Binance BTC Exchange is known as the leading crypto-to-crypto exchange.
It has more than 100 types of cryptocurrency coins that can be deposited or withdrawn, while being appealing to traders for many other reasons.
Has Binance partnered with Simplex?
Yes, and this has increased why it’s beneficial to use because it means that you can make credit card purchases of cryptocurrencies, therefore making the whole process much easier.
But that’s all just the tip of the iceberg. To know more about this interesting cryptocurrency exchange, let’s dive into this Binance review, looking at various aspects of the exchange. We’ll start with a bit of history about Binance.
When Was Binance Established?
Binance, which is based in Hong Kong, hasn’t been around for that long. It was launched in 2017 by a developer called Changpeng Zhao.
He established Binance via his company, Beijie Technology, after a successful ICO (Initial Coin Offering) that managed to raise $15 million. The ICO investors received Binance Coin that could be used to trade cryptocurrencies.
Binance just grew in popularity after that. This cryptocurrency exchange currently makes waves because of how it offers low transaction fees and accommodates a variety of cryptocurrencies, just to mention two of its features.
Due to some difficulties related to the Chinese government’s stance on cryptocurrencies, Binance now has an offshore location and is registered in many locations, so as to prevent it from being hampered by one regulatory body.
Why Binance Has A Good Reputation
Binance has grown in popularity since being established. In 2018, Binance had over nine million users globally and earned almost a billion dollars in profits, as Atoz markets reports.
Zhao has had some high-profile positions under his belt, such as being the technical director at Blockchain.com, which further adds to the reputation of the exchange.
Let’s now look at some important features of Binance in greater detail.
Binance’s Two Interfaces
As you probably already know, a crypto exchange’s interface is really important. This is like your main screen where you can keep an eye on the market and trade more intelligently. With Binance, you get two types of interfaces to choose from. Here’s a rundown of both of them.
This one doesn’t give you a very technical analysis. You are provided with clear information that’s provided on one page.
This information includes prices, graphs containing buying and selling options, as well as trade history. It’s good for beginners, although some have said that it’s a little too advanced for people who are just starting out and don’t have cryptocurrency or market knowledge.
This interface shares a few similarities to the Basic version, with trade history appearing on the right. When it comes to the buying and selling info, it’s in a different spot on the page (on the low-right section, to be precise).
However, what’s really different is that the Advanced version provides users with more technical information and analysis of the digital currency value over time.
Both of these options can be tricky for a complete beginner to get used to, however they are pretty user-friendly for anyone who has some experience working with digital currencies and exchanges.
What Coins Are Supported On Binance?
There are many cryptocurrencies that are available on Binance. These include the following:
- Bitcoin (BTC)
- Ripple (XRP)
- Binance Coin (BNB)
- Litecoin (LTC)
- Ethereum (ETH)
- Binance USD (BUSD)
- Bitcoin Cash (BCH)
- Cosmos (ATOM)
- Paxos Standard (PAX)
- Basic Attention Token (BAT)
- EOS (EOS)
- Stellar Lumens (XLM)
- Dash (DASH)
- Nano (NANO)
- TrueUSD (TUSD)
- Tron (TRX)
- Tether (USDT)
What To Know About Verifying Your Account On Binance
There are two accounts you can open on Binance. If you own a Level 1 account, you can withdraw up to two BTC every 24 hours.
On the other hand, if you own a Level 2 verified account, you can withdraw 100 BTC every 24 hours. The catch is that you need to be verified in order to make use of a Level 2 account.
How to get verified
You will have to complete a Know Your Customer (KYC) form as well as provide proof of your identity. You don’t need to verify your Level 1 account, which means that the sooner you create an account the sooner you’ll be able to get started!
If you’re in a hurry to start withdrawing large amounts of money, bear in mind that it might take a bit of time for your Level 2 account to be verified.
It just depends on how busy the support staff is at that time, so take that into account and prepare what you want to do ahead of time to prevent stressful situations.
What Are Binance’s Fees?
On Binance you will be charged a fee of 0.1 percent for every trade. If you pay with the use of a Binance token, you can receive discounts of up to 50 percent on the trading fee.
Binance doesn’t charge users any fees for making deposits and withdrawals because it sticks to cryptocurrency trading. Handling cryptocurrency is a lot cheaper than fiat currency.
What Is Binance Coin?
Binance Coin (BNB) is described as the crypto coin provided by Binance exchange. It is used on the Ethereum blockchain and has a limit of 200 million BNB tokens. Binance Coin is in charge of various services on the Binance exchange, such as paying for service fees, listing fees, as well as other types of fees.
Binance Coin was initially used as an ERC20 token, but now it can be used for a variety of things, such as buying virtual gifts, shopping with the use of a credit card, paying for travel expenses and more.
There are different ways in which you can purchase Binance Coins. These include:
After sending money to your account you can buy stablecoins that are used to buy Binance Coins on the Binance exchange. Stablecoins are basically cryptocurrencies that place their market value on an external reference.
They can mimic the fiat currency value so that users can transfer value around the world, and they remain stable in volatile markets.
If you have other cryptocurrencies, you can exchange them for Binance Coin.
For the ultimate convenience, you can use your credit card to purchase Binance Coin on Binance.
Some Drawbacks Of Binance
There are some things to consider when using Binance, such as these drawbacks:
- The exchange doesn’t support fiat currencies. It requires users to buy cryptocurrencies elsewhere and then send them to Binance in order to use them.
- Although Binance ensures security for its users by giving them strong security features, sometimes this can be a hassle. For example, users have to login with their password, then solve a puzzle, and undergo other security measures which can be a bit stressful and time-consuming.
Binance vs Other Cryptocurrency Exchanges
There are many cryptocurrency exchanges from which to choose. So, how does Binance really compare with them? Let’s break it down by comparing Binance to other exchanges, namely Bittrex.
Binance Vs. Bittrex
Here are some key features of Binance and Bittrex.
- It provides customers with two-factor authentication as well as email confirmations.
- Binance has top-notch customer support, with staff members responding quickly to customer queries and problems.
- It can handle 1,400,000 orders per second, making it a super-fast cryptocurrency exchange.
- Binance trades over 400 cryptocurrencies, which are traded at very competitive prices.
- Binance is versatile, available in 13 languages so that people can access it from all over the world.
- Binance is available on many platforms, and these include a mobile platform for iOS and Android users.
- Another area in which Binance shines is its fees. On Binance, you’re charged a flat trading fee of 0.1 percent. If you go ahead and use BNB tokens, this fee can be lowered even more.
- Like Binance, Bittrex offers two-factor authentication and email confirmations.
- However, Bittrex is not as on the ball when it comes to customer support when compared to Binance. People who’ve used Bittrex have previously complained that the staff is slow when responding to queries and problems.
- Bittrex’s trading engine ensures that orders are done in real-time. Transactions, whether deposits or withdrawals, are both fast.
- One of the downsides of Bittrex is that, unlike Binance, they don’t have a mobile platform.
- Bittrex complies with all U.S. regulations. This helps to prevent and fix unlawful behaviour committed by customers.
- When it comes to fees, Bittrex charges more than Binance: there’s a flat trading fee of 0.25 percent.
Binance Vs. Coinbase
Now let’s look at some similarities and differences between Binance and Coinbase, which is another popular crypto exchange.
- Coinbase has limits for customers depending on the fiat currencies they are trading with as well as whether they’re a Level 1, 2, or 3 account holder. If you’re a Level 2 user, you can make daily trades up to the worth of 25,000 USD. Level 3 users can make unlimited trades.
- One of the areas in which Coinbase really shines is when it comes to the user-friendliness of the exchange. It’s especially great for beginners because it’s got basic features that are clean and easy to use.
- When it comes to its customer support, some people have reported that the exchange staff is a little slow – you might have to wait between one and three days before getting a response.
- What do people say about the Coinbase mobile platform? As Bit Degree reports, Coinbase has a Google Play rating of four out of five.
- When it comes to security, Coinbase offers customers two-factor authentication. One of the things that sets Coinbase apart is that it stores 98 percent of its users’ funds offline to ensure their safety. The two-percent that’s stored online is also insured against theft.
- Binance also has different trade limits depending on the level of the customer. There are Level 1 and Level 2 users. If you’re a Level 2 user, you can make daily trades up to the worth of 650,000 USD.
- One of the areas where Binance fails a bit in comparison to Coinbase is its user-friendliness. The exchange’s “basic” layout is actually a bit too advanced for people who are just starting out with cryptocurrency. That said, if you’re experienced you’ll definitely receive all the data you need to trade.
- On the topic of customer support, Binance is said to be a little slow when its exchange is busier than usual.
- What do users say about the Binance mobile platform? According to Bit Degree, users have rated Binance one out of five on Google Play. So, it’s not as popular as Coinbase in this regard.
- When it comes to security, Binance is similar to Coinbase in that it provides users with a two-factor authentication process. However, why Coinbase is better than Binance when it comes to security is that Binance hasn’t always been transparent about how its funds are stored. That said, it is on the ball when it comes to stopping hackers – if you recall, in 2018 hackers stole login details of Binance users and tried to steal their money but were stopped before any losses were incurred.
This is a crypto exchange that was started by Binance. It is basically the U.S. branch of the Binance digital exchange.
Why did Binance stop serving U.S. traders?
This occurred in 2019 and was as a result of regulations and legislative barriers preventing free operations.
If you’ve heard some hype about Binance Exchange, you’re probably interested in learning more about it.
After reading this review, you have the information you need when it comes to setting up a Binance account as well as why you should. We’ve also looked at how Binance fares when compared to other popular exchanges so you can choose the one that’s best for your needs.
Last Updated on June 25, 2020 by Eito