What is Binance?Put simply, Binance is a popular cryptocurrency exchange. Look a little deeper and you discover that it has arguably been one of the fastest growing and largest digital asset exchange platforms in the world. Now supporting over 100 different cryptocurrencies, Binance has over 6 million users and handles over 1.4 million transactions every second.
Binance Review 2018 - An Overview
Fiat Support?Currently, Binance does not support fiat currency but provisions for this are apparently being made and this feature should be introduced in the future. On the 22nd of April, 2018, Binance confirmed that they will be adding the fiat currency option to the site but when exactly this will happen is unknown.
Binance CoinBinance is unique in that it has its own coin called the Binance Coin which is native to this exchange. Users can avail of a 50% discount if they make payments using this coin. The value of Binance Coin has risen greatly, from a paltry $0.10 USD in its earlier days, to approximately $13 USD per coin today -- and given that this platform is only a year old, it's not doing so bad!
SecurityBinance uses 2FA to provide additional security. This platform is not decentralized which essentially means that the exchange has complete control over your coins. Although Binance is secure and has never been hacked, make sure you store all your purchased cryptocurrency in a cryptocurrency wallet to keep it extra secure. Binance Features Broken Down:
- A highly secure exchange.
- New features called "Broom" and "Dust"; coins an investor cannot trade in are referred to as "Dust". This tool converts this "Dust" into Binance Coin. The generated Binance Coin can then be withdrawn or used to make payments.
- Binanace has an affiliate program which allows users to earn small amounts of money by promoting the exchange and sending referrals. This has increased its popularity and can also serve as a minor source of income.
- Binance offers 2FA as a security measure.
- The trading fee is extremely low and the standard fee charged is 0.1%.
- Users have the option of paying this fee with the native Binance Coin and can avail of discounts.
- Binance has a mobile application as well which can be downloaded from the website.
- The GUI is fantastic and is easy to operate.
Using Binance: Login ProcedureThe login procedure is quite simple. New users are required to register their email ID to the site and must secure their account with a password. Access to a basic account is then granted. Basic accounts have a withdrawal limit of just 2 Bitcoin per day. There are several steps one can take to increase this limit. On the submission of additional KYC documents, the withdrawal limit increases from a meager 2 Bitcoin to 200 Bitcoin. The entire verification process is simple and should not take more than 20 minutes. After successful registration, users can deposit a cryptocurrency and start trading.
The Binance GUIThe GUI of Binance is very user-friendly. As Binance caters for 100's of different cryptocurrencies, the current market status of these coins can be witnessed on the Binance dashboard. Users have the option for two different interfaces:
- The advanced dashboard enables users to access charting tools and experience a more compact UI.
- The basic dashboard is simpler and makes use of an open UI and significantly lesser charting features.
Binance Mobile ApplicationThe Binance mobile application is perfect for users constantly on the move. The user interface is fantastic and simple in its design. To use this application, users must download the application from the website. This can only be done once a user has registered with Binance. The mobile application is supported on both the Android and iOS platforms. Users can easily purchase a cryptocurrency using direct trade, or by making a purchase with another cryptocurrency.
Binance Review 2018 SummaryPROS
- The basic trading fee charged is significantly less than other exchanges. Add to this the fact that users can avail of discounts if they use the Binance Coin to make payments, and the fees are even less!
- The affiliate program is a definite pro!
- Binance allows for the access of third-party private keys. This enables access to the third-party mobile application or website.
- Binance provides for high liquidity of coins and is backed by an established team. It is highly secure and has never been hacked.
- There are several exchanges which are not user-friendly. Binance makes use of two dashboards, one for advanced users, and one for basic users. This is a significant advantage over other exchanges.
- At the time of writing, Binance is a pure cryptocurrency exchange. Users must deposit a cryptocurrency to the exchange and trade using it. Fiat currency deposits are not allowed and this is a significant disadvantage.
- 2FA must be enabled to withdraw funds. Some customers have complained that the process of setting up 2FA is faulty and as a result, these customers have had trouble withdrawing funds due to this.
- There are delays when withdrawing certain coins, though the team is constantly looking into this.