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Binance Exchange - Official Review 2020

4.7 su 5


 

Binance Exchange - Official Review 2020

4.7 su 5


 

 
 Pros:   Cons:
Platforms suitable for both beginners and experts. Great for technical analysis.     Customer service available only through live chat and email.
Very low trading fees.     Absence of a demo account for testing platforms.
Wide range of products and services.     No direct payment method
Excellent educational and training materials.

 

Pros:

Platforms suitable for both beginners and experts. Great for technical analysis.
Very low trading fees.
Wide range of products and services.
Excellent educational and training materials.

Cons:

Customer service available only through live chat and email.
Absence of a demo account for testing platforms.
No direct payment method.

Binance review and rating. Pros and cons

BINANCE is one of the most important exchanges of the crypto universe. Founded in 2017, with fundraising through ICO (Initial Coin Offering) the team has raised 15 million dollars. Within a few months, the exchange has become the number one globally in terms of the trading volume.

The company was founded in China but, following the government's ban on cryptocurrency trading, Binance decided to move the servers to Japan and its headquarters in Malta. Thanks to a Memorandum of Understanding signed with the Malta Stock Exchange, Binance has created Binance Jersey, an independent platform created with the aim of expanding the European influence of the cryptographic giant.

Binance's token, BINANCE COIN (BNB), today has a market capitalization of almost 3 billion dollars and is in the top 10 of  CoinMarketCap.

The services offered by Binance are mainly aimed at traders. However, in recent months three additional platforms have been released to complete the Chinese exchange offer:

  1. BINANCE.COM is the flagship platform. It allows you to trade cryptocurrencies at very low commissions, to operate in leverage, to participate in Initial Exchange Offering (IEO), to store coins and to earn interest by making your cryptos available to the exchange;
  2. BINANCE JERSEY is the tool that allows you to buy cryptocurrencies using bank transfer, thus let you trade fiat currencies with Bitcoin and some of the main altcoins;
  3. TRUST WALLET is Binance's wallet. It allows you to manage, receive and send bitcoins, numerous altcoins and tokens based on the Ethereum and Binance blockchains;
  4. BINANCE DEX is Binance's decentralized exchange. Based on its own blockchain, it allows you to exchange altcoins at fees close to 0. Being decentralized, it allows users to access directly with their wallet of which they hold private keys, therefore no registration or KYC will be required.

Safety

Used daily by millions of users, Binance has a trading volume of over 1 billion dollars per day.

The security level of the exchange is very high however, due to security concerns, Binance has not released information on how to keep the funds. All we know is that 98% of the cryptocurrencies held by the Chinese giant are stored in inaccessible offline wallets, whose backup copies are protected in secure locations.

On June 3, 2018, was created the Secure Asset Fund for Users (SAFU), an emergency security fund in which Binance deposits 10% of all commissions generated by the exchange to cover any customer losses in case of emergency. These funds are stored in a separate cold wallet.

Since his inception, Binance has undergone several hacking attempts. In May 2019, about 7000 BTCs were stolen from the exchange's hot wallet. The SAFU fund covered all losses, thus limiting the damage. Customers have therefore not suffered any losses, this precedent has demonstrated the concreteness of the Chinese giant that has been able to distinguish itself from competitors who have suffered thefts and have never been able to refund customers.

Fees and Costs

In addition to reliability, one of Binance's strengths is the fee structure, which is significantly lower than its competitors.

The main platform,  BINANCE.COM, as mentioned above, allows you to trade cryptocurrencies.

Binance does not  charge  deposit fees. As for trading, each trade has a fixed fee of 0.1%. If you hold  BINANCE COIN  (BNB) on your trading account and decide to use them to pay commissions, Binance will apply a 25% discount on fees. Depending on the amount of BNBs held, additional discounts can be obtained gradually. For cryptocurrency withdrawals fees vary depending on the cryptocurrency used, in most cases the costs are less than 1 dollar per withdrawal.

With regard to the direct purchase with fiat currency you will need to use the dedicated Binance platform, BINANCE JERSEY. As Binance.com, the Jersey platform also does not charge fees on deposits and offers a fixed fee of 0.1% on purchases and sales.

Until December 31, 2019, fees are discounted for everyone by 50% and fees will not be applied on withdrawals. Unfortunately, Binance has not yet released information on what the cost structure will look like from 2020.

As for the fiat deposit and withdrawal limits, they amount to 20,000.00 euros per day for deposits and 10,000.00 per day for withdrawals.

Account types

To sign up on Binance you need to go to the Binance.com website and enter your email address and password to start the registration process.

Once have entered the required information, let's click on Create Account. We will receive a confirmation email from Binance with link necessary to the activation of the account.

Once you have confirmed your email address, the next step will be to take a short quiz to raise awareness about the behaviours to be kept in case of problems.

Once the quiz is accomplished, the account will be active and you can start operating on your own.

Note: It is recommended that you immediately activate a 2FA (two-factor authentication) system before you start operating. The 2FA supported by Binance are Authenticator and SMS authentication on mobile number.

To buy crypto with fiat currency you need to create a new account on the dedicated platform, BINANCE JERSEY.

Just like in the previous registration, we enter e-mail and password and we click on the link in the confirmation e-mail to activate the account. As for this platform, in order to operate and buy crypto directly by bank transfer, you need to verify your identity through the KYC imposed by Binance.

After confirming our email address we can log in. Once logged in, the first screen will display a warning about security risks. All we have to do is to read the content carefully and tick the various boxes.

Now we can proceed to carry out the KYC. After clicking on the Account Verification button, a new screen will open where we will be asked for our personal data and address of residence.

Once all the fields have been completed, you can send the documents requested by Binance Jersey, i.e. identification document (identity card, driving license or passport) and a proof of residence (e.g. an utility or bank statement in which our name and address appear).

Promotions

As mentioned above, for BINANCE.COM, when using the BNB coin to pay commissions, fees are discounted by 25%. By holding a certain sum of Binance Coin, the discounts become more and more.

For BINANCE JERSEY, until 31/12/2019 there will be no commissions on withdrawals and the costs of transactions are discounted by 50% (0.05% instead of 0.1%).

Products

Another strength of Binance is the number of products available on the platforms. On BINANCE.COM there are about 200 altcoins, 5 stablecoins (USDT, TUSD, USDC, BUSD and PAX) and over 500 trading pairs. The main cryptocurrencies present are listed below:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • XRP
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • EOS
  • Binance Coin (BNB)
  • Tron (TRX)
  • Cardano (ADA)
  • Monero (XMR)
  • NEO
  • Cosmos (ATOM)
  • DASH
  • Stellar Lumens (XLM)
  • WAVES
  • Ontology (ONT)
  • IOTA
  • Zcash (ZEC)

There are also numerous tokens of different blockchains (Ethereum, Binance, Tron, etc.).

Monthly new cryptocurrencies are introduced or those with trading volumes too low for the platform are removed.

As for the BINANCE JERSEY platform, you can buy the following cryptos with fiat currency:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Binance Coin (BNB)

The fiat currencies currently supported are Euro and Sterling.

Finally, Binance's mobile wallet, TRUST WALLET, supports the following cryptos:

  • Bitcoin (BTC)
  • Ethereum (ETH) and all ERC20 tokens
  • XRP;
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Binance Coin (BNB) and all tokens based on Binance's blockchain
  • Tron (TRX) and all tokens based on the Tron network
  • Vechain (VET)
  • DASH
  • Stellar Lumens (XLM) and all tokens based on the Stellar network
  • Cosmos (ATOM)
  • Ontology (ONT) and all tokens based on the Ont network
  • WAVES
  • Tezos (XTZ)
  • Ethereum Classic (ETC)
  • Dogecoin (DOGE)

Platform

BINANCE.COM is a thorough platform that provides users with all the tools necessary to operate in cryptocurrency trading. It also allows you to store and manage your cryptos in a very intuitive way and to make money with BINANCE LENDING, a service that allows you to lend your cryptos to the exchange receiving interests. It is available either as a web platform and as a mobile app.
As for the exchange, it is possible to trade using 3 different platforms, with different functions.

Before showing you how to trade, let's see how to add funds to the platform.

Wallet

In the wallet section, you can deposit funds on the exchange. From the menu at the top, we click on Exchange Wallet to view our available balances and select the coin we intend to deposit on Binance.

For instance, if we want to deposit bitcoins, let's select BTC and click on Deposit button on the right side of the screen. Your personal deposit address for the BTC cryptocurrency will appear.

Once you have made your deposit, you can check its status in the Deposit and withdrawal History section.

Once your funds are accredited on the exchange you can start to operate, selecting one of the platforms available on the BINANCE.COM, from the computer via a web browser or smartphone via the dedicated app.

1. Exchange basic

This is Binance's standard platform. It allows you to place market, stop and limit orders. You can trade many pairs and you can operate with leverage.

Mainly there are 5 markets: Bitcoin (BTC), Altcoin (ETHTRX and XRP), Binance Coin (BNB), Stablecoin (USDT, TUSD, USDC, BUSD and PAX) and Margin, in the latter we will be able to trade using leverage.

To go to the trading platform, we select Exchange from the top menu and click Basic.

Once you log in to the platform, the next step will be to select the pair you want to trade.

Finally, let's select the order type, type the quantity and price and click on the BUY button to buy selected cryptocurrency or SELL to sell it.

Once the order is submitted we can check its status in the Orders section.

2. Exchange advanced (Pro)

Binance's platform for professionals is definitely more complete than the basic exchange. It allows us to enter our favourite indicators, to view the status of our orders in real-time and choose the use of leverage.

To place an order the procedure is the same as with the basic platform: you select the trading pair, enter the quantity and your price and click on the BUY or on the SELL button for executing the trade.

3. Mobile app

The latest platform available for trading and managing your cryptos is the BINANCE MOBILE app available for Android and iOS devices. Simple, intuitive and complete is a great tool for day trading in a easy and fast way.

Binance Lending

BINANCE LENDING is the latest news introduced by the Chinese giant. It is a platform through which we can earn simply by lending one's cryptocurrencies to the exchange, which binds them for a certain period of time, guaranteeing the user an advantageous interest.

The packages available at the moment have a duration of 14 days and an interest rate of between 3 and 10% calculated on an annual basis.

To use the Binance Lending platform just select the Earn section, click on Lending button and select one of the available packages.

To use the service just select one of the available packages and enter the amount of coins you want to block. The quantity entered will be withdrawn from the balance and at the maturity re-credited to our wallet with the accrued interest.

Customer service

Binance customer service is currently only available via email or instant messaging through the live chat on the dedicated portal. Both services are available 24 hours a day, 365 days a year. There is also a complete FAQ and a beginner's guide to start operating in the world of cryptocurrencies.

Finally, there is the official telegram chat where you can get the support of the Binance Angels.

Education

Binance is very concerned about user training and raising the awareness of newcomers about the potential and problems related to the world of cryptocurrencies. First and foremost, you need to be aware of what you do once you enter this world because a mistake is enough to lose money with crypts. We need to secure our investment and we must be very careful about the actions we take. Binance knows this well, which is why he created BINANCE VISION, a completely free online university dedicated to the Bitcoin and crypto world.

There are 4 main sections: BLOCKCHAIN, ECONOMICS, SECURITY and TUTORIALS. The material is really complete and without spending money we can expand our knowledge and create ad hoc training on cryptocurrencies, how they work, the protocols that are used and the behaviors to be kept.

Final rating

Binance is a guarantee in the Bitcoin and crypto world, its tools are really excellent and its platforms complete in all their facets. Both newbies and professionals can find what they are looking for on Binance to operate on this new market. Fast assistance and the BINANCE VISION academy add further depth to the already impeccable quality of the services offered by the Chinese giant.

We hope that Binance will continue to work with commitment and determination, as demonstrated to date.

Risk disclosure: Investing involves risk of loss

Disclaimer: The main mission of Qualebroker.com is to provide objective and unbiased reviews, comparisons, opinions and analysis. Qualebroker.com does not provide any advice or solicitation for investments. The trading of financial instruments represents a high level of risk in which all the capital invested can potentially be lost. Only those who are aware of this risk should trade in the financial markets. Operating from an online business perspective, Qualebroker.com may be remunerated by third party advertisers. This remuneration should not be construed as an endorsement or recommendation by Qualebroker.com, nor will it affect our reviews, analyzes or opinions in any way. For more information please consult our disclaimer.

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