This is our complete guide to Binance and a real review of the popular cryptocurrency exchange…
Right now the cryptocurrency industry has a lot of exchanges to choose from, with varying options, so choosing the best one is not a very easy task. Whether you are new to crypto or a battle tested veteran of the digital currency world, you want to make sure you are using the best platforms for you in order to make money from Bitcoin and other cryptocurrencies.
Binance is one such exchange that I am sure has come up many times in your research thus far. It has quickly gained huge popularity and has skyrocketed into the mix of the most well-known cryptocurrency exchanges on the market. Its meteoric rise is one big reason why so many people are skeptical about it, and are looking for more information on whether it is legitimate or not.
This is why I have decided to give my own Binance Review for you!
First off, let’s start with the basic question…
What is Binance?
It is an up-and-coming cryptocurrency exchange, which is popular for its crypto-to-crypto trading services, meaning that it does not facilitate fiat currencies. This allows the platform to work much more freely in the grand scheme of things.
Technically speaking, it is considered to be a Chinese digital asset exchange. However, it supports a number of languages such as; English, Chinese, Korean, Japanese, Mandarin, Russian, and more (they are adding others regularly). While this is a digital currency exchange that is very popular among Chinese investors – for obvious reasons – a large majority of its users are actually overseas clients, so it’s considered to be more of an international altcoin exchange.
While the company is still relatively new in the crypto space, it has started to gain popularity in the blockchain community thanks to its impressive number of coin listings, and also due to its incredibly low trading fees.
Although it’s still so new, the Binance exchange is already being discussed extensively as a great Bittrex alternative, and often said to be an even better option.
How the Binance Cryptocurrency Exchange Works
You first have to Register and Login. I’m sure you assume that much already. Creating an account is pretty simple and straightforward so I’m going to get into detail on that. You can find the links to register and login at the top of the site on the right side. Just enter your information and follow the on-screen instructions.
Once you are inside, you will notice that the platform offers two options for digital currency trading platforms — basic and advanced.
There aren’t really a whole lot of major differences between the two options other than the advanced view offers more in-depth & detailed technical analysis. Therefore, I will mainly be discussing the basic trading option in this post, since that is the one I think most people will likely be using and the differences are not huge anyway.
Now, I will say that it’s not a very user friendly platform in general. That is one big negative for me. Even the “basic” view is actually somewhat complex and a bit scary when you are just getting started.
It’s quite clear that Binance was not originally created for the newbies or casual crypto investors. However, if you have a bit of experience in cryptocurrencies and some knowledge of how exchanges work, you shouldn’t have much trouble. Even if you are a total beginner, it’s not impossible to figure out, it will just take a little more time and patience.
The main dashboard includes several graphs and charts for the pairs that you are trading, order books, and trade history. There’s also a depth chart that you can view in a separate tab.
In order to start trading, you will need to fund your account. Click on the “Deposits/Withdrawals” link located under the “Funds” tab to begin the funding process.
Then, on the Deposits/Withdrawals page, choose the currency you would like to fund your account with, and click deposit. You are provided with a wallet address to send your funds. It’s relatively easy to do.
One thing to keep in mind is that Binance is a cryptocurrency exchange only, which means you are not able to load your account with fiat currency (regular money). You can only deposit cryptocurrencies.
In my opinion, you should use either Bitcoin or Ethereum to fund your account (at least to start) because those are the two most popular and they have the most trading pairs. This will give you more flexibility in trading.
Now that your account is funded — the party begins — you can start investing!
Trading Fees on Binance
In a space that is THIS competitive, the Binance fee structure is revolutionary! Their team has done the equivalent of bringing a bazooka to a fist fight and is destroying their competition.
At the time of writing, they currently charge a flat fee of 0.1% on every trade. For exchanges that don’t use a fee schedule, I don’t recall ever seeing a lower fee than this. Which makes it extremely enticing for any trader who doesn’t need immediate liquidation into a fiat currency.
The low Binance fee substantially undercuts virtually all of the other major exchanges, which can charge upwards of 0.2% on some of them. That’s an unbelievable difference if you are working with large orders, and even enough to be noticeable for the small time traders.
Also, what makes their fee structure even better, is that if you pay using their own coin (BNB), you will receive a 50% discount on the trading fee, thus bringing it down to 0.05%. I can’t say for sure, as I don’t know the details of EVERY exchange, but I think this gives Binance the trophy for the lowest fees in the industry!
Supported Cryptocurrencies
One thing that Binance gets praised for is its impressive selection of coins! And I must agree, it is quite extensive.
You can use the platform for trading multiple digital currencies which includes; Bitcoin, LiteCoin, Ethereum, Dash, Ripple, EOS, BCH, NEO, and many more. Most major altcoins are in there. Binance has somewhere around 100 coins available at any given time as well as numerous tokens as part of ICO’s.
They are really quick on adding new coins & tokens after their ICO launches, which often means you can get them relatively cheap, and allows for earning greater profits in time.
All-in-all, I would give their crypto selection a huge thumbs up!
Binance Security and Company Trust
While Binance is one of the newest major exchanges in the industry, there’s a lot to love about it, and many big time traders are very upbeat about the site. It generally gets huge praises from its user base, and has quickly attained a high level of trust in the digital currency community, who seem to predominantly love it. I’ve increasingly seen it touted as a better alternative to Bittrex — which is among the most well-known, established, and trusted exchanges out there.
There’s little doubt Binance is run by group of reputable developers with access to abundant resources and partners. They’ve also received backing from some very high profile and influential people in the world of digital currency. This is not always a good thing, but I’d say it’s typically a positive sign.
Also, the CEO has an impressive resume with years of experience in crypto-currency. Before joining Binance, he was the Head of Development at Blockchain, Co-founder and CTO of OKCoin, and the Founder and CEO of BijieTech. That has to count for something.
Generally speaking, I do personally believe the company is legit, trustworthy, and secure. However, I also think they fail to provide users with enough information on how the funds are being secured, which always makes me nervous that it may not be being taken as seriously as I would like.
Customer Support
I’d say they do a “good enough” job when it comes to customer support. Not great, but not too disappointing either. They are on par with most major trading exchanges as I’m not sure of any that are highly regarded for their amazing support. It’s sort of the standard of the industry. Not great for users but it is what it is.
Final Review: Is Binance a Legitimate Cryptocurrency Exchange?
While it is, in my opinion, not the most user-friendly digital currency exchange available online, it does offer super low fees, a plethora of currencies for trading, decent support, and an abundance of testimonials from its user base. I’ve also personally had a mostly positive experience with it myself with nothing of significance to report as a negative remark, and it has certainly been as good or better than all the other cryptocurrency exchanges I use (and there a plenty of them).
Their low fees, responsive exchange, large selection, and team with a proven track record leave most people excited. This is why binance has largely been considered a success in its somewhat short lifespan thus far. Another bonus for me is that they have a great crypto affiliate program that pays quite generously for referrals so it’s an added way to make money with Binance.
I’m confident that it is 100% legit, even if it’s not perfect, and I believe the vast majority of users would absolutely agree with me!
Do I recommend Binance?
When I combine everything I know from research and personal experience, and then look at Binance objectively, I can’t deny that the pros far outweigh the cons. This is more than can be said for many of their competitors.
Therefore, YES, I would say overall my binance review is overwhelmingly positive. I am confident in recommending it and have added it to the top of my list of the best cryptocurrency exchanges. Click here to sign up now.
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