Binance Exchange Review 2020
The Binance exchange is a leading cryptocurrency exchange. The exchange was launched back in 2017 by Changpeng and Yi He. Initially, the exchange was launched in China but had to leave the Chinese Market following a government ban on cryptocurrency activities. There are many Binance Exchange review available as many of our readers will know, having used the exchange since its launch in 2017, I believe we are in a great position to offer our opinion. Binance exchange remains the fastest exchange available in the market, processing about 1.4 million orders each second.
The exchange can be accessed through various devices and support multiple languages for non-English speakers.
In the last three years, the exchange has managed to create a name in the blockchain and has over 15million daily users from over 180 countries. By the end of 2019, the exchange was recording US$2,852,591,354 in average daily trading volume.
Binance defining features are innovation, new features, proactive community, ability to buy and sell bitcoin and altcoins with more than 40 fiat currencies. The exchange has its own Binance Chain and Binance coin (BNB token). In addition, the exchange has Binance Futures and margin trading with up to 125x leverage.
How the Exchange works – Binance Exchange review 2020
The exchange works by providing a trading platform for the user. It offers two trading options for digital currencies, the basic and the advanced option.
The basic version was created to help people with a basic understanding of cryptocurrencies, and trading can on trading activities.
The main difference between the basic and the advanced version is that the advanced one offers a more-in-depth technical analysis of digital currency value over time.
How To Use The Binance Exchange
To begin your trading journey with Binance, you will need to create an account and learn how to deposit and withdraw. The registration process is quite easy and fast.
How to Open an Account on the Binance exchange
For beginners, you will need to visit the Binance website, https://www.binance.com/en. On the top left corner, you will find the REGISTER button—Right-click on it.
You will be redirected to a new page where you will be required to enter an account and a password. Once you are done filling in the information, you can then proceed by pressing on the
Always use an email address that you know is secure and that you check regularly. When creating a password, it is advisable to use a mix of numbers, symbols, upper and lower-case letters.
After you click the create button, a verification code will be sent to your email address. Use the code to verify your account. You will also need to secure your account by setting up 2FA.
Notably, for the advanced level account, you will need to you need to upload a photo ID and wait till you are approved. Once you are done, you will be set to begin trading.
How to Deposit Funds On The Binance exchange
Now that you are done with the verification process, you can go ahead and fund your Binance account. There are many cryptocurrencies that you can use to fund your account. However, many have shown a preference for BTC and ETH.
To fund your account, click the “Deposit” button, which will direct you to a wallet address. Using this wallet, you can then send your funds to your Binance account.
Now that your account is funded, you can start trading, exchanging, and investing in various digital currency pairs on the platform.
How to Withdraw On the Binance exchange
From the homepage of Binance, move your mouse up to your profile icon. Once you activate the dropdown menu, you will see an overview of your profile. Click on “Withdraw,” and you will be directed to the withdrawal page.
Once on the withdrawal page, you will be able to select which coin you wish to withdraw. The coin selection is on the left side of the screen, and the withdrawal details will be displayed on the right side. It’s important to note that sometimes withdrawals will be unavailable for specific cryptocurrencies if the wallet is undergoing maintenance.
How to Trade on The Binance exchange
Trading on Binance is quite straight forward, especially if you have some background on trading and other exchanges. You must remember that Binance is a professional trading platform, so even the Basic trade setting might seem too complicated for some newbies to use. However, it will not take long to grasp its navigation. The Advanced trade setting gives expert traders access to all the price charts and market data that they need to make complex trades.
After ensuring you have enough money for trading, Check for the “EXCHANGE” button on the top left corner of the website. Right-click on the button then select basic.
Choose a trading pair on the Binance platform. Trading pairs are a pair of coins that a particular exchange can offer exchange rates. On the Binance platform, different coins have different trading pairs. For instance, when you look at the trading platform, Bitcoin can be traded with more than 14o cryptocurrencies.
You should take note of the left-hand column, shows prices that people are willing to sell at the top half in red. The prices people are willing to buy in green in the bottom half. Buying Bitcoin will be made possible by clicking on the green button. The number in the middle shows the last sale price.
On the right-hand side of the screen, select a tab from BTC, ETH, Binance coin BNB, or USDT. The next step will be to choose your desired currency from the list. You can use the search button from your desired crypto pair. You can create a favorites list by clicking the star next to any currencies.
Once you are done, you will need to choose which type of trade you want to make. The exchange offers three kinds of trade:
- Limit orders. This will allow you to set the maximum price you are willing to pay for coins or the minimum price you are willing to sell them. After selecting a trading pair, you will then have to wait until a buyer or seller accepts your price.
- Market orders. This will allow you to trade coins at your current market price. Many people opt to use market orders because it is the fastest and most simple order to use. These orders are ideal for beginners.
- Stop-limit orders. This order will allow you to buy or sell a coin once it has reached a specific price. This kind of order is often used by pro-traders.
Choose the amount you want to trade. Click on the “Market” if you are happy with the current market price and enter the amount of the cryptocurrency you want to buy. You can enter this as an amount or as a percentage of the cryptocurrency in your account.
Fees & Limits 2020
One notable difference between Binance and other exchanges is that it offers some of the lowest on the market. When it comes to deposits, Binance does not charge users fees for making deposits to their account. This is because Binance is a cryptocurrency-only exchange. On the other hand, while making withdrawals, the exchange changes a small withdrawal fee. This will vary for the different cryptocurrencies.
Binance trading fees are capped at 0.1% of each purchase or sale users make. This fee is reduced by 50% if a trader uses Binance Coin (BNB) to pay them, so the fees charged will be 0.05%.
Binance has very few limits, mostly the withdrawal limits. Binance has set a withdrawal limitation of up to 2 BTC every 24 hours for Level 1 verified accounts can. For Level 2 verified accounts, the withdraw is 100 BTC for every 24 hours.
When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw.
Is Binance Safe in 2020?
Binance Account Verification
Verification requires filling out an essential Know Your Customer (KYC) form and providing proof of identity, among other documents.
To complete the verification process, you will need to submit 1 or 2 forms of government-issued ID documents or a Passport, Driver’s License, or Medicare card, and a residential address.
You should note that each account is linked to a mobile number. Remember to use the mobile number provided when your first complete the verification process. If you decide to use later on a new mobile number, you will be required to complete the ID verification process once again.
Binance Account Security
Binance has invested heavily into a state of the art security protocol to protect its users. Give the numerous hacking instances; the exchange has worked to ensure security for its users. The exchange has an optional 2-factor authentication (2FA) feature, as well as a captcha puzzle that must be solved by all first-time users.
All deposits and withdrawals are protected with 2FA. All password changes are also protected by 2FA. Users also get email notifications of logins, deposits, and withdrawals from the exchange. In addition, users who want to HODL can withdraw their tokens to cold wallets for better protection.
Does Binance accept credit card
Binance began accepting purchases of credit cards and debit cards in 2019 after the company formed a partnership with Simplex. Since then, users have been able to use Visa and MasterCard to buy Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Binance USD (BUSD), Basic Attention Token (BAT), Cosmos (ATOM), Dash (DASH), Litecoin (LTC), XRP tokens and many more.
This does not apply for fiat-to-crypto purchases and deposits through third-party service providers, as they come with their service fees that range from 1% to up to 7%. For example, you can make Euro deposits using third services through Simplex (VISA and Mastercard), SEPA bank transfer, and iDeal bank transfer. You can also use BANXA (bank cards and bank transfers), Koinal (VISA, Mastercard, and other major card processors) and Paxful (300+ payment methods).
Binance Exchange – Customer Support
Binance customer support is open twenty-four hours a day, seven -days a week. Is has a comprehensive support center with an extensive FAQ base. The exchange requires most of its support inquiries to be made through the site’s email contact form. However, you cannot get assistance from their various social media platforms, including Telegram, Facebook, or Twitter groups. Similarly, to other major trading exchanges, you may have to wait a while for a response due to the sheer growth in demand.
Binance also has a bot chat room for users. However, you should note that some of the responses are automated (and in some in Chinese). Happily, the website is entirely multilingual, so most people should get along fine in one language or with the other about 15 languages supported.
You should note that Binance does not offer a phone number for customers to call with their queries. It should be pointed out that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most large exchanges due to the volume of users and the amount of support staff.
what Cryptos does Binance Support
Binance is popular due to its wide variety of support coins. As a trader you can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Gold, Ethereum, Bitcoin Cash, NEM, Ethereum Classic, EOS, Steem, Dash, LiteCoin, Qtum, NEO, GAS, Zcash, Skycoin, Dash, Ripple and more.
Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well. There are many other exchanges available for traders here is an updated list of our top options
Launchpad Initial Coin Offerings (IEOs)
Last year, Binance launched a new project, the Binance Launchpad. The project was created to help companies with their token sales and fundraising process. Binance Launchpad is a specialized airdrop and token distribution platform for cryptocurrency tokens.
Since the launch, Binance has conducted more than 11 successful token swaps & airdrops, including six brand new cryptocurrencies. Notably, two of the projects were created on top of the Binance Chain (BEP2-tokens).
For anyone to participate in the Binance Launchpad, they are required to fill out a from the website.
All projects are required to go through a rigorous process of checking for compliance with Binance standards before it can be featured on Binance Launchpad. Some of the factors the exchanges look for include the maturity stage of project development, the readiness for a large-scale operation, and the Strong team behind the project. The exchange also looks for the potential for growth and progress towards the broader cryptocurrency ecosystem. Once the project is verified, it becomes available to all registered and verified users of the Binance Exchange.
Those willing to participate in a launchpad need to:
First, log in to their account and select the Binance launchpad from the menu button on the top left corner of the site.
Right at the center of your screen, you will find the projects featured on the launchpad platform. All projects have their statuses carefully laid out for full comprehension. New projects that are about to enter their token sales are displayed on the left. Binance launchpad has also helped users to participate in various Initial Exchange Offering (IEO) easily.
Binance exchange a Decentralized Exchange
Back in 200019, Binnnance launched a decentralized exchange, Binance DEX. The DEX platform offers a similar interface to its existing centralized exchange, with some additional features, such as an option to generate a 24-word mnemonic seed phrase to secure users’ private keys. One notable difference is that the decentralized exchange uses 1 second block time, making it faster compared to other DEX platforms. Currently, Binance DEX has 569, 083 active wallets. It also has over 138 pairs. Earlier this year, Binance launched a testnet for Binance DEX. During the launch of a testnet for Binance DEX, Changpeng Zhao (CZ), CEO of Binance.stated: “Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your private keys and manage your wallet. With Binance DEX, we provide a different balance of security, freedom, and ease-of-use, where you take more responsibility and are in more control of your assets.”
Binance exchange a Decentralized Stock Exchange
Two years back, Binance began its journey to create a decentralized stock exchange after formed a partnership with Malt Stock Exchange and Neufund. The partnership hoped to create a regulated and decentralized global stock exchange platform. The platform was intended for listing and trading tokenized securities alongside crypto assets.
LATEST Binance NEWS
BINANCE EXCHANGE DONATES OVER 27,000 COVID-19 MASKS TO NHS Two latest pieces of news from Binance Exchange is that they have donated over 27,000 COVID 19 masks to the UK NHS. Given that Binance has hinted about opening offices here in the UK I think this is a lovely gesture and one which won’t go unnoticed by the British public.
BINANCE EXCHANGE ORDED TO HALT OFFERING DERIVATIVES IN BRAZIL Binance Exchange was hit with a very meaningless fine of approx $186 (daily) for offering Brazilians access to trading derivatives. suggesting that Binance is not allowed to offer this financial product without CVM approval, The portal is still available for residents to access today and there has been limited comment form Binance officials about this fine.
Binance Exchange: Conclusion
In conclusion, the Binance ecosystem is, with no doubt, a significant movement in the cryptocurrency community. Binance has millions of happy customers because it has devoted its efforts to providing the best platform in the market. Through its various products and projects, Binance is setting new stands of trade while creating every possible opportunity for its users. Since the exchange has shops across many countries including the recently launched Binance Jersey, it can better understand various customer needs thus creating a unique trading market for all. Despite the few limitations, the platform is the ideal trading platform for both new traders and experts in the field. The exchange still holds a lot of potential for the coming days.