tab which is located under the graph.
  5. Now, you have two options. Either enter the desired amount of the cryptocurrency you wish to buy or click one of the four buttons labeled as 25%,50%,75% and 100% which will make the calculations based on the availability of your BTC.trade4
  6. Finally, click the ‘Buy BCC’ button to complete the actual purchase of the coins.
  7. Once you receive the coins, you can transfer them to your own personal wallets. (Hardware/Software).

Note: You need to follow the same steps listed above for buying any cryptocurrency or token from Binance. Only the Steps 3 to 7 will vary based on the coin you would like to buy.

How To Sell Cryptocurrencies On Binance?

You can place three types of selling orders on the Binance exchange which are given below:

  • Limit – You specify the exact price at which you want to sell your coins. In this case, your order will be in “Open” status till a buyer is willing to purchase your coins at the specified price.
  • Market – Here, your coins will be sold at the current market price so that you don’t need to fix the price for your coins.
  • Stop-Limit – This option is similar to Limit except that you are additionally setting a stop-condition which has to be met for the successful completion of the order. This option is generally used to protect yourself against a financial loss.  Let’s say you purchased 100 BCC at 0.12 BTC each. And, the value of BCC is oscillating below 0.11 BTC. Now, you can easily set a stop limit on your order to sell your BCC at 0.095 BTC each if it hits 0.105 BTC

Now, let’s see the step-by-step procedure for selling your coins.

  1. Go to https://www.binance.com/ and login to your account.
  2. Click the ‘Basic’ option from the ‘Exchange’ tab which is located on the homepage
  3. Click the desired trading pair that you need to sell. For example, if you wish to sell TRX for BTC, then choose that pair which is located on the right side of the screen.trade5
  4. Then, your screen will look like the one below; and, you can choose Limit/Market/Stop-Limit based on your need.trade6
  5. Let’s choose the option Market. Now, you need to enter the desired amount of coins that you are willing to sell. Alternatively, you can click any one of the buttons (25%,50%,75%,100%) so that the selling number of coins will be made based on your selection.
  6. Click ‘Sell TRX’ to place your sell order.
  7. Check the options ‘Order History’ or ‘Trade History’ on the tab ‘Orders’ to check the status of your orders.

Note: Follow the above step-by-step procedure for selling any altcoin or token on Binance.

List of Top 20 countries supported by Binance

You can buy/trade cryptocurrencies through the Binance platform irrespective of your country. Even it is open to residents of USA as well.

Accepted payment methods

Binance exchange does not accept fiat payments. So, you can buy your desired crypto by exchanging any of the following coins.

  • BTC (Bitcoin)
  • BNB (Binance Coin)
  • ETH (Ethereum)
  • USDT (Tether)

Supported Cryptocurrency

Binance exchange keeps on adding new cryptocurrencies and tokens frequently. Till now, it supports trading of 100+ cryptocurrency pairs. The Top 30 pairs are given below:

  • ETH/BTC
  • TRX/BTC
  • XRP/BTC
  • BCC/BTC
  • LTC/BTC
  • XMR/BTC
  • ETC/BTC
  • STEEM/BTC
  • QTUM/BTC
  • BTG/BTC
  • BCC/ETH
  • BNB/ETH
  • EOS/ETH
  • ONT/ETH
  • NEO/ETH
  • TRX/ETH
  • XRP/ETH
  • ADA/ETH
  • XVG/ETH
  • STORM/ETH
  • BTC/USDT
  • ETH/USDT
  • BCC/USDT
  • LTC/USDT
  • BNB/USDT
  • BCC/BNB
  • ONT/BNB
  • LTC/BNB
  • NEO/BNB
  • ICX/BNB

To get the full list of all the supported crypto pairs, visit the homepage of Binance and look at the four tabs namely BNB Markets, BTC Markets, ETH Markets and USDT Markets. Besides the latest price, you can get the information like trading volume,24 High & Low values and the percentage of variation from the last 24 hours (Loss/Gain).

Binance Fees & Limits

Fees

  • For every order, you need to pay 0.1% trading fee to the Binance If you are using Binance Coin (BNB) for paying the trading fee, then you will get 50% discount. i.e You will be charged only 0.05% as a trading fee.
  • There are no fees for depositing the cryptocurrencies, but the withdrawal fees vary based on the type of the cryptocurrencies. For example, the withdrawal fee for BTC is 0.0005 BTC and the minimum withdrawal limit is 0.002 BTC.

To know the latest withdrawal fees, you can check the official website of Binance.

Limits

You can deposit any amount of coins on your Binance account because there is no limit for deposits. But, there are some restrictions for withdrawals and it varies based on your level as given below:

Level 1

If you have just created the account and verified your email address, then you can withdraw only up to 2 BTC for every 24 hours.

Level 2

You need to upload a valid government ID or passport with a selfie of yourself holding the same. Once your documents are approved by the Binance team, your 24-hour withdrawal limit will be increased to 100 BTC. Also, you need to provide your Full name and a photo of yourself in JPG format. (The image size cannot exceed 1 MB).

Level 3

You need to contact the support team of Binance by sending your query through the ‘Submit request’ form for getting higher withdrawal limits. They will provide the complete guidance related to the documentation which are required at this level.

Top Competitors

Changelly can be considered as a good competitor because it also allows the users to buy more than 50 cryptocurrencies. But, Binance offers a low trading fee when compared with Changelly. Besides Changelly, Coinbase is also a great competitor because it is more older than Binance and offers trading using Fiat currencies.

Binance Security Features

Two-factor Authentication – Binance offers the 2FA security feature which can be used for withdrawals and another kind of security-related modifications to your account. You can configure 2FA using any one of the options below:

  • SMS Authentication – You will be receiving a security password/code via SMS on your registered mobile number. And, you need to enter the same for authenticating your withdrawals. You can check the list of SMS supported countries to find out whether your country is available in that list.
  • Google Authentication – You can download and install the Google Authenticator app from the Play Store. And, enter the random passcode generated from that app whenever you want to withdraw money from your Binance

To enable 2FA, login to your Binance account and click the ‘Enable’ button on the corresponding option as shown below. 2FA

  • Anti-Phishing code

To prevent receiving emails from fake websites and to keep your account highly secure, Binance provides an interesting feature called Anti-Phishing code. To enable this feature, login to your account and click the ‘Setting’ button as shown below.antiphishing

Then, choose a high-security password with a length of 4-20 non-special characters and click ‘Submit’ button. Once this setting is configured, all your emails from the Binance platform will contain this code. In this way, you can easily identify a fake website and protect your account from hackers.

Binance Customer Support

  • If you have any account related issues, you can send an email to binance.com  by explaining your problem in detail. They will get back to you within a day or two.
  • Send your query using the Submit request form by choosing the relevant category for your issue
  • You can check out the FAQs page on their website for getting detailed information on various topics like Trading, Deposit/Withdrawal and more.
  • Alternatively, you can join in their online communities like Facebook, Twitter, Reddit and more to get some kind of help either from the Binance Support Team or other fellow members.

 

Binance Rating (Out of 10)

8.5

Conclusion

Based on the report from Bloomberg, Binance is rated as the World’s biggest cryptocurrency exchange due to its large trading volume. It is a known fact that Binance has recently made its debut in the crypto world. But, it has quickly gained the trust of many veterans as well as new investors of cryptocurrencies. Plus, it doesn’t impose any restrictions for the users based on their geographical exchange. Based on the information available on its official website, it can process more than 1 million orders per second making it one of the fastest cryptocurrency exchanges in the world. Binance is also planning to launch its own decentralized exchange soon. Thus, it is clear that it wants to sustain in the crypto market for a longer duration. So, Binance seems to be a wise choice for trading a vast number of altcoins or tokens.