Binance Review

Binance is a cryptocurrency exchange launched in 2017 by developer Changpeng Zhao. Originally based in China, they have relocated several times and are currently headquartered in Malta although they are also incorporated in the Cayman Islands and Seychelles.

What Is Binance?

Binance is a cryptocurrency exchange that since its launch in 2017 has grown to be the largest cryptocurrency exchange in the world by trade volume. Binance is available worldwide with the exception of the United States. U.S residents can use Binance U.S which is essentially the American branch of Binance. In the past trading at Binance was limited to crypto-to-crypto but now both fiat-to-crypto and crypto-to-crypto transactions can be made. There are a huge number of fiat currencies accepted at Binance including USD, EUR, RUB, TRY, NGN, UAH, KZT, INR and many others. Available payment methods are cryptocurrency, credit/ debit cards, SEPA, and Bank transfers.

 To trade on Binance you will need to open an account. To register follow these simple steps:

 Click the “Register” button in the upper right corner

• Provide your email address and a password you have selected. The password should be a minimum of 8 characters with at least 1 number and 1 upper-case
• Click “Create Account”. A verification code will be emailed to you. The code is valid for 30 minutes
• Enter the verification code to complete the registration process.

 Once you have registered Binance login only requires you to enter your email and password. You should setup your 2FA and SMS authentication immediately after registering for security purposes. At this point you can begin crypto trading with a withdrawal limit of 2 BTC a day. You can increase your daily withdrawal limit to 200 BTC by completing the Binance verification process and submitting additional KYC documents.

Binance Fees

Binance has some of the lowest fees of any cryptocurrency exchange. The maker and taker fees at Binance begin at 0.1% and go down as your trading volume increases. You can reduce fees an additional 25% by holding BNB, the Binance coin, in your account. When you look at Coinbase vs Binance, the trading fees at Coinbase are 2.5 times the amount of Binance fees before factoring in a 25% discount for holding BNB.

 Cryptocurrency withdrawal fees vary depending on the currency and are directly related to the network fees rather than set by Binance.

Binance Services

Binance offers a wide variety of services that users can take advantage of. Of course there is the trading platform and exchange but there are other services as well:

 Binance Crypto Loans: Users may take out crypto loans secured by using their cryptocurrency assets as collateral

• Binance Savings: This service allows users to lend their cryptocurrency assets and earn interest rather than just letting their crypto sit.
• Binance Staking: Users can stake a number of different cryptocurrencies. Annual yield can be as high as 16%.
• Binance Smart Pool:  This service allows miners to contribute to a larger mining group which splits rewards. The most profitable cryptocurrency to mine at any moment is automatically the one focused on.
• Binance Visa Card: Users are able to spend their cryptocurrency in locations that only accept fiat currency. The user’s crypto holdings are converted to fiat any time a purchase is made with no fees.

Binance Trading Options

You have plenty of options when it comes to trading at Binance. Here are some of the trading features offered on the platform:

 Spot Trading: Users can use choose between three different interfaces when spot trading at Binance. The classic interface provides a quick look of the market and available trading pairs, enabling users to switch between pairs easily. For users who want access to advanced charting tools the advanced interface is the way to go. Trades can be automated using the Binance API. A third option is the Convert and OTC portal. Users can easily convert cryptocurrencies with a few clicks.  The typical minimum trade amount is the equivalent of 10 USDT. The portal can handle both small and large crypto block trades.

• P2P: Binance has a peer-to-peer trading service which allows buyers and sellers of cryptocurrency to connect directly. There are no fees for Binance P2P and there are multiple payment methods and fiat currencies you can use.
• Margin Trading: Binance offers margin trading for selected trading pairs. Users can leverage up to 10x depending on the coin and have the option to cross margin risking their entire margin account or isolated margin where potential losses are limited to a single trading pair.
• Binance Futures and Derivatives: Binance Futures allows users to speculate on the price of a cryptocurrency without actually buying and selling it. Traders can leverage transaction up to 125x. Accounts must be funded with Tether. Maximum trading fees on Futures are 0.04%. Derivatives called “Leveraged Tokens” can also be traded at Binance with traders betting on whether the price of a cryptocurrency will go up or down.
• Stock Tokens: Stock tokens are digital tokens of shares that are traded on traditional stock exchanges and their value is tied to the value of the relevant share. They are non-fungible over-the-counter derivatives but not shares themselves. Binance does not charge a commission for stock token transactions

Binance Exchange

At Binance users can use fiat currencies as well as cryptocurrencies to buy crypto with several different methods being available to fund your account. Binance P2P provides over 150 payment methods and 50+ fiat currencies so you are sure to find a method that suits you. Traders also have the option to use debit and credit cards to buy cryptocurrency. SEPA and bank transfers are another method of funding your account at Binance.

Binance Withdrawal

Binance allows users to withdraw up to 2 BTC per day without completing the verification process. Verified users may withdraw up to 200 BTC daily. Withdrawals may be in cryptocurrency or fiat currency. To withdraw cryptocurrency follow these steps:

 Log in to your Binance account

• Click on “Wallet” and select “Spot Wallet”
• Click the “Withdraw” button
• Enter the crypto currency to be withdrawn
• Enter the wallet address where the coins will be sent
• Enter the amount to be sent
• Click the “Submit” button

 Funds will typically arrive in your wallet within 30 minutes or less but could take longer depending on network traffic. Fiat currency withdrawals will vary depending on the currency and method used.

Binance Support

Binance customer support can be reached 24/7 via live chat. However, the majority of support requests are made via a ticket system. Support can also be reached by email. In addition there is an extensive FAQ on the site that answers many of the questions users have.

Cryptocurrencies

Binance is the largest Bitcoin exchange in the world and has a huge selection of other cryptocurrencies to choose from as well. There are well over 200 different coins that can be bought and traded ranging from well known cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple to lesser known cryptos like Fantom and Ankr. If you look at Binance vs Kraken, Kraken has around 60 cryptocurrencies which is less than one-third the number of coins at Binance.

Is Binance Safe?

Binance has created a Secure Asset Fund for Users (SAFU) as an emergency insurance fund to cover losses. Customers can secure their accounts with 2FA and SMS authentication. Binance also follows the Cryptocurrency Security Standard (CCSS), an industry standard for major exchanges to protect user’s accounts. Users must complete KYC verification process to withdraw more than 2 BTC daily. Binance is a safe cryptocurrency exchange.