Binance is a booming cryptocurrency exchange platform focused on crypto-to-crypto trading. The platform has begun to gain popularity in the blockchain community thanks to its varied cryptocurrency offerings and incredibly low fees. In addition to this, the platform is translated into several languages. Although the company was launched a few months ago (via ICO), the exchange is already promoted as a good alternative to Bittrex. In this article "Binance Review", we will try to describe everything you need to know about Binance, how it works, the crypto currencies you can trade on it, fees, security aspects and customer support.
To use the exchange service, users will have to create an account first. This process this is quite simple and straightforward and you do not have to check your account for Level 1 which has a daily withdrawal limit of 2BTC. For Level 2 which allows up to 100BTC per day, you must upload a photo ID and wait until you are approved. There are still higher limits, but you will need to contact them directly to arrange this. To fund your account, visit the "Funds"> "Deposits / Withdrawals" link at the top of the site and find the currency you want to send, then click on the "Deposit" button next to that, which will give you the address of the wallet. You can then send your funds to this address to start trading on the platform. Now that your account is funded, you can simply start trading, trading and investing in different crypto currencies. After placing your order, just wait for it to be fulfilled according to the terms that have been defined.
Those who visit Binance for the first time will quickly notice that the platform offers two options for cryptocurrency trading: basic and advanced. Anyone with a little knowledge and experience of how trade works should be able to use the platform and its different services. The main difference between the basic version and the advanced version is that the advanced version offers a more in-depth technical analysis of the value of cryptocurrency over time. At present, the basic version dashboard offers several charts and graphs for the currencies you trade, order lists and transaction history.
Binance charges an average fee of 0.1% on every transaction made by a user. Those who choose to pay via the Binance Token (BNB) can get a 50% discount on transaction fees. These are surely some of the lowest fees available right now. Withdrawal fees tend to vary for each digital currency. When it comes to transferring limits, there is no limit on the number of coins you can deposit. However, without being verified, users are limited in terms of the amount they can withdraw. Verification will establish you as a Level Two user, thereby lifting these boundaries and giving you a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, passport photo / ID card issued by the government, and even a selfie with their passport.
Another thing to note is the Binance Token, which was issued during their own ICO. The Binance Coin (BNB) can be used to pay fees and will also feature in future plans to create a decentralized exchange where it will be one of the main base currencies. The purchase of the NBB appears to be a good investment for the future since the stock market plans to use its profits to buy part of the tokens each quarter and destroy them: which reduces the supply and makes it more valuable for the holders.
While Binance is one of the last cryptocurrency trades available on the market, it quickly achieved a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information about how the funds are guaranteed, but we would like to believe that security is taken seriously. Two-factor authentication is available and strongly recommended.
We hope this article has helped you better understand Binance exchange. If it did please use our affiliate link to register your account at Binance :)
