Binance Exchange Review

Reviews

Binance is one of the leading crypto exchanges on the market, offering low commissions, fast transactions, fast order execution, etc.

The cryptocurrency exchange Binance is one of the new platforms for working with digital coins, which is quite successful and active in the market since 2017. Today, it is considered one of the leaders in terms of average daily trading volume, entering the top 5 among the crypto exchanges.

Still, is Binance a scam, a scammer and a dubious resource or a safe platform that guarantees stable cryptocurrency trading, decent income, as well as instant transactions? These are the questions we are ready to to answer these questions in today’s review.

Why Binance?

Binance is a very popular exchange like EXMO, Paxful, CEX.IO and ByBit. It is a young but promising marketplace, this is due to the fact that the creation of the resource involved a strong team of developers. The ICO project of the exchange attracted the attention of a large number of crypto-enthusiasts and blockchain evangelists (for example, Matt Roszak and Roger Ver), allowed to raise about $15 million, to get support from major organizations: “Morgan Stanley, Nomura, SBI Group, etc. The company is headquartered in Shanghai and led by Changpeng Zhao, who previously worked on the development of OKCoin and Blockchain.info platforms, and was the head of Bloomberg’s technical department.

Low commissions, high performance, ability to work with professional trading tools for advanced technical market analysis, no mandatory verification if the user withdraw no more than 2 BTC per day, the ability to withdraw up to 100 BTC per day with verification, a convenient mobile version of the terminal (Android, iOS) – all this favorably distinguishes the official website binance from competitive resources, all this allowed him to break far ahead.

The platform is also distinguished by the low trading fees in the market (0.1%) and instantaneous transaction processing (about 1.4 million orders are processed per second due to the innovative technology). Customers of binance (official website here) offers a large number of cryptocurrencies (the whole truth about cryptocurrency here), especially popular pairs GAS/BTC, NEO/BTC, ETH/BTC and BNB/BTC, for each currency there is a cryptocurrency wallet. Part of of investors prefer to work with binance.com, because there are rare coins which are absent at other crypto exchanges (for example, Bicoin Gold, IOTA, Walton Coin). The site also has its own digital BNB (Binance Coin), issued to raise capital through ICOs. Its owners receive additional discounts and bonuses, thanks to the coin can be reduced from 0.1% to 0.05%.

To work with the exchange as a source of information about the markets, the user does not need to register, but to make transactions, it is necessary to create an account. The official site of exchange Binance supports popular languages (English, Chinese, Japanese, Korean, Spanish, French), making it much more convenient to be here. There is also a Russian version of binance, and although its translation is of poor quality, it is still comfortably to work.

It publishes current market news, has drawings, the opportunity to buy free currencies. All trading is done in the Trading Center tab: a trader can choose the currency pairs and charts, Trading Center: choice of currency pairs, charts of currencies, orders stack, stop-losses, orders panel, currency pairs trading statistics, 2 types of trading terminals: Basic and Advanced. Advanced terminal is more convenient for professional investors.

There are plenty of trading tools, indicators, types of charts, which will allow conducting a high-quality technical analysis.

How to exchange cryptocurrency on the Binance platform?

To make a trading operation, you first need to click on the “Exchange” button on the Binance exchange website, select the appropriate mode of operation and go directly to the exchange platform. Before you start trading,

you need to decide on a trading pair. Several types of coins are available:

  • Binancecoin (BNB);
  • Bitcoin (BTC);
  • Ethereum (ETH);
  • Riple (XRP);
  • Cryptocurrencies tied to the U.S. dollar (USDT, USDC, TUSD, PAX).

After selecting the market and currency pair, the client will see detailed information about quotes, the price chart and other important information. For beginners it is better to use Market order, because orders of this type are executed immediately after they are created for newbies, it is better to use Market order because orders of this type are executed immediately after creation at the current price of cryptocurrency. There are two trading platforms on the exchange – Basik and Advanced.

Verification on the platform binance.com

To gain access to all of the project’s functionality, you need to go through the verification process at binance.com. Identity verification will be required to expand your withdrawal limit, as well as to be able to to buy cryptocurrency for fiat. Without verification, the limit is up to 0.06 BTC, and after going through the process, the limit is up to 100 BTC. A higher limit can be obtained after an individual agreement with the exchange. It is impossible to withdraw fiat without verification.

To verify your account, go to your profile and fill in personal information: first name, last name, patronymic, date of birth, and place of residence. After this step, you should choose one of the documents, that can prove your identity (passport, license or ID card). You can upload either a photo or a color scan of the document. The user also needs to take a picture of his or her face.

Requirements for the documents:

  • high resolution;
  • Good lighting, so you can see and read every detail;
  • JPEG or PNG format;
  • the photo must be in color;
  • the document must be an original, not a copy;
  • there must be one person in the picture;
  • no glasses or hat are allowed.

The application is reviewed within 1-3 days. If rejected, you can try again in 24 hours.

Deposit and withdrawal

Cryptocurrency exchange Binance supports both fiat money, and cryptocurrency (how to earn on the cryptocurrency? find out here). Traders recommend using the English-language version of the site, because the Russian-language is poorly executed, and you will need to spend time to understand the features and functionality of the resource. To deposit with cryptocurrency, you need to hover your mouse cursor over the “Asset” tab, select the menu item “Withdraw cash from the deposit” (here are the capital deposit/withdrawal points), you can deposit with any cryptocurrency of your choice. There are no deposit fees, the withdrawal fees are some of the lowest in the market, which contributed to the rapid growth in popularity of the site.

Commission of the cryptocurrency exchange

The Binance platform has a commission on trading, which is 0.1%. Discounts are provided for BNB token holders. Thus, clients receive a certain rating. The higher the position – the less commission is charged by the service. There are 9 levels in total:

  • Level 0 – commission of 0.1% (maker) and 0.1% (taker);
  • Level 1 – fee 0,09% (maker) and 0,1% (taker);
  • 2 level – commission 0,08% (maker) and 0,1% (taker);
  • 3 level – commission 0,07% (maker) and 0,1% (taker);
  • 4 level – commission 0,07% (maker) and 0,09% (taker);
  • 5 level – commission of 0,06% (maker) and 0,08% (taker);
  • 6th level – commission of 0,05% (maker) and 0,07% (taker);
  • 7 level – commission of 0,04% (maker) and 0,06% (taker);
  • 8th level – commission of 0,03% (maker) and 0,05% (taker);
  • 9 level – 0,02% (maker) and 0,04% (taker) commission.

How do I get a discount on commissions?

You can get a 20% discount on the commissions of the cryptocurrency exchange binance.com. When you click on the link, the promo code will be inserted automatically.

20% Discount on Commissions (code will be inserted automatically: K30MTGC4) – Get

Withdrawal fees

The service also charges an additional fee for the withdrawal of earnings. For users who passed the basic verification the commission is 0.06 BTC. Previously, the commission of the exchange was 2 BTC. For users who were already in the system, the update will take place step by step from August 8 to August 23, 2021.

 

Commission discount

You can get a 20 or 10% discount on the commissions of the cryptocurrency exchange binance.com. When you click on the link, the promo code will be inserted automatically.

20% Commission Discount (code will be inserted automatically: K30MTGC4)
10% Discount on Commissions (the code will be inserted automatically: U5XKLJY7)

Mystery Box up to $500

To open a Mystery Box worth up to $500 each, you need to register, deposit and trade. The total reward will be $600,000. Start completing the challenges now!

$10 Bonus

To get a $10 bonus, a user needs to register on binance.com, trade at least 0.1 BTS or other cryptocurrency equivalent of 0.1 BTS and send the email address, which was specified during registration on info-binance.com.

Cashback

In this case, cashback is a portion of the refunded commission, which is charged to users when they trade. In order to receive cashback, you will also need to register on the exchange, make a deposit and start trading, and then send an email address to receive the bonus. VTS, ETN and BNB coins participate in the promotion.

Regulation of Binance Crypto Exchange

Binance Limited, which owns the Binance cryptocurrency exchange, is legally registered in China and operates under the laws of that country. The organization does not has a license to operate with cryptocurrencies, but does everything possible to ensure maximum security of work on the site.

Binance Exchange guarantees the confidentiality of users’ information, undertakes not to provide it to third parties, recommends, for security purposes, not to show anyone information about the work on the exchange (logins, passwords, etc.). Clients of the site should be aware of the risks of trading and possible loss of funds, are responsible for all actions on the site, the company is not responsible for the loss of funds as a result of trading.

In case of violation of the rules of the exchange, user accounts can be blocked. In order to provide personalized service, the exchange site uses cookies which clients can disable.

Conclusion

The Binance cryptocurrency exchange has very quickly become a leading cryptocurrency trading platform, leaving its competitors behind. Binance site was able to take a strong leading position thanks to its successful ico project, which attracted a large capital, the support of large companies. The exchange is popular with users primarily due to low commissions, fast execution of orders, a simple trading terminal, a large selection of of virtual coins, rare currencies. It is profitable to trade here, you can store coins in cryptocurrencies, transactions are very fast.

Binance website offers traders a lot of useful material (current market events, currency drawings, transaction history, etc.). Traders evaluate the site positively and recommend it for work. After studying possibilities of the cryptocurrency exchange, we will not draw conclusions that Binance is a scam and a scammer. But still, recommendations of the resource’s clients can warn against possible problems of the exchange, will influence its rating on our website.

Get started with XRP today

Edicational Reading

XRP is a cryptocurrency that Ripple uses as its native token. Like other cryptocurrencies available, XRP has a currency code similar to Ethereum’s Ether (ETH).

The Ripple team introduced the XRP ledger in 2012, which included the native token XRP. The main objective of XRP is to streamline global financial transfers and currency exchanges.

Although XRP is frequently called Ripple, it’s crucial to understand that XRP is an open-source digital asset not related to Ripple, which is a technology company. Given its efficient speed, reliability, and carbon neutrality, XRP delivers fast results and helps customers stay compliant– making it the perfect choice for technology company Ripple’s solutions.

XRP is a cryptocurrency that operates on its own blockchain, which is known as the XRP ledger. Transactions are facilitated by the Ripple transaction protocol. One special thing about XRP compared to other cryptocurrencies is that it doesn’t need to be mined because it’s premined- meaning there’s a maximum supply of 100 billion tokens. The token’s total supply was distributed in two different ways:

 

–   80 billion XRP tokens were initially allocated to Ripple, the parent company. Of those, 55 were locked in an escrow account to ensure a stable supply would be met.

–   The remaining 20 billion XRP was then distributed to Ripple’s co-founders and core team.

 

Ripple is a centralized financial technology company that focuses on global payment solutions through its remittance system, payment settlement, and exchange. It was founded by software developer Ryan Fugger in 2004 as Ripplepay. This was before Bitcoin became the world’s leading cryptocurrency. In 2012, Chris Larsen and Jed McCaleb co-founded Ripple.

The goal of Ripple was similar to that of Bitcoin’s creator Satoshi Nakamoto: they both wanted to make it easier and faster to conduct transactions globally, but without sacrificing security. The downside to using Ripplepay was that, because it was centralized, it didn’t utilize the blockchain technology.

The XRP ledger was developed in 2011 by McCaleb, David Schwartz, and Arthur Britto as an answer to Bitcoin’s many limitations. To help with its function, the native token XRP was incorporated upon the ledger’s launch in 2012. This team of engineers was later joined by Larsen who is now Ripple’s executive chairman and co-founder.

Ripple has undergone several name changes since 2012. First, it was changed from Newcoin to OpenCoin in 2012. Then, in 2013, Ripple Labs took over the name. Finally, in 2015, after rebranding, it is now known as Ripple- a title more familiar to many today.

The original intention behind XRP was to have a secure peer-to-peer network. Ripple claims that XRP is a more efficient digital asset than some other cryptocurrencies because it can process transactions quickly and uses less energy.

XRP is most commonly used as a settlement layer to facilitate transactions with the Ripple network. It can be traded as a cryptocurrency on multiple exchanges, including futures and options exchange, spot exchanges, custodian exchanges, and non-custodian exchanges.

With XRP positioned as an alternative to bitcoin, it has gained massive adoption over the years from various communities, causing its prices to soar.

XRP reached an all-time high of $3.40 in early 2018, a 51,709% jump from its original price at the beginning of 2017. Since then, it has experienced an exponential decline, yet it remains a significant coin with a large market capitalization. It currently sits at seventh position on the cap table.

Unlike most cryptocurrencies, XRP transactions don’t come with a transaction fee. Instead, the sender burns a minuscule amount of XRP, making it what some people call a deflationary asset.

XRP deflationary asset’s primary benefit is that it will eventually run out, which could take up to 70,000 years. To prevent this issue, validators can manipulate the transaction cost and prices through a voting system as long if all requirements are met.

Is Crypto Really Dead?

Articles

Is crypto really dead after the FTX collapse and high trading volumes? Read this story to find out what’s really going on.

The FTX contagion had quickly spread to most other crypto exchanges, with investors opting more and more for self-custody solutions. This caused massive outflows of both Bitcoin and stablecoins from exchanges following the fall of FTX.

According to our research, the speed of Bitcoins exiting exchanges is currently so high that all BTC deposited into exchanges since 2018 has now been withdrawn. The ongoing demand for self-custodial and spot-driven Bitcoin markets continues to grow rapidly. Although Bitcoin economics have historically seen several bear markets, this current trend appears to be unprecedented.

Stablecoins such as BUSD and USDC have been rapidly leaving exchanges in preferance of self-custody over the past week, with Bitcoin following close behind. In a report by on-chain data provider Santiment, they wrote:

 

The start of the year was rather positive as we saw constant inflow of major stables (USDC, BUSD, USDT) into the cryptomarket, suggesting that new money is coming to perhaps buy the dip (as prices were falling). Major stables’ marketcap eventually peaked out at $134.07 Bn around the same time as the BTC and ETH topped out this year. Since then, it has been a downward slope, accelerated by FED’s first 75 bps hike announcement in June.

 

Since Binance announced they would convert USDC stablecoins to BUSD, there has been a massive reshuffle in the stablecoin holdings. “If there’s one major lesson the recent events have taught us, it’s self-custody,” notes Santiment. “We saw huge spikes in Supply outside of Exchanges for USDC and BUSD recently, which shows that the market is learning fast.”

The FTX contagion has hit the crypto world hard, with many players feeling the brunt of its effects. Multcoin Capital, a venture fund focused on cryptocurrency, lost around a billion dollars when it held its assets on FTX.

Recently, the crypto market took a sharp turn downward, leading investors to wonder if cryptos are really shutting down for good. However, we’ve seen similar situations in the past with exchanges like Mt. Gox going under suddenly.

The recent market trend of people self-custodying their crypto instead of selling it demonstrates that people still believe in good crypto projects, blockchain technology, and decentralization. However, there have been some significant challenges recently, like institutional players selling BTC after the FTX collapse. It’s too soon to say if crypto is dead at this stage; with a $800 billion market value, it’s still sizeable.