- Fast account creation
- Low fees
- Numerous cryptocurrency pairings
- Multi-currency wallet that is safe
- Not the best for beginners
- Has encountered issues with regulations in a number of nations
About the Binance Exchange
Binance stands as a titan within the realm of cryptocurrency exchanges. Launched in 2017 by the visionary Changpeng Zhao (fondly known within the industry as ‘CZ’), this platform revolutionized the crypto-space in a whirlwind span of time. Born from a successful initial coin offering (ICO) that garnered $15 million, Binance is the brainchild of Beijie Technology, a company that’s etched its name in digital stone thanks to its trailblazing strides in technology.
Once a mainland China entity, Binance pivoted its operations to the Cayman Islands, sidestepping the stringent regulatory clampdowns on cryptocurrency by the Chinese authorities. This strategic move wasn’t just a leap for operational freedom; it was a testament to Binance’s adaptability in the face of regulatory headwinds.
A cornerstone of Binance’s meteoric rise is the Binance Coin (BNB). Early investors in the platform’s ICO received BNB, which initially served as a utility token for trading and fee transactions within the Binance ecosystem. However, as Binance expanded its horizons, so did the functionality of BNB. It transcended its initial use-case, morphing into a powerhouse that fuels the Binance Smart Chain (BSC), previously known as BNB Chain. From a humble start of around $0.1, BNB’s value skyrocketed in tandem with Binance’s ascension to the crypto exchange stratosphere.
CZ, the architect behind Binance, isn’t just a figurehead but a seasoned tech aficionado. His resume gleams with stints like the technical directorship at Blockchain.com, an experience that undoubtedly chiseled his expertise. Under his leadership, Beijie Technology doesn’t just operate Binance; it supplies trading infrastructures to over 30 platforms, a clear indicator of its technological prowess and industry trust.
Key Information
Changpeng Zhao, the founder & CEO was the development section manager at Blockchain.com and the co-founder and technical manager of OKCoin.
- The offices are located in Hong Kong and Tokyo.
- There are almost 400 coins available to trade on the Exchange.
- During ICO, the exchange raised around $15 million (USD).
- They have their own coin (BNB) which is an Ethereum-based coin
How Does It Work?
To begin you will need to register an account. Sign up with your email address, choose a secure password, you can even set up 2FA (Two Factor Authentication) for extra security. Once you have signed up, you will receive a verification email.
Once you have verified your account and log in, the main dashboard will show you the current market prices for Bitcoin (BTC), Ethereum (ETH) Tether (USDT) and Binance Coin (BNB).
One the exchange itself, you will see a chart showing information about the coin including the latest price of the coin, the 24hr high and low and the trading volume. The chart will also show the markets in real time from one-minute trades and the coins trade history up to one month.
Navigating the Binance platform is akin to a walk in a digital park, thanks to its user-friendly interface tailored for both novices and seasoned traders. The platform offers a ‘Basic’ and ‘Advanced’ view, catering to the diverse expertise levels of its global user base. While the ‘Basic’ view addresses the needs of new entrants with simplified dashboard elements, the ‘Advanced’ view offers seasoned traders a detailed look at cryptocurrency analyses, complete with intricate charting tools.
Depositing and Trading Fees
A standout aspect of Binance is its strikingly low fees. The trading fee starts at a mere 0.1%, but here’s the kicker: users paying with BNB enjoy a generous discount, reinforcing the utility and appeal of Binance’s native token. These competitive rates extend to withdrawal fees, although these vary based on the cryptocurrency in question.
When it comes to deposit and withdrawal limits, Binance is relatively liberal. Non-verified users (Level 1) don’t have a cap on the amount they can deposit but face restrictions on withdrawals. For higher limits, a quick verification process transitions users to Level 2, offering a significantly higher withdrawal ceiling.
You can use Binance Coin (BNB) to pay your trading fees, as you are using their own coin to pay fees then you are entitled to a discounted rate.
- 1st year 50%
- 2nd year 25%
- 3rd year 12.5%
- 4th year 6.75%
There is no discount after year four and if you are not using BNB to pay the fees, then trades will have a minimum charge of 0.1%, although depending on the coin and the price at the time, fees can regularly change. All trading fees are deducted automatically.
Withdrawal and Transfer Limits
If you have not submitted any verification details, you will be classified as level one and can withdraw up to 2 BTC worth of cryptocurrency a day.
To be classified as level two, you must provide your KYC (know your customer) information, which includes your first and surname names, address and a photo ID such as a passport or a driving license. You will also need to have 2FA (two-factor authentication) or Google Authenticator enabled. At level two you are able to withdraw up to a maximum of 100 BTC.
What Cryptocurrencies Are Available?
Binance’s cryptocurrency catalog is a treasure trove. From established names like Bitcoin (BTC) and Ethereum (ETH) to emerging altcoins, the platform is a haven for variety and opportunity. This extensive selection isn’t just for show; it’s a strategic array that encourages the discovery of new, promising cryptocurrencies, fostering a diverse trading environment.
- BitCoin
- Bitcoin Cash
- Dash
- EOS
- Ethereum Classic
- IOTA
- Litecoin
- Neo
Trust and Fund Security
In an industry where digital security is paramount, Binance has invested heavily in safeguarding its users’ assets. It employs industry-leading security protocols, including two-factor authentication (2FA), and stores the vast majority of users’ funds in cold wallets, significantly minimizing the risks associated with online hacks.
- Never reveal your username and password to anyone
- Enable 2FA (two-factor authentication)
- Never give details over the telephone or email to someone claiming to represent Binance.
Customer Support
Binance’s dedication to its users shines through its customer support. The exchange operates a comprehensive support system that includes 24/7 live chat, an extensive array of FAQs, and a responsive ticketing system. Whether you’re a beginner needing step-by-step guidance or an experienced trader tackling complex queries, Binance’s support aims to resolve issues swiftly and efficiently.
Conclusion
In conclusion, Binance isn’t just a cryptocurrency exchange; it’s a holistic ecosystem that has set a high bar in the digital currency world. Its visionary leadership, innovative technology, user-centric approach, and commitment to broadening the crypto community’s horizons make it more than a platform; Binance is a trailblazer, guiding the way in the ever-evolving cryptocurrency frontier.
