Binance review

Binance Exchange Review – Top Choice for Crypto Traders

If you look at the number of digital coin exchanges scattered here and there, you will rather feel overwhelmed than feeling at ease. This is because the majority of exchanges aren’t trustworthy and are often the easiest target for online hackers. Most of the time, it seems like a complete puzzle to decide which exchange to go with, no matter if you are a novice trader or an experienced one. Hence, in order to find a few reliable ones among more than 1000 choices, it is always safer to select from the list of top exchanges.

 

And, how can we forget to add Binance to the list of most popular ones? Binance started operating from China, soon had to move its operation to Malta in the EU after the Chinese government started putting restrictions on the trade of cryptocurrencies. The blockchain-friendly island of Malta was the best choice for the exchange and it did pay off. To date, Binance has been able to secure its top place among the list of reliable crypto exchanges.  

Binance is been doing good and has maintained its support from its users because of unmatched services and trading rates. Popular for its crypto exchange services, Binance has been running smoothly since 2017, the year of its inception. In just a few years, this exchange has become the top choice among the crypto traders while tacking millions of users at a time.

 

In this review following our overview, we would introduce you to the various aspects of this exchange, starting from how it works to the supported services.  

How Binance works?

Have you ever checked out a digital coin exchange to find out how it looks? Well! For starters, the platform offered by Binance is not going to be easy. It may seem difficult even for those with some experience with exchanges. However, veteran traders still would be able to find their way through the exchange pretty easily when compared to the beginners.

However, this does not stop users from taking the benefits offered by this exchange. With huge popularity, it also caters to a high trading volume and the exchange fees are also lowest. So, you can find the engagement on Binance, high most of the time.

 

This platform has two different trading choices for its users. One is the Basic and another is the Advanced one. Do not go by the name though. Even the basic version is a bit difficult to understand by the naïve traders. But with time, you can find how the platform works.

 

So, what makes these two trading options differ from each other? These two differ in terms of the technical analysis these provide for the digital currencies. For instance, the basic version offers graphs and charts. On the contrary, the Advanced version provides a more in-depth analysis of the digital currencies and their values over time.

There are other differences too. The interface differs as well. While the basic version is more about the simple design (lighter theme) with straight forward information lucidly presented, the advanced view makes use of a dark theme with larger trading charts. The location of graphs, buy-sell boxes, and various other variables differ too.

In short, you can choose depending on your preferences. For instance, most of the users find it easy to deal with lighter themes and less information. While for some, excess details matter the most, irrespective of the theme being lighter or darker.

How to Sign UP and Log In on Binance?

As it is with any other crypto exchange, you must create an account first. Unlike the platform, the signing up process is simple and very must similar to any other websites you may have come across in the past. Its straight-forward and comes with a limited set of details to enter. The good news is that you do not even need to verify your account in case you wish to start as a Level 1 trader. However, this would limit your daily withdrawal to 2 BTC. For most beginners, this is a lot to expect anyway.

In case you need a higher withdrawal limit, you can go with Level 2 access to the platform. For this, you must verify your account in advance. To do so, you must upload your photo ID. Verification may take some time depending on the traffic and the number of support staff taking care of the traffic. However, once approved, you can withdraw to 100 BTC per day. Just remember, you must contact the team directly for withdrawal for higher limits.

Once your account sign-up completes, you can fund your Binance account, the first thing to do before heading with the real trade. There are plenty of digital coins to select when funding your account, we would recommend going with BTC or ETH. Just go to ‘Funds’ and choose ‘Deposits / Withdrawals’. You can locate the link placed at the top of the website. Later, select the currency to fund and click send. Finish the process by clicking on the ‘Deposit’ button. After you do that, the website will provide you with the wallet address. To start trading, send your funds to this address.

After setting your account and funding it with the required value, you can start trading right away. The platform offers many services, including exchanges of one crypto into another, trading as well as investing into digital currency pairs. Plus, you can enjoy the flexibility of trading with over 180 cryptos choices. Along with digital coins, you can also explore various ICO listings with respective tokens.

Binance Exchange Limits and Fees

Currently, Binance charges a fee of 0.1% on the traders made by the users. Also, there is a 50 percent discount for those choosing to pay for the trades with Binance token. Hence, making Binance one of the most affordable exchanges out there. The fees are lower than most of the other counterparts, with reliability that the exchange is popular for.

When it comes to the withdrawal fee, it varies for different cryptocurrencies. If you wish to withdraw BTC, the withdrawal fee is 0.0005. However, in the case of ETH, it is 0.005. Likewise, the charges differ for different digital coins.

Talking about the limits, there isn’t any threshold for transferring cryptos to the platform. However, withdrawal limits are there. As discussed below, it depends on the level of the user. For level 1 users, the withdrawal limit is 2 BTC per day. On the contrary, for verified and level 2 users, it is 100 BTC per day.

Binance Supported Currencies

Binance is popularly known for allowing the trading for multiple crypto choices. This includes and is not limited to Bitcoin, Bitcoin Gold, Bitcoin Cash, Dash, Ethereum, EOS, Ethereum Classic, GAS, LiteCoin, Zcash, Dash, NEO, Ripple, and whatnot. There are over 180 digital coins currently supported by Binance.

 

There are more options for users than digital coins too. As already discussed before, Binance also showcases numerous tokens from the ICO listings. Hence, users can even utilize these tokens for trading and making some exciting profits from it.

 

The best part is that the exchange keeps adding new digital currencies and ICO tokens for users to trade with. This makes the platform even more attractive and reliable. Plus, offering users more flexibility in terms of their trading choices.

The exchange also provides users with the choice of trading in crypto pairs. As of now, the platform offers trading in pairs with BTC, BNB, ETH, and USDT.

 

Is It Safe to Trade Using Binance?

There are many notions about the safety of these exchanges. As the threats are becoming stronger, it is not easy to predetermine if an exchange would be secure always. Hackers do find new and serious ways to get into the security system of crypto exchanges. However, what matters is the seriousness of these exchanges to ensure and keep working to provide a highly secure platform for trading.

When talking about Binance, we do remember the instance when hackers tried to get into the accounts of users by pulling off a fake website asking users to enter their two-factor verification details. The good news is that these hackers were caught by the automated system at Binance and no one lost their funds.

 

The example does suggest that the company takes security concerns seriously. The popularity of Binance is proof of the same. It has been able to become the most popular exchange in such a short period of time. And, has attained great trust from its users.

 

Although the exchange does not upfront talks about the way it secures funds of its users, the two-factor authentication does tell us a lot. Just remember that the platform is constructed over the multi-tier and multi-tier system architecture. This makes the entire design safer to trust and rely on.

Please note that fees may vary based on your country or purchase amount. 

BitcoinFinland24 is an educational website offering users an insight into the different crypto exchanges. We do not indulge in any kind of financial consulting pertaining to crypto investments. On the other hand, we can offer some ground rules that could help you stay safe while investing in digital assets. Firstly, you must only invest the amount you can lose. Also, there are no guaranteed profits with crypto trading because of its high volatile nature. This means that the cryptos’ value can drop as well as rise suddenly. So, you must be ready to invest taking every risk into consideration.

**Please note, we receive an affiliate commission for advertising crypto exchanges and Bitcoin wallets. And, use those funds to further strengthen the blockchain industry. Every purchase you make through our suggested links gets us the fixed affiliate commission.


 

  • Binance has the lowest trading fee for users with a 0.1% fee of each trade

  • Users can avail 50% discount when trading using Binance token
     

  • Multiple payment methods are available. 

  • Very reliable exchange with millions of traders happening every day
     

  • Trading in Crypto pairs available

  • Limits on daily withdrawal 

Compare Binance with Other Exchanges

Find other top exchanges and compare those with Binance to buy Bitcoin safely

  • It has more than 5 million daily users
     

  • Scores over 2 to 5 billion trading volume daily 
     

  • It supports more than 190 cryptos supported

 

  • OTC Huobi

  • Users can utilize its Derivative Trading which includes Future as well as SWAP markets

  • Margin Trading

  • It has more than 12 million daily users
     

  • Caters to over 10 to 12 billion daily trading volume
     

  • The lowest trading fee of 0.1 - 0.2 % 
     

  • OTC Binance 
     

  • It supports over 190+ cryptocurrencies
     

  • Works in over 180 countries

  • Engages in more than 1 billion trade per hour
     

  • It supports over 190 cryptos
     

  • Charges 0.2% taker's fee 
     

  • Website is available in 5 different languages

  • It rewards Makers for making trades 

Disclaimer

BitcoinFinland24 is an educational website offering users an insight into the different crypto exchanges. We do not indulge in any kind of financial consulting pertaining to crypto investments. On the other hand, we can offer some ground rules that could help you stay safe while investing in digital assets. Firstly, you must only invest the amount you can lose. Also, there are no guaranteed profits with crypto trading because of its high volatile nature. This means that the cryptos’ value can drop as well as rise suddenly. So, you must be ready to invest taking every risk into consideration.

**Please note, we receive an affiliate commission for advertising crypto exchanges and Bitcoin wallets. And, use those funds to further strengthen the blockchain industry. Every purchase you make through our suggested links gets us the fixed affiliate commission.

About US

BitcoinFinland24 goals to offer users the best selection of crypto exchanges to compare and choose. We bring the top three exchanges popularly currently and compare those with each other to provide visitors a comprehensive insight about each of these choices, kept side by side. The platform considers various variables from each of the top three exchanges and brings you an unbiased comparison for making an informed decision.

Compare trading volume, fees, security, supported countries, and various other parameters from each of these recommended exchanges right in one place. We focus on letting you enjoy our user-friendly interface and understand the various nuances of crypto trading.

BitcoinFinland24 is started by Consulting24 which itself is the fastest growing crypto consulting firm, headquartered in Estonia. Using this comparison domain, the team aims at managing various queries of visitors related to the best exchange in the simplest and informative manner.

Browsing this website, you can easily find out the best deals related to each of these exchanges. Hence, being able to go with the one offering the highest profit. Find out which exchanges are offering the best value for your bitcoin buy, prioritizing security concerns. Also, check out the latest prices and deals to find the best match for your expectations.

We provide complete reviews of the top selected exchanges. Helping visitors to screen through the scams and stay with the most reliable and trustworthy exchanges. You just need to look throughout the selection and choose the one closest to your needs.

Website is easy to surf and highly accessible on multiple platforms. Just browse and find out what you are looking for when it comes to buying bitcoins from the top exchanges.

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