Binance is a purely spot-based crypto-to-crypto exchange. Founded in 2017 and based in Malta. It has a wide variety of altcoins and ERC tokens paired with BTC, ETH, BNB and USDT, with plans to add EUR and GBP fiat pairs.
Despite Binance being very new on the scene, they have the 5th highest volume, by exchange, in the crypto-market. This is quite a feat considering it’s a spot-only exchange. We’ve been using this exchange for a short while and it’s very well built. The exchange also has its own cryptocurrency, BNB token, which through an ICO funded the launch of the exchange. Fees on trading come at a 50% discount if paid with BNB. It can also be used to invest in projects on Binance’s ‘Ecosystem’ platform. This new exchange on the scene is taking the market by storm and attracting new customers every day. This is definitely one to watch as the ecosystem grows.
Ease of Use
To someone new to trading and investment Binance may look a little complicated but rest assured that it’s not. It has a very simple but effective list of order types – Limit, Market and Stop orders. It has some handy quick press button to divide your buys and sells into easy amounts and tons of markets to play.
Binance has a flat-rate of 0.1% on trades (this is amongst the lowest around), whether you are market making (limit orders) or market taking (market orders). As mentioned above, if you own the exchange’s native token, BNB, you can use it to pay fees and will receive a 50% discount for a limited time, taking to fees down to 0.05% per trade.
There are no deposit or withdrawal fees!
Binance has made a name for itself in the short while it has been in operation as a multi-lingual exchange. The exchange itself can be translated into 12 different languages. Customer service support is available in two languages, Chinese and English. There’s mixed feelings about the customer service of Binance, which is to be expected from market participants. But in general, Binance replies to customer requests with good efficiency and professionalism.
There are 3 levels of account verification. The default level 1 allows you to withdraw up to 2BTC of value per day, level 2 is 100BTC per day and level 3 says, “contact us”. A great thing about Binance is that you can sign up, and without verification can deposit, trade and withdraw straight away.
For a relatively new exchange, Binance is taking the markets by storm, keeping up with an enormous influx of customers while their servers take the load and still manage to perform to a high standard which can be lacking on other exchanges.
As you must expect from any exchange, 2-Factor Authentication (2FA), is available with Binance. Note: when starting a new account on any exchange it is extremely important to enable 2FA as soon as you create your acc. Binance also has an ‘Anti-phishing’ setting for email, meaning you can enter a code (password of your choice) into a section in the security settings. With this enabled, whenever they send you an email it will request your code to open the email.
Binance has been open for business for about a year. It’s reputation so far is that of a new exchange which is building a large customer base across the world. The speed at which this exchange has grown over this year is staggering, and the way they have managed to keep up with demand is demonstration of their ability to function in this space.
- Large variety of Altcoins
- Low to zero fees
- Mobile App
- Fast and efficient trading-engine
- Robust security features
- Simple user-interface
- Super-fast data refresh times
- Professional customer service (Chinese and English)
- High-volume exchange
- No fiat pairs yet (coming soon)
- Can’t buy with Credit-Card or Bank Transfer
Ease of use