At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users.Binance is a popular Chinese cryptocurrency exchange, which is popular for its crypto to crypto exchange services. While the company is still fairly new on the market, it has managed to gain a lot of popularity thanks to its impressive number of Initial Coin Offering listings, but also due to its low trading fees.Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be seriously user-friendly. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.To use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform.Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. We will be using the Basic view.On the right hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also search here and you can create a favourites list by clicking the star next to any currencies.Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale Price.Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ).Once your order is placed it will be show underneath in the “Open Orders” section until it is filled. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.They currently offer trading pairs in BTC, BNB, ETH and USDT.Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals.When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. At the time of writing there are two ongoing competitions, Waves and Tron. The waves competition is giving away 20,000 Waves to Traders based on how many trades they have made of this currency.The other competition is for Tron (TRX) and participants have the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners are the people with the highest trading volume of this currency.The current rankings show that the person in first place has over 358 BTC in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter.While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.Currently, the matching engine of the exchange is capable of processing approximately 1.4 million orders each second, hence making it one of the fastest exchanges available on the market. Additionally, the exchange works on all forms of devices, including web, Android, WeChat, and HTML5.Non-English speakers will be happy to know that Binance offers multiple-language support in Chinese, English, Korean and Japanese.Based on everything that has been outlined so far, while Binance is not the most user-friendly exchange available on the market, it does offer great fees and awesome digital currency support. As it reportedly has access to abundant resources and partners, chances are that Binance will continue to evolve and offer great digital currency exchange services to its clients. We are happy to recommend Binance and have added it to our list of the Best Cryptocurrency Exchanges.As always, take safety precautions such as using a unique password for signing up, switch on 2-factor authentication and try not to hold a large balance on the exchange itself for too long – remember to withdraw your currencies to your own private wallet.

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Comments: 3
  • #1

    Binance Team (Saturday, 22 February 2020 17:02)

    Purchase cryptocurrencies with Visa through your mobile browser

    Fellow Binancians,

    We have listened to your feedback and have optimised the Fiat Gateway for the mobile browser. Cryptocurrencies can now be bought directly through fiat currencies on both PC and mobile. An update to allow the purchasing of cryptocurrencies on the Binance app is in progress for iOS and Android.

    To access this service, log in to your Binance account on mobile or PC and select “Buy Crypto” from the menu bar. Link a Visa debit or credit card and you will be able to purchase crypto in seconds. For a full list of supported countries, please see below.

    Don’t forget, card fees are reduced from 2% to 1% until February 29th.

    Full List of Supported Countries & Regions:

    Russia, Turkey, Ukraine, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, UK, Iceland, Liechtenstein and Norway.

    Note: Please be aware of phishing sites and always make sure you are visiting our official website when entering sensitive data:

    We greatly appreciate your continued support.

    Binance Team

  • #2

    Binance Team (Monday, 24 February 2020 12:38)

    Binance Launches 50,000 BNB Community Giveaway
    Avatar Binance
    3 days ago
    To express our gratitude for the Binance community's unwavering support, we will be giving away 50,000 BNB with two promotions below.

    Promotion Period: 2020/02/24 00:00 AM -2020/02/27 00:00 AM(UTC)

    Promotion A: Trade 1 BTC on Spot or Margin and Split a 40,000 BNB Prize Pool

    All users that trade the equivalent of 1 BTC or more (including buy & sells) on Binance Spot or Margin markets during the promotion period will split a pool of 40,000 BNB.

    Promotion B: Trade 1 BTC on Binance Futures and Split a 10,000 BNB Prize Pool

    All users that trade the equivalent of 1 BTC or more on Binance Futures during the promotion period will split a pool of 10,000 BNB.

    If you have not opened a Binance Futures account yet, you can click here for an additional 10% discount on trading fees across all contracts for the first 30 days!

    Terms & Conditions:

    Binance reserves the right to cancel or amend the Activity or Activity Rules at our sole discretion.
    Users can participate in both Promotion A and B and receive rewards for both activities.
    Promotions A & B include trading volume from all available pairs on Binance Spot & Margin markets and Binance Futures respectively.
    Binance reserves the right to disqualify trades that are deemed to be wash trades or illegal bulk registration accounts, self-dealing or display attributes of market manipulation, etc.
    Sub-account and margin account trading volume will be combined with the master accounts standard trading volume in the final calculation. Each sub-account will not be viewed as an independent account when participating in this activity.
    Rewards will be distributed within 2 weeks after the competition ends. You will be able to login and see your rewards via Distribution History from your Account Center.
    Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high quality coins, but will not be responsible for your trading losses.

  • #3

    Binance News (Friday, 10 April 2020 13:54)

    Binance has officially announced its purchase of CoinMarketCap “for an undisclosed sum”, thought to be up to $400 million in a cash and share deal. CMC founder Brandon Chez is immediately out to “focus on his family” and will be replaced as interim CEO by current CMC Chief Strategy Officer Carylyne Chan.

    Questions as to the commercial motivations behind the purchase are unanswered in Binance’s public announcement - which instead focuses on generic pronouncements from Binance founder Changpeng Zhao about a “common vision to grow and instill transparency in the industry. This will enable us to build on each other’s strengths, jointly serving as infrastructure providers of crypto.” So what’s behind the purchase?

    It’s a numbers game
    Adopting the Occam's razor principle that the simplest answer is probably the right one, the buy out will certainly make it easier for Binance to funnel visitors from CoinMarketCap to Binance’s range of trading options. This argument makes sense as research shows CMC has between 2.5 and 5 million unique daily visitors. However, Binance itself is no slouch in the traffic department - averaging between 1 and 1.5 million visits a day to the exchange’s main website

    The problem for Binance is that its attempts to expand its reach into western Europe and the English speaking world have met with limited success. Viewed through the lens of traffic numbers, for example, Binance USA’s estimated 20,000 daily visitors is dwarfed by the 1 million plus hitting Coinbase, and Binance’s European targeted Binance Jersey’s 2000 daily visitors are a fraction of Bitstamp’s 100,000 plus. This is despite Binance enabling USD, Euro and GBP onramps for its exchanges.

    The value of CoinMarketCap’s traffic from an advertising perspective puts the company’s valuation (if someone had purchased it based on its potential revenue from Google Ads) at around $25 million. So if the rumored sale price of $400 million is accurate it shows that Binance was prepared to pay a massive premium for qualified crypto traffic.

    The announcement of the purchase of CMC comes at the end of an expansive first quarter for the Malta headquartered exchange. Since January 1st, Binance has announced the launch of P2P trading in Latin America supporting the Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN).

    The exchange ecosystem has also launched a crypto backed Binance credit card in association with Visa, it has plans for a blockchain research institute in China, a 50 million fund with WazirX called “Blockchain for India” to incubate and invest in blockchain projects and startups, a Binance Korea exchange, and the imminent roll-out of new perpetual futures products on Binance Futures. Given the current slump in active retail trading, the purchase certainly makes sense from the perspective of driving traders to Binance’s expanded range of products and exchanges.

    Hands off for now
    Interestingly, Binance directly addresses widespread concern in the crypto-sphere about the clear conflict of interest generated by an exchange owning the market data company that reports on that exchange’s volumes - stating “CoinMarketCap will continue to be run as an independent business entity. While the Binance cryptocurrency exchange and its native token BNB are listed on CoinMarketCap, CoinMarketCap and Binance are separate entities that maintain a strict policy of independence from one another: Binance has no bearing on CoinMarketCap rankings, while CoinMarketCap has no influence over Binance’s operations.”