Binance is a cryptocurrency exchange that has its major based in China. It was established in July 14, 2017 by Chanpeng Zhao who today serves as the Chief Executive Officer of the business. Though the service is still new, it has become one of the most popular trading platforms across the globe.
It stands at the topmost rung of the ladder in the ranking of cryptocurrency exchanges by their trade volume. I have looked through Binance exchange and pointed here its 5 main advantages and drawbacks, but the main review comes afterwards.
|1. 1.4 million orders per second.||1. No transactions with fiat money.|
|2. Over 20 million users.||2. Chinese government regulations.|
|3. High liquidity.||3. Not much tokens to trade with.|
|4. Multiple language support.||4. Limited documentation.|
|5. Affordable processing fees.||5. 2FA available only for Chinese.|
Key Binance Services
Binance does not limit itself to only buying and selling of digital currencies. They also offer other services such as affiliate and referral programs, the community coin per month, Binance API Coding competition, Angel Program, bounty and other reward programs which offer users the opportunity of earning additional income. The exchange also has its blockchain technology incubator known as Binance Labs through which they assist startups to come on ICO with Launchpad.
Users have options of two views – basic and advanced trading platforms – to choose from. These two choices have strong similarities and none of them is simple to surf through unless you have a basic knowledge of how cryptocurrencies work. However, you will get a more detailed graphical presentation and analysis of the trades and market trend if you are using the advance platform.
You will locate the indicators in this tab at the trading page’s top left-hand. The depth graphs as well as the candlesticks are positioned at the far right side. The open orders, fund tabs and trade history are placed at the bottom lower-right hand side.
Binance has got a large choice of tradable coins which include but not limited to BNB, ETH, Dash, BTC, Litecoin and a whole lot of others. You can convert any coin to BNB. The exchange bases their conversion on the market price using the exchange ratio of the trade receivable to BNB. Any coin is first converted to Bitcoin before the exchange ratio of BNB to BTC is considered at the market price to determine its actual value in BNB/BTC. The conversion formula is exchange ratio of trade receivable/BNB = trade receivable/BTC (market price) / (BNB/BTC) all at the market price which is updated by Binance after every second.
Below are the three types of orders you can place on Binance:
Limit: Here, you fix the highest price the market will get to for your buy order to be executed and also the lowest amount the price will drop to for your sell orders to be implemented. Your order for either buy or sell will only be carried out if the market gets to the limit you set.
Market: Your order (for both purchase or sell) will be carried out at the current market price. It is only during the market hours when this type of order can be accepted.
Stop-Limit: Here, you specify the stop price at which your order will be carried out at a stipulated (possibly better) price.
The exchange has very low charges for the transactions when the fees of some other popular trading platforms are taken into consideration. Binance charges their clients nothing for funding their account. The charges for withdrawal varies according to the situations of the blockchain. The trading fees is 0.1. However, if you are paying the transaction fees with BNB, you will get an additional discount depending on certain conditions explained below.
50% discount for BNB *
BNB – 0.75BNB
LTC – 0.01LTC
EOS – 0.8EOS
BNT – 1.5BNT
SNT – 36SNT
* To get the discount on the deductible fees, you are required to have a sufficient BNB and to turn on the feature for paying the deductible fees with the BNB. The amount of discount you will receive depends on the number of years you have traded on the site. For example, in your first year, you are entitled to 50% while it will come down to 25% in your second year.
Manual on How to Trade on Binance
- Register. You will see the registration icon at the right corner of Binance homepage. Click on the tab for the registration page to turn up. Provide the required information in the form that comes up, look for the verification link in the inbox of your email as well as the spam box. Click on it to complete your registration.
- Deposit Your Account. Sign into the User Centre, check the fund menu and click on deposits and withdrawals. Binance accepts different kinds of tokens including Litecoin, Ethereum, Bitcoin, NEO and Binance. Make a choice and then press the deposit’s tab.
The address for deposit appears once you press the deposit tab. It is possible to move your coin in other platforms including those in your wallet to this address. The system will confirm the deposit by itself. The “Fund History” will show the details of the transactions.
- Choose the Market and Currency. Pick the market you want to trade in: BTC, USDT (the crypto analog to US dollars with the same price equivalent), BNB or ETH. Then click on the pair available in the chosen market.
- Place an Order. It is of crucial importance that you do a price analysis to get the best deal. The prices that the vendors like to sell will be displayed in red in the top half of the left hand column while those of the buyers will be showing in the bottom half in green color. Check this portion of the trading page to compare and analyze prices before you put your price and the amount you will like to purchase or sell.
- Withdraw Coins. Login into your account, click on fund and then Deposit Withdrawals. Select your preferred token to transfer your fund and then press on the tab for withdrawal. Complete the remaining boxes and press on submit. Confirm transaction by clicking on the withdrawal confirmation link sent to your email address. Go back to your Binance account to check the withdrawal.
Binance Referral Program
Visit the exchange website and click on “Binance Referral Program”. Create an account or login if you have an existing one. A referral link, ID or QR code will be issued to you. Give it out to your friends for them to register through it. You will be rewarded with 50% commission of the first month of the trading fees of any person that register through your link.
LaunchPad and Other Projects
To participate in the LaunchPad project, first register with the platform and click on the Launchpad tab for its page to turn up.
Select the project you are interested in, the purchase page will open, then press on the tab for “Buy now.”
Type in the amount you would want to purchase and put the QR code as well. You can access the details of your deal by pressing on the “Orders tab”.
To do an ICO with Binance LaunchPad, you will need to apply for it. The link for the application form is contained in an article titled “Doing an ICO on Binance Launchpad”.
Click on the link for the form to appear. Complete the form to use the option of listing Binance’s coins.
The platform has various features. You will find all your transaction history including trading and order history. Binance also offers its services in different languages like English, Japanese, Korean, Chinese and others. The exchange also supports multiple devices such as web browsers, Android and WeChat. Multiple coins can be traded on them.
Virtually, the website accepts crypto coin vendors and purchasers from various parts of the world. However, you have to do account verification. For this purpose, press on your account setting tab and complete the verification steps given there. If you are from the Chinese mainland, you can safely access your account via SMS-based authentication but customers from other locations requires Google authenticator to protect themselves against hackers.
This exchange supports multiple tokens plus fixed multi-trading pairs. You will not be allowed to transfer below the stipulated min amount and apart from deposit, any other transactions attract some fees. If your status is showing suspended, it simply means that your preferred coin is suspended as a result of bug in the system. Network congestions and some other technical reasons can also cause that.
|Coin||Min Withdrawal||Transaction Fee||Trading Pairs|
Binance provides a reliable support service to users through a number of means such as helpful articles on various aspects of the site, FAQs and support tickets which can be set up by completing an online form. Replies to these tickets are sent to your emails inbox. Unfortunately, the site does not provide any support assistance via phone calls and live chat support.
The exchange operates a secure and reliable website and this explains why it has plenty clients who have trust in the services they offer. It also supports a multiple-tier system architecture plus a two-factor authentication to secure accounts. However, besides these, the information provided by Binance about fund security on their website is not sufficient.
Binance runs a system that works on multiple-platforms. You can trade directly from the web with your laptop or PC. The exchange also supports mobile devices of different operating systems such as Android, iOS, Windows. Other platforms which one can use to trade are HTML5, API, etc.