Binance Review – Is my Crypto Safe?

Before we go into a Binance Review, let’s get some background. Binance is a cryptocurrency exchange based in Tokyo, Japan, which was launched in 2017 and gained mass popularity during the bullish events of 2017 when the price of Bitcoin skyrocketed to as much as 20k. As China’s primary Bitcoin exchange, it is probably the most liquid of all the exchange platforms in the world.

Binance boasts of high standards of security and safety in its platform with a multi-tier and multi-clustered architecture system that delivers with two-factor authentication with best practices of cybersecurity. Just a few weeks ago, Binance got ISO Certification.

Quick Analysis

An Outlook on Binance for Beginners

The trading platform offers fast and reliable trading with a wide array of options of virtual coins to trade in, including the popular options like the Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) as well as its own native token Binance Coin (BNB). 

Binance offers advantages such as low transaction fees, high liquidity, and other discounts if users made transactions in its native BNB cryptocurrency token. Binance provides other services such as listing, de-listing, withdrawal of cryptocurrencies, and an optional verification feature. 

• There is a ton of information available on the platform for in-depth knowledge about all things related to trading. There are free courses available on the platform which provides valuable information to users for them to learn more about blockchain and cryptocurrency. 
• The FAQs and Glossary are also available for use on the platform for users to make reference.
• The trading tools available to the users provide data-driven, professional insights, and analysis for traders on the platform. Binance provides unique strategy details to assist users by making use of their proprietary data to provide precise and reliable metrics. 
• The security on the platform offers a feature called SAFU (Secured Assets Fund for Users) that assures customers that their funds are held securely as well as several other security features. 
• There are also great promotions and affiliate programs, on which you get 50% of the transaction fees of the users you refer as well as a 25% discount on trading fees for transactions made the platform’s coin token, the Binance Coin (BNB).

Beginners Account sign-up

Signing up on Binance is seamless and fast! Creating an account is necessary to access the platform’s features. Binance requires none of the customer’s information hence anyone has the advantage of signing up but must accept the clause which states “you acknowledge and declare that you are not on any trade or economic sanctions lists” in its Terms of Use. 

The Terms of Use also requires that the user would be at least 18 years of age. Violation of the terms will result in suspension or termination of the account.

Create an account on the platform by signing up with your email address and choosing a password.

The withdrawal limit of an unverified account (Level 1) is 2 BTC per 24-hour period, but you can get verified to withdraw more than the limit in a day making it a Level 2 account.

Users are also required to activate the 2-factor authentication for additional security.

Account Funding

Before you start trading, you need to fill up your balance. Deposits in Fiat Currency are currently not supported, but the exchange takes BTC and more than 50 other cryptocurrencies.

There are no fees charged for the funding of the account, but nearly all coins have a minimum trade or order value. Trading and withdrawals come at a cost, withdrawal charges depend on the currency but have in common being a fixed contribution.

The process is quite simple. The user needs to access the ‘Deposit/Withdrawals’ section under the ‘Funds’ menu. Generate and then copy an address for the desired denomination and send some coins. The history of deposits and withdrawals is kept available for the user to make a reference.

Trading

The exchange’s web-based trading platform provides two trading interfaces, Basic and Pro View, for the users to trade with. The Basic interface offers an easy-to-use layout for beginner traders while the Pro View interface offers a more professional layout with more functions for sophisticated traders.

Both of the platforms are fairly advanced and sophisticated, with the availability of the necessary tools for efficient trading. The process for trading in both interfaces are the same, however.

A list of trading pairs is available on the trading page. It also includes a chart containing information about the cryptocurrency trading pair of choice as well as a few basic statistics, a box to open orders and records.

The four major categories are highlighted: Bitcoin (BTC), Euthereum (ETH), Binance coin (BNB) and Tether (USDT). The charts can be enlarged to full-screen mode with a single click. The kind of chart can be chosen, and a couple of constraints can be tuned.

• To open an order, you have to first select the type of order which are of three basic order types: limit, stop-limit, and market. 
• Then, the price has to be filled as well as a few other parameters.
•  Then, click on either buy or sell to place the order. The order will then be processed and placed.
• The funds’ balance can be accessed by going to the primary exchange and clicking on ‘Balances’ under ‘Funds.’ 

Withdrawal of Funds

• To access and withdraw funds on Binance, simply select the ‘Funds’ tab and click ‘Withdrawals’. Binance will not allow withdrawals unless the Two-factor authentication has been enabled. 
• Click the name of the coin/token you would like to withdraw and click the Withdrawal button on the right. Select the ‘Use New Address’ option under the ‘Withdrawal Address’ dropdown field. This will save the address for later use, on which you can attach a name under the ‘Label’ field.
• Fill in the details of the destination address of the wallet under the ‘Withdrawal Address’ field. Fill in the amount you would like to withdraw under the ‘Amount’ field and then click ‘Submit’.
• The digital coins can be transferred to another exchange which offers the support of fiat currency. The funds can then be transferred to a USD wallet or directly to a bank account.

User Experience

The Binance platform is supported by an efficient front-end and back-end framework with great features that enhances the platform’s overall performance and security. There is also an effective and reliable Customer Support feature that bridges the gap between the user and website interaction.

With the recent upgrade to the exchange platform, the website now supports up to 15 languages including English, Chinese, Korean, Russian, Spanish, French as well as a few others. The improved User Center shows all the necessary and targeted information that the users need.

A new and upcoming feature, Margin trading, is featured in the new update in which you can toggle between exchange and margin trading options. This will be available to all users as soon as the upgraded website is activated for all users. 

There is a consistent visual language across different parts of the website, with changes to the visual content which adds to an easier-to-use exchange platform for cryptocurrency transactions. 

On accessing the Binance homepage, there is an easy-to-view auto-scroll feature of the latest updates and news, with news bulletins at the bottom and an announcement section under the banner slides which displays important news bulletin.

The cryptocurrency exchange is available for use for web and mobile platforms with Android and iOS apps available. The Binance trading apps are the best available in the market, with an efficient user experience for overall great and improved trading experience. 

Updates/Developments – 20 Nov 2019

• Binance has added Turkish Lira pairs on its platform for trading. It will be offered in pairs with XRP, Ether, and Bitcoin with support from Papara, a local digital wallet. It will help the biggest crypto exchange in the world make a foothold in the Turkish crypto market.
• Paxos has launched a fiat currency gateway after partnering with Binance. Paxos, the stablecoin operator will further its user and operational reach with this gateway.
• HTC has launched a limited edition blockchain phone with Binance. Dubbed Exodus 1, the phone supports advanced blockchain features along with support for Binance trading.

Conclusion

Binance is one of the few popular, well regarded and trusted exchanges which has solidified its position as a growing force in the crypto exchange and finance industry. The interface is easy-to-use and secure with a wide range of options on cryptocurrency exchanges.

The transaction fees on the platform are the most affordable out there, with Binance charging nothing for new deposits onto the platform and just a rate of 0.1% on the value of trades. Binance’s system can process up to 1.4 million transactions per second, which makes the platform super-fast and efficient. 

Binance offers more cryptocurrencies to trade in when compared to other cryptocurrency exchange platforms. The platform boasts of a wide range of over 100 cryptocurrency options to choose from, with new ones being added regularly.

As a balanced Binance Review, we mentioned the cons of trading with Binance like the lack of the feature to work with fiat currencies but there is an option of trading in the Tether (USDT) which is a digital version of the USD. Also, many of Binance’s markets offer relatively low liquidity (after China Regulation Efforts) and only provides options for limit and market orders.