Binance Review: Everything You Need To Know About It
Binance is a well-known cryptocurrency exchange. For only 3 years of its existence, it managed to become one of the largest coin exchanges available. Is it really that good? Let us check this out in our Binance review.
About Binance
As we have already said, Binance is a coin exchange. Its office is based in Malta, and that is where the organization is regulated by the VFA act. The platform lets users buy, sell, or trade a large number of different of cryptocurrencies. The service is considered to be one of the best in its kind.
Where Can You Use Binance?
Although there were recent changes for some major countries like the US, for most countries, the service is still available. For instance, Binance can be accessed from Canada, Russia, Great Britain, Italy, and many other countries.
How to Use Binance?
Many newcomers get confused when it comes to the usage of the service. If you still do not know how to use Binance, keep on reading to find out.
Create an account
First of all, you have to create an account. This can be done by visiting the login page on Binance. You have to enter your email, think of a new password, and enter a referral link if you were invited by someone.
Make your account safe
The second step is making your account safe. To do this, you have to enable a two-factor authentication. You will have to install a mobile application called Google Authenticator. Whenever you want to log in, withdraw, or complete any other important account functions, a code will appear on your mobile phone. Nobody will be able to hack your account now!
Top-up your account
To start trading, you must add some funds to your account. Otherwise, you simply won’t be able to buy anything on the exchange. A deposit can be made by using a debit or credit card and cryptocurrency. Open the deposit page and find the currency you want to top up your account with. Currencies purchased on other platforms like Coinbase can be used too. Just send the coins to the private address the service gives you.
Start trading
In about 20 minutes, the funds will reach your account. When that happens, go to the “Exchange” section. We recommend selecting the “Basic” version if you haven’t got any experience with similar platforms.
Binance provides more than 540 trading pairs. You will find both popular and unpopular coins here. A nice addition is the availability of third-party trading software, like bots and others. If everything is tuned properly, you might create a passive income strategy.
What Cryptocurrencies are Available at Binance?
We have already mentioned that Binance is one of the largest crypto exchanges. What does that really mean? It is one of the services that supports a huge number of currencies. These include not only the popular Bitcoin, Ethereum, and others, but also smaller coins like AdEx, Agrello, Civic, Golem, and more! Overall, Binance supports 164 individual cryptocurrencies.
What is the Price for Using Binance?
The registration at Binance is free. However, you will have to pay some fees when you process an order and make a trade. The standard charge is 0.1% for each purchase. It can be decreased to 0.09%, 0.04%, and 0.02%. The requirements are simple: you must trade at least 500 or 150 000 worth in BTC in a single month or become a market maker with more than 150 000 BTC in a month.
It is important to note that even the standard fee is very low in comparison to other services. That is why traders usually earn more with Binance than with any other exchange.
Deposits, Withdrawals, and Other Payments
Binance accepts both cryptocurrencies and bank cards as deposit and withdrawal methods. It took some time before bank cards were added to the system. Depending on your current location, several additional payment methods can be available.
If your payments are made in anything other than USD or EUR, you will have to pay some commissions. The service charges 3.5% with a minimum of $10. Try to compare that to other services, like Coinbase, where the commission is 3.99%.
Finally, if you withdraw your earnings in Bitcoin, Binance will charge 0.0004 BTC. For a detailed and up-to-date information, please visit the broker’s official website.
Is Binance Safe?
Many of you might have already heard about how Binance has been hacked in 2019. The organization had lost more than $40 million. However, this did not affect any users. The company covered all the losses with the help of its security fund. Therefore, everyone still had their money and didn’t suffer any losses at all.
This is a good sign for any trader. It shows that the organization cares about its clients. If anything like this happens again, the company will cover all losses, and you will not have any problems.
User Opinions about Binance
If you surf the Web for reviews about Binance, you will most likely find various opinions. Some people say that Binance has the best support, others like the low fees and opportunities, while some have negative thoughts on their own issues.
However, the majority of reviews are positive. You can find these on rating websites, trading forums, and other sources where the platform can be discussed.
Conclusion
Binance is a regulated and trusted cryptocurrency exchange. The organization has shown that it can be a safe option even in the hardest times. It gained the trust of even more people that way. It is a surprise how fast it managed to become the biggest online coin exchange.
We would appreciate if you left a comment with your own experience of trading with Binance. This would help us and other traders find out more about the service.