Binance - Features, Security, Binance Coin, Problems and Advantages [Safetrading 2020]
Binance is one of the most famous cryptocurrency exchanges founded in China back in 2017 and supports 166 cryptocurrencies and 548 trading pairs.
Cryptocurrency exchange acts as a broker, which unites traders and the market, and provides necessary instruments for comfortable trading.
Today the market is stuffed with a variety of cryptocurrency platforms, each of which offers different terms, and has its own strengths and weaknesses.
If you want to learn about the login process, background, and strengths, continue reading this Binance review because Safetrading has collected all the data you were looking for!
What Is Binance?
As I told you before in this Binance review, the Binance coin exchange was founded in China back in 2017.
However, expecting the cryptocurrency ban by the government, the company has moved its servers to Japan, and in March 2018 opened new offices in Taiwan.
In summer the same year the representatives signed a Memorandum of Understanding with the Malta Stock Exchange.
The team behind the exchange development has years of experience working on Wall Street and dealing with cryptocurrencies. It is led by Yi He, one of the most influential figures of the Chinese online economy. The news about her joining Binance greatly increased the company’s popularity.
In 2019 the company has introduced Binance Jersey, an independent branch to increase influence on the European market. The Jersey-based exchange offers users cryptocurrency trading pairs with fiat money.
During the first days after launching the ICO, the exchange had over 20,000 users and in nine months – around 3,000,000. At the moment there are over 7 million users.
At the beginning of 2019, an absolute record was set: 250,000 users have joined the Binance coin exchange within a single hour.
It is time to tell you how to access Binance. It is an online platform and all the trades take place on the official exchange website.
There are three versions of the platform available:
Basic - lite version for beginners;
Advanced - for experienced users, who prefer active trading;
Margin - for trading with leverages.
There is also a mobile application available, which resembles the crypto exchange website and runs smoothly on devices of all types.
The main difference between Basic and Advanced interfaces is that the last one has a better technical analysis functionality including on graphs. However, the Basic version allows a quick switch between trading pairs.
To protect your information don’t forget to enable two-factor authentication after the first Binance login.
Margin trading was just introduced on the exchange.
Those, who are interested, should apply for a devoted margin account, which contains a disclaimer indicating that you realize the risks.
Then your Binance coin will be transferred to the margin wallet and will be used as a guarantee for the borrowed funds. The margin rate is 3:1, which means that for each BTC you have it is possible to borrow 2 BTC.
If you are involved in margin trading and the balance falls lower than 1.3, Binance US will reach you to tell that margin call is necessary to prevent liquidation. When falling down to 1.1, your trade will be liquidated and you will lose the collateral.
So when conducting the Binance login to a margin account you need to have a full understanding of the possible risks.
Binance Supported Currencies
When reading Binance review Reddit, it’s easy to notice that the majority of users praise the platform’s coin diversity.
Here traders can use a wide range of digital currencies including Bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Dash, Zcash, NEO, GAS, LiteCoin, EOS, and others.
Binance app also supports a variety of tokens being a part of ICO listings, so users can utilize the exchange to trade tokens for profit.
Binance is rather quick in adding coins and tokens after the ICO, which means that you can buy them for cheap and make impressive profits.
The current trading pairs include BTC, ETH, Binance Coin, and USDT.
Binance Fees and Limitations
At the moment of writing the Binance review, Binance has an average 0,1% fee for every trade.
If you choose to pay via token, you can opt for a 50% discount on the fee.
This exchange has one of the lowest fees and that is definitely great news for traders.
Withdrawal fees vary depending on the digital currency you use. For example, traders will have to pay 0,0005 for Bitcoin withdrawals, and 0,005 for ETH.
Another great news is that there are no transfer limits on Binance app, which means that the number of deposited coins is not regulated. However, without verification on the exchange website users have a limit on the withdrawal sum.
How to Buy on Binance Using Debit and Credit Cards
Due to the Simplex partnership, Binance users can make payments using their debit and credit cards.
You can buy Bitcoin, Ethereum, Litecoin, and XRP tokens using Visa and Mastercard.
Perks of using debit and credit cards on Binance US exchange website include:
- Speedy transfers. It takes 10-30 minutes for the digital currency to land on your wallet;
- Lowest fees. Traders will be charged 3,5% or $10 (which is higher) for a transaction;
- Maximum convenience considering that everyone owns a Visa or Mastercard.
To purchase the cryptocurrency via these cards for the first time, users will need to follow the instructions described on the official page.
The first Binance hack took place in May 2019.
Hackers managed to bypass security measures and gained access to data by using personal information including API keys. They also used third-party portfolio managers and trading bots.
This attack brought hackers more than $40 million worth of cryptocurrency.
But this situation can teach all of us an important lesson: it’s better to keep small crypto amounts on exchange platforms. For the maximum protection of your funds, we recommend using hardware wallets or Binance wallet because even the most secure and protected exchanges are not safe from hacker attacks.
Advantages and Disadvantages
Let’s start with the features the exchange can boast.
In January 2019 Binance app started cooperation with Simplex, Israeli payment processor, which allows users to buy cryptocurrency using Visa and Mastercard credit and debit cards.
Another thing that we like about the platform (and Binance exchange Reddit users will agree) is that there are two interface versions available. Beginners can utilize a simple and approachable mode, while experienced traders get access to a wide range of instruments for technical analysis.
The next feature we couldn’t pass buy is an affiliate program, which allows earning a 40% commission for every referral.
And based on the Binance review this offer came everyone to taste!
Another benefit is when trading crypto on crypto, Binance USD fees are the lowest on the market. And the cherry on top: the resource processes more than 1.4 million orders per second!
Asking is Binance a good exchange?
To answer that let’s look at the reverse side of the coin and discuss the platform’s drawbacks.
First of all, information materials are available only in English and Chinese, which is rather inconvenient considering millions of users from all parts of the world.
Another flaw is that some coins are withdrawn only as a whole. Cashing out of tenths and hundredths is not available.
When reading testimonials online you may find controversial data on the support team.
You can reach them via email or live chat but some users complain about answer delays.
This may happen due to a huge amount of customers but it’s not an excuse and we sincerely hope that soon the Binance app will improve the response time.
In addition, there is no phone number available unlike at Coinbase or several other popular exchanges.
Today we have introduced you to the latest Binance review and discussed the platform’s history, benefits and drawbacks, registration process, and fees.
Now you don’t have to wonder what makes Binance app one of the best and the most popular crypto exchanges in the world.
The exchange website is available in several modes, which makes the trading process easy and understandable both for new and experienced traders.
Their fees are extremely low, the number of crypto-to-crypto pairs reaches hundreds, and the latest security measures make Binance coin exchange a perfect choice for those, who are in search of a new exchange.
However, you should always remember that it is still a program, which may fail or can be hacked, as we have seen from the examples above.
That is why you should always place the security of your account first and apply all the measures that we have described in the Binance review.
If you want to know if Binance is better than Coinbase, read the Coinbase review and make your own conclusions!
Trade responsibly and you will always achieve great results!