Binance Review: With the latest spike ter releasing ICOs, several fresh cryptocurrencies have emerged into the market. To complement the same, wij can see numerous cryptocurrency exchanges are emerging into the market too.
One such exchange that has captured my attention is Binance and it is similar to Poloniex and Bittrex! I’m sure you voorwaarde have heard about this by now since this has gathered fairly a loterijlot eyeballs recently. There is no denying that Binance has received a thick traction te last few months – all thanks to its promising ICO and low trading rates.
Remarkably, there wasgoed no sign of this exchange Four months back. However, after taking a deep dive into its existence, I realized that this is also a cryptocurrency. Interesting! Is’nt it?
Most likely, this is the very first time that I have seen a Cryptocurrency exchange raising money through an ICO. Hence, to justify the ICO, this exchange (rather this cryptocurrency) offers a slew of unique features.
So without any further ado! Let’s get embarked with Binance exchange spil well spil Binary Cryptocurrency review.
What is Binance?
Binance is a fastest-growing cryptocurrency exchange based out of China. This exchange embarked trading te July 2018 with the help of a successful ICO where they raised close to $15 million.
If you are wondering, Binance stands for ‘Binary Finance‘ and majorly concentrates on crypto finance.
With their unique features and low transaction charges, Binance has established itself spil a go-to currency exchange available ter the market.
Binance permits to trade ter two different modes:
Thesis two options have helped Binance becoming the desired verhoging for both beginners spil well spil advanced traders.
The basic exchange interface permits new-comers to lightly begin trading while advanced interface gives the experienced trades options like margin trading, graphs etc.
What Problems Is Binance Attempting to Solve?
Spil written te Binance whitepaper, they found some common problems among all the existing exchanges and determined to build a better product.
- Poor technical architecture
- Insecure podium
- Poor market liquidity
- Poor customer service
- Poor internationalization and language support
What Binance has to suggest?
- Matching Engine
- Device compatibility
- Worldwide availability
- High Liquidity
Matching Engine: Binance is capable of sustaining 1,400,000 orders / 2nd, making
Binance one of the fastest exchanges on the market today. This makes sure that an order never gets stuck due to many orders at a time.
Device Compatibility: I have personally used many cryptocurrency exchanges but none of them provides so much plasticity spil Binance does. They are available on most likely every possible device which includes:
Multilingual Support: Binance is available for use te many languages which are English, Spanish, Chinese, Japanese and Korean. This exchange supports the most languages when compared to other exchanges. Also, looking at their continuous efforts, I believe they will add many other languages spil well.
Worldwide Availability: Unlike other exchanges which are restricted to the users of certain countries, Binance permits users from all overheen the world to trade on their podium. This gives Binance an upper mitt overheen other exchanges.
High Liquidity: Binance is attempting to solve one big problem which happens with many exchanges i.e. Liquidity. Binance claims to have a high liquidity thus enabling instant transactions inbetween buyers and sellers.
What are the Transaction Charges?
Spil I already told above, Low transaction charge is the major reason for the instant success of this exchange.
You will be amazed to know that you can use BNB to pay any type of toverfee and this will reduce your transaction toverfee by:
- 50% during the very first year
- 25% during the 2nd year
- 12.5% during the third year and so forward.
Since BNB are tradable their value will fluctuate with their request.
Which Cryptocurrencies are available?
Binance is rigorously adding fresh cryptocurrency pair every now and then. Presently(Nov 2018) they permit trading ter 141 crypto pairs.
Moreover, they have all the major crypto like Bitcoin, Neo, IOTA, Dash, Zcash and much more.
I would also like to add that, Binance is the only exchange which gives NeoGAS to its NEO HODLers. So if you are going to trade NEO on this toneelpodium, you can make some toegevoegd bucks.
How Good is Customer Support?
Tho’, Customer support wasgoed one of the major things that Binance desired to work upon but they have failed dreadfully.
You can submit a support toegangsbewijs through an online form and get a response via email within 24 hours. They also have an FAQ pagina where you can get answers to some of the basic queries. However, the pagina wasgoed translated from Chinese to English, it lacks to decently produce the statement.
You can also reach them through their official Reddit Pagina.
Is Binance safe for Trading?
Binance offers a regular 2-factor authentication and Google Authenticator to verify withdrawals and security modifications.
They also have phone security verification but presently, this feature is restricted to Chinese users only. I hope ter the coming times, this would be available for the users worldwide.
How To Trade on Binance?
Now let’s see how you can commence trading on Binance Exchange:
You can now active Google authenticator or finish phone number verification if you belong to mainland China.
Binance only accept cryptocurrencies, so make sure that you have Bitcoin, ETH and 100+ other cryptocurrency. However, Te order to keep things ordinary, let’s take Bitcoin spil our crypto.
- Navigate to Funds on the top header
- Click on Deposit
- Send the Bitcoins to the given address
- That’s it! You balance will get updated within a few minutes.
Now select the pair which you wish to Trade. You can trade using any trading pair that is available on your instrumentenbord.
Moreover, If you want to save some bucks on transaction fees, you can Buy BNB with ETH or BTC and then Buy another crypto with BNB.
- Select the Crypto Pair
- Inject the Price and Amount
- Click the Legendary “Buy” Button.
- You will receive your crypto ter your Binance account.
The process of selling crypto is also similar.
Spil I already told above, that Binance provides two views one for Casual Traders while another one for advanced trades. You can select the type of Exchange view by clicking on the exchange on the top right.
What more can wij expect from Binance?
Very soon binance will come up some truly unique features like:
- Spot trading
- Margin trading
- Anonymous instant exchange
- Decentralized (on Blockchain) Exchange