Full Review of Binance

Binance exchange review
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.

strenghs weakness
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.

Trading Platform

Binance trading servicesUsers 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.

Available Markets

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.

Order Book

Below are the three types of orders you can place on Binance:
order type number oneLimit: 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.
order type number twoMarket: 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.
order type number threeStop-Limit: Here, you specify the stop price at which your order will be carried out at a stipulated (possibly better) price.

Exchange Fees

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.

trading fees

0.1%

50% discount for BNB *

deposit fees

0%

withdrawal fees

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

    1. 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.

register on Binance

    1. 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.
      deposit Binance accountThe 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.
    2. 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.

pick the market and currency on Binance

    1. 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.

place an order on Binance

    1. 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.

withdraw coins on Binance

Binance Referral Program

refferal program on BinanceVisit 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

launch pad on BinanceTo participate in the LaunchPad project, first register with the platform and click on the Launchpad tab for its page to turn up.
launch pad on BinanceSelect the project you are interested in, the purchase page will open, then press on the tab for “Buy now.”
launch pad on BinanceType 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”.
launch pad on BinanceTo 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”.
launch pad on BinanceClick on the link for the form to appear. Complete the form to use the option of listing Binance’s coins.

Account Features

Binance account featuresThe 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.

Verification Process

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.

Cryptocurrency Limits

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
Bitcoin limits 0.002 0.001 BTC BTC/USDT
Ethereum limits 0.1 0.01 ETH ETH/BTC
ETH/USDT
Binance limits 2 0.95 BNB BNB/BTC
BNB/ETH
BNB/USDT
NEO limits 1 0 NEO NEO/BTC
NEO/ETH
NEO/BNB
NEO/USDT
Qtum limits 0.02 0.01 QTUM QTUM/BTC
QTUM/ETH
Dash limits 0.004 0.002 DASH DASH/BTC
ASH/ETH
Monero limits 0.1 0.04 XMR XMR/BTC
XMR/ETH
Ripple limits 22 0.25 XRP XRP/BTC
XRP/ETH
Tron limits 250 198 TRX TRX/BTC
TRX/ETH
Cardano limits 4 1 ADA ADA/BTC
ADA/ETH

Clients Support

client support on BinanceBinance 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.

Exchange Security

Binance securityThe 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.

Compatible Multi-Platforms

Binance multi-platformsBinance 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.

FAQ

1. Is It Possible to Refund My Coins?

Yes! Binance has a refund policy in keeping with the Chinese regulation. However, only a few coins which include LLT, WTC, HCC, YOYO, BTM, ELC and LLT can be refunded. Read more about it in the return policy of the exchange.

2. Is There Margin Trading?

No! There is no margin trade in the exchange. This type of trading is like a loan borrowed from the broker using one’s account balance as a collateral.

3. What If I Put A Wrong Withdrawal Address?

If you transfer your money to a wrong address, there isn’t much Binance can do to help you because of the anonymity of blockchain. The only thing you have to do is to find out who the receiver is and then get in touch with the person as quickly as possible.

4. What Are Binance Competitions?

As a giant in the industry, Binance offers various kinds of contests and competitions to the interested candidates occasionally. The current competition is known as the “2,000 $BNB in Prizes!”

5. Can I Upload the App of Binance on My Phone?

Yes! The crypto exchange has launched a mobile application for iOS and Android. You can install them on your mobile depending on its operating system. For Android, it is available for download on Google Play while for iPhones – on App Store.