Binance Exchange Review: Is It the Best Chinese Exchange?

binance exchange reviewBinance Exchange Review

Binance is currently the world’s fastest-growing cryptocurrency exchange. Today, the exchange has multi-language support (Chinese, English, Korean, Japanese) and is capable of processing a whopping 1.4 million orders per second.

The exchange offers basic and advanced exchange interfaces. This makes it easy for beginners to execute simple trades, while professional traders can access complex options, such as margin trading. The exchange’s rapid rise can be attributed to its impressive coin offerings and insanely low trading fees.

In this Binance exchange review, we’ll cover other Binance reviews, like a Binance customer support review, and answer frequently asked questions like how to use Binance, how to trade on Binance, how to deposit USD on Binance, how to withdraw USD from Binance, how to deposit from banks to Binance, how to deposit bitcoins to Binance, and how to deposit using PayPal on Binance.

Binance Pros And Cons 

Just like any other cryptocurrency exchange, Binance has certain advantages and disadvantages, as you can see in the Binance pros and cons listed below.

Pros

  • Supports basic and advanced trading
  • Supports over 90 cryptocurrencies
  • Multi-language support
  • Reduced trading fees while trading with Binance’s in-house BNB token
  • High liquidity
  • Capable of processing 1.4 million transactions per second
  • Low transaction fees and low withdrawal fees
  • Bounty and reward programs for the community

Cons

  • No support for fiat currency
  • As of now, only Chinese phone numbers can get two-factor authentication (2FA)
  • The exchange collects and stores user data (logging IP addresses)
  • The “Android” version of the mobile app is not up to scratch
  • Delay in withdrawing certain coins
  • As the exchange is based in China, it can be affected by the regulatory actions of the Chinese government
  • As it is relatively new, it’s difficult to assess the exchange’s long-term viability

What Cryptocurrencies Are Supported by Binance?

There is a wide variety of currencies—Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, and Ripple—supported by Binance. However, it is the rare cryptocurrencies Binance supports (Bitcoin Gold and Walton Coin) that set it apart. On the whole, there are close to a hundred Binance-supported coins.

What Are the Countries That Binance Supports?

Though it is based out of China, Binance has worldwide support. The Binance-supported countries are spread over North America, Europe, Asia, Australia, and some countries in Africa.

Step-by-Step Guide on How to Trade on Binance

To start trading, make sure you have some funds (Bitcoin, Ether, USDT) to trade with. At the top left menu, select “Exchange” and choose “Basic” to load the trading screen.

Select the coin (BTC, ETH, BNB, or USDT) that you will be trading in. Then choose your desired currency from the list. Once your desired currency has loaded, check the prices that people are willing to sell (in red) and the prices people are willing to buy (in green). And also check the last sale price.

Now, to place a buy order, you can manually enter a price you wish to purchase at. You can then enter the amount of the currency you wish to buy.

Once your order is placed, you can see it under the “Open Orders” subheading. When the order is filled, you can see it in the “Deposits & Withdrawals” menu. Once it comes here, you can withdraw it to your wallet. (Source: “Beginner’s Guide to Binance: Complete Review,” Blockonomi, January 9, 2018.)

What Are the Currencies Binance Accepts?

Binance does not accept any fiat currencies. It is purely a cryptocurrency-to-cryptocurrency exchange.

Binance Verification

Binance offers two tiers of verification. With Level 1 verification, users can withdraw a maximum of 2.00 bitcoin worth of cryptocurrency per day. With Level 2 verification, the daily withdrawal limit increases to 100.00 BTC worth.

Time required for Verification: The Binance verification time varies from person to person and also from tier to tier. Verification usually takes about 24 hours but can go up to a week (sometimes more).

Documents required for Verification: For the verification process, users must provide proof of full name, country, and gender. The Binance verification documents include a passport ID, a passport photo, and even a selfie with the passport.

Ways to Deposit and Withdraw Money from Binance

How to Deposit/Withdraw Money from Binance
As Binance does not support fiat currency, there is no option for depositing or withdrawing money from Binance.

How to Deposit/Withdraw USD from Binance
As mentioned before, Binance does not support fiat currency, so there is no option for depositing or withdrawing USD from Binance.

How to Deposit Money in Binance from Bank
Because Binance does not support fiat currency, there is no option for depositing money in Binance from a bank or from anywhere else.

How to Deposit/Withdraw Bitcoins from Balance
To deposit Bitcoin in Binance, log in, go to the “Funds” menu and click on “Deposits & Withdrawals” Select your deposit token type (Bitcoin) and click “Deposit.” You can see your deposit address here.

You can transfer your bitcoins into this address from your wallet and other exchange platforms. Once the funds are transferred, Binance will automatically confirm your deposit result. You can see details of the deposit in the history column under “Funds.”

To withdraw Bitcoin, log into your Binance account, select the “Funds” tab, and click on “Deposits & Withdrawals.” Find the token you want to withdraw (Bitcoin) and click “Withdraw.”

Fill in the “label” field with any name you want to use, fill in the “address” field with your personal wallet address, and fill in the “amount” field with the amount of Bitcoin you want to withdraw. Click on the “Submit” button.

Check your email. Binance will send an e-mail to confirm the transaction.

How to Deposit/Withdraw Money in Binance Using PayPal
As it does not support fiat currency, there is no option for depositing, withdrawing, or otherwise transferring money using PayPal on Binance.

Binance Exchange Transaction Fees

Binance has some of the lowest transaction fees available.

Binance Trading Fee: Currently, Binance has a 0.1% trade fee. If you have BNB, you can choose BNB to deduct a 50% trading fee.

Binance Deposit Fee: There is no fee for depositing coins in Binance. It’s free.

Binance Withdrawal Fee: The withdrawal fees vary from cryptocurrency to cryptocurrency. You can see the different withdrawal fees on the Binance web site. (Source: “Fee Structure on Binance,” Binance, last accessed February 1, 2018.)

Binance Transfer Fee: As long as the transfer is from a Binance wallet to the exchange, there is no transfer fee. But for any transfer out of the exchange, the Binance withdrawal fees apply.

What Is the Minimum Deposit/Withdrawal Limit on Binance  

There is no minimum deposit limit on Binance.

The Binance minimum withdrawal limit varies from currency to currency. However, the volume can affect the Binance time to deposit and Binance time to withdraw.

All You Need to Know About the Binance Exchange Hack

Recently, when the Binance web site was down, it resulted in “Binance exchange hacked” rumors. But these rumors died down when the web site was up again. However, like every other exchange, Binance too is at risk of being hacked. So it is in your own interest to withdraw your coins and store them in an offline wallet.

Binance vs Bittrex vs Poloniex vs Kraken

The following Binance vs Bittrex vs Poloniex vs Kraken table shows that there is little to differentiate popular exchanges; the availability of tradeable coins is what usually becomes the deciding factor.

Binance Bittrex Poloniex Kraken
Company Location Japan Las Vegas San Francisco San Francisco
Customer Support Email, Social Media Email Email, Social Media, 24/7 Chat, Support Ticket Email, Social Media, Support Ticket
Futures No No No Yes
Derivatives No No No Yes
Margin Trading No No Yes Yes
Has Been Hacked No No Yes (2014) No
Security Excellent Excellent Excellent Excellent
Tradeable Coins Bitcoin, Ether, Ethereum Classic, Zcash, Ripple, BNB, ARK, AST, BNT, BQX, BTG, CTR, DASH, DNT, ENG, ENJ, EOS, Monero, and Litecoin. Bitcoin, Ethereum, Litecoin 80+ tradeable coins including Bitcoin, Ethereum, Ethereum Classic, Dogecoin, Litecoin, Zcash, Augur, Factom, Ripple, Monero, Dash, DAO, and others. Bitcoin, Litecoin, EOS, Bitcoin Cash, Dash, Gnosis, Ether Classic, Ether, Iconomi, Melon, Augur, Dogecoin, Lumen, Monero, Ripple, and ZCash.
Trading Volume  High High High High
Deposit Fees None None None Low Fees for Fiat Currencies
Trading Fees 0.05% to 0.1% 0.25% 0.25% 0.25%
Withdrawal Fees None Yes None Yes

Binance Customer Support Review

Due to high call volumes, the response time by the support team at Binance is taking longer than usual. For a quick response, users are encouraged to take the help of Binance’s FAQ section.

Is Binance Safe to Trade?

In spite of rumors that state otherwise, Binance has never been hacked. So if somebody asks me “Is Binance safe?” my broad answer would be yes. However, I recommend users adopt all the safety measures like 2FA, advanced verification, and withdrawal of funds to offline wallets to enhance the safety of their individual accounts.

Binance Exchange Rating: rating

Also Read Reviews On Kraken & Poloniex