Binance Digital Currency Exchange Review 2018
Binance is a Chinese cryptocurrency exchange with servers in South Korea. Currently headquartered in Hong Kong, Binance is renowned for its low trading fees and its wide variety of cryptocurrency pairs. It offers an impressive list of altcoins and Initial Coin Offerings providing traders with a wide array of crypto pairs to trade in.
To serve all its customers – local and international- Binance supports English, Koreann, Chinese, Russian, French and Spain.
The company name – Binance – was derived from two words – Binary and Finance. To live up to its name and reputation, Binance offers a web trading platform that allows traders and investors to trade crypto pairs. To ensure that it caters to all users – beginners, intermediates and advanced – Binance provides two versions of its web trading platform. They include – basic and advanced.
Using the two versions is quite easy. Under Exchange on Binance’s website, you will come across a drop menu. From there, you will be presented with two choices namely basic and advanced. Depending with your trading experience, select the right mode.
Binance has ensured that major trading tools are available and they include trading charts, buy, sell, limit, indicators and stop-limit orders among others. Depending with your experience, you can switch chart modes between candlesticks and depth.
To trade, start by selecting cryptocurrency pairs from the top right corner. You can start with ETH/BTC, XRP/BTC or NEO/BTC or you can select other cryptocurrency bases apart from BTC such as ETH, BNB and USDT.
To start trading cryptocurrency pairs, you have to create an account. Just click Join Us or Register on the top right corner of the website and you will be presented with a registration form. Data required to get started includes name, email address, password, identity card (both front and back – should be in jpg or png formats) and others.
You will also be required to select your country of residence. Options available include China and International. From there, submit the registration form and allow Binance team to verify your credentials. Once your account is verified, log into your account and start trading.
Trading with Binance is simple. As said earlier, select your preferred mode – basic or advanced, head-over to the right panel and select cryptocurrency pairs to trade with. Before all this, you must first fund your account.
Deposit & Withdrawal
From your account dashboard, click on Funds and a drop menu will appear. Options available include Deposits and Withdrawal. Click on Deposits and you will be presented with the digital wallet address of Binance. From there, simply open your digital wallet in a separate browser tab, add the amount and submit.
Remember to select the correct token type that is compatible with your wallet. Currently, Binance accepts deposits from the following altcoins – BTC, ETH, NEO, LTC and BNB.
Before the funds are made available in your account, they will be subjected to 2 network confirmations. After that, the amount will be reflected in your account. You should find the following menu item – History – that will allow you to track your deposits and withdrawals.
Once your deposit is in your account, start trading with your favorite crypto pairs.
All deposits are free since Binance accepts cryptocurrencies. When it comes to trading, Binance charges 0.1% trading fee. If you select BNB to pay for transaction fees, you will be given 50% discount. What you ought to know is that the cost of BNB depends with the market price.
First year – 50%
Second year – 25%
Third year – 12.5%
Fourth year – 6.75%
Fifth year – No discount
To turn on “use BNB for fees,” simply toggle the switch to the correct position “ON”. This option can be found in your account settings.
When it comes to withdrawal, the fees are adjusted according to the blockchain conditions which change regularly. Here is a brief list of cryptocurrencies, the minimum withdrawal amount and transaction fee.
BNB (Binance) – Min. withdrawal amount is 2 – Transaction fee charged is 0.71 BNB
BTC (Bitcoin) – Min. withdrawal amount is 0.002 – Transaction fee charged is 0.001 BTC
NEO – Min. withdrawal amount is 1 – No transaction fee is charged
ETH (Ethereum) – Min. withdrawal amount is 0.1 – Transaction fee charged is 0.01 ETH
LTC (Litecoin) – Min. withdrawal amount is 0.02 – Transaction fee charged is 0.01 LTC
Here is a full list of cryptocurrencies and their withdrawal fees.
Thanks to its popularity, Binance is one of the most trusted cryptocurrency exchanges around the world. Some of the factors that have contributed to its popularity include high level security, high performance for its web trading platform, great support team, low trading fees and support for multiple cryptocurrencies.
There is one issue that may affect the popularity of Binance and if corrected, everything will be ok. I am talking about the trading interface for basic mode. It’s not user friendly for beginners.
All in all, we recommend Binance to cryptocurrency traders looking to trade multiple cryptocoins pairs.