Review: Binance Exchange

Binance was launched in Mid 2017 by a Chinese developer Changpeng Zhao ( ex technical director) at Block chain.info and owner of Beijie Technologies( Parent company of Binance).

The website may be new but is the number one online exchange at the moment in terms of 24 hour trading volumes due to its trading capabilities and volumes.

Initially the project became successful raising $15 million in initial coin offering (ICO) with the BNB token as now for many exchanges have adopted their own currencies for better stability.

The website was operated from Hong Kong as the company is Chinese but due to some conflicts by the government on crypto currencies is now said being operating from multiple locations including Taiwan.

Binance is well known for it’s trading capabilities by every day traders and is sitting on First position in top ten exchanges in 24 hour trading volumes, this result is astonishing for an exchange this much new.

Website and Signup

The website is quite catchy and User Friendly and available in most major languages including English,Chinese,Korean,Japanese,Russian,Spanish,
French,Turkish.

The sign up process is fairly easy asking for email and password only while there are advanced verification options after creating an account on Binance.

After signing up Binance Highly Recommends 2 factor authentication and some ID proofs Maybe Required to increase Daily withdrawal limits as initially unverified account can only withdraw up to 2 BTC or equivalent and verified account can withdraw 100 BTC or equivalent.

Higher withdrawal limits can be set but you have to contact Binance.

Trading is categorized into Basic and Advanced, depending on skill level of user.

Currency Support

Binance only supports crypto currencies and no fiat currencies for trading or deposit and withdrawals.

This is a good option as using fiat currency options might increase the risk factors on its security and motive.

Deposits in Binance can be made in all of the crypto currencies listed to trade on Binance including BTC,Bitcoin Cash,Bitcoin Gold and every ERC-20 Token.

Same is when withdrawing any crypto currency can be available for withdrawal.

While there is no need to worry as every known coin is listed to withdraw and deposit from and deposing and withdrawals in crypto currencies are fairly faster and cheaper then fiat currencies.

Fees

The fees of Binance are quite standard as they charge 0.1% fee per trade which is affordable as compared to other platforms.

If you are working with BNB Binance coin then there is another 50% discount in fee as stated earlier it is Binance’s own made crypto currency and now has reached a huge market cap.

Deposits are free and can be made in any crypto currency listed on Binance.

While withdrawals are charged with fee differently depending on the coin as Bitcoin can be expensive in this case.

A complete List can be Found on,

https://www.binance.com/fees.html

Customer Support

Customer support is not quite good as compared to other functionalities provided by Binance.

It is the matter of waiting simply as there is a request forum available and ask’s to much questions to users however there is no Phone or live chat support available.

How ever there are FAQ available on Binance which can be helpful in some cases.

The link for Binance customer support,

https://support.binance.com/hc/en-us

API and Applying new Coins

Binance also provides it’s API’s which can be easily found on GitHub.

https://github.com/binance-exchange/binance-official-api-docs

While just Like HitBTC,Binance also gives a chance to new projects and entrepreneurs to List their coins on a platform like Binance which will be helpful for the boost of their projects.

https://goo.gl/forms/jwjm8SClOYEuC8hr1

This 12 page document will require every information regarding your coin and some documents necessary for applying and getting listed on Binance.

Online Reviews

Binance has Got Fairly Good Reviews Online and has been considered number one choice by many traders and developers in very short period of time as it provide liquidity,speed,trading volumes and also its affiliate programs.

While there were some negative reviews about withdrawal processes and 2 FA methods as users struggle to withdraw their coins but this does not mean that it is a scam and possibly have some technical issues still arousing in its advanced systems.

Conclusion

Binance is the best choice recommended by people as it has gained popularity and has topped the list with its features,functions and volumes.

Fee structure is also standard for everyday traders have praised this structure.

Some also yet recommend to add fiat financing so that it could be a better option for large traders and new comers to easily withdraw and deposit funds.

Binance is recommended exchange to trade and is 100% legitimate.

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