Binance Review

Binance bills itself as the ‘world’s leading cryptocurrency exchange’ and certainly based on volume of trades it is hard to argue against this professional looking platform. The company was recently rocked by a major hacking operation which stole around $40 million worth of Bitcoin, but seems to have rallied impressively since then.

The company was founded in China but recently moved to the island of Malta in Europe, and from their runs its very profitable and popular cryptocurrency exchange. Boasting more than 100 cryptocurrencies for exchange and very competitive rates, it is no surprise to see that this platform has been head and shoulders above the competition.

Facts & Figures

  • Name: Binance Exchange
  • Year Founded: 2017
  • HQ: Malta
  • CEO: Changpeng Zhao
  • Fees: Deposits – No; Withdrawals – Yes
  • Deposit options: Cryptocurrency, Payeer, Perfect Money and Yandex Money

How To Trade

Investors can create a free account with Binance by clicking the ‘Register’ button and entering personal information such as name and address. The next phase will be to make a deposit to the customer Binance account. Customers do this via the wallet section of their accounts and must use one of the available cryptocurrencies rather than a standard FIAT currency. To trade, investors simply log in, choose the currency market (eg Bitcoin Market) and search for the product they wish to buy or sell.

This platform allows users to take advantage of the stop-limit function, which allows for automatic buying or selling of the cryptocurrency once a selected price limit is reached. Margin trading on Binance is done using funds loaned by other traders, who will earn interest on their loans. This enables traders to use larger amounts to leverage their trades. When it comes to withdrawing funds, traders should use the same method and cryptocurrency that they deposited with.

Promotions And Loyalty Programme

This broker offers its own coin for use in trading, called the Binance Coin (BNB). By using this coin to trade, customers will receive a 25% discount on trading fees. The coin is available to use in numerous cryptocurrency pairs and so is a worthwhile investment for regular users of this site. According to Binance ‘It pays to have friends!’ and this is certainly the case when it comes to their Referral Program.

Invite a friend to join the site using a referral code and receive up to 40% commission in real time once they start trading with Binance. The level of commission will be 20% initially, but this rises to 40% on accounts with at least 500BNB. There is no limit on the number of friends who can be invited, and the commission applies to all of their trades. The VIP program in operation at Binance runs from level 0 to 8 and depending on the BNB volume held by the trader, further discounts will be applied.

Educational Resources

The Binance Academy is the place to go for in-depth information on all things related to trading. This Academy is a fantastic resource, which aims to educate everybody – from first-time traders to veterans. The free courses on offer allow customers to learn about the world blockchain and cryptocurrency in their own time.

The Binance Beginners Guide is a series of nine videos, taking newbies through the trading process from start to finish. Further video guides include a Margin Trading Guide, What is PGP?, What are Perpetual Futures Contracts and many, many more. The range and volume of tutorials available at Binance is extremely impressive and they provide extremely valuable information to traders. Besides these videos, the FAQ and Glossary will provide the answers to a lot of questions.

Trading Tools

According to the site, ‘Binance Research provides professional, data-driven insights and analysis for investors in the crypto space.’ Project and Market Research combine to offer a greater comprehension of the cryptocurrency trading industry.

Binance promise to provide unique strategy details to assist their customer base, using their proprietary data to provide accurate usage and adoption metrics. Investors won’t need to look any further to find the latest in-depth research on all that is new in the world of blockchain and cryptocurrency.

Cryptocurrency Offerings

Binance users have a wide range of cryptocurrency options to choose from, with new ones being added all of the time. Those cryptocurrencies include – but are not limited to – Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash and Ripple. In fact the list of available cryptocurrencies is far, far too large to include here, but it will certainly satisfy even the most demanding of traders. Binance offer a range of trading options that is hard to match, which combined with its low-cost trades is why it has become a leading force in the industry.

Security

Security is a vital aspect of any cryptocurrency exchange, none more so that at Binance, given that a ‘large scale security breach’ in May 2019 resulted in around $40 million worth of Bitcoin being stolen by hackers. The security features of this site have been upgraded since then to avoid a recurrence of this type of crime, and they have vowed to compensate any clients who lost money from the previous hack.

Binance protect client assets using a multi-tier & multi-cluster system architecture. Their SAFU (Secure Assets Fund for Users) guarantees that customer funds are held securely. Trust Wallet is the official cryptocurrency wallet used by Binance, and this wallet keeps the customer’s private key stored locally and protected with many layers of security.

Fees

Binance charges a commission of just 0.1% on every trade that a user makes, which is one of the lowest fees to be found anywhere in the cryptocurrency trading industry. What’s more, this will be reduced by 25% if traders elect to use Binance Coin as their currency of choice, making Binance an even better-value trading platform. Deposits are free, but there will be a fee imposed on withdrawals, which varies according to the cryptocurrency being used. Check the Binance ‘Fees’ page for full details and to find the best deals.

Customer Support

Live chat customer support is a feature of many online trading sites, and luckily this option is now on offer from Binance. Choose your language – English, Chinese or Russian – and a customer support operator will help you with your query. A lot of questions can be answered in the FAQ section of the site, without having to get in touch with the support team. Should traders wish to receive more personalised advice, then they can address queries to the customer support staff via the ‘Submit a Request’ link, where an email can be requested. Response times are generally fast and the support team are efficient and well trained.

Conclusion

By reaching the end of this article, you will probably have become convinced by Binance’s claim to be the world’s best cryptocurrency trading site. The volume of cryptocurrencies on offer combined with low fees, fantastic resources and a beautiful website make this platform second to none right now. Sign up for free to find out why so many people rank Binance as the best in the business.

Is this your final decision?

We suggest you visit one of the most popular crypto trading platforms instead!

 

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General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Pros

  • Excellent site design
  • High volume of trades
  • Low fees

Cons

  • Unattractive option for beginners
  • Cannot fund account with regular FIAT currency
  • Recently suffered data hack

7 Binary Options review: Binance: 3 stars

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