Binance Cryptocurrency Low-Fees Exchange Review

Binance Cryptocurrency Low-Fees Exchange Review

in Cryptocurrency, Ethereum, Bitcoin, Investments, Know-it-all

  Binance is a Chinese cryptocurrency exchange, that is popular for its crypto to crypto exchange services with a focus on low trading fees. By being a pure cryptocurrency exchange and not having to deal with fiat, they can deal with less regulatory issues. It also has an impressive listing of Initial Coin Offerings and altcoins. Binance is based in Hong Kong and its servers are located in South Korea. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish and French. This allows them to focus on the international market and has led to a partnership with QUOINE, a leading global fintech firm. Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country. Although the company was launched just a few months ago (via ICO), the exchange is already being promoted as a good alternative to Bittrex. In our review, we will attempt to outline everything that you must know Binance about, including how it works, the crypto pairs that you can exchange, trading fees/limits, security aspects, and customer support. Binance exchange compatible with:

  • Web
  • iOS
  • Android
  • HTML5
  • WeChat
  • PC client

 

How to use Binance

To use the exchange create an account. You don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits, but you will need to contact them directly to arrange that.
bitcoin exchange
To begin trading, you first need to fund your account:

  • click on the “Deposits Withdrawals” link under the “Funds” tab
  • choose which cryptocurrency you’d like to fund your account with and click “Deposit”


bitcoin blockchain
Now you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens. Navigate back to the exchange dashboard by clicking “Basic” under the “Exchange” tab in the upper left-hand corner.
bitcoin address
On Binance, you’re only able to make limit and market orders. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.
cryptodaily
The platform offers two options for cryptocurrency trading- basic and advanced. Anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services. The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.
 how cryptocurrency works
 
cryptokeys
However, even the Basic view is fairly complex and not ideal if you’re just starting to invest. It’s obvious that Binance was not created for the casual investor. The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history. There’s also a depth chart of the orders that you can view in a separate tab from the candlestick chart.  

Available Cryptocurrencies

Binance has a vast selection of coins with pairings to Bitcoin, Ethereum, and Tether. Some of the available coins are:

  • Ark
  • Bitcoin
  • Bitcoin Cash
  • Bitcoin Gold
  • Dash
  • EOS
  • Ethereum
  • Ethereum Classic
  • IOTA (Binance is one of only two major exchanges where you can buy IOTA)
  • Litecoin
  • NEO
  • OmiseGo
  • +36 more coins
  • Many investors like Binance because they offer coins that often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton Coin.

 

Fee comparison with other exchanges (taker fees)


bitcoin split,
 

How secure is Binance?

The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features. Currently, only Chinese phone numbers are supported for two-factor authentication. Binance's privacy policy states that the exchange does collect user information, such as IP addresses, and stores the data on its servers. Users concerned with privacy may want to review the details of the Binance privacy policy in full by clicking the “Privacy” tab on the main Binance site.  

Binance pros & cons

Pros

  • Basic and Advanced exchange views
  • Support for close to 100 cryptocurrencies
  • Multi-language support
  • Offers the Binance in-house BNB token for reduced trading fees
  • High liquidity
  • Capable of processing 1.4 million transactions per second
  • Backed by an established team with a proven track record in crypto and finance
  • Low fees on transactions and withdrawals
  • Bounty and reward programs for the community

 

Cons

  • Some users have reported difficulty with the Android version of the mobile app.
  • Some users have reported delays when withdrawing certain coins from Binance.
  • Unclear how recent regulatory actions by the Chinese government may impact the exchange, which is based in China.
  • Because it’s a new platform, it’s hard to assess its long-term viability.
  • Currently, only Chinese phone numbers are supported for two-factor authentication.
  • Binance does collect and store some user data, such as logging IP addresses.

 

Binance ICO

Binance Coin was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.

“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.”

Binance tokens were issued to project supporters. The token has 3 major features:

  • Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
  • GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
  • Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.

 

Conclusion

According to everything that has been mentioned, although Binance is not the most user-friendly exchange available on the market, it does offer great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.  


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