Cryptocurrency took the world by storm in 2017, and 2018 is expected to be much the same.
If you haven’t already dabbled in the world of cryptocurrencies, now is your opportunity to make it one of your new year’s resolutions.
But, if you are going to start dabbling, you need to pick an exchange to use.
With many different options available, it can be a little hard to pick the one that suits your need, so this is where this Binance review comes in.
Described by the cryptocurrency community as ‘the best crypto exchange‘, Binance offers the largest amount of altcoins with some of the lowest fees.
We have thoroughly tried, tested, and reviewed the exchange for you so you can know exactly whether it is the right one for you. So, let us find out more!
- Name: Binance
- Website: www.binance.com
- Type: Cryptocurrency to Cryptocurrency Exchange
- Cryptocurrency: Over 45 options
- Fiat Currency: At present, Binance does not offer any fiat currency trading on its platform
- Rating: 8.5/10.0
Binance is a cryptocurrency exchange that prides itself on its low fees when it comes to trading.
They can offer some of the lowest fees around because they do not trade with fiat currencies. Instead, they just offer to trade between popular crypto coins.
This means that they have less regulatory issues and requirements to deal with which means less overheads for them, and lower fees for you.
The platform offers trading between all the main coins you would expect to find as well as lots of ICO options and altcoins.
The company behind Binance is based in Hong Kong, and its servers operate from South Korea.
Binance’s website operates in Chinese, English, Korean, Russian, Japanese, Spanish and French and they have a massive following due to their multi-lingual approach to service.
They also have forged a professional relationship with QUOINE who is one of the world’s leading Fintech companies.
While the company is still rather new, it has already amassed quite a following and is proud to be one of the world’s leading crypto to crypto exchanges.
Binance has a huge capacity, and they boast the ability to process 1.4 million orders every second, and in the online community, Binance is being touted as an excellent alternative to Bittrex.
One of the best things about Binance, apart from its incredibly low trading fees, is the sheer volume of coins that are supported.
They even have their coin called the Binance Coin which was issued during their own ICO.
It can be used to pay all of the fees on the platform and will also be a big part of the plan to become a Decentralised Exchange, as it will be one of the base currencies.
The history of Binance is an interesting one.
It started with an ICO offering that was held on the 14th of July 2017. During the ICO a total of $15 million was raised which set it off for a good start.
In just five months, its popularity has soared, and it now places itself amongst some of the most well known and popular cryptocurrency exchanges in the world.
During the ICO, the Binance token was issued to protect supporters.
This token was made up of three components:
- Binance tokens can be used to reduce fees on trades and commissions
- Binance tokens can be used to power advanced features that require GA
- Binance tokens can be used on their forthcoming decentralised exchange to stake transactions
It is also worth noting that one of Binance’s advisors is the founder of NEO.
This means that there is a great working relationship between Binance and NEO and in fact, they are the only exchange that gives holders NEO, NEO GAS just for holding the coin on the exchange.
Binance takes a snapshot of your NEO balance each day and then distributes NEO GAS based on the balance.
One of the major contributors to the Binance success was listing IOTA as one of the currencies during the peak of the currency. It attracted many customers who were discouraged by Bitfinex.
Binance: Cryptocurrency Offered
Binance has one of the biggest selections of coins available, and these include, but are not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, IOTA, EOS, Dash, LiteCoin, NEO, GAS, ZCash, Dash, Ripple and many, many more.
Also, remember it supports lots of ICO coins so be sure to keep your eyes open for them!
Binance is very quick off the mark when it comes to adding a new coin after its ICO which is excellent for you as it means you can often purchase them at a really low price, and enjoy greater profits in the long run.
Once you have signed up to Binance, the first thing you need to do is deposit some funds into your account. Here’s how to do it:
#1 Navigate to the ‘Deposit’ page which can be found on the main page under the ‘Funds’ tab in the right-hand corner.
#2 Choose the coin that you want to deposit and press the ‘Deposit’ button. Be sure to click only on the button that pertains to the currency you want to deposit as the address that is generated for each coin is different.
#3 An address will be generated which then needs to be inputted into your wallet as the address that will receive the funds.
#4 Click send, and you are good to go. Your deposit should come automatically, and you can vie in the transaction history.
Binance: Withdrawal Methods
Withdrawing from your wallet is just as simple.
#1 Open your wallet and copy the address of the wallet that you are using.
#2 Navigate to Deposits/Withdrawals within Binance and click on the currency that you wish to withdraw.
#3 Paste the address of your wallet into the applicable box. Check all of the details are correct and press ‘Submit’.
#4 Then proceed to your email account, and you will receive a confirmation email. Click on the confirmation link, and you will find that your withdrawal will be processed.
Binance: Mobile App
Good news for all cryptocurrency traders that like to trade on the go, because Binance has a fully functioning mobile application.
It is available for Android and iOS and can be downloaded directly from the site, or through the Apple Store or Play Store.
The layout is slick and easy to navigate, and it has most of the features that you would expect from the desktop or browser version.
You can check graphs and news, as well as place orders and trade, much as you would do on the computer version.
The app has an average rating of 3.7, but it’s only a few months old, therefore there are still a few kinks and issues to be worked out to make it perfect.
Binance: Privacy and Security
While Binance is new to the market, it has quickly attained a high level of trust and reputation amongst the community.
There are a few concerns that have been voiced in various forums, mainly around the fact that the exchange doesn’t provide much information to users on how the funds are secured and stored, although one would hope that it is a matter they take seriously.
To their credit, to date, there have been no known security breaches or issues, which automatically puts it head and shoulders above some of its competitors.
It also takes verification seriously, mainly if you want to withdraw over a certain amount of currency.
It requires two-factor authentication which is a nice touch, and it offers multi-tier system architecture as well.
As we have already mentioned, one of the biggest bonuses, when you use Binance, is the fact that its fees are incredibly low.
At the time of writing, the fee is an average of just 0.1% on each trade that is made.
Those that choose to pay their fees with a Binance Token, enjoy a 50% discount on the fee, which is fantastic! These are most definitely some of the lowest fees that you can avail yourself of at the moment.
When it comes to withdrawal fees, they vary depending on the currency that you are using. But, since Binance is a crypto-crypto exchange only, you cannot withdraw your funds in fiat currency.
While making transfers, there are no limits on the number or amount of coins that you can deposit. However, you need to be aware that if your account is not verified, you are limited when it comes to withdrawing them.
In order to verify yourself, you need to provide Binance with your full name, country of residence, gender, a copy of your government issued ID or passport, and sometimes even a photograph of you holding your passport.
Binance: Customer Service
A lack of proper or responsive customer service is a complaint that often befalls most of the main cryptocurrency exchanges.
Particularly recently as the popularity of cryptocurrencies has stored, many leading names have been unable to keep up with the demand from their users that has resulted in a backlog and many disgruntled clients.
Binance is no exception.
To be fair to them, they are a new platform and are obviously ironing out some of the kinks, but they are off to a good start.
The customer service team is, on the whole, professional and responsive.
To access help, you need to submit a support ticket via a form on their website, and you will receive assistance via email.
At the moment there is no live chat support or telephone support which is a bit irritating, but it is hoped that this will change in time.
You can also access a selection of helpful FAQs and articles that can direct you towards a solution and it is recommended that you check these out before submitting a help request.
While the Binance customer service still has a big room for improvement, the Binance community is perhaps one of the largest among exchanges.
So if everything fails, there’s always a member of the community that will be willing to help.
Binance is not the easiest exchanges on the market, and this is due to its interface.
While it is well-designed and simple-ish, it would be a little confusing for those that are not au fait with cryptocurrencies or do not have at least a little Forex experience.
That said, if you are happy to persevere and to get to grips with the way it looks, it is a great platform.
It might seem difficult at the beginning, but once you get your head around Binance, the exchange will become much more accessible.
Binance: Who is it for?
There are two options for you to choose from when it comes to trading on Binance.
These are Basic and Advanced. Be warned though that even the Basic option is anything but basic – it’s pretty clear that Binance is not for those just looking to invest casually.
So, if you’re looking into trading BTC/ETH, then you should probably look elsewhere.
Binance is one of the most advanced exchanges, mostly known for trading altcoins ant tokens.
Binance: How To Buy Your Cryptocurrency Step-by-Step
#1 First up you need to register for an account
This is quite straightforward, and you can choose whether to verify your account at this stage, or a later stage. You will also be asked if you want a Basic or an Advanced account.
You will be asked for information such as your name, a password, and an email address- once you have inputted that, it is as simple as just clicking ‘Register’.
#2 Invest in Bitcoin
The only way you can buy cryptocurrency on Binance is via Bitcoin. So, to start buying you first need to deposit some BTC into the exchange. This is just a matter of following the Deposit Methods guide above.
#3 Choose the ‘Basic’ version
Once you have completed that, you need to head to the Exchange section of the site. If you are a first-timer, we recommended choosing the Basic version for the sake of efficiency.
#4 Choose your crypto-coin
Search for the cryptocurrency of your choice in the search box and select the one that you want.
#5 Select ‘Limit’ or ‘Market’
Then select ‘Limit’ or ‘Market’ from the tab in the middle of the page.
#6 Choose the amount
Select the amount you wish to purchase or choose from four pre-defined amounts.
If you choose Market, Binance will buy at the best possible market price.
If you want to choose Limit, you can set the amount you want to buy at, and when it reaches that amount, your purchase will be made.
#7 Check your deposits
Once you have made your purchase, your balances can be viewed on the ‘Deposit Withdrawals’ page, and this will give you an overall value and total balance of all the currencies in your portfolio.
Binance: Overall Rating
We have given Binance an 8.5/10 rating!
While it has very low fees and a vast range of currencies, there are still a few issues that need to be worked out.
Some may not like the fact that you cannot buy or deposit with fiat currency, and for this reason, we wouldn’t recommend it to those who are just starting out.
This is a mid-level exchange for those who have some experience and know their way around the markets.
Overall, a great layout and relatively easy to use once you learn how to navigate the interface.
Binance is one of the youngest, but most successful, cryptocurrency exchanges out there. So, if they were able to achieve that level of popularity and trust in such a short amount of time, you can only imagine what else is waiting for them.
What do you think of Binance after reading the Binance review? Are you willing to try it? Share with us in the comments below!