Binance, based in Hong Kong and Tokyo, is a great way to exchange for experienced traders looking for cheap cryptocurrencies. Its cost is among the lowest in the industry, while its platform is able to handle a large number of transactions without significantly slowing transaction times. It does not provide currency transactions, but it lists more than 100 cryptocurrencies and offers its customers a wide selection. The only question mark against his name is his safety, because he does not clearly state the measures that must be taken to guarantee the security of the funds and the security of his system.
1. Very low rates
2. Easy to use, fast business hours and mobile application
3. Large selection of cryptocurrencies, large volume of transactions
1. Without fiduciary money
2. There is no telephone for customer support.
3. Binance does not announce security measures. Therefore, it is difficult to know how safe it is.
First of all, the good news: the deposit is completely free on Binance. However, this is a slightly different story in terms of transactions and withdrawals, although they are among the cheapest in the cryptocurrency industry.
Bnance gets 0.1% less in each transaction on its platform, which makes it one of the most profitable crypto exchange programs on the Internet. For example, GDAX calculates 0.25% for each transaction below 6,792.37 BTC, while Bitstamp only charges 0.1% if its transaction exceeds $ 20,000,000.
Transactions can be even cheaper if the user has a sufficient number of coins Banking (BNB). If this is the case, the bank not only takes the payment from the user’s NBB portfolio, but also grants a 50% discount on the amount it receives (this amount is reduced to 25%, 12.5%, 6) . %, 75%, then 0% in the second, third, fourth and fifth year). In other words, the transaction fees are reduced to 0.05%.
With payments, Binance always offers good value for money, although rates vary from one cryptocurrency to another. Below is an example of the rates of some of the most popular currencies:
To put this in perspective, Kraken and Bittrex charge a payment fee of 0.001 BTC, while Bitfinex and HitBTC charge 0.0008 BTC and 0.00085 BTC, respectively.
This makes the exchange one of the cheapest exchanges, since only Poloniex (known major exchanges) pays its BTC withdrawal fee of 0.005 BTC.
Binance is one of the most important crypto exchange programs. It was released in China in July 2017. Although it is the new child in the market, it has an excellent crypto record: its founders, Changpeng Zhao and Yi He, already worked in OKCoin, while Changpeng has also been a member of the portfolio team of Blockchain.info since 2013.
And although it was launched in July 2017, it has become the world’s largest stock market in six months. Today it remains close to the top, due to its ease of use, its ability to handle a large number of transactions and its availability in English, French, German, simplified and traditional Chinese, Spanish and Russian. and Korean
It’s just a crypto to crypto trading platform; Therefore, it is not suitable for informal traders who wish to buy bitcoins or ethereum in US dollars or euros (offers transactions in USDT). However, with its extremely low rates, it is one of the best for investors and serious speculators.
Security at Binance is generally good, but with some potential concerns.
First and foremost: With the help of “Binance”, users can enable two-factor authentication (2FA), with Google authentication and SMS authentication being the two methods of 2FA. It also offers a fairly extensive security FAQ in its support area, advising users to protect against phishing attempts and personal security vulnerabilities.
Despite the care needed to advise users on best practices, BINANCE does not specify security measures behind the scenes to ensure the security of their entire platform. There is no indication that client funds are stored offline (cold), that they save and encrypt their data, or even maintain complete reserves (for example, Kraken).
However, recent events have shown that Binance can react quickly to key threats and protect client funds. For example, in March 2018, criminals were able to use phishing to access the accounts of many users whose funds were inexplicably sold to buy Viacoin Cryptocurrency (VIA). Nevertheless, BINANCE has been able to systematically identify and cancel all irregular transactions so that the pirates can only lose money.
Usability is one of the major assets of BINANCE. Its website and trading pages are easy to navigate and understand, with clear trading options and screens. It even offers the ability to switch between basic and advanced trading screens so that experienced traders can benefit from more information (such as user funds) on one page.
The review is also relatively simple and fast, with Binance immediately responding to the submission of audit documents. However, it is very difficult to take a selfie by clearly holding a passport and a piece of paper with “Binance” and the date written there.
For customer service, it should be noted that Binance does not provide customers with a phone number to call for their requests. This can make Binance less responsive than other exchanges, and although its online support system is often fast, it can remain stuck in times of high demand.
Finally, Binance stands out by the fact that it offers a mobile application for iOS and Android.
Deposit / withdrawal methods
Since the exchange only offers crypto to crypto transactions, all deposits and withdrawals include the redeployment of external encrypted portfolios.
Despite this restriction, deposits and withdrawals at Binance are a fast process. Customers move over the Funds drop-down menu, for example, click on the Deposits option, and enter the desired cryptocurrency to access the binance portfolio address to deposit.
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