Binance Exchange Review | Is Binance Trustworthy?
Out of so many cryptocurrency exchanges in the market, why is Binance one of the best crypto exchanges? Is Binance trustworthy? Read our Binance exchange review to find out what is Binance and what does it offer.
Binance Exchange Review
Whether you’re a professional trader or just starting out with cryptocurrencies, Binance offers a wide variety of tools for engaging with digital asset markets. It’s straightforward to buy and sell cryptocurrencies through the Binance exchange, while additional features make the platform capable of handling complex trading operations, as well.
Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.
Binance has people from some of the leading institutions including Morgan Stanley, Nomura, SBI Group and Accenture. The exchange has also acquired an extensive list of high profile backers for the ICO, including Roger Ver, Matt Roszak and a number of well-known Chinese investors.
Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used as a method of paying your trading fees, which will reduce them by 50%.
Additionally, a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next.
Binance is capable of processing 1.4 mil orders/second, which makes the platform one of the fastest exchanges in the market. It ensures that the orders aren’t delayed due to increased traffic.
It has multi-language support – Chinese, English, Korean, Japanese and has all the major coins available – BTC, ETH, LTC, BNB etc.
The Binance exchange platform is built to the highest standards. It is made using multi-tier and multi-cluster system architecture. The security features are audited, and penetration tested to ensure their effectiveness.
By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to execute simple trades and provides professional traders with access to more complex options, such as margin trading.
Binance’s trading platform is web-based. As mentioned, it offers two distinct trading layouts, a more simple one and a “Pro” version. Visually it reminds us a lot of the platform provided by Bitstamp.
The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history. There’s also a depth chart of the orders that you can view in a separate tab from the candlestick chart.
Here is how the “standard platform” looks:
The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable. The “Pro” version, on the other hand, looks like this:
Downloading the Binance mobile app or creating an account online is completely free. Making deposits to Binance in any supported currency is also free. You may incur a fee when withdrawing funds from Binance, although fees vary depending on the currency.
When trading on Binance, you will be charged a 0.1% fee on each trade. Binance has issued its own token, BNB, which can be used to pay any kind of fees incurred on the exchange. Using the BNB token reduces transaction fees on trades by a specified amount: 50% during the first year, 25% during the second year, and so forth. Because the BNB token is tradable on the exchange, its value fluctuates.
The huge consumer base for handheld devices and diversity in platforms and operating systems are covered by Binance. It comes with cross-platform trading capabilities provided by its client for Web, Android, iOS, Mobile HTML5, and Windows. It also has REST API for integration with other platforms.
The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features.
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
- IOTA (Binance is one of only two major exchanges where you can buy IOTA)
- +36 more coins
Many investors like Binance because they offer coins that often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton Coin.
Verification with Binance
Verification levels is a security feature that can help monitor the trading levels and keep in manual to help them control unwanted trades.
What are verification levels?
Account levels are there to keep the users safe from going over their regular trading capacity. Most of the websites now have manual activation that requires information from the user submitted to the company for review. There are also verification levels that are not connected with trading, but with deposit/withdrawal caps.
There are three verification levels available in Binance and these verification levels are for withdrawal limits.
The first level has a 24-hour withdrawal limit of 2 BTC, the second level allows up to 100 BTC withdrawal, the last level would be level 3 and this would have a higher limit than 100 BTC (exact amount is not disclosed).
How do we level up an account to increase its withdrawal limits?
To increase the regular level (LVL 1) to Level 2, the security SMS Authentication/Google Authentication needs to be turned on. Once this has been turned on, additional verification documents needed to be submitted in order for the account to be increased to level 2. The level 3 account needs to go through a manual verification process which demands a user to contact the developers and ask for their approval.
Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5.
Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean, Japanese, and French.
Based on everything that has been outlined so far, while Binance is one of the most user-friendly exchange available on the market, it also offers great fees and awesome digital currency support.
As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients.