Binance cryptocurrency exchange was launched in 2017 and managed to take the lead in the field. Now it is one of the ten largest cryptocurrency exchanges in the world, and, according to 2017 data provided by the administration, the number of its users exceeded 90 millions. All this suggests that the trading platform deserves the attention of both newcomers and experienced traders. Therefore, in this article, we are going to talk about its main benefits and drawbacks.
Review of binance com platform
Binance com is the Chinese cryptocurrency exchange, the headquarters of which are situated in Shanghai. At the same time, the platform is considered to be international, and, judging by the trading volumes, this strategy has justified itself. Developers are offered a functional API. You can trade through the web interface or use the application for Android and iOS.
The main feature of Binance market is that this exchange has its own BNB token (internal). Holders of this token have several privileges, which we will talk about later. At the same time, the exchange has a whole market of currency pairs related to BNB.
The website interface was translated into eight international languages. So if the user does not speak English, he/she can easily change the language.
Check the Binance exchange website
The registration process on Binance exchange is very simple. When pressing the corresponding button, a window where one needs to enter the e-mail, password, and referral code (if present) pops up. After that, you should confirm that you agree with the rules of the exchange by ticking the corresponding box and then clicking on the registration button. After verifying the contact details, you will get the opportunity to use all the functions of the platform in full. Your account status will be “unverified”. The daily withdrawal limit for unverified users is 2,5 Bitcoin. To increase the limit to 100 bitcoins per day, you must pass the standard account verification procedure. To do this, you need to specify your name, gender, passport details, and country of residence. You can also use your driver’s license as an identification document. You only need to download a scanned copy of the document and take a picture with it in your hand. You should also write the current date on the sheet of paper and make sure that it is clearly seen in the photo. It might seem that the verification procedure is too complex but it does not take much time. After you submit all the documents, your account will be checked by the website moderators, which might take to a few hours.
An investor who is planning to trade on the Binance exchange should consider that it does not support fiat currencies. Therefore, if you are not going to trade with great sums, it is not necessary to verify your account. The website offers dozens of coins that can be freely withdrawn to cryptocurrency wallets.
To replenish your Binance account, go to the “Deposits and Withdrawals” section and open the “Funds” tab. After selecting the desired cryptocurrency, click on “Deposit”. After that, you will be given a unique wallet address, to which you can safely transfer coins. Please be aware that for some time the interface will be indicating that “The order is impounded” until the transaction is confirmed on the blockchain. The exchange does not charge a deposit fee, so all coins are credited in full.
How can one trade on Binance?
Once you have replenished your account, you start trading right away. To do this, click on the “Exchange” tab and the system will offer you to select one of the available modes: basic or advanced. The advanced mode offers additional tools for technical analysis and is a little different from the basic one in design. All markets on Binance.com differ by currency pairs concerning BTC, BNB, ETH, and USDT. The exchange provides detailed information about each pair, the rate, and trading volumes. Here you can find detailed information on the trading “blotter”.
Here you can set the stop limit of the order to make trading even more profitable for you. At the same time, the handling capacity of the exchange is 1 400 000 transactions per second.
The commission fee for trading on the Binance exchange is 1%. Nevertheless, holders of BNB tokens receive a discount, which, according to the idea, is progressively reduced every year for 5 years. In the first year, the discount on the commission is 50%, in the second – 25%, in the third – 12 %, and in the fourth – 6.5%. In the fifth and all subsequent years, there is no discount.
Merits and demerits of the exchange
The advantages of the Binance exchange are as follows:
- Support of numerous cryptocurrencies;
- A large volume of daily trades;
- High level of security;
- Focus on continuous improvement of functionality.
Among the disadvantages of the exchange is the absence of fiat currencies. In other respects, Binance exchange is no different from other major exchanges. And if you are planning to start serious trading, you should test this platform.
To date, the Binance trading platform is one of the ten largest cryptocurrency exchanges in the world. It is suitable for both active trading and long-term investment. A wide range of currencies, competent support service, user-friendly interface, and minimal fees make Binance one of the most competitive exchanges on the market. So if you want to start trading with cryptocurrencies, using Binance is a perfect way to start.