Binance – Exchange Review and User Guide

BINANCE – EXCHANGE REVIEW & USER GUIDE

Led by a team of cryptocurrency professionals, Binance has built up a solid reputation in the cryptocurrency industry with its array of in-depth tools, wide selection of coins offered, and its own cryptocurrency used to pay fees.

FEATURES
  • Over 50 cryptocurrencies available for trading
  • Advanced trading platform
  • Save 50% on trading fees by using Binance’s own coin, BNB
FUNDING METHODS
  • Cryptocurrency funding only (no fiat funding available)

Pros

  • Short time to get coins with no ID verification required
  • Diverse range of cryptocurrency options
  • High trading volumes and low fees for crypto trades

Cons

  • No fiat deposit
  • Withdrawal fees can be high for small amounts

EASE OF USE

The signup and registration process couldn’t be easier, making onboarding to the exchange quite simple. However, once signed up for an account, users will see there is a lot going on in the Binance trading platform.

The basic exchange view provides order book and charting, which are great for seasoned traders, and it is nice to be able to buy and sell directly on this page, but beginners will find this overwhelming.

Since there is no other interface options users will just have to adjust to the complexity of the exchange, which shouldn’t be too difficult, but it will come with a learning curve.

COINS TRADED

The selection of coins on Binance is great. There are plenty of currencies to choose from, which include the core coins like Bitcoin, Litecoin, and Ethereum, as well as lesser-known coins such as Genesis Vision, Salt, and Funfair.

The exchange will even quickly delist coins that it deems are not well suited for the platform.

Overall, there are over 200 coin pairs traded on the exchange, enough to keep even the most active short-term trader busy.

TRUST FACTOR

Binance has yet to have a hack to its system, which is good for any centralized exchange.

It has gone down for maintenance several times for hours on end, leaving users to wonder what is happening with their funds and if they were safe.

Although there have never been any reported fraud issues with the exchange, this system downtime slightly diminishes their trustworthiness and can be a detriment to traders looking ensure they have access to their funds at all times.

There are also many sites that mimic Binance and defraud people by having them deposit crypto to fake exchanges.

Even though this has nothing to do with Binance itself, it decreases the perceived trust of the exchange.

PRIVACY

Since Binance doesn’t collect personal information from the outset there is not much to worry about by way of user privacy.

It is still unclear how/if the site collects user data for other purposes, but at most, name and email information are the only things susceptible to privacy leaks.

Because this is still unclear it is best to be cautiously optimistic about the state of privacy on Binance.

FUNDING & WITHDRAWAL

Depositing fiat currency to Binance is not allowed, meaning users must use another exchange to trade their fiat for cryptocurrency before migrating to Binance for trades.

Withdrawing on the exchange faces the same problem, as users can only withdraw coins to send them to another wallet where they can then trade for fiat currency.

It's easy to use cryptocurrency to make deposits and withdrawals, but that will still require using another exchange to move money from fiat into cryptocurrency.

FUNDING METHODS

  • Cryptocurrency funding
  • No fiat funding available

WITHDRAWAL METHODS

  • Cryptocurrency withdrawal
  • No fiat withdrawal available

FEES

There is no fee to deposit coins on the exchange, but withdrawing comes at a hefty price. There are no set fees for withdrawals, and instead, Binance has fixed withdrawal fee for each cryptocurrency on its exchange, which is subject to change at any time.

These usually end up costing the equivalent of $10, but since the fee is fixed it makes withdrawing small amounts of cryptocurrency extremely expensive.

There is a 0.1% trading fee for making any trades on the platform.

This fee can be reduced by paying for trading fees in the Binance native BNB coin.

The reduction in cost is significant, calculated 50% the first year of trading and decreasing each year thereafter.

Users can take advantage of this discount by always holding a small amount of BNB coin that can automatically be used to pay for trading fees.

CUSTOMER SERVICE

The Binance support page answers most basic questions regarding the exchange.

There's even a feed of comments by the support team that keeps users up to date with the most important news and information, which can be extremely helpful.

If a more in-depth answer is needed, users can submit a request and wait to hear back from a Binance support representative or use the toll-free customer support line to speak with a representative directly, however phone wait times can be extremely long.

SPEED TO COIN

Since there is no fiat deposit on Binance, the speed to onboard on the exchange is quite fast.

Signup only requires a valid email address and there is no need for ID verification unless you need withdrawal limits higher than 2 Bitcoin per day.

Deposit and withdrawal times are as quick as it takes for the blockchain to process your deposit from another wallet.

All of this together makes Binance one of the quickest exchanges to start trading cryptocurrency.

Signup - Instant
ID Verification - N/A unless higher withdrawal limits desired
Deposit - Instant
Trade - Instant
Withdrawal - Instant

VOLUME

Binance processes billions of dollars worth of cryptocurrency trades daily.

There's significant liquidity in the core markets of Bitcoin, Ethereum, and Litecoin, making it easy for quick trading.

The exchange accounts for over $500 million of trading between Bitcoin and US Dollar Tether alone.

It also offers great trading volume on smaller coins that aren’t offered on many other exchanges.

FEATURES & BENEFITS

The Advanced Exchange platform on Binance has a host of various advance charting functions such as trading indicators, trend lines, Fibonacci retracements, and more.

Taking advantage of the favourites list and search function to quickly toggle between coin pairs is easy.

These features, plus the diverse amount of coins listed on the exchange make it a one-stop-shop for cryptocurrency trading.

TOTAL SCORE

Binance is a great platform for traders with its low trading fees and advanced tools.

It provides a way to trade such a wide array of coins with good liquidity that traders will never have to worry about getting in and out of trades when needed.

Yet, there is no option to fund with fiat currency, meaning newcomers to cryptocurrency must first use another exchange to get into cryptocurrencies in the first place.

BINANCE – USER GUIDE

The process to sign up for a Binance account is simple and doesn’t even require identity verification, meaning you can get up and running on the exchange in no time.

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1. Sign up

Initial registration on Binance requires a valid email address and password creation. There is an option to use a referral ID if applicable.

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2. Verification

Once registered, an email will be sent to the address on file. Click the link in the verification email to verify your email address.

Once your email address is verified you are able to immediately start trading on Binance without giving over any other personal information.

This initial level of verification allows for unlimited trading, but with a daily withdrawal limit of 2 Bitcoin.

To increase your daily withdrawal limit you must submit additional verification documents, which differ for individuals or enterprise-level customers.

Personal verification will require submission of a form of government issued identification as well as taking a selfie photo with a note and ID as outlined on the page.

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3. Authentication

Binance highly recommends enabling two-factor authentication (2FA) for added security. 2FA can be enabled via the Google Authenticator app or SMS authentication.

Binance 2FA

SMS authentication requires the input of a verifiable phone number.

SMS authentication requires the input of a verifiable phone number.

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4. Payment Method

Because Binance does not allow for fiat payments on its exchange, there is no need to enter in any bank account or other payment information.

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5. Purchase Cryptocurrency

Since fiat currency is not deposited on the exchange, you must first transfer cryptocurrency onto Binance in order to purchase the cryptocurrency of your choice.

The first step to making a crypto deposit is navigate to the Deposits section under Funds in the Binance navigation pane.

Next, select the coin to deposit into your account. You can choose from the drop-down list or type in the coin you are looking to deposit.

After selecting the appropriate coin, you will be given the deposit address of your coin’s wallet.

This is important as you will need this address to send your coins from another wallet to make your deposit.

Copy the address and send your coins that way, or, use the QR Code function to copy the address via your mobile device.

Once the deposit is made it will display on the left side of the screen under History. Here you will see the deposit amount, date of deposit, and its status.

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6. Trade/Market View

The exchange view on Binance is extremely robust and offers a way of viewing in-depth information, coin pairings, trade history, and even making a trade on the same page.

  1. The right pane displays all coin pairings broken down as pairings of Bitcoin, Ethereum, US Dollar Tether, and Binance Coin. You can star any coin pair to add to your favourites for easy viewing as well as toggle between the percent change in price and 24-hour volume.
  2. The top pane displays the coin pair price that you have selected, as well as other basic information, such as volume and 24-hour high and low.
  3. The centre charting tool can be customized to display time by the minute up to week and include more technical charting indicators if desired.
  4. The order book on the left side of the screen offers a view of the open orders for the selected coin pair. Prices as well as requested trade volume are both viewable.
  5. A trade history will display the most recent trades along with price and volume.
  6. Cryptocurrency purchases can be made directly on the exchange screen
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7. Finalize Buy Order

As previously noted, purchases can be made directly on the exchange screen.

First, navigate to the coin pair that you would like to trade and use the tool in the middle of the screen to make your purchase.

If purchasing via a limit order, denote the price you are willing to pay for your purchase as well as the amount of cryptocurrency you are looking to spend.

The percentage functions allow you to easily set the percent of your total balance in a trade (i.e. if the balance is 1 BTC and 50% is selected, 0.5 BTC will be spent on the trade).

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8. Withdraw

Similar to depositing on Binance, there are no fiat withdrawals on the exchange, and cryptocurrency can only be withdrawn to another crypto wallet for converting back into fiat. First, navigate to the Withdrawals section of the exchange and select the coin you are looking to withdraw.

Next, you will be asked to provide the appropriate withdrawal address to send your coins. This must be obtained from the exchange/wallet/etc. that you will be sending your coins.

Select the amount of coins you would like to send or use the Max button to send all of the coins in your wallet.

Once you're ready to make the transaction, note the transaction fee associated with this withdrawal as well as the amount of coins you will actually receive to your wallet once the transaction is complete.

Click the submit button and the withdrawal will begin.

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Bonus Tip - Verification Slider

At every step of the registration process, as well as anytime you sign in to your account, Binance provides an extra layer of security to ensure that you are a real human and not a bot.

Binance gamified their security challenge in the form of a slider that you must drag across the screen. Click on the slider and a puzzle piece will appear. Slide your mouse over to fit the puzzle piece into the appropriate missing section of the picture and you will pass this security test.

The puzzle shows you your time at the end so you can keep track of your best score. So don’t be afraid to move it quickly (as long as you line it right up otherwise you’ll have to start again).

Binance

8

Ease

8.0/10

Trust

8.0/10

Funding

8.0/10

Fees

7.0/10

Pros

  • Short time to get coins with no ID verification required
  • Diverse range of cryptocurrency options
  • High trading volumes and low fees for crypto trades

Cons

  • No fiat deposit
  • Withdrawal fees can be high for small amounts