There are numerous exchange markets available for exchanging your digital currencies which can make it slightly difficult and confusing for cryptocurrency users to select the best trading platform for themselves.
It doesn’t matter if you are a novice user or an experienced user, the wide range of exchange websites and trading platforms has everyone confounded which is why it has become quite important that we have sufficient information about each platform before making a decision.
One of the topmost cryptocurrency exchange is Binance which is a Chinese exchange and is quite well-known for its cryptocurrency exchange services.
Although the Binance project is still new, it has gained a lot of popularity with the cryptocurrency users due to its tremendous number of Initial Coin Offering (ICO) listings.
However, that is not all, it also offers low trading fees to its users which makes it so attractive to the cryptocurrency users all over the world.
In this article, we will give a detailed review about this currently popular exchange and will offer you all the necessary information about Binance, which includes its operation process, crypto exchange pairs available, trading fees, security and the customer support provided by this exchange.
- How Binance Works
- How to Sign-up on Binance
- How to Trade on Binance
- What is Binance Token (BNB)
- Fee Structure and Limits
- Is Binance Safe
- Binance Features
- Binance vs Bittrex
How Binance Works
If you have ever visited Binance then you would know that the platform offers its users with two view options for trading their digital currencies – basic view and advanced view.
Although both of these trading versions are least user-friendly versions, however, if you have even a little knowledge about digital currencies and how the exchanges work then you are golden. You will find it easy to use the platform and operate the various services offered on it.
The major difference between the basic and the advanced version of the trading platform is that the advanced version provides the users with more in-depth analysis of the digital currencies and their progress over time.
On the other hand, the basic version will offer you a more comprehensive view in the form of graphs and charts for different crypto pairs and will also display the order books, trade history, etc. for the crypto pairs that you are interested in trading.
This is how a Basic version of Binance platform will look like:
The Advanced version of Binance platform will be displayed like this:
How to Sign up & Login on Binance
As is the case with most exchanges, you first need to create an account for yourself on Binance before you can start using this exchange and its services. The signing up process is quite simple and direct and there is no need for you to validate your Binance account for level
However, remember that if you don’t verify your account then you are bound to a 2 BTC withdrawal limit every day, meaning you can’t withdraw more than the 2BTC equivalent digital currency in a single day.
If you want to take your account to level 2 then you will need to go to your ‘Account’ and then click on ‘Submit Verification Documents’ to increase your daily withdrawal limit to 100BTC. For achieving this, you would need to submit your Photo ID and then wait for it to get approved. Once it is approved, you can go ahead and withdraw up to 100BTC from your Binance account balance every day.
You also have an option to set a higher withdrawal limit but for implementing this, you need to directly contact the Binance support team and get it arranged.
Once your account is created and a withdrawal limit is set, you are all good to go and deposit funds in your Binance account for trading. Although Binance offers a plethora of digital currencies, it is always advisable to use either ETH or BTC.
To deposit some funds into your account, you will need to go to the top of the website page and then click on ‘FUNDS’ menu, from here you need to select ‘Deposits/Withdrawal’s option. Once you are directed to the Deposits/Withdrawals page, search for your desired digital currency and then click on the ‘Deposit’ button which is directly next to it.
You will be provided with a wallet address which you can use to transfer the funds to your Binance wallet. Once you have sufficient funds in your Binance wallet, you can finally start trading on it.
Apart from trading your currency, you can also use it for exchange or you can invest in different cryptocurrency pairs. You will have a plethora of choices as Binance supports a lot of major digital currencies and also provides users with a multitude of ICO listings and their associated tokens.
Currently, you can use Binance exchange to generate just limit and market orders. This is a serious drawback since this platform was expected to have more advanced trading options. Once you have placed an order, you need to wait for it to get fulfilled in relation to the terms which were set for the order.
How to Trade on Binance
Trading on Binance is a piece of cake, more so if you have previously used other cryptocurrency exchanges to make the trade. Before you start trading on this platform, ensure that you have some funds deposited into your account and then choose your desired trading pair.
You have multiple trading options for cryptocurrencies like BTC, BNB, USDT, and ETH. So, once you have your funds ready, navigate to the top right corner and click on Exchange option and then select the Basic or Advanced version to load the trading page. If you are a new user, then a Basic version is recommended for you.
On the Exchange page, you can choose your desired digital currency in which you would like to trade. Just select a tab on the right-hand side and then choose the currency that you want from the list. You can also search for your desired currency and can mark currencies as your favorite by clicking on the start next to them.
Once you have selected your desired currency pair, you will find a new list being loaded on the left-hand side which will include the price at which users are willing to sell or buy the mentioned currency. The prices in the red display the people that are willing to buy at the mentioned price and the prices in green portrays the users which are willing to buy the currency at the mentioned price.
If you are looking to place a purchase order then you need to navigate to the Buy box which is displayed beneath the graphs on the left-hand side. You can either input the amount of currency that you wish to buy or you can choose a percentage button for 25, 50, 75 or 100 which will automatically fill the amount of currency depending on the purchasing currency (ETH, BTC, etc.) that you currently have.
Once the order is successfully placed, it can be seen under the ‘Open Orders’ section and once it is filled, it will be available under your ‘Deposits/Withdrawals’ menu. From here you have the option to withdraw your currency to a personal wallet too.
Supported Crypto Currencies
Binance is quite well-known for its huge range of supported coins and keeps on adding new digital currencies gradually. Users can utilize the platform to trade numerous digital currencies like Bitcoin, Bitcoin Gold, Ethereum, EOS, Dash, Ethereum Classic, Bitcoin Cash, NEO, Ripple, Zcash and many more.
As we have mentioned before, apart from supporting various digital currencies, Binance also supports several tokens which are a part of the ICO listings. As a result, traders can often employ this trading platform to trade all these ICO tokens for a profit too.
Since Binance usually adds a new coins or token immediately after their ICO, it means that you can often purchase them for a cheap amount and can earn a larger gain from them after a few years.
Binance Token (BNB)
An important thing to note is the Binance Coin (BNB), which was supplied during the time of their own ICO. This coin can be utilized to pay the trading fees on Binance and will be used in future to make a Decentralized Exchange where it will become one of the major base currencies.
Buying Binance coins is a profitable investment because Binance exchange plans to purchase back a section of their coins every quarter with the help of the profits that they will earn and will destroy these coins. So, as the supply of these coins decreases, its value increases for the holders.
Fee Structure & Limits
Binance is known to have one of the lowest trading fees at an average fee of 0.1% for every trade of a user. If you choose to pay by Binance coins, then you get a 50% discount on the trading fees which is really amazing. It offers great trading fees to the users but its withdrawal fee depends on the digital currency being used.
It has a slightly high withdrawal fees which can often make it difficult for users to withdraw their digital currency multiple times without losing a significant amount of funds. Binance exchanges charge the user 0.0001 for Bitcoins while 0.01 for ETH but is free for NEO and Gas coins. To get more information about the withdrawal fees for different digital currencies, you can refer to the below guide:
Although there is no limit on the transferring of coins to your Binance wallet so you can deposit as much amount of fund as you like, there is a certain limit on the amount of fund that can be withdrawn from the Binance exchange. If you haven’t verified your account, then you can withdraw only a limited amount of 2 BTC.
Once you verify your account, you become a level 2 user and get a lot more withdrawal freedom on this platform. To verify your account on Binance, you need to provide your full name, gender, country, Photo Id, and a selfie with your passport.
Competitions held on Binance
One of the best things about Binance is that they often hold competitions and give out some amazing prizes to its winners. Currently, there is only one ongoing competition, Binance Exchange Instructional Video Competition. In this competition, 2000BNB are being given away to the winners who will prepare an instructional video on Binance exchange in a creative manner.
The video needs to include the entire process of registration, depositing funds, withdrawing funds, and trading the digital currencies and the video needs to be submitted to firstname.lastname@example.org or the video needs to be linked to Twitter via Youtube/Vimeo with a hashtag #BinanceVideo. The deadline for this competition is on 31st January 2018 at 0:00 AM (UTC) and the top three winners will get 300BNB each.
Currently, the competition is in full force as numerous users have prepared their Binance videos in a fun and creative manner.
Security & Safety on Binance – Is it Really Safe?
Although Binance is a relatively new exchange platform, it has quickly managed to form a trusting relationship with its users and its community. It is one of the newest cryptocurrency exchanges but that doesn’t make users suspicious of its security, all because of the two-factor authentication method which is available on this platform.
Binance doesn’t explain its security measures in detail but due to its multi-tier system architecture and the availability of the 2FA method maintains faith in the users that it is a secure platform.
Customer Support Provided by Binance
Any good organization/company needs a quick and responsive customer support team which can solve users’ all queries and requests quickly and efficiently. Although Binance’s customer support team needs more work, it is still quite responsive and efficient in handling most queries of traders on the Binance platform. You can raise a support ticket by filling an online form on the website and the customer support team will contact you back via email.
Currently, there is no chat or call option to get touch with the customer support team but Binance offers FAQs and articles to help the users in getting adjusted to the platform and the way it functions.
After going through the above information, it is quite clear that Binance is a simple and efficient platform that can be used by novice users as well as experienced users to trade their digital currencies. Here are a few basic points to note down which make Binance an amazing platform for trading your currencies:
Ease of Use
Binance is extremely simple and easy to use and might look a little complicated in the start but once you get a hang of its UI, you can trade your digital currency in just a few simple clicks.
Binance is a trustworthy exchange and offers the user with security via 2FA and verification methods. As a result, a lot of people have quickly trusted this new exchange with their funds and trading activities.
Binance offers trading services at low fees which makes it a desirable option to cryptocurrency traders and often gives discounts on withdrawal fees to traders who use BNB for withdrawal fee.
Binance provides users with easy to use and simple payment methods in a safe and secure environment.
Binance offers a quick and efficient customer support team which can handle most queries quickly and efficiently.
With every new digital currency trading and exchange platform, there are a few merits and demerits attached to it. Similarly, with Binance, we have both pros and cons but its advantages outweigh its disadvantages by a great margin.
- It is easy to use
- Offers low fee rates
- Provides good customer support
- Provides many listings to users
- No call or chat option for Support
- No Fiat payment option
Binance Vs. Bittrex – Is Binance the Best Crypto Exchange?
Bittrex is a popular exchange which has been slowly going downhill with its poor support system and numerous technical glitches but Binance, which is a new cryptocurrency exchange, has recently stepped up and is doing well for a new exchange. Let’s take a look at which exchange is better out of these two.
Verification Process involved
Although both of the exchanges offer you with an easy sign-up and verification process, Bittrex tends to block the users if their account is not verified which can be a big nuisance. For Binance, the verification process is quite simple and you don’t need to necessarily verify your account in order to trade on Binance which makes it a more convenient option.
Bittrex is also infamous for its high fee which comes around 0.25% for each transaction which is a lot whereas Binance charges just 0.1% fees for every transaction. If you have BNB in your account then you get a discount of 50% which makes it just 0.05% fee for every transaction.
Bittrex has a better and more efficient platform even though it has a few glitches here and there. The Tradeview charts on this platform help users a lot and its conditional order feature is a big hit with the users as you don’t have to post your sell orders in public.
On the other hand, Binance platform is fast and without any glitches and although it can be a little complicated to use, once you have the hang of it, you find it quite simple and direct to use.
One big problem with Bittrex is that it doesn’t support a lot of digital currencies and doesn’t include many new currencies on its platform whereas Binance offers support for many new tokens and digital currencies after its initial ICO.
So, users have more option on Binance than Bittrex for both digital currencies and ICO tokens. On Binance, you can trade currencies against BTC, ETH, BNB, and USDT whereas, on Bittrex, you can trade only against BTC, ETH, and USDT.
Another important point to keep in mind is that Bittrex lacks a mobile app which means you can’t access on the go whereas Binance has a functional and responsive app which makes it easier for you to track your funds while you are on the move too.
A Final Word
Ultimately, Binance has become a better exchange than Bittrex and will definitely overtake the Bittrex as the exchange market leader in the coming years. Bittrex has many issues and an unresponsive platform with no visible improvements.
They have no new features on development on the way and the only advantage they have over their competitors is the existing coin support that they offer. However, their fee is absolutely ridiculous when compared to Binance fees and their poor customer support is a real turn down for their loyal customers.
On the other hand, Binance offers you a quick and responsive platform and just needs a UX makeover but overall it is doing much better than Bittrex and will continue to evolve in the future as well. So, if you have an account on both Bittrex and Binance, we would recommend you to go purchase your coins on Binance and stay away from Bittrex for some time now.
Conclusion – Should You Use Binance?
Binance exchange is able to process around 1.4 million orders in every second which makes it the fastest exchange that is currently available. Also, this exchange works on different types of devices like Android, HTML5, WeChat, and web.
Binance also provides its users with multiple-language support including Chinese, Korean, English, and Japanese.
Binance might not be the most user-friendly exchange in the market but it does offer great security and amazing currency support. It also offers great fees to the users and provides users with a variety of digital currencies to trade and it is going to continue to evolve in the future as well. So, we are delighted to say that Binance is undoubtedly a part of the Best Cryptocurrency Exchanges available on the market.
However, make sure that you take caution when depositing your fund and trading on this platform. Never share your wallet address with anyone and always enable 2FA for a safe and secure trading experience. Also, never hold balances in your exchange for too long and transfer it to your personal wallet as soon as possible.