Binance Review – Is it a Scam or Legit to use in 2018?

Binance Review: With the recent spike in releasing ICOs, several new cryptocurrencies have emerged into the market. To complement the same, we can see numerous cryptocurrency exchanges are emerging into the market too.

One such exchange that has captured my attention is Binance and it is similar to Poloniex and Bittrex! I’m sure you must have heard about this by now since this has gathered quite a lot eyeballs recently. There is no denying that Binance has received a huge traction in last few months – all thanks to its promising ICO and low trading rates.

Surprisingly, there was no sign of this exchange 4 months back. However, after taking a deep dive into its existence, I realized that this is also a cryptocurrency. Interesting! Is’nt it?

Probably, this is the first time that I have seen a Cryptocurrency exchange raising money through an ICO. Hence, to justify the ICO, this exchange (rather this cryptocurrency) offers a plenty of unique features.

So without any further ado! Let’s get started with Binance exchange as well as Binary Cryptocurrency review.

What is Binance?

binance

Binance is a fastest-growing cryptocurrency exchange based out of China. This exchange started trading in July 2017 with the help of a successful ICO where they raised close to $15 million.

If you are wondering, Binance stands for ‘Binary Finance‘ and majorly focuses on crypto finance.

With their unique features and low transaction charges, Binance has established itself as a go-to currency exchange available in the market.

Binance allows to trade in two different modes:

  1. Basic
  2. Advanced

These two options have helped Binance becoming the desired platform for both beginners as well as advanced traders.

The basic exchange interface allows newbies to easily start trading while advanced interface gives the experienced trades options like margin trading, graphs etc.

What Problems Is Binance Trying to Solve?

As written in Binance whitepaper, they found some common problems among all the existing exchanges and decided to build a better product.

  • Poor technical architecture
  • Insecure platform
  • Poor market liquidity
  • Poor customer service
  • Poor internationalization and language support

What Binance has to offer?

  • Matching Engine
  • Device compatibility
  • Multilingual
  • Worldwide availability
  • High Liquidity

Matching Engine: Binance is capable of sustaining 1,400,000 orders / second, making
Binance one of the fastest exchanges on the market today. This makes sure that an order never gets stuck due to many orders at a time.

Device Compatibility: I have personally used many cryptocurrency exchanges but none of them provides so much flexibility as Binance does. They are available on probably every possible device which includes:

  1. Website
  2. Android App
  3. iOS App
  4. Mobile HTML5 client (including WeChat H5 client)
  5. PC (Windows)
  6. REST API

Multilingual Support: Binance is available for use in many languages which are English, Spanish, Chinese, Japanese and Korean. This exchange supports the most languages when compared to other exchanges. Also, looking at their continuous efforts, I believe they will add many other languages as well.

Worldwide Availability: Unlike other exchanges which are restricted to the users of certain countries, Binance allows users from all over the world to trade on their platform. This gives Binance an upper hand over other exchanges.

High Liquidity: Binance is trying to solve one big problem which happens with many exchanges i.e. Liquidity. Binance claims to have a high liquidity thus enabling instant transactions between buyers and sellers.

What are the Transaction Charges?

As I already told above, Low transaction charge is the major reason for the instant success of this exchange.

binance fee

You will be amazed to know that you can use BNB to pay any type of fee and this will reduce your transaction fee by:

  • 50% during the first year
  • 25% during the second year
  • 12.5% during the third year and so forth.

Since BNB are tradable their value will fluctuate with their demand.

Which Cryptocurrencies are available?

Binance is rigorously adding new cryptocurrency pair every now and then. Currently(Nov 2017) they allow trading in 141 crypto pairs.

Moreover, they have all the major crypto like Bitcoin, Neo, IOTA, Dash, Zcash and much more.

I would also like to add that, Binance is the only exchange which gives NeoGAS to its NEO HODLers. So if you are going to trade NEO on this platform, you can make some extra bucks.

How Good is Customer Support?

Though, Customer support was one of the major things that Binance wanted to work upon but they have failed miserably.

You can submit a support ticket through an online form and get a response via email within 24 hours. They also have an FAQ page where you can get answers to some of the basic queries. However, the page was translated from Chinese to English, it lacks to properly deliver the statement.

You can also reach them through their official Reddit Page.

Is Binance safe for Trading?

Binance offers a regular 2-factor authentication and Google Authenticator to verify withdrawals and security modifications.

They also have phone security verification but currently, this feature is restricted to Chinese users only. I hope in the coming times, this would be available for the users worldwide.  

How To Trade on Binance?

Now let’s see how you can start trading on Binance Exchange:

Register:

  • First of all, You need to Visit Binance.com
  • Navigate to Register Now
  • Enter your Name & Emailbinance register
  • Now, Verify your Email.
  • That’s it!

You can now active Google authenticator or complete phone number verification if you belong to mainland China.

Deposit Funds:

Binance only accept cryptocurrencies, so make sure that you have Bitcoin, ETH and 100+ other cryptocurrency.  However, In order to keep things simple, let’s take Bitcoin as our crypto.

  • Navigate to Funds on the top header
  • Click on Deposit
  • Send the Bitcoins to the given address
  • That’s it! You balance will get updated within a few minutes.

deposit in binance

Start Trading:

Now select the pair which you wish to Trade. You can trade using any trading pair that is available on your dashboard.

Moreover, If you want to save some bucks on transaction fees, you can Buy BNB with ETH or BTC and then Buy another crypto with BNB.

  • Select the Crypto Pair
  • Enter the Price and Amount
  • Click the Legendary “Buy” Button.
  • You will receive your crypto in your Binance account.

trading on binance

The process of selling crypto is also similar.

As I already told above, that Binance provides two views one for Casual Traders while another one for advanced trades. You can select the type of Exchange view by clicking on the exchange on the top right.

Basic View

binance basic view

Advanced View

advanced view binance

What more can we expect from Binance?

Very soon binance will come up some really unique features like:

  • Spot trading
  • Margin trading
  • Futures
  • Anonymous instant exchange
  • Decentralized (on Blockchain) Exchange

Pro and Cons

Pros

  • Low Trading Fees
  • Available Worldwide
  • Basic & Advanced Views
  • High Liquidity
  • Multilingual
  • Great Team

Cons 

  • Slow Customer Support
  • Only cryptocurrenies can be deposited
  • Verificationaiton is restricted to Chinese users only
  • Chinese regulatory laws can impact the exchange activities

Whats my take on Binance Exchange and Binance Coin?

I believe, Binance surely has a great future ahead.

  • Binance Team is a group of goal-driven people
  • They have some of the top investors and advisors backing them
  • The way Binance is continuously expanding and adding new languages, it seems that they want to capture huge market share asap
  • Within 4 months, Binance is already in top 7 cryptocurrency exchange by trade volume
  • They charge a very minimal trading fee which attracts a lot of new users every day.

There are many reasons that convinced me about Binance Exchange and BNB coin.

I think you shall try out Binance exchange as they provide really great service compared to others.

So, this is it for today!

Moreover, Do comment below and tell us what do you think about Binance Exchange? Will you Buy BNB Coin? What will be the future of BNB coin according to you?

Meanwhile, You can have a look at our other articles:

Binance Review

Binance Review
8.6

Ease for Beginners

7.0/10

Customer Support

7.0/10

Reputation

9.0/10

Cryptocurrency supported

10.0/10

Available countries

10.0/10

Pros

  • Supports various altcoins
  • Mobile App
  • Fast transactions
  • Available worldwide
  • Low fees

Cons

  • Slow customer support
  • No fiat currency

Comments (No)

Leave a Reply