- Good support for a cryptocurrency exchange
- High liquidity
- Large amount of digital assets
- Good trading interface
- High fees compared to their competition
- No fiat payment options
- No telephone or live chat support
Binance is one of the leading cryptocurrency exchanges available in terms of liquidity. The Binance exchange was launched in July of 2017 after their successful ICO raised $15 million. Binance is owned and operated by a man named Changpeng Zhao under his company Beijie Technology. The Binance exchange is based out of Hong Kong but is also registered in other parts of the world to ensure the exchange is not shut down by any jurisdictions regulatory decisions. Binance accepts cryptocurrency traders from all over the world and has grown exponentially in the short time they have been active.
First time visitors of Binance can easily sign up to the exchange by providing their email and setting password. Upon doing this, the user will be sent a confirmation email which will activate their account and allow them to begin trading. Binance does not support any fiat currency deposits or withdrawals, thus strictly dealing in cryptocurrencies such as Bitcoin. Users with the most limited amount of verification can withdrawal up to 2 BTC worth of cryptocurrency a day. For a higher withdrawal limit, traders must submit:
- Government issued ID (passport, drivers licence, national ID, etc.)
- A selfie picture of yourself holding the government issued picture ID
- Bank account information (transit number, institution number, account number)
- Proof of bank account ownership and Residence (bank statement, utility bill)
This identification information will be verified by Binance as soon as possible but will often take weeks or even months in some cases due to the exchanges high volume of applicants and traders.
The trading platform offered by Binance is highly sophisticated and is geared towards experienced cryptocurrency traders. However, the exchange does offer two versions of their web-based trading platform; a basic and advanced version which differ slightly in features and interface. Both platforms offer traders the same order options and basic chart analysis. The main difference between the two platforms is that the advanced one offers traders more in depth and long-term charting tools for technical analysis.
Both trading platforms are not the most user friendly and take some getting used to for beginner cryptocurrency traders. However, once you get a handle on the platform and understand what you are looking at with the mirage of charts, tables, and features, traders will find the trading platforms to be quite rich with information regarding buy and sell orders, volume, and market trends. All in all, Binance offers traders a smooth and sophisticated platform for trading cryptocurrencies. They even offer downloadable trading application for both Windows desktop and Android devices and have an IOS application in the works.
Binance offers the trading of cryptocurrencies and only cryptocurrencies, fiat pairs with cryptocurrencies are not accepted on Binance. The list of digital assets (cryptocurrencies) continues to grow and there are currently over 50 cryptocurrencies available to buy and sell. The digital assets can be paired with:
- Binance token (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
Trading with these cryptocurrency pairs is easy on both the basic and advanced trading platform. In the markets table to the right of the screen, the trader simply selects BNB, BTC, ETH, or USDT to see the available cryptocurrency trading pairs. In this same table you can scroll through all the available cryptocurrencies to be traded and select one to be brought to the trading page. When placing a buy or sell order, traders have a few options; limit, stop limit and market orders. In comparison to other cryptocurrency trading platforms, Binance offers their traders a large market of cryptocurrencies to trade.
As with most cryptocurrency exchanges, customer support can be lacking at times due to influxes of new cryptocurrency traders. However, in normal circumstances Binance’s customer support is very responsive and professional. The only support available is through a ticket system which is very easy to fill out and allows users to easily identify their issue through the form process. In addition to the support tickets, customers can easily find helpful information on Binance’s support page. Here traders can browse common FAQs, recent announcements, and helpful articles. Also, there are various external resource online as Binance is one of the leading cryptocurrency exchanges.
Security and Fairness
Although Binance is one of the newest cryptocurrency exchanges, they have earned the trust of many users and are considered a safe and reputable exchange. Unfortunately, Binance does not disclose how their user’s funds are stored, so users can only hope they are stored securely offline in a clod storage wallet like most other reputable cryptocurrency exchanges. An additional security measure traders can take is to enable two factor authentication for logging in to their accounts and submitting withdrawals. Also, traders can set email alerts for when there is activity on their account such as withdrawals, trades, log ins, etc. So far Binance has held up a great reputation by treating their traders fairly and keeping their funds secure.