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Binance, the world’s largest crypto asset exchange, will have its headquarters located in Malta. Originally it was launched in China but plan to move to Malta in 2019. Even though the exchange was launched only in 2017, it has gained the trust of millions of investors and quickly became the leading cryptocurrency exchange in the world. At the time of writing, Binance is not registered with any legislative board. Still, it is considered a trustworthy exchange because of the extra steps, like anti-phishing code, PCI Scanning, Secured Sockets Layered encryption technology, pseudonymisation, internal data access restrictions, and more. These aim to protect the customer’s funds and personal informal from unauthorized personnel.
Binance is popular among novice and serious traders alike as it offers different trading screens. For professional traders, it provides advanced trading techniques like margin trading, whereas the inexperienced traders can quickly exchange any cryptocurrency for BTC or ETH to hundreds of popular tokens and coins.
This Binance review will analyse several aspects to provide you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate information and updates it on regular basis, we strongly recommend you to visit Binance.com for any updates which might occur afterwards.
Yes. Binance is still considered a safe place to exchange cryptocurrencies. It protects the account of its users using 2FA (Two Factor Authentication) so that it is very difficult for the hackers/fraudsters to steal information and surpass security. In addition to that, users can also set a unique anti-phishing code to differentiate between the genuine and the fake emails which are sent by phishing websites. Binance processes the withdrawal requests only after getting confirmation from the user via email.
Hack Update. On May 8th 2019 Binance announced a major hack of 7000BTC. Binance users were advised to reset their 2FA. Auto traders were advised to change API keys for security precautions. Moreover, Binance stated they will do their best to keep transparency. For more info watch this tweet by Binance CEO.
Binance is considered as a centralized cryptocurrency exchange broker as it deals with only crypto-based assets such as Bitcoin, altcoins or ICO tokens. Users can quickly exchange their cryptos without even submitting any documentation to verify their account. Unverified accounts however have a limit on the withdrawal of 2BTC/24hrs. When compared with other exchanges, it charges only a nominal fee of 0.1%. Users are eligible to get further discounts if they are holding the Binance Coin (BNB).
Binance provides a wallet service to deposit your coins, however, they will not provide you with the private key, but only with your public address key. Recently, Binance exchange has acquired the popular Trust Wallet which can be used to store ERC20 tokens. However, this wallet has not been integrated on the Binance trading platform at the time of writing.
With the Binance exchange, it is possible to buy altcoins or any token only after depositing cryptocurrency into your account.
To create an account on Binance, do the following:
Within a few minutes, you should receive a confirmation email from the Binance team. Click the ‘Verify Email’ link on that email, or paste the link address on your browser to activate your account.
Congratulations! You have successfully created your account on the Binance exchange.
To log in to your Binance account, follow the below steps:
You can follow the instructions to set 2FA immediately or click the ‘Skip for now’ button to do that later. We highly recommend setting up 2FA for safekeeping.
Users don’t have to submit any documents to trade cryptocurrencies from the Binance exchange. The non-verified account holders (Level 1) can withdraw only 2 BTC per 24 hours whereas the verified account holders can withdraw 100 BTC per day.
To verify the account and move to Level 2, users must submit any one of the documents like government-issued ID, passport and so on. While uploading the documents, the users must ensure that they are of excellent quality and all the information is clearly visible. In addition to the documents, users should also provide their personal information like name, country, age, gender and upload a selfie by holding the ID. This is standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure.
To further increase the withdrawal limit to Level 3, users may contact the Binance support by submitting a ticket to upgrade their level.
Before starting to trade users should deposit cryptocurrency, preferably BTC or ETH, on to their Binance account. To do so follow this step by step guide:
To know the status of your deposit, navigate to Funds-Transaction History located on your account page.
Users can trade a large number of cryptocurrencies on the Binance Exchange with a nominal trading fee. To do so, users must hold any of the four trading currencies (BTC, BNB, ETH, USDT) or else, opt to perform deposits using a credit/debit card option.
Binance offers two types of modes to buy/trade cryptos: Basic and Advanced. The Basic mode is intended for novice traders, whereas, serious or professional traders can make use of the Advanced exchange.
This example shows how to buy Bitcoin (BTC) using Ethereum (ETH). Before trading to BTC, you must deposit the ETH on to your Binance account:
Congratulations! You have placed your first order for Bitcoins using ETH. You should receive them on your wallet within 5-30 minutes once the transaction gets completed.
This example shows how to buy Ethereum (ETH) using Bitcoin (BTC). It is assumed that the user has deposited BTC on the account already:
Congratulations! You have placed your first order for ETH. You should receive them on your wallet within 5-30 minutes once the transaction gets completed.
This example shows how to buy Ethereum Classic (ETC) using Binance Coin (BNB). It is assumed that the user has bought BNB coins:
Congratulations! You have placed your first order for ETC. You should receive them on your wallet within 5-30 minutes once the transaction gets completed.
This example shows how to buy Litecoin (LTC) using Bitcoin (BTC). It is assumed that the user has deposited BTC already:
Congratulations! You have placed your first order for LTC. You should receive them on your wallet within 5-30 minutes once the transaction gets completed.
This example shows how to buy Bitcoin Cash (BCC) using Bitcoin (BTC). It is assumed that the user has deposited BTC already:
Congratulations! You have placed your first order for BCC. You should receive them on your wallet within 5-30 minutes once the transaction gets completed.
Users cannot sell the cryptocurrencies and withdraw the amount to the bank account. Instead, they can only withdraw or send the coins to another compatible wallet depending on the cryptocurrency.
To know the status of your withdrawal request, navigate to Funds-Transaction History located on your account page.
Binance exchange allows its members to trade over 597 altcoins and cryptocurrency tokens. It offers trading pairs in BTC, ETH, BNB and USDT.
The top cryptocurrencies listed on the exchange are given below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Tether USD (USDT), Bytecoin (BCN), Monero (XMR), Cardano (ADA), Binance Coin (BNB), Quantstamp (QSP), NEM (XEM), Steem (STEEM), Ardor (ARDR), Stratis (STRAT), Augur (REP), Zcash (ZEC), Golem (GNT), Waves (WAVES), Qtum (QTUM), EOS token (EOS), 0x Protocol (ZRX), Bitcoin Diamond (BCD), Bitcoin Gold (BTG), ICONOMI (ICN), Dent (DENT), TrueUSD (TUSD), Nexus (NXS), NEO (NEO), Status (SNT), Bancor (BNT), NeoGas (GAS), Bytom (BTM), Walton (WTC), Loopring (LRC), TRON (TRX), SONM (SNM), Verge (XVG), Centra (CTR), Substratum (SUB), Metal (MTL), Everex (EVX), Ark (ARK), Modum (MOD), Storj (STORJ), Nuls (NULS), Agrello (DLT), Basic Attention Token (BAT).
To check out the full list of cryptocurrencies supported by Binance, kindly visit their homepage, scroll to the bottom and click on ‘Fees’ to know all the supported cryptocurrencies:
Binance exchange accepts users from almost all countries in the world including the UK, EU, Australia, and Canada.
Most countries in the world are supported.
Update. As of September 2019, Binance started restricting US users following the change in regulations. US clients are able to withdraw funds from their wallet, however, they will not be allowed to deposit or perform trades on the platform.
Other than the US, and based on the information available on its official website, Binance has not blocked any country from exchanging/buying the cryptocurrencies on its platform.
Every cryptocurrency exchange will have its own fee structure and limits, and Binance is not an exception.
Binance will deduct a fee for every trade made on your account and their fee structure is given below:
In general, a 0.1% trading fee is applied. Based on the user’s 30-day trading volume and BNB (Binance Coin) balance, the maker/taker fee varies from 0.015% to 0.075%. If the trading fee is paid using BNB, then a discount of 50% is applied during the 1st year, then it goes down to 25% for the 2nd, 12.5% for the 3rd and finally 6.75 for the 4th. On the 5th year no discounts will be applied if using the BNB coin. Binance announced these changes on July 2018.
Binance exchange doesn’t charge any fees to deposit cryptocurrencies nor does it have a minimum deposit limit. However, the withdrawal fees and the minimum withdrawal vary based on the cryptocurrency. For BTC, it a 0.002BTC minimum withdrawal with a fixed fee of 0.0005BTC (roughly €2.80 or $3).
Check out their Fees’ Schedule (as explained above) to get detailed information about the list of fees deducted by Binance for various cryptocurrencies.
There is no limit on the amount of cryptocurrency that can be deposited on Binance. Based on the level of the user and cryptocurrency, the withdrawal limit varies. To know the minimum withdrawal limit for all the cryptocurrencies on Binance, check out https://www.binance.com/en/fee/schedule. Limits are only applicable on the daily trading volume based on the verification level, and on the withdrawal limit based on the cryptocurrency being withdrawn.
Binance now allows customers to buy cryptocurrencies using fiat-based payment options like credit card & debit card through their third party, Simplex. One may also opt to deposit cryptocurrency funds directly in the platform.
To protect its customer’s account from unauthorised access, Binance exchange offers 2FA (Two Factor Authentication) via Google Authenticator or SMS. Before enabling the 2FA through SMS, the user must check whether the country is listed in the SMS Supported Countries. Simply follow the below steps to check out the list of countries:
Otherwise, it will not be possible to receive the 2FA code and the user will have to use the Google Authenticator option.
To identify the emails from phishing websites (websites whose URL looks very similar to the Binance website), the Binance exchange provides a feature called Anti-Phishing Code. To implement it, users have to set a code (4-20 non-special characters) once during the initial configuration of their accounts. After that, this code will appear in all the emails which are sent by the Binance. This way, users can clearly identify a fake website in order to protect their funds as the code wouldn’t match.
In case, if you experience any issues with your account, the only way to contact their support team is by clicking on ‘Support‘ and then ‘Submit Request‘ respectively. Even though Binance exchange is available on social media platforms like Facebook, Twitter etc, they don’t provide customer support through those channels. Generally, the customer support of Binance is considered very slow/sluggish when compared with other exchanges.
To buy/trade cryptocurrencies on the go, Binance users can download the Binance mobile app which is available for both iOS and Android platforms.
To download Binance for iOS visit this site.
To download Binance for Android visit this site.
Even though Binance supports 1000+ trading pairs and accepts members from almost any country in the world, it doesn’t accept fiat-based withdrawals like Coinbase. Regarding fiat-to-crypto fees, Coinbase is considered better due to its low trading fees when compared to Binance. Both platforms offer good security to safe keep the customer’s funds using advanced security features.
Despite the good trading volume and liquidity of both the exchanges, Coinbase is a popular choice among the novice traders as it is regulated, licensed and provides a compensation scheme for the customer’s digital assets.
Bitfinex accepts fiat based payments via bank transfer while Binance now integrated with Simplex and can accept payments via credit & debit cards. The trading fee is more or less the same on Binance and Bitfinex, however, Binance offers an additional discount if the user pays the fees using Binance Coin (BNB). Both exchanges don’t require any verification documents to start crypto-to-crypto trading and both platforms provide a mobile app to trade cryptos on the go.
By providing both the Basic and Advanced trading screens, Binance has succeeded in its attempt to satisfy both the novice and the professional traders. It charges a marginal trading fee when compared with other exchanges and now also supports fiat-to-crypto payments. As for the fees associated with fiat deposits, you’d probably be better off using Coinbase or CEX. Another advantage of the Binance exchange is its user-friendly mobile app which helps both the iOS and Android users to trade cryptocurrencies on the go.
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