4.2 out of 5 based on 7 reviews.Overall rating:
|Features||More than 100 cryptocurrencies available for exchange; reward programs for customers|
|Deposit Fees||No fees|
|Trading Fees||0.1% trading fee; BNB in-house token deducts 50% trading fee (temporary)|
|Withdrawal Fees||Depends on the type of cryptocurrency you are withdrawing|
|Tradeable Coins||Bitcoin (BTC) Ripple (XRP) Ethereum (ETH) Tron (TRX) DASH (DASH)|
- No deposit fees, low trading fees
- Multi-language support
- Safe platform (offers two-factor authentication)
- No fiat withdrawals and deposits
Today’s cryptocurrency market has a lot of choices to offer. Thus, finding the right platform that will satisfy your individual needs may become a real challenge for both newcomers and experienced traders.
Binance is a cryptocurrency exchange based in China. It is well-known for a wide range of crypto to crypto exchange opportunities. Despite the fact that Binance is a pretty young company, it has a lot of adherents thanks to numerous coin offers and relatively low fees.
In this article, we will try to outline all important facts about Binance, including pros and cons, how it works, and some interesting features. So read on and learn everything you need to know before start trading at this site.
Hot is works?
If you are new to Binance, you will notice that there are two trading options there – advanced and basic. The problem is that neither basic nor advanced versions are customer-friendly. In a word, you will be able to use all the services and features properly only if you already have some trading experience, since the principles of Binance’s work cannot be called intuitive.
In such case, you must be wondering what the difference between basic and advanced versions is. In fact, advanced version offers more technical analysis of cryptocurrency course and a value prognosis. In a basic option, there is a dashboard that displays some charts and graphs for trading pairs, trade history and an order book.
Your cooperation with Binance begins right after registration. It is a simple and straightforward process. There is no need to even verify your first-level account (this one allows 2 BTC daily withdrawal limit). The second level allows withdrawing 100 BTC per day, but you need to upload your ID, photo and wait for approval. Higher limits are also possible, but you have to contact the company owners to reach them.
Binance is known for its wide range of supported currencies. You can use this site to multiple the following coins: bitcoin (+bitcoin cash and gold), ether, EOS, dash, litecoin, NEO, Ripple, GAS, Zcash and more. Also, Binance supports various tokens, so you can benefit from this option, too. There are trading pairs for bitcoins, ether, binance coin and tether here. Also, Binance adds fresh coins and tokens right after they appear and therefore you can get them at once for good prices.
Pros and cons
The pros of Binance are the following:
- A lot of available coins and ever-growing assortment
- Low trading fees
- Useful listings and tools
- Functional interface (for experienced traders)
- Tokens in addition to cryptocurrency
- The website works on various types of devices (WeChat, Android, and HTML5)
- Multiple language support
- The website works really fast (1.4 million orders per second)
And some cons:
- No phone support for fast communication
- No fiat currency accepted
- The interface of the website cannot be called user-friendly
Considering all pluses and minuses of Binance, we confirm that this website has a lot of interesting features to offer. Also, trading opportunities have pleasing low fees. Chances are that Binance will continue to grow and evolve, offering more and more services to cryptocurrency traders. Therefore, we do recommend this resource as one of the most reliable and profitable on the web.