This cryptocurrency review covers Binance, a Bitcoin and cryptocurrency exchange platform that was founded in 2017 by Changpeng Zhao, an innovator who had previously created high-frequency trading software.
It was first based in China before it moved to Japan because of China’s strict regulations regarding cryptocurrency. It’s now the leading crypto-exchange in the world with more than 100 coins supported for withdrawal and deposits.
Binance offers the most competitive rates with daily trades currently averaging over $1 billion. The platform accepts users from all over the world and has received accolades from the crypto community.
The exchange recently joined hands with Simplex to permit credit card purchases at a premium. If you’re looking to trade in crypto this is probably the cheapest and easiest way to go.
How to use Binance
Before opening an account, you should be aware of the pros and cons of the platform. Upon signing up, users can choose among various interfaces with the basic interface allowing quick viewing and switching of trading pairs, while the advanced interface gives access to advanced charting tools.
There is an impressive selection of cryptocurrencies that are available and which can be traded.
Here is a blogpost from the latest coin count of Binance. I’m sure they have added a few cryptocurrencies since then.
Fees and limits
There are no fees or limits for deposits. Withdrawal fees vary depending on the cryptocurrency and the blockchain network state. Withdrawal limits depend on whether the account is unverified (withdraw 2 BTC every 24 hours) or verified (up to 100 BTC every 24 hours allowed).
Binance charges a flat rate trading fee of 0.1%, which undercuts many other big exchanges who charge upward of 0.2%.
Here is a quick look at the fee table on Binance.
Currency and payment methods
Binance supports these payment options:
- Credit Card
- Bank Transfer
All coins that are supported can be withdrawn and deposited. Currencies include Bitcoin, Binance Coin, Ripple, Litecoin, and Bitcoin Cash. Binance’s brokerage service permits you to purchase the currencies with a credit card.
Generally, the number of coins to trade, withdraw and deposit on the exchange is almost 100. All major altcoins that are exchanged are also in the listing.
Most inquiries have to be made via the website’s email contact form. You may have to wait for a response for a while due to a large number of customers.
There is also a customer support live chat that you can connect to but some responses are automated. However, there is no phone support, something which is offered by many other popular exchanges.
Binance Bitcoin and Cryptocurrenc exchange is located in Malta.
First you need to create and account, then fund your account using any of the payment options available, lastly you can start trading on any of the markets available.
Binance is one of the most reputable and secure Bitcoin and Cryptocurrency exchanges on the market.