I did a lot of in-depth research on Binance – a global cryptocurrency exchange.
Thus, I’m glad to say that this is the most comprehensive review of Binance.
Binance is a cryptocurrency trading platform for over 500 crypto pairs.
It is the world’s biggest crypto trading platform and now includes a lot of other services.
In this review, I am going to give you every detail on Binance such as the services it offers, payment methods, supported currencies, etc.
I will also give you a free tutorial on how to trade profitably on Binance.
Let’s get started.
Binance Review Summary
Binance was launched in 2017 after an Initial Coin Offering (ICO). It is one of the biggest in terms of trade volume.
In this post, I am also going to discuss everything about Binance including its pros and cons (see the product review).
To gradually take you through this review, here is what I will cover;
- Company Overview.
- Binance Services.
- Currencies and Payment Methods.
- Transaction Fees and Limits.
- Supported Countries.
- Customer Support.
- Frequently Asked Questions.
- Other Services on Binance.
Without hesitation, let’s get down to business.
1. Company Overview
Binance is a popular cryptocurrency exchange founded in China and launched by developer Changpeng Zhao in July 2017.
Binance is registered in Malta, and it later moved its headquarters to Tokyo, Japan due to the Chinese regulations on Cryptocurrency.
The word Binance is based on the combination of the words ‘Binary and Finance’ and as a cryptocurrency exchange, it aims to improve the future of crypto finance.
The initial value of Binance Coin (BNB) was around $0.1, but as at the time of writing, its value is $16.01.
Binance is the leading cryptocurrency exchange that currently supports over 100+ altcoins. It offers users the opportunity to trade a wide variety of digital assets globally.
Cryptocurrency enthusiasts can raise funds from Initial Exchange Offerings (IEO) when they launch their tokens on Binance.
Binance as a centralized exchange has improved its security via the use of Two Factor Authentication (2FA), SMS, and Anti-Phishing code.
2. Binance Services
Binance offers a lot of services on its exchange. I am going to talk about 5 of its services and explain the rest in the latter part of the post. The 5 services include; Exchanges, Margin Trading, Markets, Trust Wallet, and Buy Crypto.
The exchange is were you trade cryptocurrency pairs like BTC/ETH, BTC/USDT, etc. There are over 500 cryptocurrency pairs available on Binance. This is were pro traders make a living from. There are 3 ways to place trade here; “limit” and “market” which is available on most exchanges and “stop-limit” which is not available on most exchanges is a gold mine for those that know how to use it.
Talking about pro trading, there are two trading interfaces available on Biance – Basic and Advanced.
Basic: The basic version displays the charts, trade history and order books.
Here is what the Basic view look likes as can be seen in the image below.
Advanced: The advanced and basic versions are very similar. But the distinguishing factor is that the advanced version gives users access to advanced charting tools and indicators.
This is what the advanced version look likes as can be seen in the image below.
Trading platforms don’t usually come with tools an indicators required to conduct analysis. Most traders conduct their analysis on platforms such as tradingview and Coinigy and from the results, they place their trades. The binance advanced platform serves to save traders the stress of using a third-party platform to conduct analysis.
ii. Margin Trading
This refers to the process of trading assets using funds provided by a third party. Margin trading is inherently riskier than regular trading but it allows traders to access greater sums of capital. In other words, if I make 10%($10) trading at $100 per trade, I can make 100% ($100) at the same $100 per trade if I applied the power of margin trading to 10X my trading capital. The downside is that if a make a loss of 10%, my $100 is gone and I will have no capital to trade.
This is the section that shows the Last Price, 24h Change, 24h Volume, and Market Cap of all the crypto pairs available for trade-in Biance. It’s more like an info page for all the crypto pair on Binance.
iv. Trust Wallet
Trust Wallet is the official cryptocurrency wallet of Binance. It is a multi-currency wallet that supports Bitcoin and other cryptocurrencies. Hence there is no stress in creating different wallets addresses.
Also Read:- The best Bitcoin wallets
v. Buy Crypto (New)
Before this, a trader cannot buy crypto with fiat on Binance. You will have to buy bitcoin somewhere else, and send it to Binance to trade. With the Binance “Buy Crypto” feature, you can buy crypto directly in Binance with your local currency using a Master/Visa card and other payment methods.
3. Currencies and Payment Methods
Binance supports the above cryptocurrencies and its brokerage services allow you to buy Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Binance Coin with a credit card:
Binance supports over 100 cryptocurrencies which include the top 100 cryptocurrencies on coinmarketcap.com
- Bank Transfer
- Credit/Debit card
- All supported cryptos
Note that Binance provides a wallet for all the cryptocurrencies it supports. Thus, your payment can be made with any of the supported cryptos.
4. Transaction Fees and Limits
Binance transaction fees are relatively low and fair. It charges;
- 0.1% fee when paying with other cryptos
- 0.05% when paying with BNB (Binance token)
This low fee led to the massive adoption of the exchange because most platforms at the time were charging as high as 1%.
Binance imposes no limits on the number of coins a user can deposit. It only places limits on the amount of coins users can withdraw depending on their level of verification.
As for withdrawals, your level of verification determines the amount you can withdraw. Most people are fine with level one verification
- Level 1 can withdraw a maximum of 2 BTC every 24 hours,
- Level 2 can withdraw up to 100 BTC every 24 hours.
To be classified as a Level 2 verified account holder, you are required to verify your account. To verify your account profile, you will have to submit details such as
- Valid Government-issued ID (e.g. International Passport, Identity Card, and Driver’s License.)
- A clear image of your face.
After you have completed the verification process, your account will then be verified within 24 hours.
If you don’t receive an email notification from Binance, you can contact support through email.
5. Supported Countries
Binance is a global exchange which means that it is available worldwide. However, it recently prohibits 13 states in the US from using its exchange.
It launched Binance.US to provide trading services to US citizens. Unfortunately, individuals in states as Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington are restricted from using Binance.US
6. Customer Support
Binance has a responsive 24/7 customer service and users have reported having their queries promptly attended to.
It is completely multilingual because it supports 15 languages in total to cater to the vast demography of users.
To contact customer support,
- Users are to click on the Livechat icon on the website as can be seen below.
- Then fill in your Name, Language, and the question type,
- Then click “Start Chat” as seen on the image below.
The first response is automated but when you click on ‘NO’ I’m not satisfied with the answer. The chat will then be transferred to a live support representative.
7. Frequently Asked Questions
Here are a few Frequently Asked Questions (FAQs) seen in Binance.
To register, you will have to follow these steps closely.
a. Go to Binance official website and click the Register button on the top right-hand side.
b. On the registration page, put your Email, and Password.
c. If you have been referred by a friend to register on Binance, you can fill in the Referral ID of your friend or leave it blank since its (Optional).
e. After filling in your details, click on the ‘Create Account’ button.
And that’s it…..very easy, right?
Shortly, you will be sent a confirmation email to the address you specified. You should check your spam or junk folders for the email and confirm.
– First, register on Binance.
– After you’ve successfully registered on Binance, deposit funds to your account.
– Then find the trading pair for the deposited cryptocurrency and Bitcoin.
– Now you can either convert or sell the deposited cryptocurrency for Bitcoin.
– The equivalent amount of the deposited cryptocurrency will be sent to your own Bitcoins wallet on Binance.
Nevertheless, instead of following the above process, you can simply buy Bitcoin directly with your debit and credit cards.
i. First login to your Binance account.
ii. After login into your account, click [Wallet]. When a drop-down box appears, click [Withdraw].
iii. Now input the full name or abbreviation of the coin/token that you want to withdraw.
iv. You can copy the “BTC Deposit Address” from the platform or wallet you want to withdraw your funds to and paste it to the “BTC Withdrawal Address” section as can be seen below.
Then input the amount you want to withdraw.
v. Binance system will deduct a transaction fee of 0.01% and send the remaining amount to the corresponding platform or wallet.
8. Other Services on Binance
Binance Academy is a nonprofit blockchain educational portal. It offers cryptocurrency users and enthusiasts quality and easy-to-understand content on Blockchain, Security, etc.
· Binance Charity
Blockchain Charity Foundation (BCF) is a profitless organization that is dedicated to achieving global Sustainable development. It aims to improve the living condition of ‘Bottom Billion’ through blockchain technology.
Binance Info is a professional platform designed to help users learn about new projects, networks, and services. Such includes market data, price actions, and blockchain project information about BTC, ETH, and all other major cryptocurrencies.
Binance Labs is the venture arm of Binance. It was established to incubate, invest and empower blockchain and cryptocurrency entrepreneurs and communities.
Its mission is to support industry projects that help grow the larger blockchain ecosystem while increasing cryptocurrency adoption globally.
Binance Launchpad is an Initial Exchange Offer (IEO) platform through which token startups can raise money to execute their projects. It’s an advancement in ICO (Initial Coin Offering) because token sales are conducted on its exchange rather than the startup’s website as seen on ICOs.
Binance Research is an informative center that provides investors with detailed reports and analysis of specific digital assets and market themes. It aims to increase transparency and also improve the quality of the information in the crypto ecosystem.
Binance Futures is an agreement that connects traders to buy or sell assets in the future at a specific price and date. Users can trade several assets on futures contracts. Such asset includes Fiat-currency, Stocks, Indices, Government-issued debt instruments, Cryptocurrency, Oil, Precious metals, Agricultural goods, etc.
· Binance JEX
Binance JEX is a crypto-asset trading platform. It was launched to offers users with spot and derivatives trading services.
· Binance DEX
Binance releases the first version of its decentralized crypto exchange–”Binance DEX”. It is a decentralized platform that is based on the Peer-to-Peer (P2P) protocol. And this protocol allows users to exchange crypto assets directly between each other. It gives users full control of their funds and allows experienced traders to engage in more complex strategies when trading.
Binance launches its first lending platform where anyone can easily earn. Users can lend crypto coins such as BTC, ETH, XRP, BNB, TUSD, etc. To earn, customers just have to hold funds in their subscribed Binance Lending product and grow the holdings by accruing interest.
Staking means the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In Binance, users are simply rewarded for just holding coins as they normally would.
Binance is a reliable bitcoin exchange and trustworthy company for anyone who wants to engage in crypto trading. It experienced a major hack on May 7, 2019, which resulted in 7000 Bitcoins stolen from its exchange. All losses incurred on its platform were covered by Security Asset Fund for Users (SAFU) it’s emergency insurance fund.
Despite this major drawback, Binance still stands tall as the worldwide leading cryptocurrency exchange that supports over 100+altions. Anyone can take legal action against Binance if it violates your rights while using its platform. The achievements and areas it needs to improve upon can be seen in the pros and cons (see product rating).
In this review, I am sure that we have now learned about Binance and:
- All the services it offers,
- Its Payment methods
- Transaction fees and limits
- The countries it supports and so on.
Hey, it’s your turn,
I’d like to hear your opinions in the comment section below. Now tell me,
Do you have an account with Binance?
Is there any experience you’d like to share concerning Binance?
What do you feel this exchange should improve on?
If you enjoyed reading this Binance review and will like more like it, don’t hesitate to hit the share button below.
And please leave your opinions in the comment section as well.