Binance Exchange Review

Binance is the world’s largest crypto asset exchange and is based in Malta. Originally launched in China, the company decided to relocate to a more cryptocurrency-friendly environment. Even though the exchange was only launched in 2017, it has gained the trust of millions of investors and quickly became the leading cryptocurrency exchange in the world. Binance is not currently registered with any legislative board.

Nevertheless, it is considered a trustworthy exchange because of the extra security measures, such as anti-phishing code, PCI Scanning, Secured Sockets Layered encryption technology, pseudonymisation, and internal data access restrictions, that it has voluntarily decided to implement. These aim to protect the customer’s funds and personal informal from unauthorized personnel.

Binance is popular among both novice and serious traders alike as it offers different trading interfaces. For professional traders, it provides advanced trading techniques, including margin trading, whereas the inexperienced traders can quickly exchange any cryptocurrency for BTC or ETH or any of the other hundreds of Altcoins available on the platform.

Although Binance is best-known for its exchange capabilities, the platform has today evolved into a multi-service offering which includes staking and futures trading. Binance Launchpad is a popular annexe to the platform, providing users with an opportunity to launch IEOs within a safe and mass-market environment.

This Binance review will analyse several aspects to provide you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate information and updates it on a regular basis, we strongly recommend you to visit Binance for any updates which might occur afterwards.

Is Binance Exchange Safe?

In 2019 the exchange became the victim of a sensational cyberattack which resulted in the loss of 7,000BTC. Whilst this would have spelled the end for most exchanges, Binance was able to replace all lost coins, meaning that no user lost any funds. In addition, learning from this incident, the platform bolstered its security measures, transforming it into one of the safest exchanges in the world.

Today, Binance protects the account of its users using 2FA (Two Factor Authentication) so that it is very difficult for the hackers/fraudsters to steal information and surpass security. In addition to that, users can also set a unique, anti-phishing code to differentiate between the genuine and the fake emails which are sent by phishing websites. Binance processes the withdrawal requests only after getting confirmation from the user via email.

Binance Exchange

Binance is considered as a centralized cryptocurrency exchange broker as it only directly deals with crypto-based assets such as Bitcoin, Altcoins or ICO tokens. Buying and selling of select cryptocurrencies is permitted through Binance’s partnership with Simplex. Users can quickly exchange their coins and tokens without even submitting any documentation to verify their account. Unverified accounts, however, have a limit on the withdrawal of 2BTC/24hrs. When compared with other exchanges, it charges only a nominal fee of 0.1%. Users are eligible to get further discounts if they are holding the Binance Coin (BNB).

How does Binance compare to other trading platforms?

Binance Wallet

Binance provides a wallet service to deposit your coins, however, they will not provide you with the private key, but only with your public address key. Binance exchange has acquired the popular Trust Wallet which can be used to store ERC20 and ERC71 tokens along with 14 cryptocurrencies. In the coming months, the Binance wallet is expected to start offering cold storage solutions as well as expanding its support to the top 20 cryptocurrencies.

You could also check out our other recommended wallets, in combination with Binance’s services:

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Binance Account

With the Binance exchange, it is possible to buy cryptocurrencies or any token only after depositing cryptocurrency into your account.

How to Signup on Binance

To create an account on Binance, do the following:

Visit their official site and click the ‘Register’ link located on the top right of the page. Enter your email, password and click the ‘Register’ button after agreeing to the terms.

Within a few minutes, you should receive a confirmation email from the Binance team. Click the ‘Verify Email’ link on that email, or paste the link address on your browser to activate your account.

How to Log in on Binance

To log in to your Binance account, follow the below steps:

Navigate to Binance and click the ‘Log In’ link located on the top right of the home page. Enter your email address, password and click the ‘Log In’ button. Due to the possibility of phishing scams, Binance displays a message requesting you to double-check the URL you are visiting. Complete the captcha to log into your account. For the first-time login, Binance exchange displays a message to enable 2FA for your account.

You can follow the instructions to set 2FA immediately or click the ‘Skip for now’ button to do that later. We highly recommend setting up 2FA to better protect your account and funds.

Verification Requirements

You don’t have to submit any documents to trade cryptocurrencies on the Binance exchange. The non-verified account holders (Level 1) can withdraw up to 2 BTC per 24 hours, whereas verified account holders can withdraw up to 100 BTC per day.

To verify your account and move to Level 2, you must submit a government-issued ID. While uploading the documents, ensure that they are of excellent quality and all the information is clearly visible. In addition to the documents, you should also provide your personal information:

Name

Nationality

Country of residence

Age

Gender

You will also be required to upload a selfie by holding the ID in your hand. This is standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure. Whilst Binance is not required to perform these checks since it is not regulated, it chooses to implement them in order to protect all users and funds from fraudsters.

To further increase the withdrawal limit to Level 3, you will need to contact the Binance support by submitting a ticket to upgrade your level. Further information on how to do this can be found later in this Binance review.

How to Deposit Coins on Binance

Before starting to trade you will need to have deposited one or more cryptocurrencies, preferably BTC or ETH, onto your Binance account. To do so follow this step by step guide:

Log into your Binance account. Select ‘Funds-Deposits’ located on the top of the page. On the left-hand side, enter the coin/token (eg. BTC) to deposit from the drop-down box. You will be shown the deposit address to which you have to send the selected cryptocurrency. If your wallet has a mobile app, you can scan the barcode to get the address. Otherwise, you will have to copy the full address and paste it on your wallet to make the transfer.

To know the status of your deposit, navigate to Funds-Transaction History located on your account page.

How to Buy Digital Currency on Binance

You can trade a large number of cryptocurrencies on the Binance Exchange with a nominal trading fee. To do so, you must have any one or more of the four trading currencies (BTC, BNB, ETH, USDT). Alternatively, you will need to make purchases using a credit/debit card option.

Binance offers two types of modes to buy/trade cryptocurrencies: Basic and Advanced. The Basic mode is intended for novice traders, whereas, serial or professional traders can make use of the Advanced mode.

How to Buy Bitcoin (BTC) on Binance

This example will show you how to buy Bitcoin (BTC) using Ethereum (ETH).

Log into your Binance account. Choose ‘Exchange – Basic’, located close to the top left-hand side of your account page. On the right-hand side of the page, you should see a box detailing difference cryptocurrencies and their respective prices. Above that box, you can choose any of the markets (BTC/ETH/BNB/USDT). In this example, the option ETH is selected. Select Bitcoin by searching ‘BTC’ on the search box provided and click on the result ‘ETH/BTC’. In the trading graph which appears you will find the ‘Buy/Sell’ section with different types of orders (Market, Limit, Stop-Limit). Click the ‘Market’ tab. Enter either the amount of BTC you would like to buy or the amount of ETH you would like to trade. Then click the ‘Buy’ or ‘Sell’ button accordingly.

How to Buy Ethereum (ETH) on Binance

This example shows how to buy Ethereum (ETH) using Bitcoin (BTC).

Log into your Binance account. Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, replacing BTC with ETH.

How to Buy Ethereum Classic (ETC) on Binance

This example shows how to buy Ethereum Classic (ETC) using Binance Coin (BNB).

Log into your Binance account. Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, selecting BNB instead of BTC. When searching for the trading pair you will need to choose ETC/BNB in order to effect this trade.

How to Buy Litecoin (LTC) on Binance

This example shows how to buy Litecoin (LTC) using Bitcoin (BTC).

Log into your Binance account. Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, selecting LTC instead of BTC. When searching for the trading pair you will need to choose LTC/BTC in order to effect this trade.

How to Buy Bitcoin Cash (BCH) on Binance

This example shows how to buy Bitcoin Cash (BCC) using Bitcoin (BTC).

Log into your Binance account. Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, selecting BCC instead of BTC. When searching for the trading pair you will need to choose BCC/BTC in order to effect this trade.

How to Cash Out on Binance

Through its partnership with Simplex and other partners, Binance allows you to sell a supported cryptocurrency for select fiat currencies, and have the funds sent to your Binance cash wallet. In order to do this, you must first have a fully verified account.

Alternatively, you may choose to withdraw or send coins to another compatible wallet.

Log into your Binance account. Select ‘Funds-Withdrawals’ located on the top of the page. On the left-hand side, enter the coin/token to withdraw from the drop-down box. Copy your wallet’s public address and paste it, enter the amount and click the ‘Submit’ button. For security reasons, you will receive a confirmation email from Binance to your registered email address. Once you click the confirmation link on that email, your withdrawal request will be processed.

To know the status of your withdrawal request, navigate to Funds-Transaction History located on your account page.

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Supported Cryptocurrencies

Binance exchange allows its members to trade over 597 altcoins and cryptocurrency tokens. It offers trading pairs in BTC, ETH, BNB and USDT.

The top cryptocurrencies listed on the exchange are given below:

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Dash (DASH), Ripple (XRP), Tether USD (USDT), Bytecoin (BCN), Monero (XMR), Cardano (ADA), Binance Coin (BNB), Quantstamp (QSP), NEM (XEM), Steem (STEEM), Ardor (ARDR), Stratis (STRAT), Augur (REP), Zcash (ZEC), Golem (GNT), Waves (WAVES), Qtum (QTUM), EOS token (EOS), 0x Protocol (ZRX), Bitcoin Diamond (BCD), Bitcoin Gold (BTG), ICONOMI (ICN), Dent (DENT), TrueUSD (TUSD), Nexus (NXS), NEO (NEO), Status (SNT), Bancor (BNT), NeoGas (GAS), Bytom (BTM), Walton (WTC), Loopring (LRC), TRON (TRX), SONM (SNM), Verge (XVG), Centra (CTR), Substratum (SUB), Metal (MTL), Everex (EVX), Ark (ARK), Modum (MOD), Storj (STORJ), Nuls (NULS), Agrello (DLT), Basic Attention Token (BAT).

To check out the full list of cryptocurrencies supported by Binance, kindly visit their homepage, scroll to the bottom and click on ‘Fees’ to know all the supported cryptocurrencies:

Binance Launchpad

Beyond simply allowing traders to buy and sell cryptocurrencies, Binance offers a series of unique possibilities. One of the more popular ones is Launchpad, the launch platform for Blockchain projects. Through the Launchpad, projects can get access to Binance’s massive audience, allowing them to raise funds and receive feedback from the community. There have been several successful launches to date, thanks, in part, to the use of BNB in token sales and rewards.

Initial Exchange Offerings (IEOs)

Through Binance Launchpad, individuals, groups, and companies can launch IEOs and attract significant interest from the active exchange community. In order to avoid scams, Binance requires all those thinking of launching an IEO to go through their account verification process. Additional due diligence requirements may also be required, in line with Binance’s regulatory requirements.

Launchpad Lottery

In order to determine the number of tokens you can buy of any IEO, Binance Launchpad operates a lottery. The number of lottery tickets any user can claim depends on the number of BNB tokens the user has stored in a Binance account over a 20-day period prior to the lottery. In any case, no more than five tickets per account can be awarded.

For more information on Binance Launchpad simply visit Binance and click on the menu at the top left-hand side of the screen.

Supported Countries

Binance exchange accepts users from almost all countries in the world including the UK, EU, Australia, and Canada.

Supported

Most countries in the world are supported, including the UK, EU, Australia, and Canada.

Excluded

Apart from sanctioned countries, residents from the US are banned from using Binance due to regulatory issues. However, Binance USA is available for those users.