Today we take a look at Binance for you. What is Binance? A scam or a legit trading platform? Are there better alternatives out there? Will it be the one for you? These are some of the main questions this review will focus on. Ok, here we go!
Owner: Changpeng Zhao
Price: FREE to join
Who is it for: Cryptocurrency traders
Overall rating: (4.7 / 5)
What is Binance about – Introduction
Binance is a Chinese cryptocurrency trading platform that was founded in 2014 by Liang Zhang. It has become very popular among crypto investors from all around the world in the last years, as Bitcoin and other cryptocurrency has increased in popularity as well.
It is probably not a wild guess that its popularity as a cryptocurrency exchange has a lot to do with its crypto to crypto exchange services. Also, it is not a wild guess that Binance has managed to gain a lot of popularity thanks to its impressive number of ICO (Initial Coin Offering) listings, but also due to its low trading fees.
How does it work?
To get started with Binance, you simply sign up for your own personal account, then you deposit funds to your account and you are set up to start executing business on the platform. Just like signing up to pretty much all of its peers in other words.
This video is Binance in a nutshell:
What Cryptocurrencies are supported on the platform?
One thing that Binance is liked and well-known for is its wide selection of support coins. You as a trader can use the platform for MANY digital currencies (see list below)
- Bitcoin cash
- Bitcoin gold
- Ethereum classic
- And MANY more!
Also, as mentioned further up, Binance also supports numerous tokens, as part of ICO listing. This makes it possible for traders to use the platform to trade these tokens also to make a profit.
As the platform (Binance) is very fast to add new tokens and coins after their ICO makes it (usually) cheaper for you to purchase from the platform.
Right now they offer you trading pairs in BTC, BNB, ETH and USDT
What about the fees?
There is a fee for every trade that is (on average) 0,1% but those who choose to pay via the Binance token get 50% discount on the trading fee, which makes it 0,05% instead.
That makes Binance (correct me if I´m wrong) among the platforms with the lowest fees available.
The withdrawal fees tend to vary depending on what currency you withdraw, Bitcoins, for example, is 0,0005 while Ethereum is 0.005.
There is no limit on what nr of coins that you can deposit. However, there are limits in how much you can withdraw, to take away those limits you can (and should) go through the verification process (also for safety reasons) where you prove that you are you with ID or passport, country, full name, etc.
The 2 Different Exchange Options
When you visit Binance for the first time, you will (most likely) notice that it offers you 2 options for trading with cryptocurrency on their platform.
And those 2 are either: Basic or Advanced.