Hong Kong, China
Spreads & Fees
Origins of Binance
Founded by Changpeng Zhao, Binance was launched July 14th 2017 and now boasts over 6 million users worldwide. In almost record timing it has become a top three Cryptocurrency exchange and is recognised as one of the go to places for crypto-crypto exchanges. Due to immense interest built up around bitcoin and the cryptocurrency market in 2017, the one major topic concerning exchanges have been around scalability issues. Earlier in January 2018, we have seen Binance temporarily disable new user registrations due to a huge influx of new registrations. In a matter of months Binance has become a go to exchange that goes on record to state they are capable of processing over 1.4milllion orders per sec. We have used and tested this exchange, please read our review.
- No.of Users- 6 million
- Headquarter- China
- Ni. Alt coins listed- 100+
Security & Registration
The sign-up and login function is very straightforward and user friendly on Binance hence why it is a very attractive platform for tech savvy and non tech savvy users. Follow the steps below: -
- Enter e-mail address and password
- Then as screen appears asking you to scroll and fit the jigsaw to the puzzle. This is to ensure it is human is operating and signing as oppose to a hacking software
- Verify your e-mail address and then re-login
- Binance sends out safety risk notice to all its members. It’s a very good reminder to read and make sure you protect your password keys. Beware of disclosing your deposit and withdrawal addresses.
- On your personalised page you are instantly recommended to enable a 2FA (2 Factor authentication) either via Google Authentication or SMS Authentication. We strongly advise to use the Google Authentication as it provides a six-digit code every 30 seconds. The great thing is you can add many devices to the Google authenticator App. A fresh different 6-digit code is updated for as many devices you have linked to the app. The Google authenticator app can be downloaded from apple appstore or Android PlayStore.
- It is advisable, if your Investing & Trading with large amounts of Fiat or Cryptocurrencies then you should submit your ID verification documents. From our experience, even when Binance were experiencing high subscriptions outages their turnaround was very good normally 0-2 days for approval of documentation. Approval will only be signed off once the user has activated 2FA authentication.
As with many new exchanges, creating a rigid secure platform does take time especially when you see the massive growth Binance have seen. They also state they have a multi-tier and multi cluster system architecture to ensure safety and stability of client deposit. Although it is not advisable to store your assets (coins/tokens) in any exchange you can store assets on Binance (deposit addresses) so you are in advantageous position to execute trades.
How to Trade & Operate Exchange
Binance is an exchange so Bitcoin (BTC) and Ethereum (ETH) must either possess or purchase from the likes of Coinbase, Local Bitcoins, CEX etc. Binance caters for beginner and advanced traders/Investors. A lot of beginners new to the cryptocurrency markets require a user-friendly platform to access the markets. Majority of alt coins traded on Binance (i.e. other than Bitcoin, Ethereum) are mainly denominated against Bitcoin (BTC), Ether (ETH), Tether (USDT) & Binance Coin (BNB). Initially it may look daunting with charts but the best cause of action is to deposit your BTC or ETH using their provided deposit wallet address and then go to exchange to trade in for your desired coin/token. The basic exchange shown below, only states price and price chart (as shown below). The advanced chart is more equipped for day traders to allows one to apply technical analysis to charts.
Below is a tangible example of trading Ethereum (ETH) for Stellar Lumens (XLM). You can star the pairs by selecting on the left of trading pair. Then choose your desired currency from the list and the chart and trade centre will load up.
Reference to the image below, on the left-hand side of the screen you can see the price traders are willing to sell at in the top half (red font) and prices people are willing to buy (green) in the bottom half. The great feature being you can buy and sell at the same time. Middle of the column show the latest XLM price per Ethereum. Remember to always be conscious of value and be content and prepared to only buy and sell at the price you’re comfortable with.
Many day traders use platforms such as Metatrader4 and Trading view, hence Binance has incorporated functionality such as stop-limit orders, Limits etc. Those traders who are observant and apply risk money management rules to their trading can take benefit from the stop-limit function. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill in your order with an amount based on how much of the buying currency you have (example below showing Ethereum ETH to Stellar luemns XLM).
Other cryptocurrencies listed
Binance is one of the few exchanges that has many altcoin support. Traders and Investors can be assured they do list the top 20 cryptocurrency based on Market Capitalisation e.g. Bitcoin, Ethereum, Litecoin, Ripple, Cardano, Stellar, Dash, Neo, EOS, TRON etc. In excess of a total of 108 coins to exchange. Binance supports numerous amount of tokens, as part of ICO listings. On the main page they list and highlight tokens that will be listed near the top banner so traders can take advantage by acquiring these at attractive prices.
As the cryptocurrency market is growing at an exponential rate, having good customer support for any exchange is fundamentally important. They currently offer a comprehensive section on FAQs and article to help users navigate and explain how the exchange works. There is currently no live chat support, nor a phone number where customers can get in touch with the support team. User can submit support tickets via online form featured on the website, and responses from the Binance support team are made via email. There have been cases of users depositing coins/currency to different wallet addresses but Binance clearly warn users to double check they have entered correct wallet addresses for deposit/withdrawal details before submitting.
Deposit and Withdrawal Methods
As this is manly a crypto-crypto exchange. User have convert their Fiat Currency to BTC, ETH, USDT or BNB and then transfer to Binance before trading other cryptocurrencies.
Low transaction fees are one of the fundamental reasons why Binance attracts many Investors. They take a trading fee and of 0.1% for every trade. Another incentive is that they only charge 0.05% for BNB to other crypto transactions. If you are trading large amounts, then this could literally mean saving hundreds of dollars.
Deposit Fee- Free
Trading Fee- 0.1% & 0.05% for BNB transactions
Please visit their website to see a list Withdrawal Fees as per other cryptocurrencies.
Why Choose Binance?
- Basic and Advanced features for using the order book & exchange
- High liquidity with variety of Altcoins listed available
- Low fees on transactions and withdrawals
- Managed to build user base to 6million in a 6-month period
Spread vs Trader Style
- Intraday Trading- <10 Trades
- Intraday Trading- 10+ Trades
- Swing Trading
- Long Term Trading
|Binance||XTB||Plus 500 |
|Overall Trust Score||A-||A||A-|
- MetaTrader 4
- MetaTrader 5
- Android App & Tablets
- Apple App & Tablets
Account Types Offered
Deposit & Withdrawal
- Visa Debit
- Visa Credit
- American Express
- Bank Transfer
- Diners Club
- Western Union
What so unique unique about Binance?
- Guaranteed Stop Order
- Limit Orders
- One-Click Trading
- Additional Education
- Trailing Stops
- Negative Balance Protection
- Account Verification (Identity)
- Bonuses Offered