Is Binance a good exchange? Or better to ask why Binance is the leading crypto exchange of the world? Let’s review together all the aspects, features, and products of this platform to find it out.
It is super simple to register an account. All you need to do is to:
- Provide your name email
- Check your mailbox for the email verification link.
And that’s all! You can deposit some funds to your account and start trading right away
Optional ID Verification
In case your trading is limited up to 2 BTC a day, then you can skip the ID verification.
However, if you re going to play big games or use fiat to deposit to your account, then government-issued ID is required t verify your account. After the verification is completed, you can trade up to 100BTC per day.
What is ID verification?
You are required to upload a photo ID and wait till you are approved. Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
There are 197 coins and 601 trading pairs on the exchange. Quite impressive, isn’t it?
The most active trading pair on the Binance exchange is BTC/USDT.
The whole list of supported currencies and tokens you can find here.
Binance is well known for listing new cryptocurrencies as soon as their ICO has finished. This shows that many crypto companies view Binance as their favorite exchange. Binance doesn’t just list any old cryptocurrency though, it has to really prove itself as a solid cryptocurrency for Binance to list it.
One of the major reasons for Binance’s early success was its offering of ICO tokens or recently launched tokens that other more established exchanges were not willing to offer.
Binance is now taking this one step further by becoming a platform for new projects to launch its token sales in a way that is standardized and immediately exposed to a large market.
The platform has recently added payment support for 15 fiat currencies. The new integration provides gateways for currencies including the Swiss franc, Korean won, and Australian dollar, as well as the Polish zloty, South African rand, British pound sterling, and Russian ruble.
Supported fiat currencies are paired with Binance’s base cryptocurrencies – the assets the exchange uses for its default trading pairs. These currently include bitcoin (BTC), ether (ETH), XRP (XRP), as well as some selected fiat currencies, including the U.S. dollar and the Nigerian naira.
There are 2 ways to deposit on Binance:
Binance supports trading of over 150 different cryptocurrencies, and you can deposit any one of these onto the exchange.
You can also purchase cryptocurrencies using your credit card.
They are providing cross-platform trading clients for:
- Web-based trading on the website and widget
- Desktop for PC (Windows)
As Binance has become one of the most popular exchanges to buy, trade, and sell cryptocurrencies, there are lots of trades happening all the time. This is an important factor as it means you have a better chance of selling your cryptocurrency immediately, if and when you need to.
For example, if you wanted to buy a cryptocurrency, but it has a low trading volume, then it’s harder to buy because there aren’t that many sellers. However, if lots of people looking to sell that coin, it will be easy to buy.
Speed of transactions
Binance is an excellent place for day trading and not only. The company owns powerful servers that respond quickly to sell/buy orders. So you won’t miss an opportunity due to the system crash or your website freeing and not responding in the middle of opening the order.
Binance’s matching engine, as claimed in their whitepaper, is capable of handling 1,400,000 orders/second, making Binance one of the fastest exchanges in the market today. So there is no risk of being “stuck” due to matching issues on Binance.
Withdrawing the coins from your trading account to your wallet is a piece of cake. You can do it easily and quickly.
Margin trading is the practice of borrowing funds from a broker, in this case, Binance, to buy an underlying asset. Margin trading is currently available for BTC, XRP, BNB, TRX, and ETH.
Margin can be borrowed for both long and short positions, available at a fixed rate of 5:1 (5x). For example, if you had 2 ETH, you could borrow 10 more ETH to trade with.
Like other derivatives platforms, Binance Futures allows users to open long and short positions on a variety of cryptocurrency assets, with up to 125x leverage.
Originally only catering to Bitcoin traders, Binance Futures now offers 24 contract options on cryptos such as Ethereum, Chainlink, Tron, BAT, and many more.
The platform charges an average fee of 0.1% on each trade that a user makes. And this is one of the lowest prices you can find among other exchanges. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals.
But that’s not all. You can save up to 20% on the trading fees if you join the referral program. All you need to do is to register your account following our referral link. And that’s all. You are guaranteed to have this discount forever.
If you are curious to know how this program works behind the stage, check this article for more details.
Various opportunities for the crypto community
Binance offers a crypto lending feature where you can earn interest on your crypto holding. They support many coins including Bitcoin, Binance, Stable coins to name a few.
If you want to trade or use Binance exchange under a legal entity (Corporation, LLP, Pvt. limited) or any other, you can apply and open a corporate account as well.
The Trust Wallet brings an extra layer of usability and functionality to Binance users and completes its very well rounded suite of products.
As the official mobile wallet of the platform, the Trust Wallet allows users to store and transfer major crypto assets such as Bitcoin, Litecoin, Tezos, Tron, XRP, and many more.
The Trust Wallet is able to handle any ERC20 or ERC223 tokens on the Ethereum network as well as function as a browser to explore Ethereum dAPPS (decentralized applications).
Binance Academy is the leading Blockchain and cryptocurrency education portal. It is a free self-service portal with multiple articles on various crypto-related topics.
It caters to users of all experience levels, with content ranging from “What is cryptocurrency?” and “How does blockchain work?” to more complex topics on security, such as Cryptojacking and Ponzi & Pyramid Schemes––two of Academy’s most popular pieces of content.
Regular traders on Binance exchange have the chance to win prizes. These prizes change all the time and have so far included free cryptocurrencies, such as Waves (WAVES) and Ontology (ONT). They have even a gave away a Maserati car! Isn’t it cool!
There are mixed reviews on the customer support offered by Binance exchange. Although you can contact Binance by email or live chat, some users have reported long delays. This might be because the exchange has a large number of customers, however, we hope that Binance will improve their response times.
Is Binance good? To my mind, it is a great platform for all crypto enthusiasts s and professionals. And the are always adding new features an making the platform even better.
But, of course, this my subjective opinion. And what is yours?