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.
Have to say that none of them is very user-friendly, however, a person with some experience in cryptocurrency and little knowledge in how exchanges work should be able to use the platform without any complications.
The main difference between the 2 versions is that the advanced one offers several graphs and charts for the pairs that you are trading, trade history and order books.
If you want to look at them yourself just head over to their website and hower over the “Exchange tab” to reveal the 2 different options (as seen in the screenshot above).
How is the support?
One thing I always put a lot of weight on when it comes to the quality of a company’s support system is if they got a live chat function on their website or not.
Does Binance have this? No, unfortunately, they do not offer this at the moment, also there is no phone support.
This takes the overall rating down a bit (at least in my book) as the only support you got left is by creating a ticket that you later get answered through your e-mail address.
A company this big should really have (and are absolutely capable of having) both phone support and a live-chat. Got a strong feeling that it will be added to their site soon, especially as Crypto has become so crazy popular only the last couple of months, since its super fast rocket rise in value the last couple of months.
Is Binance a scam?
So, is Binance a scam? No, of course not, it is a legit cryptocurrency trading platform. It got real owners and real physical addresses, it would not have survived this long (since 2014) if it wasn´t, right? It is many savvy traders favourite platform and who can be a better judge than someone who has used their service, right?
With that being said you should never keep any amounts you want to “safe” on any platform wallet or wallet at all online. That can never be 100% safe, we have seen it before that exchange gets hacked so be safe and store your “hoodl“ amounts in a cold storage (off-line) wallet instead, the best one I can recommend is the Ledger.
The reviews and ratings online from real users
As always we have looked at what ratings the most well-known and trusted review and rating sites have to say about (in this case) Binance, below you can see their overall score listed:
Overall rating: N/A
Overall rating: N/A
Overall rating: N/A
Overall rating: N/A
Nr of complaints: 3 filed complaints (since 2014).
The conclusion from this:
As you can see above there is not many reviews or ratings at all from the “biggest” rating sites out there, the only complaints we found on the Ripoff Report website had to do with delays, all 3 of them was filled the last month, that might have a logical explanation since pretty much ALL crypto platforms have experienced delays lately, because of the enormous amount of people that want a piece of the big crypto cake.
To conclude, It is very hard to find a company (or trading platform) that has not received a single complaint, it is hard to please everyone, right?
However, don´t see any reason for you to feel worried about those 3 complaints. Just look on any crypto trading (or exchange) platforms reviews and ratings the last month and you will guarantee to find complaints on every single one of them… The load that hit the market when the price of bitcoin peaked (Dec-Jan 2017-18) was simply too much to handle for pretty much all of them.
Is it for you?
Binance is a great trading platform option for you and also one of the best recommendation we can make for you or anyone else who is into crypto trading.
However, the platform is not the most user-friendly one and if you are a beginner you might want to check out SimpleFX instead, that was actually prized as the best Cryptocurrency trading platform of 2017.
The pros and cons of Binance
However, if you are a bit experienced and or want a wider range of cryptocurrency options then Binance might be exactly what you are looking for.
One thing that is always good to do to get a better overall picture of a company is to compare its pros against its cons. Below I have highlighted some obvious points on both sides to make this job easier for you:
- Simple to Use
- Low Fees
- Very good Support
- Lots of Listings!
- The Trading Interface looks good
- Fiat Payment Options not supported
- No phone Support
Final words and verdict on Binance
Overall rating: (4.7 / 5)
Ok, I think that sums up the whole overall picture pretty good. This is absolute, without a doubt, a legit platform for you to feel safe using.
As mentioned above, if you are a complete beginner you might want to check out the best Crypto trading platform of 2017 named SimpleFX.
But, if you got a bit of experience and/or want a wider selection of coins to choose from then I would recommend Binance as one of your absolute top contenders. The platform shines bright with performance power and speed.
As always the decision is up to you.
Important to mention:
Please do NOT invest more money into ANYTHING than you can afford to lose as you never know what happens, no investment is guaranteed to make you profit. If someone claims that then it is (most likely) a scam.
Another thing, ALWAYS, take some safety precautions, (to minimize risks) by using a unique password for each and every trading platform you use and also, try not to hold a large balance on the exchange itself for too long, instead withdraw your currencies to your own private wallet.
Stick to that rule of thumb and you will be just fine.
I hope you found this review on Binance to be helpful and now you hopefully have a better understanding of what it is and if it is something for you or not. If you have used its service please share your experience in the comment section below as it can help others. Also, if you got any questions about this review I will be more than happy to answer them below.
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I wish you success!
Founder of: $tart Make $top Waste