This post contains Binance Exchange Review.
When a new website or an ICO is launched the first question we hear that “ it is legit or it is a scam?”. Despite this questions, the developers or the community do their work on creating a trusted platform. The result we look for comes in a next one or two year and the questions are gone until that time.
Today’s post is exactly based on a same new topic A newly established company Binance.com and Binance Exchange Review.
So today lets talk about Binance Exchange Review, that is it worth a try or not?
What is Binance?
Binance is cryptocurrency exchange platform. This platform is available for all users but it is mainly focused on the Chinese market. Binance is basically a new Chinese company formed by a well trusted and a well-trained team. The most foundable name behind this project is Changpeng Zhao. He is CTO in OK coin.
Binance is focused to work on crypto to crypto trading. As it is a new option in the market but it does manage to gain a pair of eyes. Also, it is being said to be a good alternative to Bittrex. so lets see Binance Exchange Review for features.
- It is not that much beginner friendly.
- The company is based in Shibuya-ku, Tokyo.
- Deposit and withdrawal are based on cryptocurrency.
- Well reputed developing team.
- Security is average.
- Fees are also very low (0.1%) with fast transactions.
- Strong pairs of NEO/BTC, GAS/BTC, ETH/BTC, and BNB/BTC.
- BNB is their only developed coin known as Finance coin.
- Capable of delivering 1.4 Million orders per second, which is making it HULK in the cryptomarket.
How Binance.com works?
Now we will see step by step how does this platform work? And, what is the difference between this and other platforms?
- firstly you have to singup using this link.
- There are two options for trading on the Binance platform one is Basic and other is Advanced.
- The basic view is very complicated and not ideal for beginners.
- Advanced view is more of option and a little bit confusing. It is obvious that Binanace was not created for casual investor.
- the main front page is consist of charts and graphs including the order books, a candlestick chart, and the trade history.
- To start trading on the platform make an account and login to it.
- For trading, you need to invest in your account.
- For that click on deposit withdrawal links under the fund’s tab.
- Then please choose which cryptocurrency you would like to go with for funding.
- After that head to the upper left corner of the screen, click on the exchange tab.
- It will show you 2 option select the Basic one.
- Besides the exchange you will see the squared option, it will show you the last price of exchange between BNB and BTC.
- After that next option is 24-hour exchange rate following it to the extreme right side would be the highest and lowest prices recorded under last 24 hour period of time.
- Now to buy or sell an order go towards center tab where you will be able to place your orders.
- You can change the price of Bitcoin according to your profit.
- After that select the amount of pair of your BTC or BNB and click on BUY/SELL.
- Successful trades will be shown towards the left-hand side of the trading page.
- Others trades in open status can be seen down on that page.
Now we will see the advanced page options.
so lets start for step by step guide for Binance Exchange Review in advance option.
- At Binance in this option, everything is in night mode.
- Also the perfect locations of important tabs available on the trading page.
- Indicators are transferred to the upper left-hand side.
- After that on the way right side of the page would be the candlestick and depth graphs.
- Here you can shift between the regular and full-screen mode.
- Going down to the right-hand side of the panel would be the BUY and SELL orders option that is recently done.
- Moving on you will find options for the placing orders, open trades, trade history, funds tab, etc.
- Personally, for me, the one important thing that developers can look into upgrade option is the tutorial of the website for the beginners on the same platform itself.
Binance Exchange Review:
- Flexible fee payment: Binance.com comes with a prominent feature that is the ability of a registered user to turn ON/OFF the fees payment using the BNB coin.
- High Liquidity: wide and strong cryptocurrency pairs.
- Multi verification layers: the platform consists of multilayer verification level for withdrawal limits. This feature gives an additional feature to the user to add a layer of a level according to the requirements for upgrading an account to the other tier.
- Multiple coin support: balance works with various coins like BTC, LTC, ETH, the homegrown coin BNB and 45 many more.
- Easy transfers in devices: here users can add an API private key to access all the trading services of Binance.com from a third party service website/mobile application for an easy transfer from one device to another device.
- High performance: it can process 1.4 million orders each second.
- Multi-language support: this platform supports Chinese, English, Japanese, and Korean.
- Unique features: This platform comes with the additional feature of ability to add a 2FA to your account.
- Safety and stability: Binance uses a multilayer developed an application for the distribution and for improving stability it uses multiple clusters (set of multiple portals for the same portal site).
- Multi-platform system: currently it works on all browsers, Android, HTML5, Wechat and other platforms.
Now, this is a big deal. It becomes very tough for a beginner to understand it. There are so many options available on this platform for the pairing of cryptocurrency with the more addition of currency by developers at the time. So it is not that much stable in terms of coin availability.
Some of the initial coins available so far are :
- Bitcoin cash
- Bitcoin Gold
- Ethereum classic
- NEO coin
- OmiseGo + 36 more coins available on Binance.com
Trading fees of Binance:
The initial charge on Binance for trading is 0.1% fee on each trade. If you trade using their own token the current discount is 50% on the trading fee. Which brings down the trading fee to 0.05%. by giving this discount Binanace becomes the lowest charging platform in the trading industry of cryptos.
Some other charges are :
BNB withdrawals: 1BNB
BTC withdrawals: 0.0005 BTC
ETH withdrawals: 0.005 ETH
LTC withdrawals: 0.001 LTC
NEO withdrawals: free
QTUM withdrawals: 0.1 QTUM
SNT withdrawals: 1 SNT
EOS withdrawals: 0.1 EOS
GAS withdrawals: free
BTM withdrawals: 1 BTM
PROS of Binance Exchange:
- Very low fees
- User interface is awesome
- No lagging while using the website
- Variety of option for crypto trading with Bitcoin centered exchange
- Countless numbers of coins to trade with
CONS of Binance Exchange:
- No information about minimum initial deposit
- Customer support lacks phone
- No information about users fund security
- Makes it risky to trade on the platform
- Website is not ideal for beginners
- Not easy to use
- Does not accepts bank payment option
Binance is a good cryptocurrency exchange trading platform with the ability to process 1.4 million orders each second which makes it very tough to ignore. As it a new platform on the market we cant expect that much but its growing with the active developing community making it a lot featured and giving a variety of options to the user.
If we talk about the fund security level that is not explained by the company so I will suggest you wait for a couple of months. After that, if the information is available than you can invest or trade according to your needs.
So that’s it, friends, I hope Binance Exchange Review post will help you to gain information about Binance.com
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if you have any kind of doubt write it down in the comment section and please let me know.