Binance

Binance Review

Binance is a cryptocurrency exchange based out of Hong Kong that offers traders access to low trading fees, an impressive set of trading tools, educational charts and robust security features.

By offering multiple exchange interfaces, Binance makes it easy for both beginners and advanced traders to execute trades on their platform. Furthermore, the exchange provides professional traders with access to more advanced options, such as margin trading.

While the company is still relatively new on the market, it has managed to gain a lot of recognition in the industry thanks to its impressive number of Initial Coin Offering listings.

How Binance Works

The Binance platform offers two options for digital currency trading- basic and advanced. Neither is very user-friendly, however, if you have any background in digital currencies or understand how exchanges work, you should be able to use the platform and its various services.

The main difference between the basic and advanced version is that the advanced version offers more technical analysis tools. At this time, the dashboard for the basic version provides various graphs and charts for pairs trading, order books, and trade history.

Security at Binance

The exchange platform uses CCSS and ISO/ICO_27001:2013 security protocols. For account security, users must activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications.

Exchange Rate & Fees

Creating an account with the exchange is entirely free and making deposits in any supported currency is also free. However, you may incur a fee when withdrawing funds, although the fees will vary on the currency withdrawn. Keep in mind there is a 0.1% fee on each trade when trading on the platform.  

Binance has issued its own token, BNB, that can be used on the exchange. When using the BNB token, you will receive reduced transaction fees on trades. You will get 50% off during the first year, 25% during the second year and so on. Due to the BNB token being tradable on the exchange, its value fluctuates.

Special Features

• High performance – the exchange is capable of processing 1.4 mil orders per second
• All major coins available – BTC, ETH, LTC, BNB, and more
• Low trading fee – Only 0.1% trading fee
• Early support for Bitcoin Forks – Bitcoin Gold, Bitcoin Diamond were all listed on Binance
• GAS distribution for NEO – storing NEO on binance earns GAS too!
• Multi-language support – Available in English, Chinese, Korean, and Japanese

Ease of Use

Binance is a reputable, reasonably easy-to-use crypto exchange that adds new features and new coins regularly. The interface is easy to use for beginners, and advanced enough for professionals to excel using the platform.

The only downside to this exchange is its lack of customer support services. However, they do provide an online form to submit tickets should you encounter any problems.

Buy/Sell at Binance

Binance currently deals only in cryptocurrencies and does not offer any fiat/cryptocurrency pairings. Meaning, to buy bitcoin or any other type of cryptocurrency with fiat currency you will need to go elsewhere. Many exchanges do allow fiat/crypto trades, but the platform currently does not support this feature.

Bottom Line

While Binance is new to the market, it is easy to agree that in a very short time this exchange has made a name for itself, in a big way. Many traders feel the exchange is a good alternative to Bittrex and that’s a considerable achievement for a new exchange.

So, should you use Binance? We think so.

To see how Binance ranks against other industry-leading crypto trading platforms see our comparison charts. Read our expert reviews, see our ratings and compare the best cryptocurrency exchanges, including features, fees, and more.