Headed by Changpeng Zhao, binance is a leading cryptocurrency exchange that has the main features that clients need to see. These features include support for trading pairs with major coins such as ETH, BTC, NEO and LTC. The site promises to only add coins with a strong user base, credibility and liquidity.
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Binance.com also comes loaded with multiple device platforms, many languages (a favourite of many clients) and clean user interface. The website does not, however, support traditional currencies such as dollars despite being the best trading platform. It is purely designed for digital currencies, purely crypto-to-crypto. Above everything else, the website lays a lot of emphasis on speed, customer service, and most importantly, security.
The Coverage
Whether a client is just starting out or is a professional trader, Binance.com presents an array of tools that are necessary for engagement with the blockchain community. It is easy to trade cryptocurrencies on the platform, and the additional features available allow the platform to handle complex trading operations. The site offers a platform for:
- Mobile HTML5 clients
- REST API
- Web-based trading clients
- iOS native clients
- PC native clients
The website supports Chinese, Korean, English and Japanese. The initial release is purely in English and Chinese, and other languages with be added with time. Chinese users have access to weChat resources on the homepage.
The Fees
The binance.com app can be downloaded freely, or one can choose to create an account online, which is still free. The trading platform can then be accessed directly through the browser. It is easily downloadable on mobile from the play store or iOS. On the dashboard are several graphs and charts such as the candlestick chart, the trading history and the order books. A trader has to fund their accounts first before beginning to trade. Currently, the site charges a fee of 0.1 percent for every trade. Whenever a trader uses their token BNB to pay, a 50 percent discount is awarded.
The website URL should always be examined, given that there are many phishing sites that look like the actual site. The secure certification should also be checked for the authentication of the original site. At the far right of the website is the ‘register’ button that is easily visible. Here, the trader is expected to fill in their personal details. When logging in for the first time, a trader should get a pop-up, asking to enable the 2FA. 2FA is designed to increase the security of the account. There is no limit to the amount a trader can deposit to their account. A trader can withdraw up to 2 BTC each day.
Binance.com has CCSS and ISO/ICO 27001:2013 security protocols. In terms of security, the website gives users the option of activating 2FC to verify withdrawals. At this point, the site only supports Chinese phone numbers for two-factor authentication. The privacy policy on the site states that user information is collected, including IP addresses, and the data is also stored on its servers.
Started in July 2017, binance is one of the newest exchanges in the industry that has acquired over 20,000 registered users. Binance.com allows users to enable two-factor authentication for their log-ins, or Google Authenticator.
All trading involves risk. Only risk capital you're prepared to lose. Past performance is not an indication of future results. This content is for educational purposes only and is not investment advice.
I sent them my documents 2 months ago and still hasn't been approved by Binance. This is useless, customer service responds every time saying they will look into it, but then nothing happens. People would rather go to another exchange, Binance isn't worth the effort.
A very pleasant interface, everything you need as an experienced trader. The app also works well, which isn't always the case with other exchanges. The customer service is in English, but when you email they can take quite long to respond.
Binance is my favourite cryptocurrency exchange. Many known, and lesser-known, coins and most importantly for me, low transaction fees. Also when you want to send bitcoin this is really fast. A tip, by Binance coin, which offers a discount on transaction fees.
Huge selection of different coins, low transaction fees and always online. I'm a customer with many different exchanges but Binance stands out positively. Only drawback can be that you can switch everything to for example Bitcoin or Ethereum with the press of a button. This has to be done manually, one by one, especially if you have a load of coins in small amounts it's a hassle. Some coins require a minimum value, which means you're left with lots of leftovers you can't do anything with.
All trading involves risk. Only risk capital you're prepared to lose. Past performance is not an indication of future results. This content is for educational purposes only and is not investment advice.