If you’re new to cryptocurrency, chances are that you might have heard about Binance. Well, Binance happens to be one of the fastest growing exchanges for trading cryptocurrencies. In just 5 months, Binance has managed to scoop up the 10th position among the top volume exchanges. The exchange has some particularly strong volume crypto pairs like ETH/BTC, NEO/BTC, BNB/BTC, and GAS/BTC.
Binance has become extremely popular within its short stay due to a number of factors like low trading fees, superfast transaction processing, very neat interface, availability in multiple languages, and others.
Binance was the first cryptocurrency exchange to create its own token, which is known as Binance Coin or simply BNB. BNB allows you to pay at varying rates within the Binance exchange.
Some of Binance’s advertised features include;
- Multiple coin support: Binance exchange accepts trading in a number of coins including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB).
- High Liquidity: Binance offers high and strong liquidity in a variety of cryptocurrency pairs.
- High Performance/Extremely Fast Processing Speed: Binance enables processing orders at extremely high speeds. Its technology is capable of processing approximately 1.4 million orders per second, making it a world leader in terms of speed.
- Safety and great stability: Binance uses a multi-tier and multi-cluster system architecture, ensuring safety and excellent stability. It’s for this reason that most users trust the exchange with their digital currencies.
- Multiplatform/device support: Binance supports web browsers, Android, iOS, HTML5, WeChat, PC, Mac, and other platforms.
- Multilingual Support: Binance supports a number of languages like English, Chinese, Japanese, Spanish, Russia, and Korean.
- Superior technology: Binance is reputed as one of the fastest exchanges on the cryptocurrency market, thanks to its superior technology. It uses a certified matching engine that is capable of processing approximately 1.4 million orders every single second, which is incredibly superfast.
- Led by a strong team: Binance was founded by Changpend Zhao who was later joined by Yi He, one of the most renowned cryptocurrency evangelists and OKCoin’s co-founder. The entire Binance team consists of highly experienced individuals who are from leading institutions like Morgan Stanley, Accenture, SBI Group, and Nomura. Overall, the Binance team is run by some of the most reputable developers who all have extensive experience in both cryptofinance and Wallstreet.
- Proven products: Binance platform has already been deployed on more than 30 exchanges. This is a platform that supports all devices/platforms, multiple languages, and offers a seamless, exceptional user experience.
- Easy to use, neat, and intuitive interface.
How Does Binance Work?
Binance consists of two options for trading platforms: Basic and Advanced. The only difference between the two is that the Basic trading option provides the necessary functions for the average crypto user to begin trading. On the other hand, the Advanced option provides a much more sophisticated trading interface that is designed for pro traders.
Let’s cover the Basic option;
The Basic view consists of several charts and graphs including a candlestick chart, order books, and the trade history. To start trading on Binance, you need to first fund your account.
To fund your account, hover to the “Funds” tab and click on the “Deposits Withdrawals” link. On the Deposits Withdrawals page, select which cryptocurrency you would like to fund your account with and click “Deposit.” A public address for the cryptocurrency you wish to deposit will appear. This is the address to which you will send the digital currency to.
Binance recommends depositing either Bitcoin or Ethereum as they are the main currencies with highest number of trading pairs. With the funds in your account, you can easily trade the currencies.
How to Trade on Binance?
Assuming you’ve already added some funds to your account using the procedure above, now you can begin trading. To trade, head over to the “Exchange” tab and click either “Basic” or “Advanced.” If you’re new to crypto, Basic is the best option for you.
Next, navigate to the right side of the exchange and search the pair you wish to trade. Click the pair and here, you can easily buy or sell the coins you want. Place the amount of coins you want to buy or simply click the percentage based on the funds in your account.
You will see a successful trade pop up on your screen. It’s as easy as that!
What Cryptocurrencies are Available on Binance?
As of writing this, there are 242 cryptocurrencies available on Binance. Some of them include Bitcoin, Ethereium, Tron, EOS, VeChain, NEO, Verge, Ripple, ELF, Cardano, BCC, and others. You can check out others here.
What are the Methods of Payment on Binance?
Binance only accepts cryptocurrencies as a method of payment. As stated earlier, you will need to deposit cryptocurrencies like Bitcoin and Ethereum to your account in order to trade. You cannot deposit fiat currency to your Binance account.
The exchange charges a fee of 0.1% on each trade that you make. This makes it a much cheaper alternative to other exchanges. If paying via the Binance token, then you will enjoy a 50% discount on the trading fees.
Depositing funds on Binance is absolutely free. Withdraw fees vary depending on the digital currency. Let’s have a look at the withdrawal fees for various digital currencies:
- Binance Coin- 0.72 BNB
- Bitcoin- 0.001 BTC
- Ethereum- 0.01 ETH
- NEO- Free
- Litecoin- 0.01 LTC
- Status- 34 SNT
- EOS- 0.8 EOS
- Qtum- 0.01 QTM
- GAS- Free
- Bitcoin Cash- 0.001 BCC
- USDT- 25.7 USDT
- Bytom- 5 BTM
- DASH- 0.002 DASH
- HealthCareChain- 0.0005 HCC
- Monaco- 0.9 MCO
- District0x- 48 DNT
- OpenANX- 7.8 OAX
- Iconomi- 3.8 ICN
- Walton- 0.5 WTC
- Loopring- 8.2 LRC
- LLToken- 54. 1 LLT
- MIOTA- 0.5 IOTA
- TRON (TRX)- 136 TRX
- Ripple (XRP)- 0.25 XRP
Binance will adjust the withdrawal fees according to the blockchain conditions regularly.
Because Binance is strictly a cryptocurrency exchange, it’s impossible to fund your account with fiat currency. You can only load your account with cryptocurrencies like BTC, LTC, ETH, and a few others.
There is no set limit to the total amount of cryptocurrency funds you can deposit. However, there is a set limit to the amount you can withdrawal. If unverified, you can only withdraw up to 2 BTC worth of cryptocurrency every day. If you’ve submitted all verification details, your daily withdrawal limit is increased to 100BTC.
What are the Advantages of Using Binance?
If you are planning to use Binance exchange, here are some of its advantages you should know about.
- High performance/fast order processing speed.
- Has high liquidity.
- Supports multiple languages.
- Supports multiple devices/platforms.
- Highly secure and stable.
- Supports multiple coins.
- Offers both Basic and Advanced views.
- Easy to use interface.
- Backed by a strong team with a proven track record on Wallstreet and cryptocurrency finance.
- Low transaction and withdrawal fees compared to some exchanges.
- Has its own homegrown cryptocurrency that aims to reduce trading fees.
- Uses unmatched technology.
How Secure is Binance?
Binance exchange security architecture includes ISO/ICO 27001:2013 as well as CCSS security protocols. Binance has also put various security measures in place like allowing its users to activate two-factor authentication and Google Authenticator for maximum account security especially when logging into your account and when making withdrawals.
Do We Recommend Binance?
Binance has been considered time and again as a better alternative to most cryptocurrency exchanges due to the many benefits it offers to its users. Everyone seems to love the exchange, especially due to its superfast order processing speed, low transaction costs, security, and stability.
The fact that it’s backed by a strong team makes it a great exchange to trade your digital currencies with. So yes we would highly recommend Binance!