In this Binance review you will find out why Binance is such a popular exchange.
Binance Review 2021
Gurus of cryptocurrency have prepared this Binance review for you to let you know whether it suits newbies or oldfags. This article will explain why Binance is so widely used and discussed. You will find a list of pros and cons. Also, we will briefly tell you how the system works.
- A famous and credible cryptocurrency exchange service
- 2-factor authentication
- 100+ types of crypto available
- Does not fit those who are new to business
How to Define Binance?
It is the platform for cryptocurrency-to-cryptocurrency deals. No fiat money is allowed (e.g., EUR or USD). The company has existed since 2017 in China. It is now located in Japan. The primary way of making money was an initial coin offering (ICO). It means that users invested in crypto instead of fiat money. The Binance ICO raised the equivalent of $15 million. The Binance Coin was the result of the first operating years.
By today, Binance is the biggest exchange service for alt-coin trading. Once, the team obtained more than 240,000 new account applications! Check out what makes this platform so popular.
Why Choose Binance?
We have prepared a list of pros for you after analyzing and testing the website. Here is why many people trust this online service for crypto:
All-time expanding list of available cryptocurrencies
1800+ altcoins are present on the site today. From ETH to XZC, it is possible to start trading any of the outdated and new tokens.
Binance can boast having one of the most acceptable, adequate rates on the web. Clients face a fee as low as 0,1% on each deal. There is no need to pay any fees for depositing funds, but you should do that when retrieving your money. The service has no restrictions on the deposit amounts. However, for high volumes, users should provide certain documents confirming their identity and income.
Binance has some giveaways for its customers. The rewards change regularly, while there are a couple of free cryptocurrencies - ONT and WAVES, for instance. Some of the best giveaways include luxurious cars!
The company establishes new crypto on a regular basis. Many organizations choose Binance as their preferred partner. The service includes only trusted cryptocurrencies.
The company earned its trust by setting up the latest, time-tested security measures. For instance, every user should pass a two-factor authentication while signing up. It is about receiving and entering the special code from the mobile message. In addition, the platform applies the so-called CryptoCurrency Security Standard (CCSS).
Plenty of transactions happen at Binance every day. The number of deals and users means that you will buy/sell crypto way easier here than on less popular services. The more people have the offers you are interested in, the better.
Pitfalls of Binance
Though the platform is almost perfect from many aspects, it has its drawbacks.
The help center is available via online real-time chat and email. However, because of the overwhelmed client base, it takes time to proceed with your request. You might have to wait for a while to get a reply from Binance's agent. The response time should be somehow reduced.
Absence of Fiat Money
Binance does not accept fiat money. The range of payment options is rather limited. If you are new to business, you cannot purchase crypto here. You should already possess tokens to exchange them for each other. You can only withdraw coins from Binance.
How Does It Work?
The process starts with registering a personal account. It will require the following steps:
- Open the website
- Push the Register button
- Type in contact details
- Come up with a username and password
- Verify the contact information
Once you obtain a Binance account, sign in, and, as a beginner, you’ll be asked to confirm an action via 2-factor authentication. Without it, the system won’t let you in.
- Depositing Your Funds
After you log in, you might wonder how to deposit and store funds in the system. Forget about credit cards and systems like PayPal. To deposit funds at Binance, use Bitcoin, Ethereum, or some other popular crypto currencies. Stick to these steps:
- Find the Funds section and pick Deposits.
- Pick the Select Deposits Coin and enter the code like BTC.
- That is how you receive a unique deposit address.
Remember that every crypto possesses a various deposit addresses. If you send ETH to the Bictoin address, it can result in a failure.
- Cope the deposit address. Select the Copy Address option.
It is time to move to the crypto wallet and send the desired amount of tokens to the Binance account.
After that, the amount of coins that you order should achieve your balance within ten minutes. You can check that in Funds → Balances. Now, let’s discuss how to make the initial trade.
Trading with Binance
More than one hundred cryptos are available on the website. Let’s pretend that you wish to trade Ethereum. It works the same way for all crypto currencies.
Place your mouse over Exchange and pick Basic.
Find Favorites on the right of the page. Choose the crypto that you removed to your Binance account.
Type in the code of the preferred currency.
Select the currency pair, and the trading screen will show up.
You will view the graphs. Scroll down to find the Green Buy Make sure you click on the Market. This option allows purchasing crypto for the current market price.
To finish the process, type in the amount of tokens to get. It is possible to either enter the specific number or a percentage of the Binance balance.
Click the green BUY LTC. As you picked Market, your order should complete within seconds!
To claim your cryptocurrencies, it is a bit different. Have a look at the top of the page - start from there.
Move the mouse over Funds and click Withdrawals.
Pass the 2-factor authentication.
Pick Select Withdrawal Coin and enter the cryptocurrency of your choice (its code only).
Type in the wallet address to receive the tokens.
Decide on the number of tokens to collect. Choose Submit. The average transaction takes about half an hour.
You will benefit from using Binance if you are a trading expert. Beginners might find this platform a bit complicated for understanding. The service has an Advanced section for pro users. In case you know how to interpret graphs and other analysis, this section is right for you. However, experts recommend starting with the Basic option in any case just to get the general touch.