Binance Review

binance review
Binance is a fairly recent yet highly popular Chinese cryptocurrency exchange. Its main attractions include a significant amount of Initial Coin Offering listings as well as extremely low trading fees.

Binance.com Review – The Platform

Upon visiting the Binance exchange platform, you will immediately come across the two options offered to traders of cryptocurrencies – basic and advanced. This, however, is not to be confused as a matter of usability. Both versions are only recommended for traders with working knowledge of cryptocurrencies and how to trade them.

The best way to draw a distinction between the basic and advanced version of the Binance platform is by evaluating the level of technical analysis provided by each of them in the long run. Simply put, the advanced version goes more in-depth into analyzing the value of cryptocurrencies than the base version.

binance screenshot

If it all happens to suit you just fine and you get yourself registered with this exchange, the next logical step is to begin funding your account. For this, there is a multitude of different cryptocurrencies to choose from, but the most recommended happen to be BTC and ETH. Afterward, you can get into exchanging, investing, and trading numerous cryptocurrency pairs. The platform also allows you to generate and limit and market orders.

Unless you are entirely new to the world of cryptocurrencies, you will find trading them on Binance to be a fairly straightforward matter.

Binance Fees & Limitations

The fee rates charged by Binance are quite low and that only contributes to its appeal in the market. On average, the exchange gets 0.1% of a given trade. Meanwhile, if you trade using the Binance token, you will be paying at the discounted rate of 50%.

When it comes to withdrawals, the fees are variable, depending on which cryptocurrency is involved. Bitcoin, for example, comes with a 0.0005 fee rate while for Ethereum, the rate is 0.005.

On the subject of transfers, there are no limits regarding how many coins may be deposited. On the other hand, there is a limit on withdrawal amounts if there is no prior verification. Verifying your identity with Binance requires your full name, gender, country, and a photograph from either your passport or ID card.

We’ve checked several binance reviews online and most of them were also positive.

Security

In spite of its recent arrival, Binance has already gained huge popularity and trust among cryptocurrency traders, so you would expect that security measures are up-to-date and highly efficient. But as it turns out, not as much as we expected. For instance, access to information regarding secure funding is rather limited. But there is a two-factor authentication system and the platform does offer a multi-tier system architecture.

Customer Support

But while pretty much any cryptocurrency exchange has the capacity to be a well-oiled machine harboring an attractive array of trading tools and opportunities, it still has to present itself well to actual people. And that is where customer support is so important. With Binance, customer support is fairly responsive and helpful to traders.

However, it does lack a few important features that are standard for most other cryptocurrency exchanges. There is no telephone number to call or a live chat option on the website. What you can do is submit a support ticket through an online form on the platform to which a response will be communicated via email.

Conclusion

Binance is one of the fastest exchanges currently operating, capable of processing nearly one and a half million orders every second. What’s more, it is compatible with several different devices including Android, HTML5, web, and WeChat.

Binance is also accessible in different languages including Chinese, Japanese, Korean, and of course, English.

In summing up Binance, you will likely have mixed feelings about it. While it may not be the most user-friendly platform in the world, it certainly has one of the lowest fee rates and a highly competent customer support team. It also provides traders with a wealth of opportunities and trading tools.

But of course, you can never be too careful when dealing in cryptocurrencies, no matter how good a deal your exchange will be presenting. Always remember the basic steps such as using a unique password, activating 2-factor authentication, and not storing a large number of virtual funds on the exchange for very long.


Page Updated: March 5, 2018

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