Binance Exchange Review, CryptoWalkthrough

Te Reviews by CryptoWalkthrough Team December 22, 2018

Our Rating: 9.6/Ten

Binance is one of the newest, yet fastest growing cryptocurrency exchanges. Recently, they have seen spil much spil $Five billion ter daily trade volume, making them the largest exchange ter the world presently.

  • Effortless Account Setup
  • Lowest Transaction Fees
  • Best Cryptocurrencies
  • Trading Interfaces for All Practice Levels
  • Quick Deposit Confirmations
  • No Fiat Deposit Options
  • Trading Bots Are Competitive
  • Some Latest Webpagina Outages
  • Winning Trading Contests is Difficult

Binance has an excellent overall reputation based on their solid user interface, high liquidity, low transaction fees, and frequent addition of many of the best fresh cryptocurrencies. Wij very recommend Binance and use it daily for trades ourselves.

Effortless Account Setup

  • Binance account creation is quick, effortless and free
  • They do not require private information for Level 1 Accounts and still have excellent withdrawal thresholds (Two bitcoin omschrijving value vanaf day) and other benefits. Upgrading to Level Two by submitting identification documents increases the daily withdrawal limit to 100 bitcoin omschrijving!
  • Binance offers effortless two-factor authorization (2FA) setup to help secure your account

Lowest Transaction Fees

  • Compared to other exchanges, Binance has very low transaction fees . They charge 0.1% of the total transaction amount. Most other exchanges charge 0.15% to 0.25%. Some even more!
  • By purchasing and using Binance’s own token, BNB, fees can be lowered even further to just 0.05%. Simply buy some BNB, hold te your account, and toggle on the Use BNB to Pay Fees option, and you will receive the 50% discount
  • Binance has overheen 100 currencies now available to trade, and typically adds 2-4 fresh currencies vanaf week
  • They have many of the most popular fresh currencies/tokens, having recently added Tron (TRX), Icon (ICX), IOTA, Request (REQ), Enigma (ENG), Neblio (NEBL) and many others
  • Binance is often one of the very first exchanges to make trading available for latest ICOs and other fresh currencies
  • Binance also supports forks more readily than almost any other exchange, providing traders credit via forks like Bitcoin Metselspecie, Gold and Diamond, spil well spil Ethereum Fog

Trading Interfaces for All Practice Levels

  • Use the Basic trading interface when you want a clean and effortless use display of the order book and trading charts
  • Use the Advanced trading interface when you want extra instruments and charting options such spil Moving Averages and RSI (plus dozens more)
  • Use the Desktop interface which adds some features not available on their webstek
  • Use the Mobile apps when on the stir (Android available, iOS te beta testing spil of this writing)
  • User interfaces are presently available te English, Korean, Russian, French, Chinese, Japanese, Spanish and German

Quick Deposit Confirmations

  • All Bitcoin or Ethereum deposits will take some time to process (like any other exchange), but Binance confirmation times are reliably quick. For ETH, fresh deposits are usually confirmed and available to trade within 10-15 minutes. Bitcoin is also quick, but more reliant on the network, which has bot sluggish spil of late because of Bitcoin’s surging popularity and usage. When the Ethereum network is humming, wij have seen confirmations te spil quick spil 8 minutes!
  • Binance has very high trading volume, making both buying and selling quick compared to smaller exchanges with less volume. Depending on the currency, Binance is often the highest volume exchange available
  • Binance sponsors frequent trading contests, permitting winners to receive prizes of currency (e.g. a chance to win 100,000 Joy tokens). Typically there are inbetween 20-100 winners vanaf contest, with tiered prizes.
  • Some contests even include other prizes like fresh cars (yes, even a Lamborghini – win and reaction the When Lambo? question!), vacation packages and smartphones

No Fiat Deposit Options

  • Binance does not accept fiat currency (e.g. U.S. dollars or Euros). Ter order to commence trading, you will need to deposit either Bitcoin (BTC) or Ethereum (ETH) from your private wallet or another exchange. Wij recommend ETH given the much quicker deposit confirmation times

Trading Bots Are Competitive

  • Like most large exchanges, Binance does suggest an API permitting advanced users to utilize trading bots. If you are trading by hand, it can be frustrating to see your buy or sell order being ‘hammered’ by 0.00001 or similar by a bot spil soon spil you come in your trade

Some Webpagina Outages

  • With their intense growth, Binance has experienced some outages recently. Most issues have lasted just minutes, but several have extended into hours, frustrating investors attempting to make quick trades when markets stir

Winning Trading Contests is Difficult

  • There are fairly a few high volume traders on Binance already, making it difficult for smaller investors to win any prize te their trading contests
Summary

Wij find Binance to be one of the very best exchanges presently available to traders. They are relatively fresh to the spel, having launched just ter Q3 2018, but they have aggressively improved their verhoging and added fresh currencies to trade. Their Basic UI is straightforward and clean, even if there is still slagroom for improvement. The Advanced UI is certainly above average. For many traders interested te buying or selling altcoins, Binance has become their beloved exchange to use, and wij very recommend them.

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