In this Binance review, you’ll learn all about what makes Binance the best cryptocurrency exchange in the world. Once you’ve made the decision to trade cryptocurrencies, choosing the right platform to trade on can seem like a daunting task. There are now more than 500 reputable cryptocurrency exchanges in existence and that number seems to grow every week.
Whether you are someone experienced in cryptocurrency trading or a complete beginner, Binance is widely considered to be the best exchange to serve almost all of your trading needs.
Binance is the most popular cryptocurrency to cryptocurrency exchange today, even though it is only 2 years old. The company was first located in China, but recently moved their headquarters to the island of Malta in the EU. Binance has a lot of great features. Some of the most notable are its low trading fees, limited KYC (know your customer) requirements, wide variety of coins (including initial coin offerings) and variety of cryptocurrency trading pairs it offers.
Our Binance Review will attempt to explain everything you might want to know about Binance. Some topics covered are their trading limits/fees, their cryptocurrency trading pairs, how to signup, how to trade and more.
Binance is available in almost every jurisdiction worldwide. There are a few exceptions however, so check the list below to see which jurisdictions are restricted. Note that most of the United States is supported with only a few States as exceptions:
How To Signup
Signing up for Binance starts by simply clicking the register link and filling out the required information, as shown below.
You can then decide whether to verify your identity and fund your account in the currency of your choice. When your account is funded you can now begin trading your balance for your favorite cryptocurrencies!
Verify Your Account…If You Want To
One of the biggest reasons for Binance’s popularity is their relaxed KYC (Know Your Customer) requirements. Binance doesn’t require identity verification to utilize their platform, which is highly desirable for user who wish to stay anonymous. There are multiple different levels of users on Binance and each level has different daily withdrawal limits.
Every user who simply registers is automatically granted level 1 privileges. This allows you to withdraw upto 2 BTC a day without any identity verification. A level 2 allows users to withdraw up to 100 BTC value per day. However, this will require you to upload a photo ID and wait until you are approved. If you would like to become a level 3 or higher and be permitted to withdraw more than 100 BTC per day, you will need to contact Binance directly and get their permission.
How Does The Exchange Work?
The thing you might first notice when using Binance is its basic vs advanced display option. There truly isn’t much of a difference between the two. The advanced version simply offers more in-depth technical analysis tools, a larger chart and a darker background theme. Pictured below is the difference between the two.
How To Trade
Making a buy or sell order is pretty self explanatory. However, if you’ve never used an exchange before, there are a few crucial points to understand. The most important thing to understand when making an order is the difference between a limit and a market order.
A market order is one that executes immediately at whatever the current buy or sell price is on the order book.
A limit order is one that sets the maximum or minimum which you are willing to buy or sell a particular currency. Limit orders only execute when the market reaches the order price.
Because of the nature of each option, market orders are more costly than limit orders. This is because limit orders add to the order book and credit you with a market maker fee. Conversely, market orders take away from the order book and charge you a market taker fee. Factoring in these different qualities can help you decide whether you wish to make a limit order or a market order.
Limit orders do not charge you a fee and actually credit you for adding orders to the order book. However, limit orders do not execute immediately and may not trigger if the market does not reach your entry point. Market orders do charge you a taker fee for taking orders off of the order book. The advantage of these orders is that they execute immediately. Deciding which order to use depends on market conditions and urgency of the order.
The primary way that most exchanges make money is through fees. Binance is no different but their fees are some of the lowest in the industry. If you choose to further verify your account you get better fee percentages as pictured below:
There are also withdrawal fees and minimum withdrawal requirements that vary depending upon which coin you wish to withdraw. Pictured below are the withdrawal fees of the largest market cap coins. However, Binance offers so many coins that we won’t list the fees of them all here. If you want to find out the minimum withdrawal requirements and fees you can navigate to the Binance fee schedule page once you are signed up.
Which Coins Are Supported?
Binance hosts the largest selection of cryptocurrency coins out of any trading platform. There are literally hundreds of trading pairs and coins offered. The current trading pairs being offered in BTC, BNB, ETH, XRP, PAX, USDS, TUSD, USDC and USDT. You can again find the coins offered by checking the fee schedule or by looking at each trading pair and their options.
Binance also offers a large amount of new ICO listings. This allows for traders to profit from trading these tokens on their platform. Binance is one of the quickest in the industry to add new tokens right after their ICO. This means that users can purchase these coins cheaply right when they are publicly available and hold them for extended periods of time to allow for larger profits.
BNB Coin & Binance ICO Explained
The BNB coin or Binance coin is a token developed by the Binance exchange which launched during its ICO (Initial Coin Offering). The BNB coin can be used to pay fees, be utilized as a trading pair and will be a key base currency for their new decentralized exchange.
BNB coin can also be a nice investment to simply hold on to, as it has a large use case and will become more scarce. Binance has committed to a coin burn which will eventually eliminate 50% of all BNB coins in circulation.
Their full statement on the matter is “Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” Because of this, BNB coin has reached new all time highs. BNB coin is now a top 10 cryptocurrency, and likely will continue to see price appreciation.
Some users have had complaints in the past about the customer support offered by Binance. However, their platform is now widely regarded to have an above average customer support team. Customer support has improved greatly since its inception and is capable of answering most questions that customers may have. The team may take awhile to respond sometimes, but they usually answer quickly and can offer aid to professional and amateur traders alike.
Unfortunately Binance only offers a limited live chat support option. They currently have no phone number where customers can directly contact the support team. However, you can get in contact with customer support by simply clicking the “support” tab on the top right of the screen and then selecting the “submit a request” link. Once you have chosen the proper issue and filled out a support ticket you will receive a response via email.
Keep in mind that customer support on Binance is sometimes slow to respond to customer requests because of the sheer size of their exchange. There are thousands of requests submitted daily and this number continues to grow as more users continue to join every day.
The customer support staff also has to be trained extremely carefully. There are extensive security requirements and a large amount of technical knowledge needed to accurately respond to customer requests.
Knowing all of this, it is important to always double check your wallet addresses and make sure you select the right cryptocurrency and it’s corresponding deposit address. Also, make sure that you provide customer support with all of the relevant information required to best assist you.
Always include things like your email, wallet addresses, time of your transaction or any other relevant details needed so that the support team can best respond without having to correspond multiple times.
There is also a relatively large FAQ section which has various articles that can helps user become familiar with their exchange. The FAQ section will answer most of the questions that users have. However, if you still need further help, contacting customer support directly will be your best option.
Buy With Credit or Debit Card
Another amazing feature that Binance offers is the ability to purchase cryptocurrencies with credit or debit cards. This is possible because of its partnership with the payment processor Simplex, allowing users to purchase Bitcoin, Ethereum, Litecoin or XRP tokens with Visa or MasterCard.
Some of the benefits offered via this service are low fees (only $10 or 3.5% per transaction, whichever is higher), swift transfers (10-30 minutes for the cryptocurrency to reach your wallet on average) and the convenience of utilizing Visa or MasterCard. You will need to complete KYC requirements if you wish to make a purchase with a debit or credit card. Pictured below are the instructions on how to do so:
Launchpad & IEOs (Initial Exchange Offerings)
Binance offers a service called the “Binance Launchpad” which is their new token launch platform. This service seeks to connect new blockchain projects with Binance’s large cryptocurrency community. The idea is to enable these projects to raise funds and interact with Binance’s enourmous user base. Binance utilizes their BNB token to allow customers to participate in these Initial Exchange Offering token sales and also rewards customers for holding the token.
Blockchain projects such as GIFTO and BREAD launched successful token sales back in December 2017 on the Binance Launchpad. Also, projects such as Fetch.AI and BitTorrent have had successful token launches on the Binance Launchpad in 2019.
How Do Launchpad Token Offerings Work?
If you’re interested in a new project being offered on the Binance Launchpad, you should first go to the Binance Launchpad website and select the page of the project you’re interested in to do more research on that offer.
Some projects have unique instructions and only allow limited quantities to be purchased per user. This is because these offers often attract a large amount of customers, so they sometimes become highly competitive.
You should familiarize yourself with the platform and go through various steps to get used to the Launchpad platform. This will ensure that you know exactly what to do when the token you’re interested in becomes available. Also, make sure to complete the Binance KYC account verification. Many token sales are limited to specific jurisdictions and must be carried out in compliance with certain regulatory requirements.
Binance offers two unique promotions that most major exchanges simply can’t rival. The first is their regularly held competitions for all kinds of incredible prizes. They have offered things like Win A Trip Around the World, thousands of unique cryptocurrency coins, cars, laptops and smartphones.
A lot of these offers are awarded to users with the highest trading volume of each specific token during the competitions time. Most users will not be able to qualify for these awards and typically only apply to whales. This is because the average trade volumes that win these competitions total hundreds of BTC or in excess of half a million dollars, often in time frames of a month or less.
However, there are sometimes competitions that don’t require large balances. With this in mind, make sure to always pay attention for your chance to enter and win.
Binance Launchpad also has a lottery system. The picture above shows how it works but some of the details can be a bit confusing. The number of lottery tickets you can claim depends on the number of BNB tokens you have in your Binance account over the 20 day period prior to the day of the lottery.
You can claim a maximum of 5 tickets per account, but in order to be eligible for the tickets you must keep a certain amount of BNB coins in your balance each day.
Everyday a snapshot of each user’s balance is taken at midnight UTC. If your BNB balance drops below any of the above thresholds when the snapshot is taken, you will drop into the lower corresponding threshold. So even if you hold more than 500 BNB coins in your balance for 19 of 20 days when the snapshot is taken, but one of the days your balance drops to 499 or 399, you will only be able to claim 4 or 3 tickets.
Before the drawing you can select how many tickets you wish to enter. Each lottery ticket has a unique number which are all assigned consecutively. So if you were to claim 5 tickets the tickets might be numbered 200005, 200006, 200007, 200008, and 200009. Binance then announces the maximum number of winners and the amount of each winning ticket prior to the drawing.
Even though Binance is only 2 years old, it has quickly become the best and most reliable cryptocurrency trading platform in the market today. They have gained a huge amount of trust from their users and the cryptocurrency community at large for a multitude of factors. Some of these include security, selection of tokens and trading pairs, fast processing time, incredible promotions and much more. Also, the exchange is capable of processing more than 1.5 million orders per second. Binance also works on all forms of devices and has multiple languages supported.
Based on everything described in this Binance review, it is easy to see why Binance is the number one cryptocurrency exchange today. Binance has multiple high quality partners, a large amount of resources, an enormous user base and some of the lowest trading fees in the industry. We expect Binance to continue to evolve and offer its users new groundbreaking and useful features in the future. If you’re interested in signing up, click the link below or any in the article and begin trading your favorite cryptocurrencies today.