Binance is one of the leading trading platforms these days. It comes with over 200 coins supported for deposits and withdrawals. In this Binance review, we will mainly cover the main things that you need to know before signing up. Binance is noted to be a crypto trading platform that is known to offer users one of the most competitive rates there are. If you are a beginner or even if you are used to trading in crypto you will find this as a very easy and cheap route you can use.
This platform is known to accept users from across the globe and it has also gotten a lot of favorable reviews from the other crypto community at large. There has been a recent development, this exchange got into a partnership with third-party companies like Simplex so as to allow wire transfer and credit card purchase as using cryptocurrencies at a premium. In short, that is what the review will be explaining a little bit more about.
Binance is believed to be a Hong Kong-based cryptocurrency exchange Thayer was launched by a certain developer in July 2017. Beijie Technology which is owned by Zhao is the one that created this exchange after they had seen the success of the ICO that raised the $15 million.
Those investors that had invested in the ICO got rewarded big as they got Binance coin in return. This could have been used to trade cryptocurrencies and to also pay fees on Binance as well. Its initial value is set at around $0.1. As it got more and more popular, this coin then got appreciated at price.
The company and founder of this exchange have been noted to be very good at maintaining an impressive track record within that particular industry. The founder has a CV that includes high profile positions that include technical director at Blockchain.com and also at his company that now provides people with trading systems for over 30 platforms.
The team at this platform includes:
- Changpeng Zhao – Chief Executive Officer
- Wei Zhou – Chief Financial Officer
- Gin Chao – Chief Strategy Officer
- Roger Wang – Co-founder and Chief Technology Officer
- He Yi – Co-founder and Chief Marketing Officer
- Products and services
- Stable coins
- Mobile and desktop support
- Customer support and more
Products & Services
The services and products offered here are worth the try. These include:
- Cryptocurrency trading – has very reliable technology and also low trading fees.
- Credit and debit cards – As a result of the exchange’s partnership with Simplex, users are able to buy cryptocurrencies using their credit cards.
- US customer services – They are now again offering US customers services that they are known to have now been depriving them of.
- Binance saving – This is a loaning service that is made available to users of this exchange.
- Futures – This is mainly used as a way of getting feedback on everything and anything that has to do with the exchange.
The number of coins available to trade, deposit and withdraw on the exchange is close to 200, including major altcoins such as:
- Bitcoin BTC
- Ethereum ETH
- Litecoin LTC
- Ripple XRP
- Bitcoin Cash BCH
- Chainlink LINK
- Binance Coin BNB
- Binance USD BUSD
- Basic Attention Token BAT
- Cosmos ATOM
- Paxos Standard
- TRON TRX
- TrueUSD TUSD
- Tether USDT
- Stellar Lumens XLM
Mobile And Desktop App
Sometime in 2020, this exchange released an update for its mobile app that would include live price tracking, offer you the ability to automate recurring buys, and more customizable features as well. This particular mobile app is known to mimic much of the same functionality as that of a desktop site.
You will be pleased to know that you will be able to access Binance on either of the following:
- Apple Store
- Android APK
- Google Play
There is no mentioning of the countries that this exchange supports. This simply means that it is made available to everyone worldwide. People that want to make use of Binance US from the USA are now able to do so after Binance has withdrawn its main service from the country. Also, there are no known mentions of the expectations for citizens of the US which then causes Binance to then come upon the US Department of Financial Services radar for potential violation of the New York virtual currency regulations.
How To Get Started With Binance
For you to get started with Binance you have to make sure that you create an account with them first. After that, you have to get your account verified and after verification, you make a deposit and start working your magic.
You have to, first of all, go on the registration page for this crypto exchange. You will be asked to provide your personal valid email address for you to be able to receive your confirmation email and to be able to restore your password in the future as well. You also have to provide a password that will be containing 8 characters with at least 1 upper case and 1 number. You will then have to check the boy that will be asking if you are over 18 and then go and read the Terms and conditions and then create an account.
After the whole process of registration, you will receive an email that will contain a verification code that you will have to enter to finish the whole registration process. After verifying you will then be able to start enjoying the platform.
Deposit And Withdrawal Options
For all your deposits and withdrawals you will have to make use of any of the cryptocurrencies mentioned above in the review. You can choose to make use of different cryptos for your deposits and withdrawals or you can just use the same type for both the withdrawing and the depositing. You also get to make your withdrawals and deposits using fiat currencies that are acceptable here as well.
Cryptocurrency pairs allow you to compare costs that will be there between different cryptocurrencies. These pairings will help to illustrate the relative worth of coins. For example, how much Bitcoin is equal to Ethereum and also how much ETH equals in Bitcoin Cash. Exchanges usually offer several pairing options and that will give you the chance to choose a pairing based on currencies you already possess.
For example, if you have BTC you have the opportunity to trade with any pairing listed on an exchange that includes BTC. Some of those crypto exchanges will not offer parings for cryptocurrencies as well as fiat currencies like the US dollar but those other exchanges like Coinbase, Binance, Kraken, and Gemini will other you with fiat trading pairs. This is as a result of them having the most exchange options, the most versatile cryptocurrency pairs to trade are usually ETH and BTC
Binance has a very simple limit structure. There are only withdrawal limits here. Level 1 verified accounts can withdraw up to 2 BTC every 24 hours. Level 2 verified accounts can withdraw 100 BTC every 24 hours.
In a competitive space, the fee structure of Binance is cutting edge. Its team members have made sure that they sharpened their knives and are slicing the opposition apart and keeping their users. There is a flat rate of 0.1% that is so enticing for any trader that does not need any immediate fiat liquidation. Those traders that will be using the exchange’s futures trading platform will enjoy lower fees that will be starting at 0.02%.
This exchange perfectly undercuts most of those other larger exchanges. Some of these will be charging up to 0.2%. This is a very sizable difference when working with large orders. BNB tokens provide users with an additional discount that will be on the trade fee of up to 50% when you make use of this coin.
Deposits that you will be making will be free. For withdrawals, there are small fees that apply though they correlate with the blockchain transaction fees.
How To Buy Crypto
For you to buy crypto you need to have a wallet first. This is an online app that you can hold your currency in. You have to create an account on an exchange and then you will transfer real money to buy cryptocurrencies that you would want to be using.
How To Trade
When you want to trade you have to follow the following steps:
- Decide how you would want to trade your cryptocurrencies
- You have to learn how the cryptocurrency market works
- Open an account
- Build a trading plan
- Choose your cryptocurrency trading platform
- Open, monitors and then close your first position
Bonuses And Airdrops
Listed below are few simple steps that you can use in order to start using Binance Airdrop.
How to Use Binance Airdrop
Stay Tuned for News on Upcoming Airdrops
Binance Airdrop offers you exclusive airdrops of cryptocurrencies that are soon to be listed on Binance. Follow Binance announcements and our social media accounts like Telegram, Twitter, Facebook, Instagram, and YouTube for the latest news on upcoming airdrops.
Deposit the Featured Crypto on Binance Airdrop ASAP
Once there is an announcement on an upcoming cryptocurrency listing, Binance Airdrop will allow you to deposit your tokens ahead of trading time. You have to act fast because the sooner you deposit the bigger your reward will be.
Get Free Coins from Binance Airdrop
After the timer runs out or the progress bar fills up you will get your free tokens from Binance Airdrop, home to the best free cryptocurrency airdrops in the world.
Binance Airdrop Rules and Tips
Early Deposits Get Better Rewards
The Binance Airdrop progress bar is divided into tiers as you will see. The first tier comes with the biggest airdrop rate, which gets smaller over the next tiers. You would want to get the biggest rate meaning that you will have to check the Binance page for updates constantly.
First Come, First Served
The first deposits you receive will get the biggest airdrop rate. It will all depend on how soon you will deposit after we announce an airdrop. You should always be on alert and you will get a greater chance for a more rewarding airdrop.
Receive Rewards Over 2 Months
Rewards from this activity will be split into thirds and distributed to participants over 2 months. Users will only receive a third of their rewards earned from this activity prior to the start of trading.
The rates of commission and kickback set for each is as below:
- If the inviter has a daily average BNB account balance that is less than 500 BNB and their base referral rate is 20%, they can either choose to share 0%, 5%, or 10% with the friends they invite.
- If the inviter’s daily average BNB account balance is set at 500 BNB and above, their base referral rate is increased to 40%. They get the choice to share 0%, 5%, 10%, 15%, or 20% with the friends they invite.
- Spot affiliates’ base referral rate is increased to 41-50% and these can choose to share 0%, 5%, 10%, 15%, or 20% with the friends they invite.
- The spot rate of commission and kickback for a user referred through a future referral link is set as per the rate set on the default spot referral link.
- If the inviter’s daily average BNB account balance is less than 500 BNB, their base referral rate is 20%, of which they will share 10% with a friend, leaving the inviter with a 10% referral bonus
- If the inviter’s daily average BNB account balance is 500 BNB or more, their base referral rate is 30%, of which they will share 10% with a friend, leaving the inviter with a 20% referral bonus.
- Futures affiliates’ base referral rate is 40%, of which they will share a 10% discount for the first 30 days with a friend, leaving the inviter with a 30% referral bonus.
Users are offered a lot of options in case they encounter a problem when they are using this platform. There are a lot of things that this exchange is applauded for and customer support is one of those things. A lot of the inquiries that people have will be made using the site’s email contact form.
You will however have to wait a while before you are able to get a response. There will also be a customer support service not chat that you can tap into but its responses are automated and some come in Chinese. Users can also use either of the following options also:
- Twitter @Binance
- Website – Binance.com
- And also their live chat system
To save yourself a lot from having to wait a long time for the response you can just head to the exchange’s customer support page. Here you will find questions and answers for some areas that you might want to find out more about and this, in turn, can save you a lot of time.
Is Binance Legit?
This exchange has proven to be legit. In the reviews that we have gone through about this particular exchange, we have found a lot of positive responses. There are no stories of fraudulent activities and a lot of users are applauding it for its legitimacy. This proves that it is indeed a very legit platform.
Pros & Cons
- Very low fees
- Ease of use, quick trading times
- Ability to buy and sell crypto with fiat
- Wide range of cryptocurrencies
- High liquidity
- One of the most innovative exchanges
- No fiat currency trading pairs
- No phone for customer support
- Experienced security breaches in the past
- No privacy-preserving measures
Can I use Binance as a wallet?
No, Binance has its own official mobile wallet called Trust Wallet.
Is Binance trustworthy?
This is noted to be a very safe exchange as it allows user account protection through two-factor authentication.
How can I buy Bitcoins on Binance?
You first have to sign up to Binance, deposit funds to your account, find the trading pair for Bitcoin and the deposited cryptocurrency. You then have to sell the deposited cryptocurrency for Bitcoin. Lastly, you then have to withdraw the Bitcoins to your own wallet.
To date, Binance is considered to be the largest cryptocurrency exchange that is there in the world in terms of its volume. There are a lot of features that this exchange can offer you. Even though it does not offer users a lot of cryptocurrencies and crypto to crypto trading pairs as does its parent company, it has a fifty-plus selection for its users.
The US site has a very good trading interface as that one of the global sites. This exchange is well known for its high-speed trade execution. You just have to give yourself the chance to be part of it and you will see just how amazing it can be for you when using it.