The popular cryptocurrency exchange Binance was founded in China. The exchange is garnering all the limelight in lieu of the fact that it offers crypto to crypto exchange services.
The company was launched in the fiscal year of 2017 and since then Binance has managed to gain a lot of popularity. Well, credit goes to the portal’s low trading fees which stands at 0.1% of every trade a user makes, initial coin offerings, their own Binance token (BNB) and dedicated team.
Binance located in Malta (EU)
As mentioned-above the platform was found in China but soon the company shifted its headquarter and major operations to Malta, which is a more crypto-friendly country.
History on Binance
Since Binance was initially based in China, the business had to move to abroad after the regulatory bodies started stamping out all forms of cryptos from the country. When both, Japan and Hong Kong turned down the crypto world with stringent regulatory norms, Binance founder decided to establish the platform in Malta. Binance achieved its star crypto exchange title in a matter of just 5 months since its launch.
After the white paper for Binance was introduced by its founder Zhao, the exchange went live in a matter of 10 days. The exchange soon became the third biggest crypto exchange by the trading volume. In the second quarter of its operations, Binance went on reporting a profit of over $200 million during first three months of its inception.
When it comes to Binance charges, the portal charges an average fee of 0.1% on each trade. Also, what comes as an important fact is that if a crypto enthusiast pays with Binance (BNB) tokens, he/she will be receiving a 50% discount on the trading fees. Strolling over to the withdrawal fees, it rests at 0.0005 BCC for Bitcoin-related withdrawal and 0.005 BCC is charged for Ethereum withdrawals.
Changpeng Zhao is the founder of Binance, he has worked with Blockchain technology and founded Fusion systems as well. The co-founder of Binance is Yi He who is also a co-founder of OKCoin. Yi He is a cryptocurrency domain evangelist and was the Vice President at Yixia technology as well.
How to trade on Binance?
Binance is a fairly straight-forward trading platform. If you hold trading experience with any other cryptocurrency exchange before then it’s an added advantage. To get started you should be having funds in your account. We will talk about how you can add the required funds in the below section. Let’s say that your account is funded, the first step is to pick the trading view, it’s advised to go with the ‘Basic view’.
On the right side of the screen, you are required to pick your desired crypto with which you will be trading. Also, you can create a list of your favourite cryptos by marking star in front of them. If you wish to buy a chosen currency, you should be able to see the price for the same at the bottom left side. If you wish to know about the last sale price of that respective cryptocurrency, it can be seen in the middle of the left hand of the screen.
If you carefully observe the box below the graph, you will be able to see the buy button highlighted in the green colour. A user can manually enter the bid price here at which he/she wishes to purchase. You can even choose the ready-made selections like 25%, 50%, 75% and 100% to fill the amount automatically in the tab.
Let’s say that your order has been successfully placed. You can check the same under the ‘open orders’ option. You will be able to see your new currency under the ‘Deposits/Withdrawal’ section. If you’re looking forward to withdrawing the same to your wallet, you can do it as well.
In September of the fiscal year 2017, crypto trading platform Binance announced that they have released the applications for both, iOS and Android devices. The application has a consistent user interface and it offers standard functionality to users which are available on the website. The application is easy to use and is surely engaging. You can visit their official website for the purpose of downloading the application. Also, you can search for Binance in Google Play store and App Store.
Create an account on Binance
If a crypto enthusiast wishes to make use of Binance exchange, he/she will have to create an account at first. Now, the process of account creation is pretty simple, if you’re registering for level 1, you don’t have to verify your account. Also, one should know that the level 1 has a daily withdrawal limit of 2 BTC.
When we talk about level 2 account, one can withdraw over 100 BTC on a regular basis. If you wish to get your account verified, you will have to provide a photo ID and Binance people will approve it after verification. What comes as a fascinating fact is that there are higher limits available when it comes to trading and withdrawal, you will be required to contact Binance directly for that. One should note that verification might consume some time. If you are looking forward to higher amounts of withdrawal in near future, start planning it now.
Now that your account has been verified, you can pick any digital currency to trade such as Bitcoin (BTC) or Ethereum (ETH). If you wish to fund your account, you can simply stroll over to ‘Funds’ section and then click on ‘Deposits/ Withdrawals’.
These options are available on the top of the interface and once you press ‘Deposit’ the website will provide you with wallet address. Now you can send required funds to the respective wallet address and the trading will start. You should also note that processing time solely depends on the type of cryptocurrency deposited.
It is like many that you start trading with Bitcoin (BTC) for a quick set-up. Once your account has been funded, you can start trading on Binance with added ease. Make trades, exchanges, invest in an array of digital currency pairs, respectively. Since the platform supports an array of major digital currencies like Bitcoin (BTC), Ripple (XRP), Tether (USDT), Verge (XVG), Tron (TRX), NEO, Ethereum Classic (ETC), DASH and more, there is availability of numerous ICO listings and tokens on the portal.
Almost a year ago, Binance published a statement informing the users about how they can get their account verified. Users can simply look-up for verification tab under the account settings and can upload their photo ID card. One can even send the documents to Binance directly via mail and ask them to verify your account.
Considering the fact that Binance is still new in the market, still the exchange has successfully managed to gain trust from its users around the world. Both, the investors and the digital currency community have praise for Binance.
But, when it comes to providing information about how the funds are secured by Binance, the platform fails to provide any constructive information. As a matter of fact, two-factor authentication is available on the portal as an added security measure. Binance is based on a multi-tier system architecture.
One should know that in March 2018, hackers tried to attack Binance crypto exchange, but the move was repelled by the automated security systems deployed by Binance. Binance’s customer support area is providing a considerable around the clock support to the traders. Professional aid is provided around the move to the people. Also, support tickets can be raised on online forums run by the portal. However, the exchange doesn’t provide any live chat support or direct touch with the support team. You can always drop an email.
Conclusion on Binance’s review
In a nutshell, Binance is surely going to grow even further and may lead cryptocurrency exchange domain one day. With lush offerings like low fees, state of the art digital currency support, the portal is surely a leader.
Also, a multi-lingual support has been given for non-English users, you can access Binance in languages like Chinese, English, Korean as well as Japanese. The matching engine deployed by Binance is capable of making 1.4 million orders every second. Thus, Binance is one of the fastest cryptocurrency exchange in the world. The website is available on an array of frameworks and thus is highly accessible.