Binance Exchange Review
Binance has been around for over a year and has quickly taken over the crypto world. It was founded in July 2017 and by January 2018 it had become the largest exchange in terms of volume. Seeing as they claimed the throne in such a quick time they must be doing something right. Well, they are. But, it’s important to look at how Binance is doing today, as adaption is crucial in this constantly changing crypto market. So, having said that, let’s get started with our Binance review.
Getting started with Binance
Well, the first step, of course, is registering on Binance. You can trade crypto without ID verification on Binance. The only limit that is imposed on your account is the daily withdrawal amount of 2 BTC. However, if you wish to lif that limitation, Binance requires the usual ID documents/passport as any exchange. From our experience, the verification process took 24 hours, which isn’t to say it couldn’t be long for you.
Once you are ready to start trading, you will quickly notice that Binance has two trading interfaces – Basic and Advanced. Let’s quickly go over both of them.
As you can see, Binance’s basic interface is not that basic and intuitive as it could be. But, after a short time, I’m sure everyone will get used to it. The exchange offers Limit, Market, and Stop-Limit orders which is just what you need for efficient trading. Furthermore, on the left side we have the order book and on the right, we have trading pairs and trade history. Now let’s have a look at the advanced interface.
You’ll quickly notice that the advanced interface is much more pleasing to the eye. Besides that, the main difference between the advanced and basic interface is the ability to conduct more advanced technical analysis. In the basic version, you are given volume and MACD as your indicators, while in the advanced version you get to choose your own indicators as you see fit. The newest update to Binance’s interface is the addition of a TradingView chart window. TradingView is probably the best charting platform available and it’s great that Binance decided to include them in their charting screen as many exchanges have already done the same.
Desktop and Mobile Apps
Binance offers easy-to-use mobile apps for both Android and iOS devices. They are lightweight, pretty intuitive and probably even easier for beginner to get the grasp off. Just one tip, don’t watch the prices of your favorite coin the whole day just because you can(guilty). One thing a lot of users overlook is Binance’s desktop app. It’s much better than the web version and you’ll feel right at home if you’re used to the phone app. Recently, they launched the MacOS version, while the Windows version has been around for some time. You can download the mobile and desktop apps through this link.
Recently, Binance had issues with a user paying 96 BTC(around $625.000 at that time) for one SYS. SYS was worth $0,26 at the time of the hack. It was reported that clients using APIs to trade with a third-party bot got hacked and bought at astronomical prices set by the hacker. Binance swiftly reacted and disabled trading, APIs, and withdrawals. Along with that, Binance introduced their “Secure Asset Fund for Users (SAFU)”.
Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet. Binance
We believe they reacted phenomenally and with lightning speed. This goes to show they really care about their image and their customers. Fun fact: “Funds are SAFU” was a meme before Binance truly implemented SAFU. We give them points for that.
Big upgrade. Funds are safu! https://t.co/1DV1sVpI93
— CZ (not giving crypto away) (@cz_binance) June 25, 2018
Binance has one of the lowest fees on the market. The fee structure got a bit more complicated than it used to be. For those of you just starting out its 0.1% of each trade if you don’t have the native currency of the Binance exchange – BNB. On the other hand, if you hold BNB the fees will be subtracted from your balance and will amount to 0.075% of each trade. That’s if you just started, recently they introduced a fee structure with different tiers so for a more accurate fee breakdown refer to this page. Before, the fees for those using BNB were 0.05% so they did increase it by a bit, but we won’t hold it against them as they still have amongst the lowest fees on the market.
The lack of margin trading on Binance is the only drawback to the exchange. However, margin trading is a feature written in their whitepaper, so it should be implemented in time. If you’re looking for an exchange that offers margin trading, you can take a look at our CEX exchange review as they offer this feature.
From first-hand experience, I can say that Binance’s customer support is great. I made a stupid mistake last month and sent a good amount of an ERC-20 token to my ETC wallet on Binance(don’t ask me how). Even though I felt it was hopeless I reached out to their customer support for help. They didn’t promise anything but said that it could take over a month if they managed to send it back to me.
In a little over a month, the funds were back in the wallet I sent them from and for that, I have to praise them. Just so you know, to restore the funds they charged me 0.2 ETH($100 at the time) because it is a labor-intensive and complicated process for their developers, so it’s only worth it for larger transactions.
I trust Binance and have been a Binance user since their beginning. Because of that, I can say with certainty that they are a great exchange for beginners and experienced users alike. The only drawback I see is the lack of margin trading, but that shouldn’t be an issue for anyone other than advanced traders who want to utilize leverage.
They have great customer support and a beautiful, simple user-interface so I highly recommend them to everyone. I hope this Binance review cleared things up for you. I suggest testing them and seeing for yourself, so go ahead and register at Binance, I’m sure you won’t be disappointed.