Binance Review
If you scan the internet archives for a long history for this company – you will be shocked to learn it didn’t exist until July 2017. It now processes 1.4 million transactions per second, with over 6 million users. It is now the world’s largest cryptocurrency exchange. It is getting this much traffic because it is one of the few virtual currency exchanges capable of handling this volume.
It is officially one of the first unicorn Bitcoin companies – with a valuation of over $1bn dollars – and one of the few unicorn companies making a profit.
Binance supports 120 coins and is working with over 100 wallets and 240 trading pairs. Zhao reports that he has received over 5000 applications for coin listings. However, the success of the site is reliant on the selectivity of the exchange’s management team. They select only the products that have credibility, a strong user base and clear liquidity. They only accept 3% of all applications to the exchange.
Pros
All the best insider information is that Binance is a quality platform and will likely become and remain the market leader in cryptocurrency exchanges. The quality of leadership and market practices put it at the top of the tree.
Binance does its core function well and does not try to complicate this or hide fees amongst superfluous services.
No decentralised exchange can handle the volume that Binance does and with this level of security – with 140,000 transactions each day and over 6 million users.
They offer a safe and robust cryptocurrency exchange that places value on the customer experience. It helps traders and investors to simply buy and sell, making its profit from an easy to understand commission system.
Cons
Trading was suspended for a time due to a reported hack on the exchange site.
Even the basic trading site requires someone with a degree of experience in buying, selling and trading in cryptocurrency.
There is no support for fiat currencies and no live chat or phone support.
Payment Methods Accepted
This site is geared towards crypto-to-crypto trading. Deposits are only possible with cryptocurrencies, though there is no limit imposed and no fee for deposits.
You cannot attach a bank account or fund your trading with a credit card.
Supported Countries
Binance does not specify which countries are supported or not supported. The site does not prohibit trading by US based customers but nor does it positively promote the site to these traders.
Privacy
To use the exchange, you will be expected to set up an account. This is a simple process and to withdraw up to 2 BTC you will need to verify your account to level 1. This means verifying an email. For level 2 you can withdraw up to 100 BTC but you will need to provide photo ID and wait for site approval. Binance will then seek to verify your identity.
The site is secured using 2FA.
The information about security employed by Binance is kept away from public consumption, assuming that without details it is difficult to build counter measures. The most that is known is that the site offers a multi-tier system architecture.
Limits and Liquidity
Binance is the largest currency exchange, therefore the liquidity of the site is strong, and you are unlikely to hit problems. There are over 100 coins available for trade.
There are no deposit limits for Binance. There are withdrawal limits for level 1 verified users of 2 BTC per 24 hours. If you become a verified user, you raise this limit to 100 BTC per 24 hours.
Speed
You can sign up and deposit instantly. Verification takes up to a few days, limiting your withdrawal times. Trades are almost instant, thanks to the architecture of the site.
Reputation
In less than 6 months the company grew to a value of $1bn +. Unlike other companies that have risen to such a high value in a short time, Binance is already highly profitable.
The success of the site is obviously linked to the growth of the virtual currency market but founder and CEO Zhao Changpeng deserves plaudits for having structured the company and the site in such a way that it became quite so successful. He set out to build the biggest and the best site on the internet.
Fees
The average fee for trading at Binance is 0.1% per trade. If you own BSB – the Binance altcoin, you are rewarded for your loyalty with a 50% discount on trading fees. This makes Binance one of the cheapest exchanges to trade on.
There are a variety of fees for withdrawing your virtual currency.
| Binance Coin | 1 |
| Bitcoin | 0.001 |
| Ethereum | 0.01 |
| Litecoin | 0.01 |
| Neo | Free |
| Qtum | 0.01 |
| Status | 10 |
| Bancor | 1.2 |
| Eos | 0.7 |
| Bitcoin Cash | 0.0005 |
| Gas | Free |
| USDT | 50 |
Customer Support
The emphasis on quality is part of the currency exchanges philosophy of providing a highly positive user experience.
Despite this emphasis on the user, there is no live chat or phone support. The only support on the site is some FAQs and basic tutorials on how to use the site. The site is available in Chinese, English, Korean and Japanese.
The services offered are simple. You can buy and sell cryptocurrencies – with its crypto to crypto exchange services. There are two levels of service – one is basic and the other advanced. The advanced trading option offers a lot more technical information and analysis of the virtual currencies. The basic version merely offers some simple graphs and charts for the different pairs that you are trading, your order books and your trade history.
You can also create an API, which means you can use Binance on a third-party website or mobile application to offer currency security quotes, real-time transactions and other services. You can also use the site to list new ICO (initial coin offerings) if these are seen to be valid and of value to the customers of the exchange.
A unique feature of Binance are the competitions run on the site. You can with some prizes by getting involved in the Waves and the Tron competitions – which is based on how many trades you make. You could even win a Maserati car – if you are lucky.
Binance Alternatives
CEX.IO
CEX.IO allows customers to buy bitcoins via credit card at low fees. You can also purchase for free using a bank transfer.
Coinbase
Coinbase allows you to connect a bank account to your user account. You can also purchase bitcoin using SEPA transfer and many other payment methods.
Changelly
Changelly accepts purchase of cryptocurrency via credit and debit card – accepting USD and EUR fiat currencies. It offers an extensive list of altcoins, with over 80 listed on the exchange.
