Binance cryptocurrency exchange overview

Academic
By February 3, 2019 22:20
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Today in our review the largest, by the trading volume, cryptocurrency exchange – Binance.

We will conduct a detailed analysis and try to answer the key questions: Is Binance really the best? And should I trade on Binance?

Let’s start with history. Binance is a very young exchange, its launch took place at the end of 2017, just at a time when the market grew not by days, but by the hours and people run to buy bitcoin and invest in ICO. Binance caused furor from the very beginning. A huge amount of coins, referral program, large volumes of trades. Not surprisingly, everyone was in a hurry to register on the exchange and began to advertise it. Thanks to the partner program Binance received a huge amount of free advertising that attracted users from all over the world.

The roots of Binance go straight from China, the founder is the Chief Executive Officer Changpeng Zhao, a well-known figure in cryptoсcurrency circles. At one time Zhao worked at Bloomberg, OKcoin and Blockchain.info. Binance headquarters is located in Hong Kong.

Registration

Registration for Binance is not special in any way different from registering on any other exchange. But there are not rarely cases when users have difficulty registering. In fact, you only need to correctly enter the data requested by Binance and go captcha. It should be noted that the capcha is not standard, in it it is necessary to move the puzzle with the slider in the selected area.

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Verification

Binance provides verification of users. For verified users, the daily limit of the withdrawals is 100 BTC while for non-verified – 2 BTC. Verification can be carried out as a personal (individual) and corporate (firm, enterprise).

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Security

A special role is played by Binance’s attitude towards security the funds of its users. A number of security tools are available on the stock exchange. Instead of a standard login / password and two-factor authentication, it is also possible to connect the SMS authorization and create an additional anti-phishing code.

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Affiliate program

Affiliate program is the main feature of Binance. Each user has a unique affiliate link that allows you to invite new users. The remuneration amount is 20% from the transactions commission of referral, or 40% if you have at least 500 BNB (cryptocurrency of the Binance Exchange) on your deposit. Thanks to the partner program Binance gives you the opportunity to earn not only trade in cryptocurrencies, but also helping to promote the exchange among cryptoexchange traders.

Binance account replenishment

The account is replenish on the Deposits page, located on the Funds tab. After switching to a page, you must select the currency for which you want to replenish your balance. Then you will be given the address for which the tokens are to be translated.

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You can also refill your account with a credit card. To do this, go to the Credit Card page from the Funds tab. Here you can buy BTC, ETH or LTC for money, should only indicate the amount of cryptocurrency needed and the system will immediately indicate its value in USD or EUR. Then you must accept the terms and click on the Buy Now button and then specify the necessary information.

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Withdraw from Binance account

You can withdraw funds on the Withdrawals page located in the Funds tab. After switching to a page, you need to select the currency you want to withdraw. Then you will open a form where you must specify the address on which you want to withdraw the funds and their amount.

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You can also fill in and withdraw funds on the Balances page, which is located in the Funds tab. This page provides a full list of supported Binance cryptocurrencies and, in front of each Deposit button and Withdraw button, clicking on one of them will redirect you to the page for replenishment or withdrawal. Commissions for withdrawal and replenishment can be found here.

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Binance Trading

To get started, go to the Trade section: Exchange tab then select the desired Basic or Advanced mode. Advanced mode offers a more advanced functionality that includes improved quotes charts and the availability of additional tools for technical analysis.

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Basic
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Advanced

Binance offers its customers nine markets:

  • BTC
  • ETH
  • XRP
  • BNB
  • PAX
  • USDT
  • USDS
  • USDC
  • TUSD

For each trade all necessary information is presented: volumes of trades, a course, orders of other traders. Functional Binance allows you to create limit orders.

Margin trading

Repeatedly there was information that developers of Binance planing to add to the stock exchange functionality for trading with a leverage. So far, this function has not been implemented.

Trading commissions

The commission from operations is 0.1%. However, holders of BNB (Binance Exchange Tokens) have discounts. According to information, Binance provides a commission fee, which will be reduced during next 5 years. More detailed information about the commissions is on this page.

Support service

Binance Support is available at this address or on the Support tab in your personal account. On the support site, you can see all the latest news related to the exchange, see the Knowledge Base (FAQ), and also contact support if you have trouble working with Binance.

Advantages and disadvantages

Advantages

  1. A huge amount of supported cryptocurrency
  2. Frequent listings of new cryptocurrencies
  3. High liquidity
  4. A large selection of markets
  5. High degree of security
  6. Affiliate program
  7. Supports credit cards

Disadvantages:

  1. Lack of margin trade
  2. Absence of fiat currencies

Conclusion

Binance is an excellent tool for trading cryptocurrency both for beginners and for advanced users. The high liquidity and good exchange capacity allow you to successfully trade on it for large number of traders. If you have a different opinion about Binance – write it in the comments, we will gladly read it. Successful trading!

 

Academic
By February 3, 2019 22:20