Binance review 2022: top exchange leading by trading volume
Are you considering using the Binance Cryptocurrency Exchange? Here's all you need to know about it.
Because there are so many options in the digital currency exchange industry right now, finding the correct exchange or trading platform can be a problem for both new and experienced cryptocurrency users.
Binance is a popular cryptocurrency exchange that began in China before relocating to the crypto-friendly island of Malta in the European Union. Binance is well-known for its cryptocurrency-to-cryptocurrency exchange services.
Binance burst onto the scene during the 2017 crypto craze and has since risen to become the world's most popular cryptocurrency exchange.
Binance review: top exchange leading by trading volume
We'll try to cover all you need to know about Binance in this review, including how it operates, the crypto pairs you can exchange, trading fees/limits, security concerns, and customer support.
How Binance works
Those who visit Binance for the first time will note that there are two types of digital currency trading possibilities available: basic and sophisticated.
For total beginners, neither the basic nor the advanced versions are likely to be straightforward to use. Anyone with some experience with digital currencies and a basic understanding of how exchanges work should be able to use the platform and its various features.
The key difference between the basic and advanced versions is that the advanced version includes a more detailed technical study of the value of digital currencies over time.
The basic version's dashboard now includes many graphs and charts for the pairs you're trading, as well as order books and transaction history.
This is how the basic view appears:
How Binance works
The Basic view is professionally designed and laid out, with all of the information you need plainly shown on the left, graphs in the center, buy and sell boxes, and trading history on the right so you can easily check what the most recent transaction prices were.
And here's how the advanced view appears:
Binance advanced view
The advanced view has a dark style and makes the trading charts larger, with the most recent transaction prices on the right and the buy and sell boxes underneath.
It's truly a question of personal opinion, but I prefer the lighter-colored basic view since I find the layout to be a little easier to use.
Binance Signup & Login
Users must first establish an account in order to utilize the exchange. The procedure is quite straightforward, and you do not need to validate your account for level 1, which has a daily withdrawal limit of 2BTC.
You must upload a photo ID and wait for approval for level 2, which allows you to deposit up to 100BTC every day. There are still greater restrictions, but you'll have to contact them directly to make those arrangements.
Verification times will vary depending on how busy the site support staff is, so plan ahead if you want to withdraw greater amounts and double-check that this stage is completed before depositing and trading large quantities on the exchange.
Binance signup
Users can now fund their Binance accounts now that this is out of the way. While there are many different digital currencies to pick from, it is recommended that you stick with BTC or ETH.
To fund your account, go to "Funds" > "Deposits / Withdrawals" at the top of the page, pick the currency you want to send, and then click the "Deposit" button next to it to get the wallet address.
You can then send your cash to this address to begin trading on the site; however, depending on the currency you deposit, it will take varied amounts of time for your funds to appear, as this is dependent on the blockchain of that currency.
Some currencies, such as Ethereum, are faster than Bitcoin, which takes a long time to process.
Binance Deposit & Withdrawal
You can immediately begin trading, swapping, and investing in numerous digital currency pairs now that your account has been funded. Binance provides a wide range of options, since it not only supports all major digital currencies, but also several ICO listings and tokens.
The platform can only be used to generate limit and market orders at this time. This has been viewed as a negative by some, as many people expected more advanced trading choices.
Simply wait for your order to be fulfilled according to the terms that have been established after placing it.
How Trading on Binance works
If you've used any other cryptocurrency exchange before, trading on Binance is fairly simple.
To get started, make sure you have some money in your account — there are trading pairings available in BTC, ETH, BNB, and USDT.
To access the trading screen, go to the top right menu and pick "Exchange" > "Basic" or "Advanced." The Basic view will be used.
Select a tab from BTC, ETH, BNB, or USDT on the right hand side of the screen. This is the currency you will be trading in. Then select your preferred currency from the drop-down menu. You can also use this page to search for currencies and create a favorites list by clicking the star next to any of them.
Binance cryptocurrencies
Take note of the left-hand column, which shows prices that people are willing to sell at in the top half in red and prices that people are willing to purchase at in the bottom half in green, once your selected currency has loaded. The final sale price is shown by the number in the middle.
To place a buy order, go to the middle box beneath the graphs and look for the green buy box on the right.
You can manually input a price you want to pay, but clicking a number in the left-hand column is a preferable option.
You can then either type in the amount of currency you want to buy or click the 25%, 50%, 75%, or 100% buttons, which will fill it with an amount dependent on how much of the buying currency you have (in this case BTC).
When you place an order, it will appear in the "Open Orders" area until it is filled.
Your new currency will then appear under the "Deposits / Withdrawals" tab, where you can withdraw it to your preferred wallet.
Binance Cryptocurrencies
Binance is well-known for its large selection of support coins. Traders can use the platform to trade a variety of digital currencies, such as Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple, and others.
Binance also offers a variety of tokens as part of its ICO listings, as previously noted. With this in mind, traders can earn from trading these tokens on the platform.
Binance is now very quick to add new cryptocurrencies and tokens after their initial coin offerings (ICO), which means you can buy them for a low price and profit later on.
They presently support BTC, BNB, ETH, and USDT trading pairs.
Binance cryptocurrencies
Binance ICO & Binance (BNB) Coin
The Binance Coin, which was issued during their own ICO, is also worth noting. The Binance currency can be used to pay fees, and it will also be one of the primary basic currencies in their future aspirations to construct a Decentralized Exchange.
Purchasing the Binance currency appears to be a good long-term investment because the exchange aims to use its revenues to buy back a percentage of the coins every quarter and destroy them, reducing the supply and increasing the value for holders.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Binance Fees & Limits
Binance charges an average fee of 0.1 percent on each trade made by a user at the time of writing. Those who pay using the Binance token will receive a 50% discount on the trading charge, which is fantastic news. These are undoubtedly some of the most affordable rates currently offered.
Withdrawal fees vary depending on the digital currency. For Bitcoin withdrawals, for example, 0.0005 is charged, while ETH withdrawals are taxed 0.005. To give you a sense of the fees you'll be charged for withdrawals, consider the following examples:
Binance Fees & Limits
There is no restriction to the number of coins you can deposit when it comes to transfer limits. However, users can only withdraw a certain amount of money until they are validated.
After verification, you will be classified as a level two user, which will remove these restrictions and give you a lot more freedom when using the platform.
Users must give Binance with their entire name, country, gender, a photo of their passport/government-issued ID, and even a selfie with their passport as part of the verification procedure.
Is Binance Safe and Regulated?
Despite the fact that Binance is one of the newest cryptocurrency exchanges on the market, it has quickly earned the trust of its consumers and the digital currency community.
However, the exchange does not provide enough information to consumers about how their monies are protected, despite our desire to think that security is a priority. It is possible to use two-factor authentication, which is always a welcome sight. The platform does, however, have a multi-tier and multi-tier system design.
In 2018, Binance suffered a hacking attempt.
The hackers attempted an audacious manoeuvre, which was fortunately detected by the exchange's automatic systems. The hackers had been collecting people's logins via a phishing website for months and quietly putting API access on the accounts.
They then struck, converting all of the victims' altcoins to BTC and acquiring Viacoin, pushing the coin to an all-time high, then selling their own supply of Viacoin at the peak before attempting to withdraw the BTC to their own wallets. Fortunately, no cash were lost as a result of the breach, and the only persons who lost money were the hackers, whose funds will be donated to charity.
Because this attack was made possible by people entering their Binance logins and 2FA credentials into a phony website, you should always double-check that you're on the right Binance url before logging in. We urge that you bookmark the site and only use it from there; do not click links in emails, Twitter, Telegram, or other places.
This incident has done a lot to boost Binance's confidence; not only did their automatic systems detect the attempted breach before any assets were lost, but they've also given a $250,000 reward to anyone who can help them capture the perpetrators. Binance handled admirably throughout the situation and has been praised for their quick response.
Binance Customer Support
A great customer support team, capable of resolving all user inquiries and requests in a timely manner, is required for an exchange to be successful. While Binance's help section may need some improvement, the team is responsive and capable of providing professional assistance to traders in need. Support tickets are submitted through the website's online form, and responses are sent via email. There is presently no live chat support available, nor is there a phone number where clients can contact the customer service team.
Binance Customer Support
Aside from the customer service team, Binance provides a number of FAQs and articles to help users become familiar with the exchange and how it operates.
Binance FAQ
It should be noted that Binance's customer service has a reputation for being slow to reply to consumer queries. This is a common occurrence with most major exchanges, and it is caused by the sheer number of users and support employees.
This year, the stock exchanges have developed at a breakneck pace, and the corporations have been unable to keep up with demand. Binance expanded quickly, jumping from debut to the world's largest exchange in just a few months.
Due to the technicality and security needs involved, support workers for exchanges must be rigorously vetted and trained - unlike other typical organizations, where staff can be educated more quickly.
Double-checking wallet addresses to ensure you're transferring the proper coin to the correct address on the site are some things to keep in mind. One of the most common blunders consumers make when utilizing exchanges is misplacing their wallets.
Also, if you want to transfer significant funds, do a modest test payment first - it may cost you a bit more in costs, but it will be worth it for piece of mind.
If you do need to contact support, be sure to provide them enough information so that they can assist you right away. Include wallet addresses, transaction times, and any other details you think they'll need to expedite the process.
Binance move to Malta
Binance was trading in Japan without obeying legal procedures, according to the Nikkei newspaper in March 2018. This created considerable market instability until Binance announced that they would be relocating their operations to the crypto-friendly island of Malta in Europe, stating:
After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.
This is excellent news for the organization, and they even received a kind greeting on Twitter from Malta's Prime Minister.
Binance also revealed that they are in talks with Maltese banks to provide Fiat transactions, implying that they will be able to offer a fiat to crypto on-ramp in the future, as well as fiat trading pairs on the exchange.
More excellent news for Binance, whose profile and reputation in the sector appears to be growing.
The Launch of the Decentralized Exchange
Binance's most recent news, which appears to be good news for BNB holders, is that they are going to build their own Decentralized Exchange (DEX):
We believe that major improvements may be made in providing Binance customers with a level of trading experience to which they are already accustomed, based on our comprehensive research into decentralized exchange frameworks and analysis of previous implementations. In the foreseeable future, centralized and decentralized exchanges will coexist, complimenting one another while still being interdependent.
The BNB digital asset, which is now an ERC-20 token, will become the network's native token and will be used to pay trading fees on the new exchange.
The Launch of the Decentralized Stock Exchange
Binance has recently received more positive news with the announcement of a partnership with Neufund to create the world's first decentralized stock exchange.
They want to construct a regulated and decentralized global stock exchange for listing and trading tokenized securities and crypto-assets alongside the Malta Stock Exchange.
According to CapLinked, the market cap of equity tokens alone is expected to reach $1 trillion by 2020, and Neufund will become the first end-to-end primary issuance platform for security tokens, specifically equity tokens, thanks to its partnership with MSX, a subsidiary of the Malta Stock Exchange, and Binance. It will safeguard secondary trading of equity tokens and allow enterprises all over the world to legally fundraise on the Blockchain while providing much-needed liquidity.
This is additional good news for Binance, who are attempting to cement their position as the world's leading cryptocurrency exchange.
Launch of Binance Jersey – Now Supporting Fiat to Crypto
Binance has announced the introduction of "Binance Jersey," a new Fiat to Crypto exchange, effective of January 16th, 2019.
The trading platform is up and running, and it allows you to trade in fiat currencies like euros and pound sterling, with Europe as their primary target market.
Binance Jersey
At the time of writing they are only offering four trading pairs with more to follow soon:
- BTC / EUR
- BTC / GBP
- ETH / EUR
- ETH / GBP
Binance Supported Countries:
Binance Supported Countries
Customers who intend to trade in the support fiat currencies must complete our KYC requirements, which include submitting their identification documents such as their passport and driver's license.
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