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Binance is the world’s largest crypto asset exchange and is based in Malta. Originally launched in China, the company decided to relocate to a more cryptocurrency-friendly environment. Even though the exchange was only launched in 2017, it has gained the trust of millions of investors and quickly became the leading cryptocurrency exchange in the world. Binance is not currently registered with any legislative board.
Nevertheless, it is considered a trustworthy exchange because of the extra security measures, such as anti-phishing code, PCI Scanning, Secured Sockets Layered encryption technology, pseudonymisation, and internal data access restrictions, that it has voluntarily decided to implement. These aim to protect the customer’s funds and personal informal from unauthorized personnel.
Binance is popular among both novice and serious traders alike as it offers different trading interfaces. For professional traders, it provides advanced trading techniques, including margin trading, whereas the inexperienced traders can quickly exchange any cryptocurrency for BTC or ETH or any of the other hundreds of Altcoins available on the platform.
Although Binance is best-known for its exchange capabilities, the platform has today evolved into a multi-service offering which includes staking and futures trading. Binance Launchpad is a popular annexe to the platform, providing users with an opportunity to launch IEOs within a safe and mass-market environment.
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 a regular basis, we strongly recommend you to visit Binance for any updates which might occur afterwards.
In 2019 the exchange became the victim of a sensational cyberattack which resulted in the loss of 7,000BTC. Whilst this would have spelled the end for most exchanges, Binance was able to replace all lost coins, meaning that no user lost any funds. In addition, learning from this incident, the platform bolstered its security measures, transforming it into one of the safest exchanges in the world.
Today, Binance 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.
Binance is considered as a centralized cryptocurrency exchange broker as it only directly deals with crypto-based assets such as Bitcoin, Altcoins or ICO tokens. Buying and selling of select cryptocurrencies is permitted through Binance’s partnership with Simplex. Users can quickly exchange their coins and tokens 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. Binance exchange has acquired the popular Trust Wallet which can be used to store ERC20 and ERC71 tokens along with 14 cryptocurrencies. In the coming months, the Binance wallet is expected to start offering cold storage solutions as well as expanding its support to the top 20 cryptocurrencies.
With the Binance exchange, it is possible to buy cryptocurrencies 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.
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 to better protect your account and funds.
You don’t have to submit any documents to trade cryptocurrencies on the Binance exchange. The non-verified account holders (Level 1) can withdraw up to 2 BTC per 24 hours, whereas verified account holders can withdraw up to 100 BTC per day.
To verify your account and move to Level 2, you must submit a government-issued ID. While uploading the documents, ensure that they are of excellent quality and all the information is clearly visible. In addition to the documents, you should also provide your personal information:
You will also be required to upload a selfie by holding the ID in your hand. This is standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure. Whilst Binance is not required to perform these checks since it is not regulated, it chooses to implement them in order to protect all users and funds from fraudsters.
To further increase the withdrawal limit to Level 3, you will need to contact the Binance support by submitting a ticket to upgrade your level. Further information on how to do this can be found later in this Binance review.
Before starting to trade you will need to have deposited one or more cryptocurrencies, preferably BTC or ETH, onto your 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.
You can trade a large number of cryptocurrencies on the Binance Exchange with a nominal trading fee. To do so, you must have any one or more of the four trading currencies (BTC, BNB, ETH, USDT). Alternatively, you will need to make purchases using a credit/debit card option.
Binance offers two types of modes to buy/trade cryptocurrencies: Basic and Advanced. The Basic mode is intended for novice traders, whereas, serial or professional traders can make use of the Advanced mode.
This example will show you how to buy Bitcoin (BTC) using Ethereum (ETH).
This example shows how to buy Ethereum (ETH) using Bitcoin (BTC).
This example shows how to buy Ethereum Classic (ETC) using Binance Coin (BNB).
This example shows how to buy Litecoin (LTC) using Bitcoin (BTC).
This example shows how to buy Bitcoin Cash (BCC) using Bitcoin (BTC).
Through its partnership with Simplex and other partners, Binance allows you to sell a supported cryptocurrency for select fiat currencies, and have the funds sent to your Binance cash wallet. In order to do this, you must first have a fully verified account.
Alternatively, you may choose to withdraw or send coins to another compatible wallet.
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:
Beyond simply allowing traders to buy and sell cryptocurrencies, Binance offers a series of unique possibilities. One of the more popular ones is Launchpad, the launch platform for Blockchain projects. Through the Launchpad, projects can get access to Binance’s massive audience, allowing them to raise funds and receive feedback from the community. There have been several successful launches to date, thanks, in part, to the use of BNB in token sales and rewards.
Through Binance Launchpad, individuals, groups, and companies can launch IEOs and attract significant interest from the active exchange community. In order to avoid scams, Binance requires all those thinking of launching an IEO to go through their account verification process. Additional due diligence requirements may also be required, in line with Binance’s regulatory requirements.
In order to determine the number of tokens you can buy of any IEO, Binance Launchpad operates a lottery. The number of lottery tickets any user can claim depends on the number of BNB tokens the user has stored in a Binance account over a 20-day period prior to the lottery. In any case, no more than five tickets per account can be awarded.
For more information on Binance Launchpad simply visit Binance and click on the menu at the top left-hand side of the screen.
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, including the UK, EU, Australia, and Canada.
Apart from sanctioned countries, residents from the US are banned from using Binance due to regulatory issues. However, Binance USA is available for those users.
Every cryptocurrency exchange will have its own fee structure and limits, and Binance is no 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 is applied, whose value decreases annually.
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).
When using a debit or credit card to buy cryptocurrencies using Simplex or another fiat partner, a 3.5% service fee does apply. This fee is not charged directly by Binance, but by the payments partner.
Since Binance offers margin trading and futures trading on select coins you can use leverage to open larger positions which you would otherwise be able to afford with your investment capital. Daily interest rates apply depending on the coin and your margin trading account status.
The full fee schedule, including borrowing rates and price indexes, can be conveniently found in one page. Visit Binance, scroll down to the bottom of the page and click on the ‘Fees’ link.
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. Full details can be found on Binance’s Fees page. 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 allows customers to buy cryptocurrencies using fiat-based payment options like credit card & debit card through their third party, Simplex. Alternatively, you can also 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, you must check whether the country is listed in the SMS Supported Countries. Simply follow the below steps to check out the list of countries:
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 (between 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.
The best way to get in touch with Binance is through their 24/7 live chat option which is available in seven languages. Another popular option is to submit a ticket. To do this, all you need to do 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.
An alternative way to get help is to visit the website’s FAQ page and Help Center. These pages contain useful and detailed information to guide you through a variety of different processes. In addition, you can access the Binance Academy to get information on trading along with a better understanding of common terms used on the platform and beyond.
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.
Binance is continually evolving in order to meet the challenges and needs of the international cryptocurrency community. Over the past months, it has introduced several new features, including margin trading and futures trading. It has also increased the number of supported cryptocurrencies which can be bought or sold using fiat currencies.
Whilst not providing any specific information, Binance has committed to continue to improve its user-friendliness and security features. It plans to offer 180+ cryptocurrencies for fiat to crypto trades, making digital currencies more accessible across the globe. The company is also negotiating acquisitions which will allow it to offer superior services, although exact details are not yet available.
The best way to stay up to date with all the latest Binance news is to visit Cryptimi regularly. Information on the exchange will also be available on the Binance Blog and social media accounts.
Binance has been considering launching their very own decentralized exchange (DEX) for some time now, and it looks like it could happen very soon. One of the company’s spokespersons stated that Binance can benefit greatly from the benefits and features of such an exchange. Binance aims to offer an environment where both a centralized and a decentralized exchange can co-exist, with the possibility of linking them together in some way. The company will be using its own BNB digital asset, which is now an ERC-20 token, at the native token required for a possible migration.
Binance is also in serious talks with the Malta Stock Exchange to launch a joint Decentralized Stock Exchange. What would be a world’s first would see Binance partnering directly with Neufund, providing a regulated global stock exchange where entities can list and trade tokenized securities as well as cryptocurrencies. Efforts to launch this exchange are well underway, with the setting up of MSX, a subsidiary of the Malta Stock Exchange and Binance.
Even though Binance supports 1,000+ trading pairs and accepts members from almost any country in the world, it only offers limited fiat-based withdrawals, unlike 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. However, more advanced traders tend to prefer Binance since it offers margin trading, staking, and futures.
Bitfinex accepts fiat-based payments via bank transfer while Binance supports card payments via Simplex. The trading fee is more or less the same on both platforms, however, Binance offers an additional discount if the user pays fees using Binance Coin (BNB). Both exchanges don’t require any verification documents to start crypto-to-crypto trading and both platforms provide a convenient 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 nominal 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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