Does Binance present a trustworthy exchange or, is it fake? What is Binance all about? Is it advisable for you to use it? Our special publication of the Binance review will respond to all these queries.
Previously, it is correct to assume that most of us are currently, or at one time in the past, experienced the serious issue of an excess of options. Today the crypto space gives credence to that statement 100%.
Creating a Binance Account
There is a selection of over 2100 cryptocurrencies and +200 cryptocurrency exchanges to pick from. Selecting suitable ones is challenging. The range of cryptocurrency exchange options can present an issue to beginners and experienced crypto fans.
Other than that, after the centralization of the exchanges, the danger exists of being hacked. But, apart from the worries and hard decisions to make, a single centralized exchange has become exceptional and, simplyfing life a lot.
Disclaimer: On several instances, I have used Binance, and I will reveal everything in this post. I will inform you of all that I have noted and the factors you should be aware of before starting.
What does Binance entail?
Binance is the biggest cryptocurrency exchange worldwide. Binance was launched around 2017. Binance signifies ‘Binary Binance.’ It is an exchange whose aim is to make the crypto finance future stronger.
The exchange is centralized, and their office is outside China. It boasts of being a better option than numerous centralized exchanges as they have recognized the critical negative factors of centralized exchanges and are working fast to produce solutions.
Issues that Binance wants to resolve.
Below are issues that Binance says it will address:
– Ineffective crypto trading technical design.
– Unsafe platform.
– Inadequate market liquidity.
– Poor language support and internalization.
– Ineffectual customer service.
- How Binance will handle these issues
Binance has launched and is still launching numerous features to solve these issues.
Some features that Binance has installed are:
- Matching Engine: As stated in their white paper, Binance’s matching engine can cater to 1,400,000 orders. It makes Binance one of the quickest exchanges today in the market. Therefore, there is no danger of becoming ‘stuck’ because of Binance’s matching problems.
- Device Coverage: They offer cross-platform trading customers for:
- Web-based trading.
- Mobile iOS and iOS app.
- PC (Windows)
- Mobile HTML5
- Multilingual Support: Their white paper promises that they would produce Binance on each of their user interfaces in Chinese, English, Korean, and Japanese. Already, they have included their website’s support in Korean, Japanese and Spanish, (as well as Chinese and English). I believe this is a great beginning in only a couple of months. I am certain more languages will be available as their white paper clearly discusses including complete language support.
Binance Features and Advantages.
Future Trading and Spot/Margin
Binance provides trading terminals for all types of traders, whether they are expert, skilled, or hobbyist traders. In the beginning they were a spot trading crypto exchange; today they provide futures and Margin trading also.
Binance offers the crypto lending feature to enable you to generate interest on your crypto holding. They support numerous coins like Stable coins, Binance and Bitcoin, as well as others.
Most of you might be familiar with proof of stake coins. It would surprise you to learn that Binance provides crypto staking features.
One benefit I see here is, you can also discover some interesting projects that offer staking feature.
Crypto Sub-account (managing the account for your family, clients, or friends).
How many times do you dream of having many accounts on the same exchange? The Binance sub-account feature is what you need. You can use it to set up the Binance account and manage it for your clients, family, and friends. You can form a maximum of 200 sub-accounts under one Binance account, which is fantastic.
If you wish to use or trade Binance exchange under a legal enterprise, Corporation, Pvt. limited LLP) or a different one, you can register and open a corporate account also.
Using flat currencies to purchase crypto assets.
Binance has begun including various fiat payment options, facilitating users throughout the world to use their local credit card or local bank account to purchase Crypto assets. The advantage you have here is that their fees are reasonabl. You can begin trading directly or even generate interest.
For many years, the team member of Binance had been dealing in Binance and crypto industry for several years. The team has handled and operated many exchanges and has amassed a significant network of partners in this sector.
– Changpeng Zhao (CEO)
– Roger Wang (CFO)
– James Hofbauer (Chief Architect)
– Paul Jankunas (Engineering VP)
– Allan Yan (Product Director)
– Sunny Li (Operations Director)
Obviously, they are not beginners attempting to operate a fraudulent exchange; they comprehend the dangers and problems effectively.
I think the BNB tokens and the Binance exchange are not going anywhere.
The reasons are:
– A fair economics view point shows that Binance’s business design is practical; it is founded on the standard law of supply and demand. Therefore, it is correct to state that the cost of BNB will still increase because individuals desire to attain a fee discount as they trade on the Binance exchange.
– Another factor worth noting is that Binance is growing rapidly, and already, it ranks among the leading cryptocurrency exchanges in volume. It is a noteworthy achievement for this exchange that started 3 months ago.
- Their business model indicates that the BNB cost would be strictly determined by their business revenues, which will finally be used for destruction of half of all BNB tokens.
- To attain this, they are putting great efforts into investing unique and creative products like the Community Coin Per Month, Binance Angel Program, Binance API Coding Competition, and numerous offerings.
- Binance is the sole exchange that offers NeoGas to its NEW HODlers. For Binance investors and NEO, and it is an excellent adoption sign.
- They present themselves in numerous global languages on all platforms; this concept is effective for mass adoption.
- Lastly but important, Binance’s method of expansion and its numbers is increasing daily. I expect them to rank among the leading five exchanges in the coming six months where volume is concerned. In only two months, they created a series of 50 cryptocurrencies, which are being traded using a minimal 0.1%. It is a lot more affordable compared to its rivals.
2020 Binance Exchange review
- In mid-2017, China launched Binance; however, it relocated its base to Hong Kong and today in Malta, following the ban from China government on cryptocurrency exchanges. The exchange is centralized. However, it is a trustworthy one because despite dealing with the numberit regularly does, it has not shown any indication of closing down.
- Binance is a centralized exchange such as Polonium and Bittrex, and it used an exceptional way to Binance themselves using the ICO, which became final in July 2017. Using the money collected, Binance has somehow continued to offer a solution to the main issues found in centralized exchanges mentioned and explained in their white paper.
Additional crucial factors.
Binance provides (fiat-to-crypto) and (Crypto-to-Crypto) exchange. These pairs are available for you in an excellent market in volume and Binance liquidity. Presently, Binance presents one of the leading three exchanges, where volume is concerned, on CoinGecko. They also provide native Binance tokens; I will describe them more in this article.
Binance Security, Log in and Registration
The registration procedure of Binance is very simple, and your account becomes effective instantly. To embark on Binance, you should use your email ID to register. After this, you will have access to the main account, and here, you can make a maximum of 2 BTC each day.
After registering, you can use your email ID and password to log in so you can view the screen below. It would be best for you to create your 2FA and SMS verification for additional protection (it is a crucial step to take).
You can also use this dashboard to provide more KYC documents; it raises your withdrawal limit to 200 BTC from 2 BTC.
After logging in and setting up all the safety steps, view this dashboard from the Binance homepage. The dashboard will reveal to you the markets for ETH, BTC, USTD, and BNB.
Using Binance’s dashboard also offers you access to the standard and advanced dashboard versions. The key variation between the basic and advanced versions is that the advanced version offers extra charting tools and a small UI featuring extra parameters for analysis, in contrast, the basic version has fewer charting features and a more open UI.
Binance Mobile Apps
In a nutshell, the Binance mobile app is extremely wonderful. I discovered the Binance app as I was looking for options for trading while on the move.
I repeat, the Binance trading apps for Android and iOS are the most ideal available in the market. You should set up an account on Binance after registration. After registration, you can download their Android or iOS app and use your smartphone to begin trading cryptos.
Fees Structure for Binance Exchange
The Binance fees structure is extremely competitive compared to similar exchanges. 0.1% is the regular trading fee. It is also beneficial to have Binance tokens because their fee fluctuation is almost assured in the future; the reason is Binance burns a reasonable BNB tokens amount each quarter to offer its holders financial gains.
NB: I have been a BNB tokens HOLDLer from the time each token was $2.
Cryptocurrencies that Binance Supports
Binance supports several cryptocurrencies, offering significant volumes on it. Your funds’ liquidity should not be a concern. You will get all the favorite cryptocurrencies like ETH, DASH, BTC, XRP, ETC, LTC, NEO, etc. on Binance, as well as some uncommon treasures like Vechain, Neblio and Drago chain.
This exchange’s volume features a list of over 260 cryptocurrencies. It is 1.4 billion or 165,711 BTC, which is an amazing figure.
Countries that Support Binance
Users worldwide can access the Binance exchange. But, some sections of the globe have a significant concentration of their user base. Their latest traffic report indicates that most states can access Binance.
Update: U.S. citizens cannot access Binance anymore. However, U.S. users have Binance alternatives.
Compared to its peer exchanges, the support is exceptional. To highlight this, Binance offers support in seven languages! A customer care number is currently unavailable; however, they offer a support portal for you to send your requests. The response time is 24 hours.
Also, you can use their live chat support option in limited working hours. Additionally, they have a broad FAQ section, and if you scrutinize it thoroughly, it might not be necessary for you to get in touch with their support.
The Binance exchange also consistently holds different competitions, prize presentations and other incentives for its users, like
– Binance Launchpad
– Binance Angel Program
– Free Airdrops
– Claim NeoGas on Binance
– Soft staking
– Binance Launchpad
– Binance API Coding Competition
They have now started third-party project reports showing insights of institutions to assist investors in making wise decisions.
- Binance coin: Detailed information about BNB Business Model and BNB Coin Total Supply
After studying Binance’s white paper, the first question I asked myself was:
Why does an ICO need an exchange?
This question’s response depends on its exceptional business design. It is self-sufficient and simple to comprehend. It lacks any complicated mathematical formulas that you mainly come across in a white paper.
However, before talking about their business model, understanding their token economics is important.
Binance Coin or BNB describes an ERC 20 token featuring a standard provision of 200 million. From this overall supply, during the ICO, 100 million BNB tokens were given out.
Details of the last allocation breakup:
One purpose of availing an ICO for Binance was to hasten the growth procedure while controlling its mass embracing by going its users a fee incentivization. It is an advantage for everyone.
BNB tokens facilitate this fee incentivization; they are an essential feature of this exchange. Paying for any platform fees is possible using BNB. For instance, the following and more;
– Withdrawal charges
– Exchange charges
– Listing charges
– Any other charges
In addition to this, you obtain a big discount after using BNB to pay charges. Lastly, but of importance, to make sure that all people take part in Binance benefits, each quarter they use 20% of their revenue to purchase BNB again and terminate them until they at last purchase 50% of the entire BNB (100M) again.
They declare all the blockchain purchase-back transactions and eventually terminate 100M BNB while 100M BNB remains in circulation. The purpose is to increase the cost of BNB tokens.
- How to purchase BNB Coin or Binance Coin
The Binance exchange is the ideal place for purchasing Binance coin. After registering an account, deposit Bitcoin after clicking on funds. If you have not yet bought Bitcoin, buy it now from Coinmama.
– The first step is depositing BTC or different coins in Binance.
– After depositing the coins in your Binance account, move to the trade section, and choose BTC/BNB trading pair from the dashboard’s right-hand side.
– You will find the order book on the left-hand side as well as the costs of buying and selling. You can choose your buying price depending on your requirements, from the order book on the left. Make your order by entering the correct amount of BNB coin you wish to purchase.
Summary: Is Binance Genuine and secure?
When you consider all these facts and the experience I had, I can tell you with confidence that Binance surpasses all the other exchanges where volume, community initiatives, and security is concerned.
As I mentioned earlier, it is extremely thrilling to use their mobile apps. Even in December 2017’s mad rush during the closure of exchanges like Bitfinex and Bittrex, Binance stood out as an exchange that took new registration until the last minute.
To conclude, in my opinion, you need to embark on Binance as soon as possible if you have not done so yet.