Exchange Reviews

Binance exchange review: 7 things you should know about Binance

What is Binance Exchange

As cryptocurrencies continue to get widespread adoption, one may be tempted to just jump on a cryptocurrency exchange and start trading. This may be disadvantageous considering each cryptocurrency exchange such as Binance exchange, has its own set of rules, fees, supported currencies, among others.

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Binance exchange is one of the largest cryptocurrency exchanges in terms of trading volume. The Exchange which was only founded in 2017 by Changpeng Zhao has grown to become of the biggest names within the ecosystem.

After being scrutinized in Asia, Binance exchange moved its headquarters to Malta, the crypto friendly nation where it is currently located. It also recently launched its operations in Uganda, making it its first African expansion.

In this review, we look at 7 things you may want to know about Binance exchange before you start using the exchange.

1. Two versions

From a distance, you may be intimidated by the platform especially if you have minimal interactions with cryptocurrencies in the past. However, this should not put you off from checking out what makes the platform so popular among cryptocurrency traders.

Binance exchange offers basic and advanced versions which depict the difference between beginners and experienced cryptocurrency traders.

When you register using the basic option, you will only have basic graphs and charts tied to your chosen trading pair. On the other hand, the advanced user will be able to access extremely elaborate charts.

When it comes to signing up, the process is simple. If you are not a heavy trader, i.e not trading more than 2 bitcoins in under 24 hours, you can sign up and start trading without verifying your account. Traders moving above 2 bitcoins daily will require personal documents such as government-issued IDs to be uploaded.

2. Countries supported by Binance exchange

This is a little tricky considering that the exchange does not list any countries.

This means that Binance is not confined by geographical borders; it can be accessed and used all over the world. However, the exchange has a different service offering in different countries.

For example, Binance launched a cryptocurrency exchange in Uganda and Jersey. These two Binance platforms are unique since they support fiat unlike in other countries where Binance only facilitate crypto-to-crypto trading.

3. Supported cryptocurrencies on Binance

Binance

The exchange offers a wide range of cryptocurrencies to choose from starting from top coins such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Stellar (XLM), etc.

The advantage of supporting more cryptocurrencies and fewer fiat currencies is that it helps the exchange to operate in more countries and jurisdiction without stepping on regulators’ toes.

4. Trading fees on Binance exchange

The exchange has some of the fairest fees compared to other reputable virtual currency exchanges such as Coinbase, Poloniex, among others.

When trading on Binance, expect to be charged 0.01 percent regardless of the volume involved. In a bid to cut off the competition, the exchange reduces the trading fees further by 25 percent when a trader chooses to pay using BNB, the exchange’s own coin. Deposits are also free.

5. Customer support on Binance

Customer support is a paramount aspect in the growth of a cryptocurrency exchange. This is because it acts as a connection between the exchange and their users. Binance understands this and has a responsive customer support department.

While every user contacting customer support needs an immediate answer to their queries, Binance exchange may take a little longer in responding to queries. But when they do they do it in entirety.

Binance users’ use tickets to file a query and the exchange responds to them using the provided email address. Unfortunately, it lacks a customer support bot to help in emergency responses.

Since you may not get support within your set time frame, it is advisable to avoid the customer support for common mistakes like sending coins to the wrong address. This is one mistake most cryptocurrency traders find themselves doing.

It can be avoided by checking the destination wallet address more than twice.

Additionally, sending a large number of coins can be stressing. To avoid the stress, send small amounts then verify if they safely arrive at the recipient’s address. Proceed with sending the entire amount.

For the customer support at Binance exchange to be able to help conclusively make sure you provide all details pertaining to your query.

6. Binance Security

Binance exchange is one of the most trusted cryptocurrency exchange in terms of safeguarding customer assets. The exchange has never suffered a hack since its creation. This does not mean hackers have never tried to breach Binance’s security.

For example, at the end of March 2018, the exchange halted all trading activities after its internal ‘hacker detection’ tools sensed an intrusion attempt.

The hacking attempt was facilitated by people who were duped into login in from a website meant to collect their data. Thwarting the hacking attempt added an extra tick as to why traders should start or continue using the exchange.

7. Binance DEX

The exchange has sought to move away from a centralized exchange by launching a decentralized virtual currency exchange. The decentralized exchanged (DEX) has the exchange’s token, BNB, has the base currency. A decentralized exchange will offer higher security levels and privacy.

Conclusion

The above points should help you in deciding whether you would start or continue using Binance Exchange. But with the above outlook, Binance is the best exchange to trade on. The viability of the Binance as the exchange of choice is backed by low trading fees, security, and international availability.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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