Even the veteran cryptocurrency trader can have a hard time choosing the best cryptocurrency exchange. The popular Chinese cryptocurrency exchange called Binance is known for their stellar crypto to crypto exchange services and it’s gained a name for itself mainly due to the impressive number of initial coin offering listings. However, the fact that they also offer some of the lowest trading fees around has also helped this exchange skyrocket to the top of the list.
Overview
Beginners who make their first visit to the Binance site will immediately notice the site features a couple of options for coin trading: advanced or basic. Both versions are not considered very user-friendly. However, if you have a background in the cryptocurrency world and some know-how regarding how an exchange works, then you should have no problem navigating this site.
The advanced option provides a more technical, in-depth analysis of coin value over time. However, with the basic option, you’ll also get to view a variety of charts and graphs for the pairs you’re trading, in addition to an area dedicated to your trade history.
If you’re new to trading and investing, then it will quickly become obvious that this exchange was not created with the casual investor in mind. The site’s main dashboard features several graphs and charts including a candlestick chart, order books, and the trade history section. You’ll also find the depth chart of the orders, which can be viewed in a separate tab.
Sign Up Process
First, you’ll need to set up an account, in order to use this exchange. This is a fairly simple process and you don’t have to have your account verified for level one, which features a withdrawal limit of two BTC a day. For the next level, you can enjoy up to one hundred bitcoins per day, but you’ll be required to provide ID verification via a government-issued ID. There are higher daily limits available, however, to get a higher limit you’ll be required to contact the exchange directly to make arrangements.
Once your account has been verified you can get started by funding your account. You can choose from up to one hundred cryptocurrencies, including BNB. BNB is a type of coin produced by the exchange. The BNB coin can be used to pay fees. The company has a future plan to create a decentralized exchange in which the binance coin will be one of the leading key base currencies. Purchasing BNB can actually be a pretty solid investment considering the exchange plans to buy back a portion of them each quarter and destroy them, resulting in a decreased supply and in an increase in value.
Deposit and Withdrawal Page
- In order to start trading, you must first fund your account, which can be done by clicking on the deposits and withdrawals link found under the fund tab.
- On this page, you’ll be able to choose the type of currency you want to fund your account with. The exchange provides members with a public wallet address that can be used to send funds. Right off the bat, we recommend that you fund your account with either ETH or BTC because both coins offer the most trading pairs.
- Once you’ve funded your account you can begin investing, exchanging, and trading in a variety of pairs. The exchange offers a wide range of options.
- Currently, this platform can only be used to generate market and limit orders. For some, this can be a major disadvantage, considering many pros were expecting more advanced trading options.
Payment Options
Unfortunately, this site doesn’t allow its members to purchase coin via credit cards, debit cards, or wire transfers, instead, the site allows cryptocurrency only.
Fees
Currently, this exchange has an average one percent fee per trade. Using the BNB currency will get you a half off discount on trading fees, which is great news for the pro trader.
Transfer Limits
There is no limit on the number of cryptocurrencies you can deposit. But without verifying your account you’ll be limited in how much you can withdraw.
Competitions
Binance is known for their competitions, each of which offers some great prizes. The prizes are usually currency based. As an example, the company gave away twenty thousand waves based on how many trades members made using this currency.
With their Tron competition, members had the chance to win a Maserati, a MacBook Pro, a Mercedes, or an iPhone X, based on trading volume for this currency.
Site Security
Still considered one of the newest exchanges on the market, it has quickly managed to gain a high level of trust from its members. However, the exchange does fail to provide its members with enough info regarding how the funds are secured. Yet it’s obvious that the exchange takes the site’s security seriously.
Customer Service
In order for an exchange to be successful, they need a great customer service team on board, and one that’s capable of answering questions thoroughly, and in a timely manner. While their response time could use some improvement, the customer support team is said to be very capable. Support tickets are sent via an online form and responses are received through email. Currently, there’s no phone or live chat support.
Pros
- The site offers Multilanguage support
- Operates worldwide
- Deals in one hundred cryptocurrencies
- Sign up is straightforward
- The site processes trades at an impressively fast speed
- This exchange offers multilanguage support
- Monthly competitions offer impressive prizes
- Low transaction fees
Cons
- The site only allows coin payments which can be limiting for some members
- The user interface in both the basic and advanced sections is not beginner friendly.
If you’re looking for an exchange that’s more beginner-friendly, we recommend reading our 1Broker exchange review.
Conclusion and Rating
Currently, this exchange is one of the fastest around, with the ability to process more than one million orders per second. Additionally, the exchange works on a number of platforms including HTML5, WeChat, Android, and the internet.
While it’s not the best exchange for beginners, it does offer some great digital currency support and lower than average transaction fees. We gave this exchange a rating of five out of five stars.
