Binance crypto exchange review 2018
A REVIEW ON BINANCE
When it comes to trading cryptocurrencies, the internet offers a wide variety of cryptocurrency exchanges where users can buy and sell token as well as engage in transactions. It can be difficult for users to choose the right platforms for trading, especially for new customers. Well, if that is the case, Binance is definitely one of the best trading platforms for you. While Binance is relatively new on the exchange market (it was founded last year, 2017), over time it has established itself as one of the leading exchanges in the world, growing in popularity. This growth is as a result of its low trading fees, its impressive number of ICO listings, the professional attitude displayed by their staff and the friendly nature of their CEO, Changpeng Zhao. Binance is the largest crypto exchange in the world with a market capitalization of $1.3 billion.
Binance was founded in China originally by CEO Changpeng Zhao and Yi He but eventually moved its headquarters and servers to Japan after the Chinese government imposed a ban on trading cryptocurrencies in September 2017. However, they recently moved to the Island of Malta, where they can operate in a more crypto-friendly legislation. This was after a Japanese newspaper said that Binance wasn’t following the official regulations in Japan.
The Prime Minister of Malta received them warmly, which means that their new location will provide regulations that support crypto trading and will offer stability to their company. They plan to expand their influence in Europe after acquiring an exchange license and to add more fiat currencies like Euro and British Pound.
How to Begin Trading on Binance The Binance platform offers two options for users to carry out trading: basic and advanced. None of the options will be easy to use for first timers who intend to start trading. However, for a person who has some knowledge of digital currencies and how crypto exchanges work, it would be much easier for them to use the Binance platform and its services. Both options offer similar services. The major difference between these two options is the fact that the advanced option gives a more in-depth analysis of the cryptocurrency. Whichever option a user chooses to use is only a matter of preference. Before customers can start using the Binance exchange, they must first log in to their account and if you don’t have an account, you can create one.
The process of creating an account is a straightforward one.
After providing the appropriate information, you then need to upload a photo ID and wait for approval. The verification length is not fixed and it depends on how busy the support staffs are. After the account has been verified, you can now begin trading, but first, you need to fund your Binance account.
Go to the ‘Funds’ option and click on the ‘Deposits/Withdrawals’ link. This gives you a wallet address with which you can begin trading with after you have funded it. After funding your account, you can start trading, investing, and exchange different digital currency pairs. For anyone who has experience in using other exchanges, trading on Binance will be much easier. After funding your account, click on the ‘Exchange’ option at the top right and choose your preferred option, Basic or Advanced. Select your desired currency and view available prices, after which you can place an order to buy or to sell. Binance offers a wide range of digital currencies which include GAS, NEO, Bitcoin, Bitcoin Gold, Bitcoin Cash, Litecoin, Dash, Ripple, Zcash, Ethereum, EOS, Ethereum Classic, amongst many others
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Binance Fees and Limits
When it comes to Binance fees, they charge an average fee of 0.1% per transaction. There are no limits as to the number of coins a user can deposit. Users whose accounts have not been verified however are limited to the number of coins they can withdraw each day. After verification, these limits are lifted.
Regular Binance Competitions
Binance regularly holds competitions for their customers with the possibility of winning exciting prizes. For example, in one competition for Tron (TRX), participants of the competition were given the opportunity to win a Mercedes Benz, a Maserati car, a MacBook Pro or an iPhone X. in another competition, 20,000 waves were given to users based on the number of trades they made using the Wave currency.
Safety of Binance
In terms of its safety, Binance has gained a high level of trust from its user and the digital currency community. Earlier this year, there was a hacking attempt on Binance but the hackers were unable to pull it off as they were caught by automated systems at the exchange. Their fast action in resolving the attempted hack has only increased the level of trust their customers have in them.
The Customer Support of Binance
The explosive way in which Binance has grown has made it difficult for the company to meet up with the demands of a customer support which will be able to attend to their customers' needs in time. It is advised you provide the contact support with enough information so they can attend to your first time. Make sure you include any information that can help speed the process.
Binance plans to launch their own Decentralized Exchange (DEX)
In addition to the centralized exchange to create an ecosystem where both the Centralized and Decentralized exchanges complement each other, while also being interdependent. In addition to this, Binance also plans to launch a decentralized stock exchange, aiming to cement their position as one of the world’s leading crypto exchanges, if not the number of crypto exchange in the world. Binance is one of the fastest exchanges in the world as well with its matching engine capable of processing about 1.4 million orders every second. For users who are non-English speakers, Binance can be used in Chinese, Korean and the Japanese language. We can only expect Binance to solidify its place as a leading crypto exchange and to offer better services for their client to make transactions. So if you are looking for a crypto exchange to start trading on, Binance is the one for you. Always remember to take certain precautions, however, such as using a unique and secure password for your account.