This Binance Exchange Review is designed for the readers’ understanding of Binance, a well-known crypto exchange. At the end of the complete Binance review, you will be able to trade lucratively through the platform.
If you’re trading in Cryptocurrency and not living under a rock then you must be familiar with Binance Exchange. It is the world’s leading Crypto exchange with an interactive platform and low-price services. Binance has come a long way in the trading business. It has earned a name and reputation despite some mishaps at the early stages. In quite literal sense, having an account on Binance is a must for all crypto traders.
An exchange with such massive recognition intrigues newcomers. Every crypto enthusiast has some fears of risk factors attached. That’s why beginners start to wonder, Is Binance safe? Is Binance trading fee huge? How can I withdraw money from Binance? What is Binance review among old users? and the classic one ‘How the exchange works?’ etc. etc. If you too are here for the answers to these questions then this guide is for you. We will step by step walk you through the Binance evolution and its benefits in the current era.
In this ‘Binance Exchange review’, we will discuss everything starting from inception to recent updates.
What is Binance?
The word ‘Binance’ is a fusion of ‘Binary and Finance.’ This suggests that Binance is an amalgamation of digital tech and finance. Binance is a popular platform that gives crypto-to-crypto exchange services to its customers. The founder Changpeng Zhao created Binance in 2017. Firstly, it was established in Hong Kong. However, later on, the company moved to Malta in search of a crypto-friendly environment in terms of regulation.
It is a relatively new exchange (Kraken was launched in 2013) in the market. Yet, it swiftly reached the top tier. Binance provides hundreds of digital currency pairs. The daily trade volume on the platform crosses 2 billion dollars.
Binance puts customer’s needs above everything. Binance’s CEO Mr. Zhao in his message to Binancians said,
We’re obsessed with our community and we hope you know it
The company is living up to these words. At Binance, customer’s security is the topmost priority. The reliable multi-cluster plus multi-tier architecture protect user’s data. All of this state-of-the-art evolution makes the question of ‘is Binance safe?’ irrelevant in 2020.
Why Binance is best
Millions of orders are executed on Binance per second without any inconvenience. The fast trading network with active users gives speed and efficiency a new meaning.
Binance trading fee is very decent and reasonable. If you want to exchange bitcoin at the lowest fee then this is your spot. So, transfer bitcoin to Binance at earliest. It has the fee plan scheduled for incentivizing higher trades. Besides, high liquidity on the forum plays a role of cushion in asset management.
The process of funding your Binance account and withdrawal of money is also pretty easy. You can add fiat currency and convert it into crypto. Binance suggests that withdrawals should be in your personal account because your money is safe with you. It has also built a ‘Trust wallet’ for customers.
Binance is an ever-growing platform. It is an ‘exchange’ of present and of future. So, if you want to be a part of that powerful and connected future then join binance community today.
Man behind the mighty platform:
Changpeng Zhao (aka CZ) is not just an ordinary CEO. He is the face of his company. Binance has come this far only because of CZ.
CZ is most widely recognized because of his face on forbes cover page in 2018. He was pictured in a story on Crypto’s Secret billionaires. Zhao is an authority in crypto circle. People listen to what he says.
CZ is an outspoken man who doesn’t shy away from discussing his company’s services in detail. He makes everything transparent for the public to see. That’s why people trust him. When Binance was hacked in 2019, CZ immediately alerted the world regarding the security breach. He assured his customers that their money will not go to waste. All users were later refunded from the company’s account.
Binance under the leadership of CZ became top exchange in the world. It is because of his ceaseless innovations and startups that Binance never lost relevance. Additionally, Platform is no longer restricted to just an exchange. It gives back to the community in the form of education & charity.
Many people ask us what are our grand plans for 2020; we don’t make grand plans. Neither do we make new year resolutions. We prefer the “slowly but surely” mentality.
_Changpeng Zhao (Letter to Binancian, 2020)
No doubt, Binance has steadily taken up the whole world by storm.
How to create an account on Binance Exchange:
This Binance Review is incomplete without a guide on making, securing, and funding accounts. Here is a simple method of account creation:
First of all, land on the official Binance page (binance.com). Click on the ‘register’ button in the upper right corner. Enter your email address and a strong password on the submission form. You will receive an activation email at the end of this process. Verify your email address by clicking on the link.
For making your account secure, Binance has introduced the 2FA method. You can enable 2FA with SMS, Google authenticator, or Yubikey.
SMS method is slightly risky because in case of SIM swapping someone else might get access to your account.
Yubikey (a piece of hardware like USB) has its own challenges because you will have to buy it and then set it up with your device first.
So, google authenticator is the best app for 2FA. Install the app on your phone and set it up with an account (by scanning QR code). Now every time you log in to your account a code will be requested. This code will be generated by the Google authenticator app.
With these steps, your secure account will be established. You can start trading by logging in.
How to fund your Binance account:
You can now fund your Binance account both in Crypto and fiat currency. Binance supports more than 150 crypto coins. For funding, follow these steps.
Funding with Crypto:
Let’s assume that you want to transfer bitcoin to the Binance account.
- Login and head over to your homepage on Binance. Click the ‘deposit’ button from the navigation bar.
- On the deposit page, there will be a list of 150+ currencies, the popular ones being Bitcoin, BNB, Ethereum, Ripple, and Litecoin, etc. Select the BTC which you want to deposit. On the right side of the page, deposit details will be enlisted.
How to add money to Binance
- When you select the coin, an address will appear for the same on your screen.
- Open your wallet (trust wallet if you have) and select the coin you want to send to your Binance account. Paste the address and enter the amount. Send the transaction and your Binance account will be credited shortly afterward.
You can transfer bitcoin to Binance this way and exchange it easily for lower value currency.
We would recommend you to use Binance Coin (BNB), platform’s own currency, for trading as well. If you have a specific amount of BNB in your account then you can earn some discounts on the exchange fee. Details will be discussed in the fee section of this Binance review.
Funding with credit card:
You can buy Bitcoin and other cryptocurrencies through fiat currency too. Here are the steps on how to deposit money into Binance:
- Go to the Binance home page, and select ‘buy crypto’ from the navigation bar, choose ‘Credit card/Debit card’ in drop-down menu.
- Select the currency (for example, USD) and the Coin (for example, bitcoin) that you want to buy. Click on ‘Buy with Card’ method, submit the request, and proceed to the next page.
- Enter your card details and personal details. Confirm your order subsequently Binance will transfer Bitcoin to your account.
- A user cannot withdraw, bought assets for the next 24 hours. However, they can make a trade with it.
- There are some country restrictions that apply in this context. The countries approved for buying with fiat are mentioned below.
- Visa card is acceptable for people residing in:
Russia, Ukraine, UK, and European Economic Area
- Master card works for residents of:
Brazil, Colombia, Netherlands, Czech Republic, Germany, Indonesia, Italy, Switzerland, Latvia, Mexico, Norway, France, Poland, Russia, Slovakia, Luxembourg, Slovenia, Spain, Turkey, UK, Ukraine.
How to Exchange on Binance:
Once you have funded your account you might want to make trades. This Binance exchange review will teach you spot trading in detail.
- Log in to your Binance Account and select ‘market’ from navigation bar to see trading pairs and their details.
Let’s assume that you want to Buy BNB at the current BTC price.
- Select the BTC Market (as the base market) and search for BNB. BTC/BNB pair will appear on the trading page.
How to Exchange on Binance (2)
3. On the trading page you will view:
- Binance announcements at the top.
- The 24-hour volume of the chosen trading pair.
- On the left side, Sell/buy order book is displayed.
- On right side, you will be able to see other trading markets and trading history of the latest completed transactions.
- In the center, you will see market depth chart, Spot trading or margin trading selection menu, buy or sell menu, and type of order.
- As you are intending to buy BNB, select the buy menu, enter the amount and pick percentage you are willing to pay in BTC.
- The latest transaction price of the asset is displayed in the menu box. However, you can buy a market order for quick transactions.
- You can also place a limit order by specifying the amount of you are willing to pay. For example: If the market price of BNB/BTC is 0.2 but you want to buy at 0.1 then put a limit.
Before moving forward in Binance review let’s discuss the different modes which Binance provides traders:
In basic mode, standard charts and graphs are displayed which give a general idea. This mode is selected by default.
At advance level, the user will view more detailed graphs with mid-level and long-term indicators. This is designed for experienced professionals. You can analyze charts and speculate the market’s future in advanced mode.
Spot trading is the default way of trading at Binance. In this, the user make small sales/purchases.
It is a process of trading with the help of funds provided by a third party. Margin account gives a user access to large capital. Essentially, users are able to earn big profits as well.
Funds for margin trading in crypto come from other big traders or can be borrowed from the platform itself.
Over-The-Counter (OTC) involves trade among people with usage of Binance Exchange. Below is the method of doing OTC trade.
Go to ‘OTC trading portal’ from your account’s home page and put a quote for coins you want to buy. You will get a quote from a person who is willing to sell the same.
This way two traders can exchange coins on the platform privately. Binance does not charge any fee for OTC.
In peer to peer (P2P) trading customers exchange fiat currencies offline and digital assets are transacted online.
P2P in Binance is fast and efficient. The platform acts only as a facilitator for users to make offers.
Binance Trading Fee:
Binance is a cost-effective platform for trading. Especially, bitcoin exchange with the lowest fee is possible through Binance. Here is a summary of the fee schedule:
The standard fee at Binance is 0.1% per coin trade. This is fixed for less than 50 BTC trade within the last 30 days.
Fee for Market Makers:
When a trader makes an order and it reaches ‘order book’ without alerting the market then that trader is a ‘market maker’. The order book addition makes the market.
Makers are given special discounts at Binance. They get to pay 0.09% fee on more than 50 BTC trade volume in the last 30 days.
Makers ave to pay 0.12% fee on 150,000 BTC trade. This discount is also available with equal to or more than 11000 BNB Balance.
Fee for Market Takers:
They take volume off the ‘Order book’ by taking the order before it reaches the book.
Takers pay 0.1% fee until they reach a trade volume of 4500 BTC within the past 30 days. At the peak of 150,000 BTC, takers pay 0.02% fee.
Customers get discounts at referrals. Besides, paying fees in Binance Coin (BNB) gives further 25% off.
Deposit and withdrawal fee:
Binance deposit fee is none for crypto deposits. However, when you withdraw money from Binance it costs you a different amount for different currencies. You can check the list here.
Till this point, you have learned how you can use Binance safely. However, if you’re still skeptical and asking the question ‘Is Binance safe’ then the next part of this Binance exchange review will make the point further clear.
Is Binance Exchange Safe:
Whenever you put your money or asset at someplace the concern raises in your mind, ‘is it safe?’ and ‘what has been the reputation of this place in the past?’
Hence, the same is the case with any crypto exchange. The legitimate question after putting your loads of money in Binance is ‘is Binance safe?’. The answer to that is ‘Yes, absolutely’. Binance had challenges in the past regarding safety. But, the way the platform dealt with those challenges is admirable. It risked its reputation to protect customers’ money. Here’s the history of mishap
Binance’s platform was hacked in 2019. Hackers stole 7000 Bitcoin that valued at 40 million dollars. Instead of sweeping the event under the rug, the company’s CEO alerted all its customers. CZ used his personal twitter account to inform users. He decided to suspend Binance after one week so that no deposits or withdrawals could be made. Security infrastructure was rebuilt in the meantime.
No one lost cash in this attack, as Binance reimbursed all his users. After this incident, the exchange came back as stronger and safer than before. Here is Binance review from the perspective of safety:
As discussed earlier, 2FA is a second layer of security on your Binance account. With this enabled, you will have to enter a code besides the usual email and password submission.
Binance gives users a chance to control the number of devices having access to their accounts.
Click on the ‘device management’ tab on the home page of your account. Check the devices having access to your account. You can remove the ones you don’t recognize. Once a device is deleted, it can’t re-access, unless allowed through an email confirmation.
Users can also analyze device activities by looking through IP addresses. In case of any suspicious activity, Binance advises users to disable account. This suspends all withdrawals and deposits. This way your assets are safe with Binance and no third party can access them.
Besides device management, Binance also has address management feature. You can allow withdrawals of funds to specific addresses only. However, the whitelisting feature has to be enabled by the user. It is preferable for the user’s own security. This restricts withdrawal to any other account.
A new address can be whitelisted after the email confirmation.
Phishing is a very common scam practice in the tech industry. Some malicious actors pretend to be someone else in order to request your personal information. Binance has devised anti-phishing code to protect its users from phishing.
Users can enable anti-phishing code and receive a unique code in every notification email from Binance exchange. This helps in identifying fake emails that pose as genuinely from Binance.
Binance also advises its customers to use bookmarked sites. This way, they don’t land on scammer sites.
Is Binance Safe?
Binance has API for big traders. This software helps in creating custom trading strategies. Nonetheless, the risk of attack increases. Binance has provided users a way out of this as well. Restrict the IP addresses by enabling the whitelisting feature.
SAFU (Secure Assets Fund for Users):
If all fails and users still lose money in the face of an unfortunate event like past then SAFU will be there for rescue.
In 2018, Binance established SAFU for setting aside 10% of the trading fee earned by the exchange. This fund was used for reimbursement of user’s money after the 2019 security breach. It is ‘money for rainy days’ in Binance community.
The above-mentioned features depict that Binance places user’s security above everything. The platform has learned from its mistakes. Now, it is here at the top again, vibrant and kicking. This Binance exchange review of security has a clear answer to ‘is binance secure in 2020?’
How to withdraw money from Binance exchange:
In this Binance review, so far you have learned about deposit function and trade feature. Now here is how you can withdraw money from Binance account to your external wallet.
- Login to your account on Binance exchange. Select the ‘deposit and withdrawal’ section from the navigation bar.
- On the next page of withdrawal select the coins you want to withdraw.
How to withdraw money from Binance (1)
- Open your crypto wallet (Trust wallet in this case) and select the coin you want to receive. The wallet generates an address and QR code for that specific coin.
- Copy and paste the address on the withdrawal page of Binance account. Plus, enter the amount and click ‘submit’ button.
- At this stage, Binance applies some security measures. Like, Google Authenticator would require a six-digit code. Enter the authentication code.
- For withdrawal request, a confirmation email is sent on your registered email account. After confirmation, the withdrawal will successfully complete. Binance withdrawal time at most is 30 minutes. However, if the network is busy then it might take a bit more.
Binance makes every process transparent on its platform. You can keep a check on every asset-related addition or subtraction by visiting ‘Deposit and withdrawal’ page.
How to withdraw money from Binance (2)
How to cash out from Binance:
For cashing out your Binance exchange account you have to simply do the following:
- Log in to your account and select the withdrawal section.
- On the withdrawal page, click on Fiat and enter the currency you want to receive. Specify the amount as well.
How to Cash out from Binance
- Binance will ask about your bank details. enter the same.
Consequently, your account receives payment in fiat. Binance has also partnered with Advcash. Advcash wallet is used for withdrawing local currency like RUB.
How to delete Binance Account:
This Binance review has provided you with all the reasons for using and exploring Binance exchange. However, dissatisfied customers can still disable their account. The method a:
Search for log in notification email in your inbox. It will have a link for disabling accounts. So, freeze the account by clicking on the link.
Binance doesn’t allow permanently deleting option but you can remove your details and protect yourself if you feel that Binance is not safe.
Is Binance a good exchange:
Binance is the top crypto trading platform in the world. It puts users first and brings in innovations to meet the needs of every single customer. It has the lowest fee in comparison to all other exchanges. Besides, customers get incentives for holding Binance Coin (BNB).
Binance accepts currency in both crypto and fiat. You can also withdraw in whichever form you like. Deposits and withdrawal are simple processes that demand basic information to proceed. You can read in the prior parts ‘how to cash out from Binance’.
Binance is by any means a secure place for trading. It has multiple features for keeping your money and data safe. You can read about these features in ‘Is Binance safe’ part of this Binance exchange review.
Binance gives options to trade at your convenience whether it is P2P or OTC. It has focused on improving the user’s experience at the platform. Margin trading and advanced trading features help experienced traders earn more money.
Binance makes trade easy for both beginners and professionals. It has an academy as part of an educational project to help people learn about crypto through blogs and tutorials.
At the end of this Binance review, it is safe to say that Binance is not only a good but excellent exchange. If you want to know more about Binance and its feature please follow our blog.