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Binance Review
About the Exchange
Founded in 2017, Binance is a cryptocurrency exchange platform based in Hong Kong, developed and launched by Changpeng Zhao. In this case, we’re talking about a crypto-to-crypto exchange, so there’s no fiat deposits or withdrawals allowed. At the present time, it is assumed that the exchange moved its headquarters to Malta, but it’s still uncertain whether that’s true.
The exchange came to life after a $15 million ICO, when the BNB token had been created. Despite the recent launch, Binance quickly became one of the biggest exchange platforms by daily volumes. Changpeng Zhao’s reputation had been a key element of success since he applied the experience acquired at blockchain.com.
Binance Services and Cryptocurrencies
People wanting to use the services provided by Binance should know that there are only crypto-to-crypto pairs available on the exchange. No transaction with fiat involved is possible, which had been one of the controversial aspects when it comes to large exchanges like Binance. The ability to bypass regulation is an important factor to mention, but we can’t label Binance as a scam, because there is no proof with that respect.
Speaking of the Binance trading interface, it currently features basic and advanced modes, the first allowing a quick view of trading pairs and a market as a whole, and the second one providing advanced tools for charting techniques.
More than 100 cryptocurrencies are currently supported by Binance. Customers are able to them against Tether, or against other cryptocurrencies. All popular cryptocurrencies, as well as most of the less popular tokens, are featured on Binance.
We must mention that Binance has a brokerage service that makes it possible for customers to buy BTC. XRP, BNB, ETH, LTC, and BCH with credit/debit cards.
Fees Details and Payment Options
Deposits in all cryptocurrencies supported by Binance are allowed, meaning clients will have plenty of options available. Blockchain fees may apply, but the ability to choose from many options can helps customers limit the fee.
The main reason why Binance is one of the most popular exchanges has to do with its competitive fee structure. The exchange operates with a flat 0.1% fee per trade, one of the lowest in the market. In addition, clients who trade with the BNB token (the token launched by Binance) will get a 25% discount on the trading fee.
Deposits and withdrawals are free of charge, but clients must take into account the blockchain fees, which don’t have anything to do with Binance.
The non-verified accounts can withdraw a maximum 2 BTC every day while the limit for verified accounts stands at 100 BTC per day. In terms of verification, a basic KYC form must be filled and each client must provide proof of identity document.
Customer Service
Customers can reach Binance only via email. The customer service bot available on the websites provides automated answers to frequently asked questions. We did not find any phone number linked to the exchange.
Geographical Restrictions
Based on the information available on the website, there is no restriction mention. Clients based in any country are able to trade with Binance.
Conclusion
Since it continues to be a top crypto exchange, Binance could be one of the best picks for cryptocurrency traders. Low trading costs and the variety of cryptocurrencies supported are the main advantages.
Binance Review
Product Name: Binance
Product Description: Founded in 2017, Binance is a cryptocurrency exchange platform based in Hong Kong, developed and launched by Changpeng Zhao. In this case, we’re talking about a crypto-to-crypto exchange, so there’s no fiat deposits or withdrawals allowed. At the present time, it is assumed that the exchange moved its headquarters to Malta, but it’s still uncertain whether that’s true.
Brand: Binance
Offer price: 0.0
Currency: USD
Offer URL: https://binance.com/
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Summary
Since it continues to be a top crypto exchange, Binance could be one of the best picks for cryptocurrency traders. Low trading costs and the variety of cryptocurrencies supported are the main advantages.
