Binance in Brief
Binance is one of the best brokers for cryptocurrency trading. Its platform is easy to use and is perfect for everyone, from beginner to expert (min $10 deposit only)… If you are looking for a reliable and financially solid broker, Binance will be there to meet all your expectations.
The crypto-currency market (our comparison) is booming and is attracting more and more new investors who want to try their luck. Trading platforms are constantly registering new customers, to the point that some are struggling to keep up and are forced to restrict the number of new users. Here, for you: Binance review!
Today, we are going to talk about Binance review. Binance, a newcomer, is a Chinese platform launched in July 2017. In a few months, it managed to climb into the top of the platforms to reach a daily trading volume of several billion dollars in mid-January (source: coinmarketcap)
This popularity is due to various factors. First of all, since it is the nerve centre of the war, the catalogue of crypto-currencies available is very complete: Bitcoin, Ethereum, Litecoin, NEO, Ripple, to name only the main ones, are all just a click away. Then, the interface is quite simple to understand and use, with a little training and even for a beginner. Finally, the transaction costs charged are low compared to other exchanges. Add to that a responsive customer service and developers committed to continuously improving content and you have the most popular platform of the moment.
- 1 Binance review: Withdrawals, deposits, fees, commissions, all about trading on Binane
- 2 Binance review: Customer opinions
- 3 What about the Binance application on Smartphone?
- 4 Conclusion
Binance review: Withdrawals, deposits, fees, commissions, all about trading on Binane
Binance: How does it work?
Step 1: Registration
To register, it’s easy, go to the website
Then, simply click on the “Register” link at the top right and follow the instructions. You will need to check your email address to validate your registration.
Step 2: Securing
Once your email has been validated, you will be able to log in.
Be careful to pay attention to the URL of the website and use the https protocol to avoid more and more frequent pishing.
For more security, and we strongly recommend it, do not hesitate to activate double authentication (2FA).
The principle is simple: to be able to access your account you will need your password but also a unique and temporary code generated by an application on your smartphone. You are thus doubly protected and the chances of being hacked into your Binance account are reduced.
The Google Authentificator application is the most widely used in the field. It is available, whether you are running on iOS or Android.
Step 3: How to fund your account
Binance is a platform that allows you to exchange cryptocurrencies only. That is to say, exchanges with fiat currencies (= state currencies: euros, dollars, pounds, etc.) are not available on the platform.
To deposit funds on the site, navigate to the “Funds” tab, then “Deposits/Withdrawals“.
Choose the currency you want to credit and click on “Deposit“.
Here you will find the portfolio address of the currency you have chosen. This is the address you will use to send your funds. You can also choose, instead of the address, to use the associated QR-code.
If you wish to withdraw your funds, you must go to the “Withdrawals” tab. From there, enter the recipient’s address and the amount to be sent.
Attention: Always check the sending and receiving addresses! In the event of an error, the funds will be lost.
In addition, always send BTCs to a BTC portfolio address. If you send, for example, BTCs to an ETH portfolio address, the funds will also be lost.
Binance: How much does it cost?
Registration with Binance is completely free of charge. So is crediting your wallet in cryptocurrency.
Currently, Binance charges 0.1% for each transaction made.
The most interesting thing? Binance has released its own crypto, the BNB (Binance Coin), which reduces your transaction costs by 50% if they are paid in this currency (0.05% per transaction, therefore).
So why deprive yourself of it?
Binnce: How is it used?
You have two choices, the “Basic” or “Advanced” interface.
The two are relatively similar except that only in advanced mode you will have more information than in basic mode. Personally, I prefer the “Advanced” mode for the display screen in night mode.
At first glance, the screen in front of you may be scary, but it’s ultimately quite simple to understand.
Let’s take the example of the exchange pair ETHEREUM / BITCOIN (ETH/BTC):
Here, the purchase or sale of ETH is done through the BTC.
It is on the tab at the bottom right that you can place a purchase order or a sale order by entering the desired price and quantity.
The choice of pairs is multiple (BTC / ETH / BNB / UDST) and the cryptos to be exchanged are numerous. The graphical interface presented above will be the same for all pairs.
As an example:
Binance review: Customer opinions
For the past six months, customer feedback has been unanimous: Binance is exemplary in its professionalism. Each bug is fixed quickly and the indicators and analyses proposed in visualization on the graphs are complete. Designed to support 1.4 million transactions per second, the content is fluid. In addition, the support of several languages makes the platform accessible to the greatest number of people.
What about the Binance application on Smartphone?
Unlike other platforms that do not have this option, Binance offers its customers to browse and trade via a mobile application available on iOS or Android.
This mobile application is very easy to use. You will find all the features available on the website but some customers sometimes complain about a slow display. Developers are doing their best and new features are added every month.
In short, the application can be useful today to follow the courses but if you want to go further, it is probably better to use the website to avoid making a bad manipulation that could be fatal on the small screen of your smartphone!
In conclusion, it is easy to understand why Binance has become one of the leading players in the field of cryptocurrency trading. The recipe is simple: accessibility for anyone who wants to look into it, fluidity and speed for smooth navigation, a very high volume of exchanges, low costs and regular updates.
The only negative point is the fact that since this is a still a young platform, it is difficult to have sufficient hindsight to judge in the long term. But is that really a negative point?