Cryptocurrency market experienced an incredible expansion in 2017, which brought along a lot of fame and new traders. Coin prices went up to unprecedented levels, and everyone wanted to make a quick buck by flipping a bitcoin or two. This all meant more work for cryptocurrency exchanges, but if there’s one institution that has risen up to the challenge, it’s Binance. This now very popular member of the cryptotrading community quickly made its presence known, so it seems fair that it should become one of the first exchanges we analyse. Yes, in the rest of this text we will show you what the secret to this company’s success is and why so many people trade on their website every single day. Keep reading and welcome to our Binance review.
If you want to trade here, you will need a Binance account, obviously. The process of creating one could not be any simpler – all you need is an e-mail to which a confirmation letter will be sent. Click on the link, perform the login and you’re all set to trade. This is literally a matter of seconds. What is important to note, though, is that Binance accounts can have different levels, which determine how much a trader can withdraw in BTC on daily basis. Level one account allows you to withdraw 2BTC, and this should really be more than enough if you’re a beginner. It is important to emphasize that an account of this level will not need any verification, whereas higher-level accounts will ask for your photo ID. In any case, this is an exceptionally easy step, so let’s move this Binance review on. Things will get a lot more interesting from here.
So, you’ve done the login. Now what? Well, you can’t trade without any funds in your account. It’s time to make a Binance deposit.
The important thing to mention here is that you cannot make a deposit with any of the fiat currencies, which is a slight disappointment. Many of you would probably find it much simpler if you could simply start by making a transaction in a more standard manner, but it’s not the end of the world. On the plus side, there is a huge variety of coins to choose from – Bitcoin, Iota, Ethereum, Ripple and dozens of other options. Simply pick one and the address belonging to the Binance wallet for that particular cryptocurrency will appear. Just make a transaction, any transaction, and you’ll be ready to start trading. There is no minimum deposit you need to worry about and no Binance fees that apply to this process. Once again, you can be done with everything in a matter of seconds. With that, there is nothing more in your way – you are now ready to start trading, and the best is yet to come, so don’t go away.
We have now come to probably one of the most interesting parts of this Binance Exchange review: the trading environment. If you click on the “Exchange” button in the upper right corner of your screen, you will see two options drop down – Basic and Advanced. These are the versions of the platform you can choose from, with the Advanced option offering a slightly more analytical approach thanks to various tools and indicators you have at your disposal there. However, if you’re still a beginner and want to start things off slowly, don’t be afraid to go for the Basic version. You won’t miss out on anything. And if you have any previous trading experience at all, you will quickly get the hang of things here.
Now, Binance Exchange has a lot of assets to offer you. Seriously, A LOT. We already mentioned things like Iota, Bitcoin, Ripple and Ethereum, but let’s dig a little bit deeper. Zcash, Dash, various Bitcoin forks, Ethereum Classic, NEO, GAS, EOS and many others are all at your disposal. More than 50 different cryptocurrencies are available at the moment, but new ones are added to the line-up regularly. This is because listing a coin here is extremely simple – all you have to do is send in an application for your token and a special team will review it quickly. The exchange is also known for a large number of ICOs, which a lot of traders like because you can easily snap up a large amount coins of a new currency. This can bring a lot of profit later down the road for a relatively small investment if that cryptocurrency becomes more widely recognized.
OK, but how do you actually trade here? That’s what we will be tackling next in this Binance Exchange review.
Like we said, there are two interfaces to choose from – Basic and Advanced – but trading is exactly the same on both of them. On the right side of your screen, you will see cryptocurrency pairs based on four coins: USDT, BTC, ETH and BNB (more about this one later). Because all pairs are based on them, it is recommended that you make your deposit in one of these currencies, simply to have a greater flexibility. After that, simply choose the exact pair that interests you and make your first Binance trade. This is where the amount of available assets kicks in, as you will really have an incredible amount of options. That’s why it’s nice that you can mark certain pairs as your favorites and get to them right away after every login. Right below the pairs, you can see the trading history for every pair, which is also a feature that can help you a lot.
After you choose the pair you want to trade, head to the left side of the screen. There, you will find two boxes: the upper one is red and contains sell prices, whereas the lower one in green shows the buy prices. Between the two is a number showing the last transaction.
In the center of your screen, you are able to choose between three different order types: Limit, Market and Stop-Limit. You place your order just below that, by choosing Buy or Sell. Then you simply input the amount you want to buy/sell, and once the transaction is complete, the funds will be immediately available for withdrawal. And while the interface could be a bit more user-friendly, we believe you will still be able to comprehend things fairly quickly. On top of all this, you can conduct all your trading on the go. How? Learn in the following paragraph of our Binance review.
Yes, in this day and age, time is extremely valuable, especially if you’re a trader. You often need to react instantly in this business, no matter where you are, and Binance app allows you to do just that. It can be used on both Android and iOS devices, but you can get it from the exchange’s website, in addition to Google Play and the App Store, of course.
So, what can you do with this app? Well, pretty much everything you can do on the website. After finishing your Binance login, you will be able to deposit and withdraw whenever you want. You will also be able to easily browse the offer, check the status of each cryptocurrency and make an investment, all with just a few taps or swipes on your touchscreen. Binance app also enjoys pretty good support from its developers, and a new update was released just a few days ago. Literally millions of people already have it on their mobile devices, with overwhelmingly positive reviews coming from all directions. In short, Binance app gives you everything you need to be an efficient trader, so it’s an absolutely indispensable piece of software if you’re constantly on the move. However, the trading cryptocurrencies is not the only thing this website offers. There are two more very interesting options. Explore them with us in the next part of our Binance review!
If you’re perhaps looking to develop your own cryptocurrency or something else based on blockchain technology, Binance Labs is the place to go. Here you can receive valuable advice and even funds from people behind this cryptocurrency exchange. They will guide you step by step through the whole process and make sure you have all the necessary resources at your disposal. Given the popularity of this website and the knowledge of people behind them, the assistance you can get here can be simply invaluable.
But that’s not all because if you do everything the exchange asks from you, your project will become eligible to appear on Binance Launchpad. Now, this is a platform for ICOs where you can easily find backers. The exchange claims that most ICOs here are finished within just one minute, meaning the community is quite willing to support good projects. So, Binance Labs serves as an incubator for startup projects which will then end up on Binance Launchpad. Even after that, the benefits don’t stop. Binance Exchange will gladly list your cryptocurrency and provide you with great exposure to the masses. Everybody wins that way since the website expands its offer and gives its clients a unique asset to trade with. Therefore, collaborating with these people can really give you a big boost if you want to create something new. But we mentioned something called BNB earlier. What’s up with that? Learn all about it in the next part of this review.
BNB is actually Binance Coin, a token released by this exchange. It can be used to pay for trading fees, withdrawal fees and any other fees you encounter on this website. The advantage of using the Binance Coin to do that is that the fees will be significantly lower – you get 50% off during the first year after this token is launched, 25% during the second etc. Now, 200,000,000 BNB were created, half of which went to traders participating in the ICO, while 80,000,000 BNB stayed with the founding team, and 20,000,000 BNB went to so-called Angel investors.
However, the exchange plans to buy back half of the total number of all Binance Coins. They will reinvest 20% of their profits into that venture each quarter until the goal is reached. At the moment we’re writing this Binance review, the coin is worth a little over 13.60 USD. And if you want some technical information, BNB runs on the Ethereum blockchain (ERC20 standard). That’s it for this topic, so let’s move on to the structure of costs you need to be aware of when trading here. Don’t miss the following paragraph!
Fees play a vital role in pretty much every trading experience. The offer can be fantastic, but nobody will stick around for long if it costs too much to enjoy it. Therefore, in this part of the review we have to see what Binance Exchange has to say on that subject.
And the situation is good here, very good. No broker or exchange will provide you with a completely free experience, everyone is in this business to make a profit, but these guys come extremely close to that. As a matter of fact, Binance fees are among the lowest in the business. We already said that there are no deposit fees, but what is perhaps even more impressive is the trading fee which stands at just 0.1%. Remember, this can get halved if you have some Binance Coins stashed away, so you can end up paying just a 0.05% fee on every trade.
Finally, we have the withdrawal fees which are not uniform, but depend on the cryptocurrency you’re using. This cryptocurrency exchange will charge you, for example, 0.001 BTC, 0.25 XRP, 0.5 IOTA, 0.01 LTC etc. You can easily find the page with all of the withdrawal fees clearly listed out at the bottom of the Binance website. Within just a few seconds, you will learn everything that interests you. And once you learn it, sharing that knowledge with your friend could become very profitable for you. As a matter of fact, Binance fees can even work to your advantage thanks to the referral program this cryptocurrency exchange allows you to join. More on that, however, in the next part of the analysis.
Binance referral program is an excellent way to spread the word about this website and earn a fair amount in the process. The whole thing is quite simple, really – after you complete the login, you will be able to generate links and even QR codes which you then send to your friends. Each person you send a link or a QR code to has to register by using what you send them, and there is no limit to how many people you can recruit this way.
For each successful Binance referral, you will get 20% of the fees the person you introduce to the exchange pays. In other words, the more that person trades and withdraws, the more you get. It is important to note that your cut of 20% is what everyone gets at first. This number can later be changed based on the performance of the people you bring in.
Another big selling point of the Binance referral program is the fact that your reward is delivered to you in real time, as soon as your friend wraps up their trade. You can therefore see your account balance grow constantly, without having to meet any conditions. Keep in mind that your commission will be sent to you in the same cryptocurrency your friend uses to pay it. So, if they pay in Binance coin, for example, you will get a certain amount of Binance coins transferred to your account. If all of this is maybe a little too much to take in at once, you can always contact the support team. We’ll talk about them a bit in the next part of this Binance review, so stay with us!
Given the offer, size and popularity of the website, quality support is a must. The main part of Binance support is divided into two parts – Announcements and FAQs. They are both very thorough and contain a lot of information, with the former also containing Binance news. No matter where you turn, however, you can count on dozens of articles which can all be browsed just by entering the term that interests you in the search field. If you don’t find what you’re looking for there, you can always send in a special request for assistance from the website. This is essentially an e-mail form, but the good thing is that you can specify the topic you want to talk about (deposits, withdrawal or something else) which will help increase the speed at which your request is processed. Therefore, that part of Binance support works just fine.
In addition, there are other ways to contact them. The cryptocurrency exchange is active on social networks, and you can find Binance Twitter, Facebook, WeChat and Weibo accounts very easily. You can even check out a pretty active Reddit community. Two messengers – QQ and Telegram – can also be used to make contact, so all in all you are pretty well covered on all fronts – the support team will deliver every time. This is also important to know because of security. After all, we are talking about serious investments here. No slip ups can be tolerated, so before we end this Binance review, we have to say a thing or two about that topic, too.
One more key question remains unanswered – is Binance safe? After all, this is still a fairly new website. However, we believe trading here to be fairly secure. They wouldn’t be as popular as they are today if there were any traces of a scam. But we didn’t want to leave everything to our impressions, so we dug deeper. Most comments we encountered praise Binance security, and there are absolutely no complaints. We wholeheartedly agree with that because we also did not experience any security issues while trading here.
Like we said earlier, to upgrade your account to Level 2, you will need to verify your identity. That’s one way how safety is maintained here. In addition to that, you also have the option of using a Google 2FA Authenticator, which is a pretty big deal. If you are from China, the country this website comes from, you will be able to perform SMS authentication, as well. On top of all this, API keys can also be used. These help you manage everything from various apps or other websites and help you make transactions between various devices. In short, safety is something Binance has really dedicated a lot of efforts to, and since we did not find any evidence of scams (at all!), the only thing we can really do is recommend this website to you. The main reasons for that will be mentioned once again in our conclusion.
Here we are, at the end of our Binance Exchange review. It’s been a fairly long text, but we firmly believe this website deserves it because from login to withdrawal, everything works very smoothly. Binance fees are certainly one of the most pleasant surprises you can find here, and they can be even lower if you decide to use BNB tokens to pay them. The number of coins you can trade is very impressive, but what we liked even more is the fact that these guys will help you launch your own ICO with loads of very useful tips. Everything can be done via a great Binance app too, which maintains pretty much all functionalities of the regular website. Don’t forget about the referral program, which can provide a pretty steady stream of coins into your account if you get enough people to join. The support is also excellent, which just adds to overall security, plus you can very easily find all relevant Binance news on the website. It really is a pleasure to trade here, and we can clearly see why this cryptocurrency exchange has become so popular in a matter of months. If you want to invest in virtual coins, finding a better place for that than this one will be extremely difficult. Open an account now!
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