Binance.com - A Review
The website is a popular Chinese exchange which is known for their crypto to crypto exchange services. Compared to other names in the market today, Binance.com is fairly new and just went live last year but its followers are growing in numbers due to its low trading fees and available initial coin offerings. In 2017 the website was led by Changpeng Zhao its CEO along with his Co-Founder James Hofbauer with the big responsibility of creating something “new” to an already populated crypto-exchange website market.
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Creating a Binance.com Account
How can you create an account with Binance.com? It’s pretty simple; all you need to do is head to the website and provide an active email account, password, and referral ID (if you have one). After providing them with the registration requirements you will receive a confirmation email within just a few seconds of the application. After confirmation, you will then be able to log into your account and explore their website! It is fast, simple, and does not require sensitive information that might be too much for other exchange website users.
When it comes to crypto-exchange websites, there are some that have “verification levels” that cap newly created accounts. Websites that do have this feature can be a major headache, if you just want to jump into the exchange without compromising personal information. Here at Binance.com, there are three verification levels that limit users withdrawal limit depending on the account tier. Basically, you go over three tiers and the higher you get the more you can withdraw within a 24-hour window.
How to trade cryptocurrencies with Binance.com
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Now that we have created an account, it’s time to look at their exchange platform. Here at Binance, they have two types of platforms that we will be inspecting today. Shown in the screenshot above is their “Basic” platform. As you can see, it’s pretty straightforward and easy to understand. The upper right-hand side panel lists the available pairs that you will be able to exchange here. For our sample, we picked BCC/BTC, which can be seen in the middle of the platform. As you might have noticed, we have crypto pairs all over the place since this is an exclusive website for crypto exchange. They have a crazy amount of pairs to choose from like ETH/BTC, XRP/BTC, NEO/BTC, and ZEC/BTC to name a few. Of course, the website also supports BNB, ETH, and USDT Markets. To get the full list of available crypto pairs, please check out Binance’s list here.
The “Advanced” exchange platform is much better than the basic one. Everything is just properly arranged and the night-mode effect is easier on the eyes. To select a pair, all you need to do is click the drop-down box of the currently selected crypto pair and scroll down to your option. The order slip is located on the bottom right-hand corner of the screen, giving more space for our candlesticks. Overall, both exchange platforms are far easier to use compared to most of the websites that are readily available today.
Fees and Deposit/Withdrawal Methods
Deposits are completely free here at Binance but withdrawal fees apply. For example, if you wish to withdraw BTC from your account, the minimum withdrawal is 0.002 and the transaction fee is at 0.0005 BTC. For ETH, the minimum withdrawal is 0.1 and fee is 0.01 ETH. Due to the number of coins, they accept we would like you to check out their full list under the “Fees” tab found on the website.
Trading is at 0.1% per transaction and is one of the lowest in the industry. The website also promotes the use of their own coin for trading fees and customers are rewarded a 50% discount per transaction lowering it to 0.05%. As you might have noticed, the website does not support any Fiat deposits at all and all transactions are in cryptocurrency.
Features and Security of the crypto exchange
Binance is one of the latest cryptocurrency exchange websites but they have no issues when it comes to providing a high level of security for their customers. Two-factor authentication is available here and is always something nice to see in websites that handle financial movements.
Binance Blockchain – Just recently, Binance announced that they will be launching their own public blockchain that would help make their exchange a decentralized one. What does this mean? This means that instead of being known as an exchange, they will also be known as a community. Naturally, their own coin BNB that runs in the ETH network will eventually transition to their own blockchain. The news has already pumped up the value of BNB by more than twenty percent according to CoinMarketCap. The news might not be new to some of the existing decentralized exchange websites but this is a huge step for Binance.
A very important aspect of an exchange website is to have the ability to provide customer service. Here at Binance.com, they have a peculiar way of showing customer support. They do not have any live chat support or a phone number but they have an online ticketing system. Compared to other exchange websites today, they are definitely behind everyone and we honestly think that the website needs some serious work with the revamp of their support system. In addition, other reviews of the website have negative comments regarding their delayed support even of the smallest issues; something that you need to keep in mind.
Pros and Cons
- Easy to navigate
- Low Trading Fees
- Lots of crypto pairs
- No Fiat payment options
- Delayed customer service
Binance.com is a solid exchange website that offers a lot of crypto pairs to choose from. The website is easy to navigate and doesn’t have any latency issues and works pretty fine with any web browser. They do need to work out the negative image they have in the customer service sector by providing more support channels, to begin with. But in general, they provide a great option for people that are looking for a new exchange website to try out.
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