Binance exchange – January 2020 review
Learn how to buy, sell and trade cryptocurrencies on Binance.
Whether you’re a professional trader or just starting out with cryptocurrencies, Binance offers a wide variety of tools for engaging with digital asset markets. It’s straightforward to buy and sell cryptocurrencies through the Binance exchange, while additional features make the platform capable of handling complex trading operations, as well.
|Product Name||Binance Cryptocurrency Exchange|
|Fiat Currencies||USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ more|
|Cryptocurrencies||BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 160+ more|
|Withdrawal Fees||Fees vary|
What is Binance?
Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017.
By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to execute simple trades, and provides professional traders with access to more complex options, such as margin trading.
- PC client
How much does it cost to use Binance?
Downloading the Binance mobile app or creating an account online is completely free. Making deposits to Binance in any supported currency is also free. You may incur a fee when withdrawing funds from Binance, although fees vary depending on the currency.
When trading on Binance, you will be charged a 0.1% fee on each trade. Binance has issued its own token, BNB, which can be used to pay any kind of fees incurred on the exchange. Using the BNB token reduces transaction fees on trades by a specified amount: 50% during the first year, 25% during the second year, and so forth. Because the BNB token is tradable on the exchange, its value fluctuates.
How do I buy bitcoin with Binance?
Binance currently deals only with cryptocurrencies and does not offer fiat/cryptocurrency pairings. To buy bitcoin or another cryptocurrency with US dollars, euros or another fiat currency, you will need to go elsewhere.
There are a number of exchanges that allow fiat/crypto trades, but Binance has announced that it does not plan to incorporate support for fiat trades.
How do I make a trade on Binance?
You can view the markets on Binance without registering for an account, but to actually make a trade, you will need to sign up and log in.
- Simply select “Register” from the main website and follow the steps to create a new account. You will likely need to verify your email address to activate your account.
- Once your account is confirmed, you can log in to Binance using your email address/userID and password. To prevent phishing attacks, be sure to double-check that the URL is correct and uses the https protocol.
- To deposit funds into your account, navigate to the “Funds” tab and choose “Deposits/Withdrawals.” From there you will see a list of supported currencies. Find the currency you wish to deposit (bitcoin is typically near the top) and click the “Deposit” button.
- You will be shown the deposit address for the currency of your choice. You can either copy the alphanumeric code or use the provided QR code. This is the address you will want to send your funds to.
- Whether you’re keeping your funds on another exchange or a third-party wallet, just go there and send the funds to your Binance deposit address, either by pasting in the code or via QR.
- Once you have confirmed the transaction, it will typically take a few minutes to process. You may not see the transfer register immediately in your available Binance balance. When a transaction is in the process of being confirmed, it may appear in the “In Order” tab.
- When the funds appear in your “Available Balance” tab, you can proceed with trading. To make a trade, visit the “Exchange” tab and choose either “Basic” or “Advanced.” For new traders, the “Basic” view may be easier to navigate.
- Choose the trade you want to make from the trading pairs tab. If you have deposited bitcoin to your account, you will have the option to buy many different cryptocurrencies with bitcoin. Binance also supports some trading pairs that use Ethereum as a base currency. If you want to take advantage of the BNB token for reduced fees on Binance transactions, you can buy BNB with either bitcoin or Ethereum.
- Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to purchase and set the price you’re willing to pay for it. Once you’ve confirmed the details, hit the “Buy” button to complete the transaction.
- When you’ve purchased a new currency on Binance, your funds will show up in that currency’s designated wallet in your account’s “Funds” area. To withdraw funds from Binance, you may need to take further steps towards account verification.
How secure is Binance?
The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features. Currently, only Chinese phone numbers are supported for two-factor authentication.
Where can I get the Binance app?
You can visit Binance on the web and access the trading platform directly through your browser. You will have to register for a new account before you can make trades.
On mobile, you can download the Binance app for free from the iOS or Google Play store. Chinese users will find links to WeChat resources on the Binance home page.
Pros and cons
- Basic and Advanced exchange views
- Support for close to 100 cryptocurrencies
- Multi-language support
- Offers the Binance in-house BNB token for reduced trading fees
- High liquidity
- Capable of processing 1.4 million transactions per second
- Backed by an established team with a proven track record in crypto and finance
- Low fees on transactions and withdrawals
- Bounty and reward programs for the community
- Some users have reported difficulty with the Android version of the mobile app.
- Some users have reported delays when withdrawing certain coins from Binance.
- Unclear how recent regulatory actions by the Chinese government may impact the exchange, which is based in China.
- Because it’s a new platform, it’s hard to assess its long-term viability.
- Currently only Chinese phone numbers are supported for two-factor authentication.
- Binance does collect and store some user data, such as logging IP addresses.
What’s next for Binance?
Binance’s white paper includes plans for the rollout of several additional features. While there’s no official timeline listed concerning these features, the vision for Binance eventually includes support for:
- Spot trading
- Margin trading
- Anonymous instant exchange
- Decentralized (on-chain) exchange