Binance Review

2018-12-10T11:30:56+00:00
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Binance is a fusion of binary and finance. This all-encompassing cryptocurrency exchange platform offers multi-coin support, including BNB, LTC, ETH, and BTC. As a high liquidity financial trading platform, a wealth of resources and partners is available to ensure seamless functionality. The Binance platform can process an estimated 1.4 million orders per second, with an ironclad system architecture comprising multi-cluster and multi-tier systems. Binance is expressly designed for all devices including Mac operating systems, Windows, mobile, Android, iOS, and web. Trades and investors are privy to multi-lingual support, a comprehensive FAQ section, and highly responsive support representatives.

Binance boasts many advantages over competing cryptocurrency exchanges. These include a strong leadership and management team under the expert guidance of Changpeng Zhao. The trading professionals at Binance have extensive experience in equities, commodities, indices, and cryptocurrency. Additionally, the collective know-how of Binance management has resulted in many successful start-ups over the years. The robust Binance platform is now operational on several dozen exchanges around the world. The high-end technology and processing power of Binance is among the quickest on the market. With a leading pool of advisors and investors on board, Binance is routinely ranked the #1 cryptocurrency exchange in the world.

Binance’s Global Operations

Binance is a leading global cryptocurrency exchange catering to traders and investors around the world. This online trading platform offers group services for Slovakia, Germany, Japan, Iran, Russia, Ukraine, UK, US, Canada, Israel, Korea, Poland, South Africa, Vietnam, Arabian peninsula countries, Philippines, India, Mongolia, Portugal, Spain, Thailand, China, France, Italy, Nigeria, Romania, and Turkey. As the world’s number one cryptocurrency exchange, Binance has shifted its operations to Malta. For security reasons, the company does not have an official headquarters. Binance does, however, have servers and offices located globally, including Korea, Japan, Taiwan, and Hong Kong. Owing to legal reasons, Binance shifted its operations from Asia-Pacific to the island of Malta.

Malta is considered a crypto-friendly locate for cryptocurrency exchanges and trading activity. Thanks to the Digital Innovation Authority, Malta is a firm proponent of blockchain-based technology and crypto trading. Binance seeks regulatory licensing in various territories including Hong Kong and Japan. Binance has been involved in various legal wrangles with the Securities and Futures Commission regarding the trading of securities under Hong Kong legislation. The company began operations in early 2017, followed by an ICO in July 2017 and the release of its own cryptocurrency token known as BNB. Within 6 months in 2018, this cryptocurrency exchange saw its numbers swell from 2 million registered members to 10 million. It can host an estimated 20 million global users at any time, with massive capacity on its exchange platform.

Is Binance a Leading Exchange Platform?

Binance is a leader in the cryptocurrency exchange market. It is the biggest entity in this cutting-edge sphere of the market and boasts millions of registered members and billions of dollars in trading activity since inception. It has an established online presence with a strong management team behind it. Binance is the gold standard of cryptocurrency exchanges and routinely tops the charts as the most respected exchange platform. While it’s still in its infancy, it is internationally respected and highly regarded.

Binance isn’t regulated or licensed to offer services to all countries, since crypto legislation often operates in a grey area. Countries are evaluating the pros and cons of ICOs, blockchain technology, and cryptocurrency trading. For this reason, Binance isn’t internationally regulated. Binance isn’t able to accept fiat money (fiduciary currency) deposits, so clients will have to deposit digital currency and exchange it for their preferred crypto-assets.

Getting Started with Binance

The first order of business is registering at Binance and then making a deposit into your Binance account. Traders and investors can simply click on to the Registration tab on the top right of the toolbar. You wil be required to enter your email, password, confirm the password, referral ID (optional) and then agree to Binance T&C. Once a login combination has been verified, clients can then proceed to the top right corner of the page and click the Funds icon. The deposit options should be selected, followed by a transfer of cryptocurrency to the address belonging to the account holder.

Chainbits’ Binance guide provides comprehensive information on how to go about depositing funds and getting started with your Binance account. It is important to remember that this crypto exchange does not support fiduciary currency trading at all. There are several other websites that clients can use for depositing USD and CNY. Traders can easily source details of their deposits by clicking the Funds button, History, and then the Deposits History.

Fees and Minimum Balance Requirements

Traders and investors can find details of fees at Binance by clicking on the fee schedule at the footer of the website. There are four components to the trading fees in general, including a 0.1% trading fee for all users. If you currently hold Binance coins in your account (BNB), the charges will be subtracted from your balance automatically. There is a 25% discount in transactions fees when BNB is used to facilitate these trades.

Binance evaluates trading fees based on a 30-day trading period. A series of tier levels determines the market make and market take fees and they will be applied within 60 minutes. There are no fees whatsoever when making deposits, but withdrawal fees are based upon block chain conditions. A wide range of coins and tokens is listed under the deposit and withdrawal fees sections, and a minimum withdrawal amount and withdrawal fee is associated with each crypto asset.

Is Binance Safe?

Yes. Binance provides complete information on how to secure your trading account. For starters, this crypto exchange offers two-factor authentication 2FA on the Binance account. This additional security system can help prevent unauthorized access to a trader’s account if a password has been compromised. Clients can also secure the area accounts on their mobile, PC, and Mac devices by enabling password locks, fingerprint authentication, and the use of a dedicated partition for Binance trading. This crypto exchange platform also recommends accessing the Internet through a virtual private network (VPN), especially when WiFi connections are being used. Thanks to the multi-cluster system architecture and multi-tier stability, clients can enjoy high performance on this robust trading exchange.

Pros

  • Regarded as the world’s top cryptocurrency exchange

  • Able to process 1.4 million transactions per second

  • Global operations with 20 million+ trader capacity at any time

  • Proprietary BNB coin used to facilitate transactions at lower costs

  • Strong management team in place with dozens of successful start-ups to their credit

Cons

  • Relatively new cryptocurrency exchange

  • Regulatory challenges remain globally

  • Does not accept fiduciary currency money transfers

Is Binance Right for You?

If you’re interested in trading digital currencies on a cutting-edge platform with high liquidity, significant trust and a strong global presence, Binance is an effective crypto exchange to use. A safe and secure registration is quick and easy to implement, and once you’re logged in, you can trade a host of currency pairs and fiat pairs such as BTC/USDT.

Cryptocurrency options include SALT, CTR, BQX, ETH, BTC, LTC, BCC, MCO and many others. There are basic trading platforms and professional trading platforms, and thanks to multi-asset support, it is easy to find what you’re looking for and trade with confidence!

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About the Author:

Cato
Hi, I'm Cato! I'm an attorney with a passion for fantasy baseball, burritos, and investing. Subscribe if you want to learn more about mastering your finances so you can live the life you want!