Binance - cryptocurrency exchange review

What is Binance?

Binance is an exchange that initially served only crypto transactions. However, it has been accepting for several years now fiat currencies (fiat), such as U.S. dollars (USD), euros (EUR), or zlotys (PLN). The exchange was established in 2017 and was originally based in China. However, since cryptocurrency regulations in China are very strict, the exchange moved to Japan, a country that at the time looked much more favorably on digital currencies!

The creator of the Binance exchange is Changpeng Zhao, better known as CZ. Interestingly, CZ used to build Trading systems used in the stock market Tokyo. He then used that experience to make Binance what it is today.

Before the makers Binance opened their stock exchange, raised funds through the Initial Coin Offering (ICO). This process resembles in its assumptions crowdfunding, in which people can help a company get off the ground by investing in their idea.

However, an ICO is slightly different from crowdfundingas people invest using cryptocurrencies instead of conventional money. ICO Binance has raised the equivalent of $15 million, and in return has given investors a native token called the Binance Coin (BNB). Although it is called Binance "Coin," it is actually a token that was built on the Ethereum blockchain.

QUOTE : In 2017, people invested more than $5 billion worth of crypto in ICOs!

Since its launch, Binance has been doing very well. Currently The stock market has an average of more than $1 billion in daily transactions, making it the largest altcoin trading platform. In fact, Binance grew so fast at first that they had to suspend new registrations in January 2018. This was because too many people were trying to open their own accounts.

Fact: In just 24 hours, Binance received over 240,000 new account applications!

Having read our Binance review so far, you already know the history and who is behind the creation of the exchange. Now let's find out why you should use Binance!

Why choose Binance?

Before registering a new account on an exchange, you should consider its advantages and disadvantages. This way you choose the right exchange for you.

Advantages of Binance

Let's first zoom in on the strengths of this platform.

✓ Huge number of altcoins to choose from

One of the main reasons why the Binance exchange is so popular is that it contains so many different cryptocurrencies.

INTERESTING UPDATE : There are currently more than 10,000 cryptocurrencies, and more are being created almost every day!

There are more than 100 different cryptocurrencies available on Binance. You can find such well-known coins as Ethereum (ETH) i Litecoin (LTC), but also smaller projects such as CyberMiles (CMT) and ZCoin (XZC).

✓ Low fees

Another advantage of the exchange is that when trading Binance crypto fees are among the lowest in the industry. Customers are charged 0.1% per transaction (exceptions are alternative payment methods), which means that if you transferred 1 ETH, you will only pay 0.001 ETH!

Tip: Traded with Binance Coin (BNB) you will get big discounts on fees!

Deposits are always free, but withdrawals are no longer. This is not a jab at Binance, however, because most exchanges operate the same way. Withdrawal fees are different for each cryptocurrency and vary depending on their value.

For example, at the time of this writing, for every Litecoin (LTC) you want to withdraw, you would have to pay 0.01 LTC in transfer fees. However, if the value of Litecoin increases, proportionally the fee will go up. This is because the fee is based on the price of Litecoin, not the price of USD or PLN.

There are no restrictions on the value of deposits made, but if the you want to withdraw cryptocurrencies with a value greater than 0.06 BTC (until July 28, 2021 this amount was as much as 2 BTC), you must additionally verify your account (KYC procedure). This can be done by uploading a photo of an identity document (such as a passport).

✓ Awards

Regular traders on the stock market Binance have a chance to win prizes. These rewards change all the time and so far have included giving away free cryptocurrencies, among others. Waves (WAVES) i Ontology (ONT). Once one lucky person even won a Maserati!

✓ ICO Launchpad

Binance is well known for putting new cryptocurrencies on the platform as soon as their ICO is over. This shows that many crypto companies see the Binance as your favorite exchange and wants to get on it as soon as possible.

✓ Security

Binance takes security very seriously, and customers are asked to configure the two-level authentication  During account registration. 2FA is an extra level of security. It involves sending a special code to your cell phone every time you want to log in, trade or withdraw funds.

If you are still wondering "Is Binance safe?", the site also uses the standard CryptoCurrency Security Standard (CCSS) for account protection, which is the best industry standard used by the major exchanges.

✓ High trade volume

As Binance has become one of the The most popular exchanges for buying, trading and selling cryptocurrencies, there are many transactions taking place all the time. This is an important factor because it means you have a better chance of getting an immediate selling your cryptocurrency, if necessary.

For example, if you want to buy cryptocurrency, but it has a low trading volume, it is much more difficult to buy it because there are not many sellers. However, if many people want to sell this coin, it will be easy to buy it.

Interesting fact: according to the developers, the technology supporting Binance can process up to 1.4 million transactions per second!

Disadvantages of Binance

Now that we have discussed some of the advantages of Binance, let's look at some of the less positive aspects of the exchange.

✗ Customer service

There are mixed reviews about the customer service offered by the Binance exchange. Although you can contact Binance via email or chat, some users have reported long delays. This may be due to the fact that the exchange has a large number of customers, so it is hoped that Binance will improve its response time. There is also no phone support, which is offered by other popular exchanges (such as Coinbase).

✗ Lack of transparency in structures

Binance strives to remain the last anonymous cryptocurrency exchange. It has its advantages, but also a number of disadvantages. From almost the very beginning of the platform's operation, there was no shortage of controversy, the earliest of which stemmed from a lack of transparency at the executive level. The exchange is branded with his name by Changpeng Zhao, but other than him, we don't know much about the company's structure or operations. This may be cause for concern.

How to use Binance?

If you read this review from the beginning, you should now have a better understanding, what is Binance, what it does and what are the advantages and disadvantages of using this exchange. Now we will show you how to use Binance! First we will explain how to open a new account!

How to open an account on Binance?

1. Visit Binance homepage, and then click "Register."
2. You will have to enter your email address and choose a strong password. Don't forget his!
3. Finally, you need to confirm your email address. After that, you will already proud owner of a Binance account!
4. When you log in for the first time, you will see a notification asking if you want to set up a two-step authentication. Remember how we explained earlier that it protects your account?

Enter your cell phone number and complete the setup.

How to deposit funds on Binance?

At the beginning of the exchange's operation, you would have to make deposits via cryptocurrency. Now, however, you can do it by credit card or bank transfer, among other means. Still, the easiest way to fund your account is with a Bitcoin (BTC) or Ethereum (ETH), because there are other exchanges that allow you to easily buy them with fiat money.

1. Hover your mouse over Funds, then click Deposits.

2. Click Select Deposits Coin and enter the ticket of the cryptocurrency you want to deposit. For example, if you want to deposit Ethereum, type ETH.

3. Now you will see your unique deposit address.

Important: Each cryptocurrency has a different deposit address! For example, if you try to send Ethereum (ETH) to your Bitcoin (BTC) address, you could risk losing Ethereum!

4. Now you need to copy the address of the deposit. The easiest way to do this is to click Copy Address.

5. Now you need to go to your cryptocurrency wallet and transfer the number of bitcoins you want to send to your Binance account. It is very important to send coins to the correct Binance deposit address. Make sure to check the address carefully after copying and pasting.

6. When you send coins, Your Binance account should receive them within 10 minutes. To check if they have arrived, hover your mouse over Funds and click Balances.

7. Once your deposit is confirmed by Binance, your total balance and available funds will be updated.

8. Congratulations, you have now funded your account on the Binance exchange! We will now show you how to make the first crypto exchange!

How to trade on Binance?

We have already shown you how to add crypto to the Your Binance account, so let's move on to the first transaction. There are more than 100 different cryptocurrencies to choose from, but in this example we will show, How to buy Litecoin (LTC). Don't worry if you want to buy another coin, the steps are the same, just convert LTC to the cryptocurrency you want to buy!

1. Move the mouse cursor over Exchange, then click Basic.

2. So this stage can be a little scary for beginners... but don't worry, we will explain everything. Just follow the instructions.

3. On the right side, find Favorites. Here you need to select the cryptocurrency you have deposited in your Binance account. In our example, we chose Bitcoin (BTC). If you have deposited Ether, click ETH.

4. Now you need to enter the ticket for the cryptocurrency you want to buy. Because we are showing, how to buy Litecoin (LTC), we type LTC.

5. When you click currency pair (LTC/BTC in our example) you will be taken to the trading screen.

6. These scary charts will now display market information for the selected pair. Scroll down and look for the green Buy. Make sure you click Market.

Why Market and not Limit? Selecting the Market will allow you to buy cryptocurrency at the current market price. This will offer the current best price. If you choose Limit, it will allow you to enter the exact price at which you want to buy. This is the best option for more experienced, short-term investors.

7. To complete the transaction, you must specify the number of coins you want to buy. You have two options:

Option 1: Enter the specific number of coins you want to buy. In our example, we want to buy 10 Litecoin (LTC), so we entered it in the field below.

Option 2: You can choose a percentage of your Binance balance. For example, if you have deposited 0.05 Bitcoin (BTC) into your account and want to exchange it all for Litecoin (LTC), you can simply choose 100%.

8. Finally, to complete the transaction, click the green BUY LTC. Since you chose Market, your order should be processed within seconds!

9. If you want to be sure that your transaction was successful, you can return to the Funds> Balances section.

10. Congratulations, you just made your the first cryptocurrency exchange!

How to withdraw funds from Binance?

At this point in our review, you already know, how to deposit funds on Binance And buy your first crypto! However, what if you want to withdraw your funds? Well, let's also show you how to do it!

1. At the top of the page, hover your mouse over Funds and click Withdrawals.
2. If you have not configured two-factor authentication, Binance will not let you continue until you do.
3. Click "Select Withdrawal Coin" and enter cryptocurrency, which you want to withdraw. Remember that you need to enter the currency ticket, e.g. BTC or ETH.
4. Now enter the address of the wallet to which you want to send your coins.

IMPORTANT: Make sure you enter the correct address, as any mistakes can be costly! The best way to do this is to copy and paste the address to which you want to make a withdrawal.

5. Finally, enter the number of coins you want to withdraw, and click the orange Submit
6. Withdrawals from Binance are usually fast and usually take no longer than 30 minutes. However, if the network is overcrowded, it may take longer.

Who should use Binance?

You may have noticed from the part of our review in which we we described the process of buying cryptocurrencies, that there are two options to choose from - Basic (basic) and Advanced (advanced). This is what makesBinance is such a popular exchange - it's great for both beginners and advanced users.

In the above tutorial, we showed you how to use the basic functions. However, once you become a professional player, there are additional features in the advanced section!

Binance Advanced

If you are more an experienced trader, advanced options will allow you to see more detailed statistics. For example, if you were interested in price movements between By bitcoin a Ethereum, you can view more advanced charts.

Japanese candles allow you to view the opening and closing prices, the highest, the lowest value of the cryptocurrency Over a specified period of time.

Just remember that if you are just starting out cryptocurrency trading, it is probably best to use the basic option until you feel more comfortable!

Applications

If you have read our review of Binance from start to finish, you should now be able to decide if this is the right exchange for you. There are many advantages to using this platform, but there are also some disadvantages to consider .

Whether you choose to use the platform or not, at least now you know how to use the Binance AND you should be able to deposit, trade and withdraw funds easily!

Binance is one of the best exchanges for trading between different cryptocurrencies. It offers a great, easy-to-use interface that caters to all types of traders. Moreover, it is a platform you can trust.

So what do you think of the exchange? Does Binance have the cryptocurrency you want to buy?

Let us know if you enjoyed our Binance review!