Max E.Tue, Oct 19, 2021 10:30 PM
Binance Review: Analysis of the Most Successful Crypto Exchange
Binance crypto exchange was founded in 2017 by software developer Changpeng Zhao.
- Official site: binance.com
- Company incorporation documents: Malta, Hong Kong
- CEO: Changpeng Zhao
- Trading: margin, futures, spot
- Minimum deposit: no
- Minimum withdrawal amount: 0.02 BTC, 8 USDT
- Trading pairs: over 700 coins
- Order commission: 0.1%
- Mobile App: Android, IOS
Currently, Binance is the number one cryptocurrency exchange in terms of trading volumes. It has managed to implement a variety of instruments, including margin trading, fiat funding, futures, leverage, and more. The site is supported in 21 languages. There are branches in different countries. There is no mandatory verification, and the verified user gets a lot of benefits. The platform processes up to 1.7 million transactions per second. Four types of orders are available – market, limit, stop limit, OCO. Traditional trading methods, P2P marketplace, leverage up to 125X and derivatives are available. Native BNB coin holders have additional discounts. At the service of users are VIP statuses, an affiliate program, earnings on deposits, mining pool, crypto loans, staking, a mobile application for Android and iOS.
Over the years, the team has acquired an excellent reputation, providing the platform with a high level of security. The exchange hosts airdrops and contests that popularize the resource and attract new users from all over the world.
Binance Review 2021
In this Binance review, we will look at the functionality of the exchange.
Let us start from the "Buy cryptocurrency" section.
Log in to your account. The top line of the personal account menu contains the "Buy cryptocurrency" section. Hovering over it, the user sees several tabs. Here it is presented to make a purchase using fiat. The site has more than 50 currencies in its arsenal.
- Replenishment from a card – allows you to replenish an exchange account through a Visa / MasterCard bank card with a commission of 3.3%.
- Credit/debit card – when buying using a bank card, an amount is entered, details and payment are confirmed.
- P2P trading – the platform works as an exchanger. One sells the other buys with a guarantee from the exchange. To conclude a deal, you must indicate “I want to buy” or “I want to sell” in the tab. Choose fiat currency, specify the amount and method of payment. Find a suitable direction and click "Buy".
- Fiat balance – designed to purchase cryptocurrencies for fiat currencies.
The platform management has shown foresight in providing different trading modes suitable for both beginners and advanced users. The trading terminal provides basic and advanced levels that work in the "Basic" and "Advanced" modes.
Even an absolutely ignorant client of the crypto exchange can comprehend the basic process. The simplest way to trade, allowing you to complete a trade in a matter of minutes. It allows you to appeal with a variety of cryptocurrencies. To make a deal, the transaction participant just needs to specify the currency and the amount of conversion.
Let's consider the main trading mode. The simple and user-friendly interface will satisfy the beginner and trader with little experience. You can place pending orders, and watch the order book. At the same time, market analysis is rather primitive. Therefore, many people prefer to use the advanced interface.
A more advanced trading terminal provides full access to all trading instruments in one place. A wide range of trading instruments and technical analysis, with the ability to set an available indicator, are more suitable for professional traders.
In addition to the basic version of the chart, you can choose TradingView and depth charts. For the transaction, the exchange charges a commission of 0.1%.
Margin trading is trading with borrowed funds provided by the exchange itself against the security of a deposit. Using this type, the trader has the opportunity to get the maximum profit with a high leverage, which depends on the currency pair. On Binance, margin trading is available without verification.
You can start trading after opening an account. Go to the "Wallet" tab, click "Margin wallet". You need to transfer money. In your office, click the "Transfer" button. You can now trade using leverage.
Peer-to-Peer is an easy access to digital currencies with an improved trading interface through models:
- C2C: user-user model;
- B2C: business-user model.
Using P2P, you choose the price, amount, payment system and conclude a direct deal with a counterparty. Exchange a fiat asset and confirm the transaction. Only after the seller confirms the receipt of money, the cryptocurrency leaves the deposit wallet.
Binance supports 4 types of orders: limit, market, stop-limit, and OCO. After placing the order is sent to the order book. Tokens are frozen until the transaction is executed.
After placing the order is sent to the order book. Tokens are frozen until the transaction is executed.
Registration On The Exchange
The registration process begins with going to the official website Binance.com.
Click the "Register" button. In the window that opens, enter your email address, create a password and click "Create an account".
You will receive a notification with a confirmation code to the specified e-mail. Enter it in the space provided for this. Account activation is complete. For further logins to your account, you will need to solve a simple captcha.
After registration, VIP 0 status is assigned. It can be increased to VIP 9. At the entry-level, the trading commission for BNB is 0.075%; for all other currencies – 0.1%.
The value of trading fees are lower, the larger the volume of trade. Commissions for VIP 9 status: when paying in BNB – 0.015%; other options – 0.02%.
Low commissions are provided for withdrawals. Take, for example, a few major cryptocurrencies:
- Bitcoin – 0.0004 BTC.
- Ethereum – 0.005 ETH.
- Tether – 6.55 USDT.
Using BNB for payment of fees can reduce the tariff per transaction by 25%.
Withdrawal of funds after simple registration is limited, the upper threshold of the requested amount is not more than 2 BTC per day. Verification is optional. However, after confirming the identity, the status of VIP 1 is assigned. More opportunities for the account, including trading, are opened. The daily withdrawal limit can now be up to 100 BTC.
Verification can be started by selecting the "User Center" or using the personal account menu on the "Basic Information" tab of the "Settings" section. The first step is to click "Verification". Next:
After choosing citizenship, click "Start".
Enter your personal data, then click "Send and continue."
To confirm your identity, mark any of the proposed documents. The next step is to upload a photo or scan of the document, after which you need to take a selfie and send it.
As soon as the application is verified, a notification will be sent to your e-mail. Verification usually takes 1 to 36 hours. However, under heavy load, it may take longer.
There are 2 ways to select 2FA. Both options open the Security page.
- Let's enable Google Authentication.
- Go to the Security tab.
- In the Google Authentication section, click Enable.
- Download and install the Google Authenticator app on your mobile device using the App
- Store or Google Play.
- Scan the QR code or manually enter the 16-digit key.
- Copy and save this backup key. You can return to your account after entering the primary password and Google authentication code.
On the crypto exchange, transactions are carried out with both digital currency and fiat. To get an answer to the question of how to enter cryptocurrency on Binance, in the top menu of the site in the "Wallet" tab, go to the "Wallet Overview" page. In the upper right corner of the screen, press "Enter", in the window that opens, select "Enter cryptocurrency."
Transfer networks match their cryptocurrencies. They depend on the options provided by the external wallet. Choose a network not for low fees, but for compatibility. You can continue the translation by copying the input address and pasting it into the appropriate line of the system from which the output is being made. Receive confirmation of the request and transaction. After that, the account will be credited to the account balance.
The withdrawal process begins in the same way as the input. We go to the "Wallet Overview" tab. In the right corner we find the "Withdraw" button. We activate it.
On the page that opens, cryptocurrencies and fiat have separate sections. Choose what you need. In the "Fiat" tab, we determine the desired currency, indicating the payment system. A window appears for entering the amount, then click "Continue". Then follow the instructions of the system.
In the "Cryptocurrencies" section, select the digital asset that you plan to withdraw. Specify the network. In the column "Recipient address", from your list, you must select the recipient's address. If it is not there, then you need to add it to the list.
New data is entered using the "Manage addresses'' button, after which they are added to the white list. Continuing the started withdrawal process under the net, indicate the amount. It becomes possible to view the transaction fees. When ready, click "Send". A confirmation code will be sent to your e-mail, which must be entered into the provided form. Enter the code from the Google Authenticator app and complete the operation.
Entering And Withdrawing a Deposit
From the main page of the site you can go directly to the "Main account" where you can buy, earn, exchange, trade, deposit and withdraw funds. In the "Wallet" section, open the "Fiat and Spot" tab. At the top left of the page, click "Enter". For cryptocurrency, copy the address or, using the mobile application, scan the QR code.
Binance cooperates with third-party partners where you can use credit and debit cards, stablecoins. After clicking the "Buy" button, you can get more detailed information. When buying, selling cryptocurrency or stablecoins from your account, you also use the button to go to the information page. Use the buttons opposite the desired cryptocurrency.
A rich arsenal of tools has allowed Binance to gain the lead in the rapidly developing world of cryptocurrencies. The team keeps pace with the times, while not forgetting about the comfort and protection of its users. An important stage in the life of the exchange is the addition of margin trading and futures contracts. This is especially true after the launch of CME and Bakkt. Reviews on Binance show a lot of customers’ confidence in the platform.
Is Binance trustworthy?
Binance is trustworthy because the security of clients' data and funds provides appropriate management protocols and bank-grade security measures such as cold storage wallets and two-factor authentication.
Why is Binance banned in the US?
In 2019, the US authorities banned Binance due to regulatory issues, and the founders of the exchange and certain investors created Binance.US, which has been operating in accordance with all US laws since September 2019.
Is Binance good for beginners?
Binance strives to be attractive to as many users as possible. The exchange is quite simple for beginners, and experienced traders have a lot of functions and tokens at their disposal. Therefore, Binance can be recommended for crypto traders of almost any level.
How safe is Binance wallet?
Binance provides a high level of security through device whitelisting, fingerprint login and two-factor authentication.
Can I withdraw money from Binance?
You can withdraw funds from your Binance account – both fiat and crypto. To do this, you need to go through the withdrawal process. It is simple, but it is advisable to be attentive and not miss a single step, otherwise, you risk losing funds.
What is the safest crypto exchange?
Opinions vary on which cryptocurrency exchange can be considered the safest, but analysts and observers consistently include Binance and Binance.US in the list of exchanges that receive the highest ratings in terms of security, along with Coinbase, Kraken, Gemini, Bittrex and others.