Crypto Currency Exchange

Binance Exchange Review 2020

The digital currency exchange market has a wide variety of choices. It is a hectic task to choose an exchange platform. This article will give you a walkthrough Binance Exchange platform. Also, it explains whether to use it to buy Crypto. 

Binance is one of the most popular and fast-growing exchanges in the cryptocurrency market. Every crypto trader has once heard about this exchange platform. Many users recommend using this trading exchange platform.

Binance Exchange Review


What is Binance Exchange?

Binance is a global cryptocurrency exchange. It provides a platform for trading mover100 cryptocurrencies. The list includes  Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB). Binance adds new coins regularly. 

The name “Binance” is a combination of the words binary and finance. Earlier it was termed as a crypto-to-crypto trading platform. Binance exchange has gained immense popularity because it is a credible, reliable, secure and growing exchange. The platform provides low transaction fees, high liquidity, and additional discounts if users pay in the native BNB cryptocurrency tokens.

Adding the coin to Binance provides a cryptocurrency with a temporary boost of 80 percent in market value. And Delisting from Binance is a black mark felt throughout the industry. Binance trades in crypto-only exchange and does not cater to fiat deposits.

Binance History

The exchange is a Chinese company, Changpeng Zhao and Yi He started the company in 2017. Due to the possibilities of China banning crypto transactions, the company shifted servers to Tokyo, Japan. Following a successful initial coin offering (ICO), Binance began live trading in July 2017. Binance now has offices in China, Japan, Korea, Taiwan, and Malta.

Binance also created its native token BNB. The exchange created BNB before ICO and was sold instantly raising $15 million approx. The ICO also gained 20,000 registered users as part of the raise.

Additionally, Binance introduced a Tiered Trading Fee Discount Program on July 21, 2018 that provides a bigger discount based on a user’s BNB coin balance

Moreover, It also launched its own mainnet, called Binance Chain, on April 18, 2019, making it an all-purpose crypto and blockchain company.

Binane started Binance-X, an initiative for developers, in August 2019. This program will assist developers to develop applications on Binance blockchain.

As we write, Binance is all set to launch physically settled Futures trading in September 2019.

Why Should I Open A Binance Exchange Account?

Like any other standard exchange, it offers services around trading, listing, fundraising and delisting or withdrawal of cryptocurrencies. As said earlier, the platform provides low transaction fees with trading support for mover100 currencies. Also, Binance provides a crypto wallet for its traders, where they can store their electronic funds. Binance has its own token currency, Binance Coin.

Cryptocurrency enthusiasts willing to launch their own tokens use Binance for raising funds through initial coin offerings (ICO).
Moreover, Many traders and participants use Binance for exchanging various cryptocurrencies, and for investments in the same.

How Binance Works

Binance comes with a Basic and Advanced view of the trading data. This helps novice as well as experienced traders to trade easily in cryptocurrencies. The main difference between the basic and the advanced version is that the advanced one offers detailed technical analysis of digital currency value  

Basic view

Advanced View

Binance Account and Transactions

To trade, users have to complete the necessary KYC requirements. This provides a complete security to other users and gain their trust. After trading account creation, users can add cryptocurrency funds to the public wallet address provided by Binance to start trading. Time for verification may vary depending on the availability of the site support staff.

Once the account is created, add funds in the wallet. Users can visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency they wish to send, then click the “Deposit” button. After adding funds, users can start trading – sending, receiving, exchanging cryptos in their Binance account. 

Binance supports three types of orders: limit, market, and stop-limit orders. Limit orders are executed only at the specific price set by the trader, market orders are executed at the best market price. While stop-limit orders become valid orders only when the price reaches a specified level.

Binance does not charge for fund deposits but withdrawals come with a transaction fee. Trading fee is 0.1% but traders will get 25% will get further discount if traded in BNB tokens.

How to Access Binance?

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

How Secure is Binance?

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.

On May 7, 2019, Binance revealed that it had been the victim of a “large scale security breach” in which hackers had stolen 7,000 Bitcoin worth around the U.S.$ 40 million  Binance took instant action and halted further withdrawals and deposits but allowed trading to continue. The site granted all the hacked accounts a VIP status with added benefits.

Binance Plans

Binance’s white paper includes plans for the rollout of several additional features. While there’s no official timeline listed concerning these features, the vision for Binance eventually includes support for:

  • Futures trading
  • Anonymous instant exchange
  • Decentralized (on-chain) exchange

Latest Updates:

  • 26 Nov 2019: The Malta-based exchange Binance acquired India’s largest crypto exchange WazirX exchange.

Also Read: Zipmex Exchange | Bitquick Review | CoinTiger Fees

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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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