Cryptocurrency Exchange

Binance Exchange Review 2020

If you’re an expert or Just started with Cryptocurrency (or thinking too), finding a good and reliable cryptocurrency exchange platform is troublesome. Coinpedia lists out all the standard crypto exchanges in the space and presents a detailed review and this review is about Binance Exchange. This review will represent  Origin, Pros and Cons, Fees, Supported coins and the other authentic details you can rely on.

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What is Binance Exchange? 

Started in 2017, Binance can be said as the Top 1 and fastest-growing exchanges in the cryptocurrency market globally. Binance was established in China but later moved to Malta due to unfavorable crypto Regulations in China. Binance manages to keep itself within the top two positions in terms of trading volumes. 

Binance is currently leading the Crypto exchange market with its International availability, high volatility, and liquidity and Crypto tools for Pro and Noob traders. 

Binance offers a very interesting fee structure,  the more you trade the less you pay as fees. It also offers more simple ways to buy cryptocurrencies and offers a wide range of crypto trading pairs which increase every now and then.

Interesting Fact – During the COVID-19 lockdown period, Binance recorded a 24-hr trading volume of $4 million on 14 April 2020 and a monthly trading volume of $139.7 million. Both being highest in the world.

Recent updates

10-06-2020:- 

Binance in association with Cosmos launched Kava lending platform. Cosmos is an ecosystem of blockchain that incorporates each other and Kava will be launched as a lending Defi. Binance coin BNB will be an asset on the platform which can be used as collateral.

01-05-2020:  

Binance Korea announced the development of high-level regulatory compliance for crypto in order to build an Anti-money laundering solution.

28-05-2020:- 

Coinpayments integrated Binance Coin, BNB for payments across the range of eCommerce websites and online merchants

Pros and Cons

Pros

  • Well established industry Profile and Trust. 
  • Highly Secure wallets and trading process. 
  • Offers more than 500 crypto assets and pairs for trade
  • Offers features, tools and Blockchain protocols 
  • Multiple payment options
  • Good customer support 
  • Has its own token BNB which gives exclusive rights.

Cons

  • No friendly for Complete Beginners 
  • Lack of customer support over the phone.

Binance Fees

Binance follows the ‘maker-taker’ model for any trade. It offers a  0.1%  fee no matter whether you are a maker or taker. However, the trading fees are reduced based on the trading volume and holdings of Binance’s native token BNB.

Binance Withdrawal Fees

The withdrawal fees are depending on crypto-to-crypto and each crypto has the minimum limit set for withdrawal. For example, Binance charges 0.0004 BTC for BTC withdrawal. 

However, if you withdraw ETH, you need to pay withdrawal fees in ETH. Kindly refer to the official website for the detailed withdrawal fee module.

Deposit and Acceptable Payment Methods

Initially, Binance offered only Crypto-Crypto Deposit methods which restricted the new bees out of scope for trading on Binance. 

With the new update last year, Binance has included more deposit options. The Platform supports Credit/Debit card deposits through third-party processors and service provider partner companies like Simplex in the EU or BAM for the US. 

The currency other than EUR or USD will have an additional charge of 3.5% for a minimum deposit of $10 which is comparatively less than that of Coinbase which charges 3.99%.

Binance Supported Currencies

Binance currently supports 193 coins with 577 trading pairs and average trade volume $1,500,000,000. Some coins with high trade volume are below. 

  • Bitcoin
  • Bitcoin Cash 
  • Bitcoin Gold
  • Dash
  • EOS
  • Ethereum 
  • Ethereum Classic
  • IOTA
  • Litecoin
  • Monero
  • NEO
  • OmiseGo
  • Ripple

Is Binance Exchange safe and Regulated?

Binance has a security score of B+ which is far above the average score of the other exchanges.

The exchange does not provide users with enough information on how the funds are being secured, yet officials claim that security is taken seriously. 

Two-factor authentication and a Google Authenticator are available to verify withdrawals and security modifications. Furthermore, the platform also offers a multi-tier and multi-tier system architecture for better security.

BNB Coin

Binance has its own token coin, BNB which is used to pay fees levied by Binance exchange for using their services. Additionally, BNB coin is used to trade on the supported crypto exchanges also. You can buy BNB coins like any other crypto assets using any payment methods with applicable fees.

Binance Account Registration

Step 1: Go to the official website and click on sign up. Provide the information required to register.

Step 2:- The verification is offered in two levels,

Level1 – No verification needed where the daily withdrawal limit is 2BTC

Level2 – You need to upload photo ID and wait for the approval. The approval depends on the website traffic and the support staff.

Step 3:- Fund your account by navigating to Funds→ Deposits/Withdrawals tab. Find the currency you wish to send and then click the ‘Deposit’ button next to it which will then give you the wallet address. 

Binance Buy-Sell Trade

Binance offers two trade views, Basic and Advanced

Basic view

Advanced View

Step1:- To get started make sure you have deposited some funds. Select ‘Exchange’ Basic or Advanced to load the trading screen. We will consider the basic view.

Step 2:- On the right-hand side, select the currency you want to trade with.

Step 3:- Once you have selected, take a look on the left hand side for the prices the people wish to sell. 

Step 4:- To place the order using the BUY OMG box in the centre. enter the necessary details and click on Buy OMG

To sell, enter the required details on the Sell OMG box and click on the Sell OMG Box

Once the order is placed it will show in the ‘Open Orders’ tab

Reset Password

Click on login and click on Forgot Password option. Enter your email Id and the verification code will be sent to your email account.

For security reasons, trading will be suspended for 24 hours after the password id reset.

Binance Mobile App 

Binance can be accessed using a web browser and Mobile applications.  Medicines are available for both Android and iOS platforms.

Conclusion

Binance engines provide fast processing for orders approximately 1.4 million orders per second. Additionally, the exchange works on all forms of devices including web and mobile with multiple language options like Chinese, English, Korean and Japanese. 

Considering everything Binance is undoubtedly the leading cryptocurrency exchange offering competitive fees and digital support. We would happily recommend the Binance exchange.

Binance Exchange

David

Services Offered
Cryptocurrency Support
Trading Fees
Security

Summary

Binance is the world’s most popular cryptocurrency exchange with the largest organic trading volume. .

4.8

FAQ’S

  1. What fiat currencies are supported by Binance exchange?

    Binance supports US dollars and Nigerian naira.

  2. Is Binance exchange Safe?

    Binance is considered as a safe exchange which allows a protection via 2-way-authenticator.

  3. What are the languages supported?

    Languages supported at Binance are English, Chinese, korean and Japanese.

  4. Do Binance operate on a mobile platform?

    Yes, Binance does work on Android and IOS mobile phones.

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David
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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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