Binance Cryptocurrency Exchange Review

Exchanges
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Binance History

Binance is a Chinese exchange for trading Bitcoin cryptocurrency and other digital assets. It began its work in early 2017. In 2 years of its existence, it has gained enormous popularity among users. Now Binance is among the top 3 exchanges in terms of daily trading volume. The Binance platform is headquartered in Shanghai, and is headed by Changpeng Zhao.

In 2017, Binance announced that Yi He, co-founder of OKcoin, had joined them. Yi He is one of the most successful and influential people in China’s online economy. This event has had a positive impact on the growing popularity of the Binance crypto exchange and their domestic currency Binance coin. Immediately after the announcement of Yi He and Binance cooperation the value of Binance Coin increased by 40%.

Registration on Binance

To register Binance, you need to go to the site. Then click on the button Register, after which you will get to the page you need. Immediately after entering your email and generating a password to enter the exchange, you will need to pass the captcha.

By the way, the password must contain uppercase and lowercase letters as well as numbers. Captcha on Binance consists of two steps: first, you need to move your mouse cursor over the desired field, this action is very similar to the one you do to answer the phone on your iPhone.

After that, enter the characters from the picture. An email will be sent to you to confirm your email address. It contains a link to confirm the address, which you must click. By clicking on the link, you activate your account. You will need to pass the captcha, each time you will need to log in to a personal cabinet.

My Account and Verification

Binance verification consists of 3 steps. The first stage of verification at Binance exchange is when you confirm your mailing address. This verification step allows you to withdraw no more than 2 bitcoins per day.

To pass the second stage of verification, you need to click on Complete identity verification, located under the middle ruby. But, this function will initially be closed. To access it, you must specify your contacts (specify the phone number, or connect the Google Authenticator). If you do not live in China, or do not have a sim card of any of the Chinese operators, alas, but the function of connecting the phone will not be available. Therefore, you will have to reinforce the Google Authenticator code.

To pass the second stage of verification you will need to put a little more effort. Collect a small package of documents, among which: a scan of your passport page 1 and 2 (you will need to take a photo of yourself with your ID card, which you hold in your hands, and next to it you will need to sign on a white piece of paper). However, you will find there detailed instructions with illustrations.

After the second step of verification, you will be able to withdraw up to 100 bitcoins per day. To open even more opportunities, you need to pass the 3rd step of verification. It is done by communicating with the support team.

Deposit and Trade on Binance

If you want to explore the possibility of making a deposit in fiat currency, you have to go to the Funds section of your account and follow the instructions you find there (if they are available in your country).

However, on the deposits page, you will need to scroll down the long list of supported coins and click on the one you want to deposit on the exchange. Copy the unique wallet address given to you and use it to make a transfer from your personal wallet.

Once you’ve made a cryptocurrency deposit – it usually takes no more than 10-20 minutes – you’re ready to start trading. Click on the Exchange button at the top of the page and choose the type of page: Standard or Advanced. If you are a beginner, select Basic.

You now have access to over 540 individual currency pairs. If the coin you want to buy does not form a pair with the cryptocurrency you deposited, you will need to make an additional exchange or trade. For example, you deposited Bitcoin Cash, but want to buy a smaller-cap ERC-20 token that does not pair with Bitcoin Cash on this exchange. In that case, you need to trade the coin first for Bitcoin or Ethereum.

When you finish trading, your newly acquired coins will be available in your personal cabinet. You can leave them in this account or withdraw them to an external wallet.

Withdrawal from Binance

In order to make a deposit on the cryptocurrency exchange Binance, you need to hover your mouse cursor over Asset and select Withdraw Cash from Deposit under the menu. After that, a list of all possible currencies will pop up in front of you. In this list, you will be able to choose the desired crypto and make a deposit. At the moment, each user of the exchange has the opportunity to deposit more than 200 cryptocurrencies. More recently, the platform has added the ability to deposit in dollars from a VISA or MasterCard.

Binance Commission

Binance has gained popularity due to 2 very important things:

  • its low commission, which is 0.1% of the transaction,
  • and its order processing technology.

The order execution technology on Binance exchange is capable of processing 1.4 million orders per second.

Pros
  • Two-factor authentication
  • Popularity of the platform
  • Variety of cryptocurrencies available for trading
Cons
  • Difficult for novice cryptography enthusiasts.
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