Binance is a crypto exchange that focuses on crypto-to-crypto trading and it is now a popular option thanks to its coin offerings and low trading fees. The platform, which launched in 2017, has a mobile app as well as a desktop app and supports more than 100 coins.
Many trading on the exchange likes it because it offers coin pairs not available in other exchanges. Unfortunately, being a crypto-to-crypto exchange, you cannot fund your account with fiat. The good side is that there is no limit to the amount you can deposit on the exchange and deposits are not charged.
The company was formed in 2017, raised $15 million in an ICO this past July (2017) and immediately acquired 20,000 registered users as part of the raise.
How it works
You can trade with basic or advanced functionality with the latter offering more detailed technical analysis. The platform is more suitable for advanced traders with depth chart of orders that can be viewed in a separate tab from the candlestick chart.
To deposit funds, click on the “Deposits Withdrawals” link under the “funds” tab. You are then able to choose which cryptocurrency you like to fund your account with and click “Deposit.” It will provide you with a public wallet address where you then send your funds — for instance Bitcoin and Ethereum. It is advisable to fund the account with pairs that have most trading pairs such as ETH and BTC. This will mean that you have greater flexibility when trading.
After depositing, you can then start investing. To do this, find out the “Exchange” tab located under the “Basic” link in the upper left-hand corner. You can then make limit and market orders.
The amount you can withdraw per day depends on the verification tier you have. Tier Level 1, which you get after sign up and without submitting much details, offers withdrawal limit of up to 2 BTC worth of cryptocurrency a day. Either two-factor authentication (Chinese numbers) or Google Authenticator is required to- go to tier level 2. Thus, you will need to submit your first name, last name, gender, country, passport ID, passport photo and selfie with passport.
Level two has a withdrawal limit increased to 100 BTC.
Binance charges a flat fee rate of 0.1% fee on each trade, which is to be considered very low — one of the lowest for an exchange that does not use a fee schedule. Sometimes ago, it was offering a 50% discount on the trading fee and this brought it down to 0.05%.
The crypto exchange reported a API/phishing (third party tool) attack in March this year but said all funds were safe. It then offered a $250,000 bounty in hackers. The details of the attack revealed that the hackers used API keys to place a number of market buys on the VIA/BTC market in order to push high VIA prices, while 31 pre-deposited accounts were selling VIA at the top. They were doing this in order to move the BTC from the phised accounts to the 31 accounts. There were attempts to withdraw from these accounts immediately afterwards.