What Is The Binance Exchange?
Binance is currently considered to be the leading crypto trading platform and has over 100 coins supported for depositing and withdrawing. It also offers among the most competitive rates of any platform of its kind. For those who are interested in trading crypto-to-crypto, this is not only one of the easiest options for getting started, but also one of the most affordable.
Binance will accept users from across the globe and is generally reviewed extremely well. The exchange also recently partnered with Simplex, meaning that it now accepts credit card purchases for buying cryptocurrencies.
What Binance offers?
Binance offers most of the services that someone looking to start trading cryptocurrencies could need. That said, this is a purely crypto-to-crpto exchange. That means that the business does not facilitate fiat currencies.
While this might seem like a limitation, it ensures that the business does not need to deal with the red tape and regulation that is faced by traditional trading platforms. After all: this decentralized and unregulated nature is one of the big selling points of cryptocurrency in the first place!
What you can do, is to purchase 6 different cryptocurrencies via a credit card. This is thanks to the aforementioned partnership with Simplex, which acts like the broker. This does incur a fee of 3.5% however. On the whole, this is a welcome feature, as it means you can do more of everything you need to do from a single portal.
When using the tool, users can choose between a basic and advanced version of the UI. This is a great option, as it provides the granular depth and control that anyone might need, without being too overwhelming for someone using the platform for the first time.
When using the basic interface, you’ll be able to see a quick view of market and trading pairs. This makes it very simple to switch pairs. The advanced view conversely provides in-depth charting tools.
That said, even the basic view is a little bit much for complete beginners. We do recommend that you do some research and get a basic feel for cryptocurrency before you dive in and get started!
Another bit of good news, is that Binance offers its services all over the world. There are no clear exceptions made for US citizens. Though this does make Binance a potential target for New York’s virtual currency regulations.
What Cryptocurrencies Does Binance Support?
The good news is that Binance offers a wide range of different cryptocurrencies to start trading with.
These include the likes of Bitcoin, Ether, BNB, XRP, Tether, and many, many more. In fact, there are almost 100 different coins available to trade.
The six cryptocurrencies that can be purchased via credit card are:
What Fees Does Binance Charge?
Binance has one of the most competitive fee structures in the market, which is a large part of its appeal and success. In fact, you’ll be hard pressed to find better rates for your crypto trading needs.
Binance comes with a flat rate of 0.1%, which is extremely generous. This beats most other large exchanges hands down, as well as many much smaller ones. Typical in this industry is to charge 0.2% and above, making this a 50% saving! This is especially impressive considering the impressive reputation and feature-set that Binance has to offer.
If you use BNB (Binance Coin), then you’ll also be able to gain an additional 25% discount on top of that.
Other services are also well priced. Deposits are free as is typical, with the exception of blockchain fees that are paid by the sender. There are some withdrawal fees too, but these are usually the same as the blockchain transaction fee.
The withdrawal fee is also updated regularly, in order to keep it fair and competitive.
In terms of limits, Binance is very simple to understand. There are some withdrawal limits, and non-verified accounts can withdraw up to 2BTC every 24 hours. If you have a verified account, then you’ll be able to withdraw a significantly larger 100BTC every day.
To become verified, you simply need to fill out the standard KYC (Know Your Customer) form, and provide some proof of identification.
Is Binance a User-Friendly Exchange?
As mentioned, Binance does have a slightly complex interface from a beginner’s standpoint: even when you switch to the “Basic” view. Unfortunately, that’s the nature of the beast to some extent and you should definitely do some background research before you begin trading in bitcoin.
Once you get to grips with it though, Binance is actually very intuitive, and powerful. You can see all of the data you need very quickly, and anything that isn’t immediately visible is normally only one click away. This is vital to making fast, informed decisions. The interface is also, crucially, very reliable. In our time with it, we never experienced any crashes or other issues.
The website also has the benefit of being available in a variety of different languages (15 in total), so you shouldn’t have to wade through poorly translated text to find what you’re looking for.
Binance Customer Support
When using a platform like Binance, good customer support is absolutely critical. You’re sending your money in cyberspace, and that can be a daunting feeling – especially for newcomers. You therefore need to be able to trust the company to respond to any concerns or issues you have, and to help you get things up and running if ever you have a problem.
The good news is that Binance continues to impress in this department too, with a stellar customer support team and brilliant track record. The platform has excellent customer reviews as compared with similar options out there.
In order to get in touch, you need to fill out the email contact form on the site. This email account seems to be well-manned, and you’ll usually get a response very quickly. Another option is to chat to a customer service bot. While this is a limited option, you can get some basic problems solved this way.
One slight issue certain customers have had was with withdrawing money when using Google Authenticator. However, Binance is quick to respond to this rare problem, and it can be circumvented altogether by opting to use Authy instead.
Who Are The Binance Team?
Binance is based in Hong Kong and was launched by developer Changpeng Zhao (known to many online as CZ). CZ’s company, Beiji Technology, was able to launch the platform following a successful ICO that raised the business an extremely impressive $15 million.
The amount of money raised reflects the confidence that investors had in the team behind Binance. This confidence was not unfounded, as the business had enjoyed numerous successes in the past. Zhao had primarily worked as technical director at Blockchain.com.
That should give you some indication as to the kind of calibre that Binance brings to the table. This is not a small site run by a couple of people looking to make a quick buck, but rather a very serious business with a significant investment and some talented individuals behind it.
Binance actually has its own currency called Binance Coin (BNB). This can be used in order to trade cryptocurrencies and pay for free on Binance. It was only available to those investors that helped raise the funds.
The value of BNB began at $0.1, and quickly rose in price – demonstrating the highly successful trajectory of the business and the platform so far.
Despite being based in Hong Kong, Binance actually runs on a number of servers located outside of China. The reason for this is that the company has dealt with struggles with the Chinese government’s views on cryptocurrency.