When it comes to trading with crypto currencies people are a bit suspicious and the many exchanges which were built mostly around scamming tactics are the reason for that. Among all those bad examples a few rose to a level of trust people needed to start trading again. One of those exchanges is Binance and it is an exchange that is on its way to becoming the biggest place to trade cryptocurrencies in modern days. It has everything a customer needs – great support staff, good withdrawal times and rates, amazing level of security, low transfer fees, tons of available cryptocurrencies to choose from, and so on.
Before you take a closer look at the features that make Binance rise above the rest, make sure you check our full Guide on stock exchanges in general. There, you will find tons of useful information as well as the other top 5 places to trade we’ve handpicked for you.
Features That Make Binance Stand Out
First, let’s start with the actual login and registering process, then we will take a look at some of the crypto properties of the actual exchange market here.
The account creation process is typical and quite simple. As we will discuss further down the review, there are two levels of verification – Level 1 and Level 2. For the first level you won’t need to provide anything but you will have your daily withdrawals limited to 2 bitcoins worth of currencies. The second level is a bit more specific. We will describe it in detail a bit later.
The next thing you have to do is fund your account. You can fund it with a ton of currencies but we suggest sticking to the usual ones. You add funds by going to the “Funds” menu and then pressing “Deposits”. Set the currency you want to add and press the deposit button next to it. After you go through that it’s time to start trading, exchanging or investing on the platform. There will be plenty of choices to pick from in terms of buying so make sure you take your time to explore everything before you dive deeper.
Since here it’s all about trading, let’s now move on with the trading fees that Binance offers you. Unlike Coinmama, here the fees are low and flat sitting at 0.1% on each trade. It is perhaps the lowest you can find among the reputable crypto exchanges today. What is even more impressive is that if you use their tokens (the BNB), you will immediately get a 50% discount downing that trading fee to the whopping 0.05%.
Cryptocurrencies That Are Available Here
Another thing that Binance is just a leader at is the array of coins you can trade here. All those have pairings with Ethereum, Bitcoin, and Tether. Some of those are:
- BTC Cash
- BTC Gold
- Dash
- EOS
- Ark
- ETH Classic
- Litecoin
- NEO
And 40 more coins for that matter. Some of the coins on Binance aren’t listed anywhere else (at least not on reputable exchanges) which makes this platform a much preferred choice over the others. Now, let’s talk transfer limits – an ever so important topic.
What Are Your Transfer Limits?
The slight downside to this exchange is that you won’t be able to use any fiat currency. You will be able to only put cryptocurrency funds into your account and take cryptocurrencies out only too.
The good part is that there won’t be any limit on how much you can deposit. With withdrawal there is a limitation depending on the tier of verification you are in.
The first level of verification, or Level 1, requires no verification details and can withdraw as much as 2 bitcoin worth of currencies per day. Level 2 requires a two-step auth process enabled for your profile or the use of Google Authenticator. Chinese numbers are the only ones which support this level of verification for now, thus rendering them the only ones being able to get to Level 2. Apart from that you also need to provide your personal details, such as names, gender, country, ID number, photo, and a selfie with your passport. All that will increase your daily withdrawal limit to 100 BTC worth of currencies.
In other words, if you want to have a huge daily withdrawal limit, this isn’t an ideal place, unless you are Chinese or have a friend with a Chinese phone number. Still, 2 bitcoins worth of currencies every day isn’t as bad as some other exchange sites which give you far less than that if your account isn’t properly verified. Furthermore, some people do not like to give out their private information so freely out in the internet and Binance knows that and that is the reason they have a Level of verification with no documents required (Level 1). Is everything here safe though? We are about to find out.
Want to find out which is the best GPU to mine Monero? Check out our dedicated article on the topic.
Is Binance Safe? A In-Depth Look On Its Security
There is no information on the actual Binance site towards whether it is a safe exchange or not. In other words, they do not give you any sort of affirmation that their exchange will be safe for your funds. We didn’t find much information on the topic either. However, the two-step authentication process provides a certain level of protection for your account and the reports of hacks or other security flaws have been minimal (in fact, non-existent). There was a notorious hacking attempt during early Spring of 2018 but reportedly nothing major happened and no accounts were lost during this, which brings us to the thought that this is one of the safer places to place your crypto funds out there.
Still, the spring hack was made possible by hackers phishing user IDs and logins via emails and fake URLs, so always make sure to check the URL you are on and that it is the legitimate Binance link.
Pro Tip: To avoid checking whether you are on the right URL, just bookmark the original site and always enter it from the bookmarked url.
So, Can You Trust It?
In terms of community members, there is no other exchange with such level of praise. All the forums list it as the next big thing and as a viable alternative to bittrex. There are more than 25 000 members at this point making it one of the largest crypto exchanges. On top of that, the CEO of the company (Changpeng Zhao) has an amazing reputation in the finance world. Before he came to Binance he was head of development at Blockchain, which is a reason on its own to know Binance means serious business and can be fully trusted as an institution.
Lastly, let’s talk about one of the most overlooked but also most important aspects of the crypto exchange world…
The Customer Support
This is perhaps another slight downside of this exchange as it lacks on this specific feature. There are not many FAQs on the site so don’t expect them to answer some more detailed concerns and questions. The site was originally written in Chinese, so you can expect some inaccuracies in the translation at some parts. Still, for a young company there is a promising level of work thrown into it so we will just give it some time and wait to see where it goes in terms of user satisfaction and support. A live support line won’t be a bad direction. In their reddit they said that if you raise a ticket it will be answered by people who are well aware of the system and can guide you through sophisticated issues.
Binance Pros And Cons
Now, let’s take a look at all the pros and cons of this cryptocurrency exchange that make it such a promising contender for being the best in the world.
Advantages:
- Easy to set up your account (click here to sign up now)
- Navigation through the site is straight forward
- Lots of currencies to choose from
- High daily withdrawal limit (even without verification)
- Huge withdrawal limit when your account is verified
- Some of the lowest fees of all cryptocurrency exchange
- On-site security is on par with the rest of the industry
Disadvantages:
- Can’t deposit fiat currencies
- Support can be tricky since there isn’t a lot of FAQs listed
- Lots of fake URLs so you need to be careful
