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Binance

Binance Review – A complete evaluation and understanding of Binance

Due to the quick emergence of cryptocurrency in the digital market, increasingly more crypto exchanges are being developed for trading, purchasing, and selling different cryptocurrencies all around the globe. Due to hundreds of exchanges accessible to trade, it's quite difficult to predict which one to choose and why? Therefore preferring the best exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.

Initially, china based but now streaming from the crypto-friendly Island of Malta in the EU, Binance is well known and the most popular crypto exchange among all the crypto traders. It was created around 2017 and now, it is considered the world's largest cryptocurrency exchange due to volume and users.

In this article, we will try to summarize some points regarding Binance; like how it processes, what is its background, its key features, what are its limitations and verification process and its pros and cons, etc.

As Binance is a crypto-to-crypto trading platform, means, it doesn't accept any real-world currency, like; USD, EURO, etc. But led by its wonderful founder Changpeng Zao is enabling this revolutionary platform with his innovative ideas and new amazing features.

As, Binance is so capable to handle a very high volume of trades without presenting even a single slowdown during performing transactions but at the same time, there were some issues including unexpected maintenances and security vulnerabilities. Despite that, it remains one of the most important exchanges in the crypto world.

Core Features of Binance: 💛

Here are some core features of Binance:

  • Binance; low trading fee offering platform:
    Comparing other trading platforms, Binance is charging one of the lowest trading fees. Only 0.1% is charged on every trade, which means, if you traded 1 ETH, you would only be charged 0.001 ETH.
  • Supporting 180+ cryptocurrencies:
    Being the largest trading platform, Binance is supporting almost every top cryptocurrency to attract both novice and veteran cryptocurrency clients.
  • Fiat payment gateway:
    Binance is offering its users an instant buy of more than 15 top cryptocurrencies including Bitcoin and Ethereum from more than 35 fiat currencies using cash balance, bank cards, and other payment gateways.
  • The platform supporting both Margin and Future trading:
    Binance is supporting both kinds of trading platforms; Margin Trading & Future Trading.

Binance Fees and Limits:

Binance is charging an average fee of 0.1% on each trade but you can get a discount of 50% on the trading fee if you choose to pay Binance token, it is surely a convincing offer for every potential trader. So, that's why Binance is considered the lowest trading fee platform as of now.

However, withdrawal fees differ for each cryptocurrency. Like, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are a few guides to give you a thought of the charges you will be paying for withdrawals:

COIN CODE Fee
Binance coin BNB 1
Bitcoin BTC 0.001
Ethereum ETH 0.01
Litcoin LTC 0.01
Neo NEO free
Qtum QTUMB 0.01
Status SNT 10
Bancor BNT 1.2
Eos EOS 0.7
Bitcoin cash BCC 0.0005
Gas GAS free
USDT USDT 50

Moreover, there is no deposit limit for an account. But there is a limit for non-verified users as they can't withdraw without getting verified.

Verifications and Limits in Binance:

The Binance verification is quite simple and new joiners are required to pass through a Know Your Customer (KYC) process, where information like; full name, country, gender, residence address, a government-issued ID card/passport, and even a selfie with the document (passport, ID card) is normally asked.

! The whole process is super fast since Bincance uses facial recognition and is able to validate your ID simply through your webcam (the AI recognizes if you are the same person on the ID).

Binance Pros and Cons:

Before starting trading on Binance, investors and traders must analyze these points:

PROS: 👍

  • User-friendly platform, very easy to use.
  • Comparatively more liquidity
  • Supporting a wide range of cryptocurrencies
  • Two-factor authentication supported platform
  • High trading volume

CONS: 👎

  • No fiat deposits or withdrawals
  • Delayed customer support
  • Faced security threats and breaches in the past
GET 5% CASH BACK ON BINANCE HERE

Frequently Asked Questions:

  1. Is Binance Safe?
    Yes, surely it is a well-secured platform. Two-factor authentication and Binance mobile apps have made it a delightful trading platform to use.
  2. Is Binance offering phone support?
    No, Binance is not offering customer phone support.
  3. What are EURO resources supporting deposits in Binance?
    Following are the resources where you can deposit EURO for trading on Binance:
  • Simplex (VISA and Mastercard)
  • iDeal bank transfer
  • SEPA bank transfer
  • Paxful (300+ payment methods