Cryptocurrency is becoming more and more popular each day. With this surge in popularity comes the need for quick and easy ways to buy and trade these digital currencies. There is certainly no shortage of exchanges popping up, but some are more robust and feature packed than others. Today we will be looking at a popular Chinese exchange. Here’s our Binance review.
When visitors first navigate to Binance they are greeted with a slick UI with a simple navigation bar at the top. Scrolling down the page a little reveals the bread and butter of the exchange – the market trading pairs.
The default view is the BTC markets, but there are also ETH, USDT, and BNB markets available. BNB is Binance’s proprietary coin which it intends to use as a base currency in the future. It is interesting to note that Binance intends to buy back a portion of BNB each quarter which will reduce the supply and therefore increase the value of this coin.
Binance currently offers two ways to trade cryptocurrency on their platform. The basic view offers everything you would expect to see on a modern digital currency exchange including trading pairs, current prices, order information, trade history, and graphs. Users can view either a candlestick or depth graph, as well as filter by minutes, hours, days, and weeks. The advanced view sports a darker UI and the ability to dive deeper into more technical analysis.
Creating an Account
In order to actually use the exchange, users will first need to create an account. Signing up is pretty straightforward; all it takes is a valid email address and password and you are good to go.
Binance is nice in that you don’t need to verify your account in order to withdraw up to 2 BTC daily. A valid photo ID is needed for level 2 which allows up to 100 BTC to be withdrawn daily. There is also a level 3 which allows for even higher amounts, but Binance needs to be contacted directly in order for that to happen.
When logging in for the first time you are greeted with a security notice that consists of best practices to keep the account safe, such as enabling two-factor authentication, never giving out your password, and making sure you are not visiting a fake site. You will need to acknowledge these before you can proceed.
How to Trade
The first thing that you need to do in order to start trading is to fund your account. Navigate to “Funds” at the top of the page and click the “Balances” link. From here there are a wide range of digital currencies to choose from – simply click the “Deposit” button next to the one you want to use and enter the address information to send funds directly to your account.
Once your account is funded you can finally start buying, selling, and exchanging cryptocurrency. Back at the top navigation bar click “Exchange” and select either the basic or advanced view.
For simplicity’s sake we will use the basic view. Choose the trading pair you would like to use on the far right side of the screen. Currently you can pick between BTC, ETH, BNB, and USDT. There is also an option to search and create favorites here, something that makes trading your desired coin effortless.
Binance offers limit and market orders at the time of writing, which can be seen near the bottom of the page. From here anyone who has used other exchanges will easily be able to buy and sell their favorite digital currencies. The left hand column shows the current buy and sell orders (green is buy, red is sell) and the same intuitive boxes allow you to place your orders.
Once an order goes through it is placed into your funds where you are free to trade or transfer to another wallet.
Limits and Fees
As mentioned earlier, the amount you can withdraw depends on what level of account you have. For unverified, level 1 accounts the daily withdrawal limit is 2 BTC. For level 2 accounts, which require valid photo ID, this amount increases to 100 BTC. For level 3 accounts the daily withdrawal limit is presumably much higher. Withdrawal fees vary by the coin.
While Binance imposes limits on withdrawals, there are no limits on how much cryptocurrency you can deposit and trade. Fees are around 0.1% for each trade that you make, although if you choose to use Binance’s coin (BNB) a 50% discount is given. This provides a great incentive for users to buy and trade BNB.
Customer support is very important for exchanges where large amounts of money flow through daily. Nobody wants to be left with the short end of the stick when there is an issue with transferring money. Binance offers an extensive FAQ with answers to many common problems, with new articles being added all the time.
While Binance does not currently have a support phone number to contact, there is a web form that users can fill out and submit.
Although Binance hasn’t been around for too long, the community, myself included, has been thoroughly impressed with their customer service and transparency. Recently there was a large scale phishing and stealing attempt.
Attackers had been quietly harvesting user credentials for what appears to be a couple of months now, and just recently tried to exchange a large amount of VIA for BTC to be deposited to the attackers’ accounts.
Binance handled this exceptionally well, and updates were issued to the community periodically. Overall, this communication provides a well-deserved air of respect from Binance to its users.
With so much information about cryptocurrency out there today and so many exchanges to do your trading on, it is sometimes hard to narrow down your choices.
Binance is a relatively new player in the field, but they are quickly demonstrating that they can hang with the big boys. The number of digital currencies that are supported on this platform are staggering. With more being aded all the time Binance is poised to be a strong competitor to other major exchanges. This, coupled with relatively low fees, definitely makes this exchange stand out.
While the user interface is not the friendliest in the world, it is intuitive enough to make trading on this platform a breeze. In addition to Chinese and English, Binance supports many other languages like Korean, Japanese, Vietnamese, Russian, French, German, and Spanish. All these things truly make Binance a world-class exchange.
Featured image by Aleksander Sucheta