Binance exchange is the most popular primary cryptocurrency exchange platform for its crypto to crypto exchange service in the crypto arena. Binance is well known for some of the factors such as elegant interface, availability in different languages and it also enables processing the orders at extremely high speed. Moreover, the binance exchange is available only for trading cryptocurrencies; hence it is not available for any fiat currencies.
Binance is increasing at a swift rate, and soon it will become the largest cryptocurrency exchange worldwide for trading altcoins. Many new launch tokens and coins are getting listed on binance as compared with other major exchanges.
How binance exchange works?
There are two main options for trading platforms on Binance, i.e. Basic and Advanced. The basic view permits traders to perform simples trades while Advanced view is for more advanced traders. There are no many distinctions between the two views except for being able to conduct more detailed technical analysis in the advanced view.
The basic or the advanced versions are bound to be easy to use for complete beginners. However, anyone with basic knowledge in digital currencies and with a bit of experience into how exchange works should be able to use the platform and its diverse services.
Basic View
As a novice trader, one may find the Basic view to be somewhat challenging to use. In this vein, the main dashboard has several graphs and charts including the candlestick chart, order book and the trade history of the trading pair.
Moreover, there is also a depth chart of the orders that you can view in a separate tab from the candlestick chart. To start trading one need to fund an account. To do so, click on the deposit link under the fund tab. On the deposit page, choose which cryptocurrency you would like to deposit into your account. Binance gives you with a public wallet address to deposit your funds.
It is best to fund your account using either Bitcoin or Etherum because these are the two coins with the significant trading pairs. Therefore, doing so gives you greater flexibility when trading. Once your account has some funds you can start investing.
Advanced View
Other than a little different layout, the Binance exchange Advanced view looks like the Basic view with a few more TA bells and whistle. It involves Fibonacci lines, moving averages and everything in between. If your trading strategy involves a substantial amount of TA, the Advanced view will be your home base.
Additional features on the Binance exchange
In addition to the exchange, Binance has come up with numerous other features and tools in the past year. The binance Academy containing educational content on the blockchain, Binance info which provides smartest stats and ICO reviews, Binance labs an incubator for start-ups and launch pad for token launches
Transfer Limits
Binance is strictly a cryptocurrency exchange, so you are not able to fund your account with fiat currency. You can only deposit cryptocurrency funds, but there is no limit on the amount that you can deposit.
Moreover, there are also no fees on any of the deposits. Your verification tier determines the amount that you can withdraw each day. Therefore without submitting any verification, one needs to provide information for KYC purpose i.e.
• First name
• Last name
• Address
• Photo ID
NB without level two verification, your daily withdrawal limit raises to100BTC. However, if you are looking to withdraw more than this amount in one day, you need to contact the customer support team.
Supported Cryptocurrencies
Binance is praised for its wide varieties of support coins. Trades can use the platform for different currencies including, Bitcoin Gold, Bitcoin Cash, Etherum, Dash, Litecoin, Neo, Zcash and many more. Besides, binance also supports many tokens, as part of ICO listings.
Therefore, with this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance offers very quick to add new tokens and coins after their ICO which usually means one can buy them cheaply which permit for a higher profit down the road.
Advantages of Binance Exchange
The world of crypto is full of exchanges and what sets them apart are the services they provide. Also, not all exchanges have a big pool of cryptos to chose from but Binance is one of the top tier exchanges with over 180+ listings. That said, let’s talk about the advantages of using Binance as your crypto exchange house.
Huge list of altcoins
The main reason that makes binance most popular is that they list so many different cryptocurrencies. These are more than 100 different cryptocurrencies available at binance. Therefore these coins range from well-known coins such as Litecoin, Ethereum, to smaller coins like CyberMiles.
Low Fees
An excellent feature of the exchange platform is that when trading crypto to crypto, Binance charges are one of the lowest in the cryptocurrency arena. Customers are charged 0,01% on every trade, meaning if you trade 1ETH, you will only pay 0,001ETH. Moreover, deposits are regularly free, but withdrawals do cost money. However, many exchanges operate in the same way. Withdrawals fees are different for each cryptocurrency and charger depending on their value.
Prizes
Regular trades on the binance exchange have the opportunity to win prizes. These prices change all the time and have so far included free cryptocurrencies such as Ontology and Waves. They have even given away a Maserati car.
ICO launch pad
The binance exchange is well known for listing new cryptocurrencies as soon as their ICO has finished. Therefore, many cryptocurrency companies view binance as their best exchange platform. Also, binance does not just list any old cryptocurrency though; it has to prove itself as an excellent cryptocurrency for binance to list it.
Security
Binance takes security very seriously. And customers are permitted to create two-factor authentication when they create an account. Two-factor authentication is an extra level of security that seal a spread to your mobile phone every time you want to trade, withdrawal or log in.
High Volume Trading
As binance has become one of the best exchanges to trade, sell and buy cryptocurrencies, there are lots of trades happening all the time. Therefore, this is a vital factor as it means you have a better opportunity of selling your cryptocurrencies immediately if and when you need to.
Disadvantages of Binance Exchange
Let’s talk about the disadvantages of using Binance exchange and the real implication in terms of security and other important aspects. Similarly to anything else in the financial world you cant have a PERFECT service nor does it means that all customers will be satisfied. If a product or service is working for some people, others will most probably encounter some problems.
No Fiat Withdrawals or Deposits
The most disadvantage to binance exchange is that customers cannot deposit funds using a traditional payment method. Other Well-known exchanges such as Kraken, Livecoin, and Coinbase permit customers to use their credit or debit card.
Some even accept PayPal or a bank transfer. Therefore because binance does not support fiat deposits, it makes it impossible for starters to buy cryptocurrency for the first time. For you would need to purchase a cryptocurrency like Ethereum or Bitcoin using fiat and then you can deposit that into Binance and trade for other coins.
Customer Support
There are mixed reviews on the customer support offered by the binance exchange. Although you can contact binance by live chat or email, some users have reported long delays. Therefore, this might be because the exchange has a large number of customers. Also, there is no phone support, which is something offered by other popular exchanges.
Is Binance Exchange safe?
Binance is one of the recent cryptocurrency exchange available on the market. It has managed to gain a high level of confidence from its customers and the digital currency community. However, the platform fails to provide users with adequate information on how the funds are secured, yet investors believe that security is seriously considered.
Therefore, two-factor authentication is available and always a clear sight. The 2-factor authentication gives users account protection and additional trust. Moreover, it is however known that the platform offers a multi-tier and multi-tier system architecture.
Conclusion
The matching engine of the exchange is competent of processing approximately 1.4 million orders every second, therefore, making it one of the fastest exchange available on the market. More so, the exchange operates on all forms of devices including Android, web, HTML and We Chat. Non- English speakers will be happy to know that binance offer multiple language support in English Korean, Japanese and Chinese.
Binance is certainly the leading cryptocurrency exchange and offers excellent digital currency support and considerable fees. As it reportedly has access to abundant partners and resources, a chance of that binance will continue to provide and evolve great digital currency exchange services to its client are high.