Binance is cryptocurrency exchange based in China, launched by Changpeng Zhao in 2017, currently in the top 20 exchanges.The owner did an amazing job with Initial Coin Offering and raised over $15 million, which led to the high popularity of this exchange. China government is not happy about cryptocurrency colliding with other currencies. To avoid breaking law Binance decided to move their IP’s to an offshore location. It supports a wide variety of cryptocurrencies with very low exchanging fees. It does not include fiat currency exchange, meaning you can only trade with crypto to crypto currency. Being a new company it is doing pretty well in bringing investors. Binance has its own coin, currently ranging around $11 with a bright future. Binance website supports English, Chinese, Japanese, Korean, German, Spanish, Russian, and Franche language.
To use Binance you have to create an account like for every other cryptocurrency exchange. For registration, you will need basic information like account name, email address, and password. After inputting that information, all you have to do is to verify your email address simply clicking on verify button in your inbox. When you make an account, it counts as level 1, and your 24-hour withdrawal limit will be 2 BTC. After verification your account will become level 2 and limit will be 100 BTC.
To be able to have full access to your account, you need to verify it. It requires some of the personal information.
First, you should verify your phone number, and you can do that going on your profile when a pop-up window will ask you to verify through phone or google. This is an easy stop, after getting a message you will submit it and that is the easier part. If you have a desire to authenticate yourself through google, it has 4 steps. Downloading mobile application which you should use to scan QR code. You will get a backup key that you should save for recovering your account if needed.
Second, is the level 2 account verification. In your profile page, you have an option called Submit Verification Document. You can choose between China and International. For this, you should have a valid identity card, take a picture of it and submit it.
The third part is waiting for them to process your submission that usually does not take long. It depends on how many people are trying to get verified.
Make a deposit
As we said above, crypto exchange like Binance do not accept dollars, euros, pounds or any government currencies. Only thing you can exchange are cryptocurrencies. On the website, when you click on exchange panel, you have a USDT. That does not represent US dollars, it is a digital representation of one US dollar. You need to send digital currencies in order to buy other digital currencies. If you don’t have any cryptocurrency, there are many websites that offer you to purchase some. For example, you can use Coinbase or CEX.io. In order to buy coins like Bitcoin, Ethereum, Litecoin, you need to register on on of those websites and approve your debit card to make a purchase. Every coin has its own address, so when you buy them, you will copy your code you have in the wallet and paste it into Binance for currency that you got. When you buy cryptocurrencies you also pay a fee, as for Binance it usually charges an average fee of 0.1% on each trade that a user makes. To make a deposit is free. Binance also provides a unique feature. Users can get a 50% discount if they choose to pay the fee via Binance token, a cryptocurrency made by Binance. Comparing to other exchanges Binance is very cheap.
Reversing the process you will get your fiat currency back. On your account page there is a found tab that includes deposits and withdrawals page. After finding the coin that own, there is a withdrawal button next to it. It will open a tab where you can put your wallet address, also put the amount and transfer will begin. The transfer is fast, but it also depends on the coin you are sending. Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. A user can also earn by referring someone to make a trade, getting a 50% commision of a referral trading fee. A very useful tool in Binance is Stop-Limit orders. It basically means that if you don’t want to worry about the price going down you can set the limit and when the limit is reached it automatically sells the coin. It prevents any overnight loses, which is very beneficial for someone who is trying to make money trading.
Looking at other exchanges Binance is very easy to use. With a great customer support, you can easily get the answer you wanted. Their trading process is fast, making 1,4 million transactions every second, with the lowest fee that you can find. They are multi-lingual.
The biggest con about Binance is no fiat payment option. To many people, it is difficult to get their wallet verified. By adding fiat payment options they could lead users only to Binance not needing to first buy coins on other websites. In the future, we could also see margin trading option. They could also provide phone call support and they are relatively new, so expanding fast is a must.
There are not many complain about Binance. All in all, people love it when it comes to pricing. It can be the case that it has an affiliate program, which makes people talk more about the benefits they get, so they can earn some money. If there are complains, it is about Google and phone confirmation. People having trouble withdrawing, calling it a scan, are for sure doing that in lack of information. In years to come they will for sure clear minor issues they have.
Looking from a wider perspective, cryptocurrency exchanges will always have some problems because of its growth and fast expanding. Binance is doing a pretty good job for now including its a new company. No fiat payment method will still be a major issue, but for now, we are not seeing any interest in changing that. For users, Binance is a solid exchange company with easy to use interface. Being in the top 20 and started 2017 promises a bright future for this startup. We can see it side by side with the largest exchanges out there.