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tradeandholder

Binance Review

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If you want to trade your cryptocurrency with minimal costs, this Tokyo exchange might be the perfect option for you due to its low fees. To top that, Binance is able to withstand a large number of transactions at the same time, without slowing down the entire process. Although it has more than a 130 cryptos at disposal, there are currently no fiat currencies available.

 

Fees

Should you wish to deposit funds at Binance, you’ll be lucky to find out that it is completely free of charge. Trading, however, includes fees but they are a fixed 0.1% at every transaction, regardless of the quantity that is being moved. This makes Binance one of the most affordable trading platforms on the Internet.

Furthermore, if you happen to have their native currency called Binance coins (BNB), you might be able to lower the fees for 50%, making them 0.05%.

 

History of Binance

Launched in 2017 in China, Binance hasn’t had a long history. Nevertheless, they managed to become a leading crypto exchange just for a short period of time. The founders Changpeng Zhao and Yi He have already had a lot of experience in cryptocurrency before founding Binance. Thanks to their reputable past, they attracted a great number of users in the first few months of Binance. Later, the design itself attracted more inexperienced users, which helped Binance spike their popularity. After China raised regulations on crypto in 2nd half of 2017, Binance was moved to Japa. Later in March 2018 they got a warning from Japan about regulations, so their HQ is now considered to move to Malta.

 

Safety & Security

The overall security levels at Binance are high and they involve 2FA (two-factor authentication) that uses both Google Authenticator and SMS authentication. Furthermore, they have a thorough FAQ which gives great pieces of advice on how to avoid being hacked.

However, Binance did not state what additional security methods they use. There are no mentions of cold storage or data backups.

 

Ease of Use

The makers of Binance really thought the UX through. When you get to your trading screen you get to choose whether you want a “Basic” or “Advanced” screen, which makes this exchange platform a perfect option for beginners. Moreover, the “Advanced” screen also make Binance equally suitable for people who already have extensive knowledge when it comes to trading cryptocurrency.

 

Deposit/Withdrawal

Since there are no fiat currencies involved in Binance, it has a perfect system for depositing and withdrawing funds that involves transferring funds from the wallets that are external to the wallets inside the Binance. In first tier you can withdraw up to 2 BTC worth of cryptocurrencies per day, which is among other exchanges the best. Nevertheless, there are no slowdowns when the traffic is high and you can enjoy the convenience of trading more than a hundred cryptos.

 

Pros and Cons

The overall grade of Binance is satisfying but it has several things that need to be fixed. Take a look at the pros and cons.

Pros:

  • Low fees
  • Many cryptocurrencies to choose from and huge trading volumes
  • Adapted for beginners but can also be switched to suit the needs of advanced users

Cons

  • Fiat currencies are not available on the platform
  • Customer support does not offer phone support as an option
  • Some of the security measures taken by the platform are not disclosed publicly

 

 

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