Binance Cryptocurrency Exchange Review
Binance has become one of the most popular Cryptocurrency exchange in the world, the exchange was launched in 2017 which makes it fairly new but this didn’t stop it from becoming a reliable and probably most of the most trusted cryptocurrency exchange.
Binance platform offers basic and advanced options for cryptocurrency trading, The support and development team is constantly adding new features to the exchange as well as listing more coins on their platform. The CEO Changpeng Zhao is also an experienced programmer and is quite active on Social Media as well.
Recently, Zhao announced his plan of adding support for Fiat-To-Crypto (enabling the members to purchase and trade cryptocurrencies using their local currency.
Binance offers a more in-depth technical analysis of digital currency value over time. Binance continuously holds contests and giveaways for the members.
Location: Binance has numerous offshore servers located in different parts of the world, the decision was taken in response to the China ban, The exchange moved their IP’s to an offshore location (BVI) & multiple locations. Due to Japan’s crypto regulatory issues, the CEO of Binance announced that the exchange will be moving their operations officially to Malta to avoid any future disruptions.
Features: Exchange Trading, API for Account, ICO listings, Mobile App, Contests/Giveaways & Excellent Customer Support!
Verification: There are 3 levels of verifications.
- Level 1 verified accounts have a 2 BTC daily withdrawal limit
- Level 2 accounts are allowed to withdraw up to 100 BTC per day.
- Level 3 Requires extensive verification documents for higher limits available for that you’ll have to contact the support directly.
Exchange Fees: Binance charges an average fee of .1% on each trade. However, If you own BNB token (Binance’s very own currency) you’ll be entitled to receive a 50% discount on trading fees.
The Withdrawal fees vary for each currency so there’s no fixed amount of percentage.
Accepted Payment Methods: Crypto (But if all goes well the exchange will be adding support for other major currencies as well i.e. USD, EUR etc)
Although, there are numerous cryptocurrency exchanges in the market that you can join. However, Binance has been the most dominate exchange in the past year. There are other exchanges like Kraken, Poloniex, Bittrex, Bitfinex that are much older than Binance but these exchanges have either higher fees or limited cryptocurrencies listings on their platforms so the traders are only able to trade in limited crypto pairs.
Are you a Binance Member? Please share your experience with our readers in the comment section below!
Binance has started accepting credit card payments for purchasing crypto currency. Binance will be using Simplex a FinTech company which was founded in 2014 and today they work with many popular crypto exchanges, wallets such as Abra to provide consumers with guaranteed fraudless payment processing solutions.
Benefits of using a debit or credit card on Binance:
- Fast: Average 10-30 mins for cryptocurrency to reach your wallet
- Low Fees: only 3.5% per transaction or 10 USD, whichever is higher
- Convenient: Visa and MasterCard accepted
Simplex processes credit card payments with a 100% zero fraud guarantee – in case of a chargeback, the merchant gets paid by Simplex.