As cryptocurrency continues to flourish, the digital currency exchange market expands with a variety of choices, therefore selecting the correct exchange or trading platform can be quite difficult for not only those who are entering the cryptocurrency space but veterans who’ve been at it for quite a while as well.
Binance is one of the most recent exchanges to appear in the cryptocurrency world. Based in Hong Kong, this Chinese based cryptocurrency exchanged was launched by developer ChangPeng Zhao during July 2017. Being the mastermind behind Beijjie Technology, Zhao manage to develop the exchange after a successful ICO manage to raise a total of $15 million.
Beijie Technology and its founder has retained an impressive track record in the cryptocurrency exchange industry. Zhao himself contains a high-profile position, such as technical director for Blockchain.info and his company now provides trading systems for up to 30 other platforms. Due to its ongoing struggles dealing with the Chinese government views on cryptocurrencies, Binance currently operates its servers from much more lenient states, providing it with the freedom required to run a competitive exchange service.
The trading exchange has been undergoing an amazing success rate since its launch during the summer, and it’s currently sitting in the top ten position in terms of 24-hour trading volume on Coinmarketcap.
By now I bet you’re wondering how Binance has managed to become successfully popular, and how it’s more useful compared to other cryptocurrency exchanges? Well…
How it works.
There are two available options for trading platforms on Binance, those being Basic and Advanced. The main difference between the basic and advanced version for this is the advanced one offering its users a more-in-depth technical analysis of cryptocurrency value over time. Meanwhile, the dashboard available for the basic version offers its users several graphs and charts for the pairs that you’re trading, order books, and trade history.
Even so, simply choosing the Basic view won’t change the fact that it’s just as fairly complex as its Advanced version and isn’t ideal if you’re just starting to invest in cryptocurrency. Tha main dashboard also offers a depth cart of the orders you can view in a separate tab from the candlestick chart.
In order to begin trading, you first need to fund your account. To pull this off simply click on the “Deposits Withdrawals” link that can be found under the “Funds” tab.
Now on the “Deposits and Withdrawals” section, select which cryptocurrency you’d like to start funding with your account and click “Deposit”. Binance shall then provide you with a public wallet address to send your funds. Personally, It’s recommended that you fund your account by either using Bitcoin or Ethereum mainly due to those two coins having the most trading pairs at the current moment. This gives you a much larger pool when trading.
Once you’ve successfully placed some funds into your account, you can finally start investing. Navigate back to the exchange dashboard by clicking “Basic” under the “Exchange” tab in the upper left-hand corner. For Binance, you’re only able to make limit and market orders. With how complex the interface can be, It’s should be obvious that the Advanced version contains even more trading options, but those things can be continued to be implemented as the company matures and flourishes.
Available Cryptocurrency Support.
Binance offers its users a crypto-to-crypto exchange, this means that it doesn’t facilitate any fiat currencies. This has allowed the platform to work freely, steering clear for any sort of red tape or regulation for the time being.
There’s an incredible selection of cryptocurrency available in conjunction with the Bitcoin, Ether, and Tether trading pairs. In total, the number of crypto coins currently available extends towards the 100s, and all top tiered alternative coins, such as Litecoin, Ripple, and Bitcoin Cash, are in the listing. Additionally, there is a great roster available that shows the up and coming crypto coins.
Here a just some of the available coins:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
- IOTA (Binance is one of only two major exchanges where you can purchase IOTA)
Many investors like Binance because they offer crypto coins that often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton Coin.
Within the competitive space, the fee structure for Binance is quite outstanding. A flat rate of 0.1% can be quite enticing for any trader who doesn’t need immediate fiat liquidation. Interestingly enough, it undercuts most other large exchanges, some of which charge up to 0.2%. That’s a good sizable difference if you’re working with larger orders. Deposits are free also free and it’s normally sending wallet that pays blockchain fees with cryptocurrencies. Withdrawal fees still apply, although they generally correlate with the blockchain transaction fees. The withdrawal fees are updated on a regular basis and always offer up a fair price.
Binance is strictly a cryptocurrency exchange, meaning you’ll not be able to fund your account with fiat currency. You can only deposit cryptocurrency funds, but there’s no limit on the amount you decide to deposit. The amount that can be withdrawn each day can be determined by your verification tier. Without having submitted any verification details, you’re placed at Level 1 and can only withdraw up to 2 BTC worth of cryptocurrency each day. In order to become classified as Level 2, you need to enable either two-factor authentication or Google Authenticator. Right now, only Chinese numbers currently only support for two-factor authentication.
Here a list of what you need to provide:
- First name
- Last name
- Passport ID
- Passport photo
- Selfie with passport
With Level 2 verification, your daily withdrawal limit increases to 100 BTC.
Binance does a decent enough job when it comes to handling their customer support service. Most inquiries need to be done through the sites email contact form and waiting to receive a response from them. In similar fashion to other major trading exchanges, you might have to wait for quite awhile for a response simply due to a large amount of growth in demand. The official Binance Reddit page states that your email won’t be answered by a random support agent but rather by someone integral to the company who knows the system you’re using. There’s also a Wechat customer service QR code accessible that may help via quick live chatting, but most of the responses are automated in Chinese.
Thankfully, the website is fully multilingual, so the majority of the people who sign-up should get by just fine. English, Spanish, Chinese, French, German, Korean and Japanese is optional on the trading platform. This is another advantage Binance has to manage to gain as it continues to dominate the worldwide cryptocurrency exchange.
Unfortunately, Information regarding fund security could not be found on the Binance website, and their forums were of no help at all. This doesn’t shine a positive light for guarantee securement on anyone’s funds, so it’s best to proceed with caution if you decide to utilize this exchange.
When you soak in the information that’s been compiled together and look at Binance objectively, the pros far outweigh the current cons. Which is more than what can be said for some of its other competitors in the exchange industry. The Exchange’s amazing low fees mixed with the fantastic team that’s proven itself to be knowledgeable when it comes to developing a trading platform is enough to make if one of the top players.
It’s not much of a surprise that Binance manages to become incredibly successful after its opening months. Furthermore the capability to offer a truly global service away from the iron hands of the Chinese government, and there’s not much currently preventing Beiji Technology from its ongoing success. While no current fiat support can be somewhat frustrating, it’s understandable due to the company’s current circumstances. If they manage to spruce up their customer support and clean up their current technical issues, Binance is the exchange to watch out for this year.
While Binance may not be the most user-friendly exchange available in this industry, it does offer some amazing fees and incredibly crypto coin support. As it’s been reported to have access to some sizable resources and partners, Binance will continue to flourish into something amazing and offer fantastic cryptocurrency services for its clients. I would personally recommend the use of Binance and encourage anyone interested in investing into cryptocurrency to try it out for themselves.
Just make sure to take safety precaution into consideration when utilizing a unique password when signing up for Binances exchange services and make sure to switch on the 2-factor authentication. Try not to hoard away a large balance on the exchange for too long and remember to always withdraw your cryptocurrencies into your own private wallet. As long as you remember to play it safe and not do anything rash, then making millions off cryptocurrencies will become reality instead of remaining a dream. So go out there and start investing in your crypto coin of choice!
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