Binance review

Binance market exchange is right now the leading crypto exchange if calculated by volume (via Coinmarketcap). And considering they just launched in 2017 it’s been a very impressive ride to take them to the 1st position. They have been doing a lot of things right in the fairly short time they’ve been around. And at the forefront of all this is their well known and liked CEO Changpeng Zhao, or CZ.

What we like about Binance is the exchange itself which is very straightforward and somewhat easy to use, depending on your previous experience with trading platforms and crypto. Overall the focus on the UX, provide good updates and communication and they have proven to be secure and safe to use in a somewhat sometimes sketchy crypto market.

Binance is one of the world’s leading crypto exchanges, with an average daily trading volume of $1 billion (March 2019). It has made a name for itself in the crypto community for a quick rise to fame, CZ and its willingness to innovate in the space. Binance in 2018 moved to Malta, a country trying to position itself as the world’s most Blockchain friendly country in the world. Binance is not the only exchange doing so, seeing OKEx also making the move in 2018.

Binance officially launched their fiat to crypto earlier in January 2019, called Binance Jersey. Taking their next step to further (Binance announcement) label themselves as one of the leading crypto exchanges in the world. There have also been rumors flying around that Binance is going to launch a Fiat to Crypto platform in Argentina in the near future (News BTC).

Binance launched their first Fiat to Crypto platform in Uganda actually, the exchange was launched in October 2018 (Cointelegraph).

Binance trading photo
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How to get started

If Binance market seems interesting and you wonder how to get started using the exchange, we’ve put together an easy to follow guide here below.

  1. Go to Binance’s website using this link HERE
  2. Put in your details to register an account
  3. Approve the confirmation email that gets sent to your account
  4. Enable 2-Factor Authentication (2FA). A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase the security of your account.

And your good to go. You need to deposit cryptocurrencies to make trades at the exchange.

How to get started with Binance Jersey – The Fiat trading exchange

The process is very similar and you register at www.binance.je with the same signup process

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Fees

For fees at cryptocurrency exchange there are usually a couple of standard fees that cryptocurrency exchange puts in place. And it is important for you as a user to be aware of those, therefore we at Go CryptoWise aim to clarify these fees for all crypto exchanges so it becomes super easy for you to buy and sell cryptocurrencies on your terms.

Usually, there are these fees at cryptocurrency exchanges:

Trading fees such as maker and taker fees. Transactions fees associated with withdrawing or depositing cryptocurrency or Fiat (USD, GBP, EUR) funds from and to the exchange.

  1. Maker fees are when you add liquidity to the order book by placing a limit order that is either above the current highest selling price and lower than current highest bidding price
  2. Taker fees are when you remove liquidity from to the order book by placing a limit order that is immediately executed against the order book
  3. Withdrawal fees are when you withdraw cryptocurrencies or Fiat money (USD, GBP, EUR) from an exchange
  4. Deposit fees are when depositing cryptocurrencies or Fiat money (USD, GBP, EUR) from an exchange

So in this Binance exchange review, these are the current fees that we have seen for Binance. They might change over time so please always check the latest fees at their website

Binance market fees and tradings are listed below

Trading

Binance market has different trading fees depending on your account level. There is a general level and then there are 8 VIP levels. It’s all determined based on your trade volume at Binance. They have also added benefits to holders of their own coin, BNB – Binance Coin. If you have enough BNB in your account and you have selected BNB to be used for trading fees then you get a discount of about 25%, which is very handy for most traders, especially the bigger ones.

Withdrawals

Unique per coin, check the full list here.

Deposits

Free

For the full list of fees for both trading and withdrawals please click here.

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Supported coins

Binance definitely supports most of the coins that you could want to trade out there. In total, during the time of writing this review they have 410 coins available for trading on their platform. Obviously, not all will have that much trading volume, that’s up to us the users to provide. Binance is often quite early on with adopting coins, but there might be instances when a new coin is not available on Binance but a smaller nische exchange.

Check coins and volume on Coinmarketcap.

  • BTC
  • XRP
  • VET
  • ETH
  • NEO
  • ETC
  • BNB
  • USDT
  • TRX
  • DASH

And many more

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Withdrawals & deposits

Withdrawals and deposits to and from the Binance market work pretty much like any other exchange. When you have registered an account you go to the Deposits & Withdrawals section and there you have all the coins supported by Binance market. Each coin has an address connected to your account that’s unique just for you.

To Deposit

  1. Go to the Binance website (www.binance.com),  Click [Login] from the menu and enter your details to log in.
  2. Click on Funds in the menu and then deposits
  3. Select a coin/token to deposit from the drop-down menu
  4. For example Bitcoin – you’ll then see a Bitcoin address and an option to show a QR code to scan – copy this address
  5. Go to the wallet where you’re sending your Bitcoins from and paste the address you just copied in and send

To Withdraw

  1. Go to the Binance website (www.binance.com),  Click [Login] from the menu and enter your details to log in.
  2. Click on Funds in the menu and then withdrawals
  3. Select a coin/token to deposit from the drop-down menu – for example, Bitcoin
  4. If you don’t have a Bitcoin recipient address you need to add a new one
  5. You then need the address of course and name it something (the name is for your record only)
  6. After you have added an address you use it from the drop-down menu under Bitcoin withdrawal address
  7. And then when ready and selected an amount and address you can hit submit
  8. After that, you get sent an email to your account to verify this withdrawal – click on this email
  9. Done!

Deposit / Withdrawal for Binance Jersey – The Fiat trading exchange

The process is pretty much the same for Binance Jersey (www.binance.je). And you currently can withdraw and deposit EUR and GBP on the exchange. Connect a bank account and the process should take 1-2 days max for withdrawals and deposits between your account and Binance market.

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Security with innovations like SAFU fund

Binance market has proven to one of the more reliable and secure exchanges. They have like many other exchanges seen some unfortunate hacking attempts against them, and some have been successful. But so far none of those have affected user’ cryptocurrencies due to the innovative SAFU fund that Binance has put in place.

This is how the SAFU fund works

10% of all the trading fees that Binance earns goes to this SAFU fund, which works as a reserve fund in the case Binance market would have been attacked via a crypto hack. So that means that Binance will replace any stolen crypto funds with funds stored in their SAFU fund. We are very positive to this addition from Binance, and it further cements them as one of the leading cryptocurrency exchanges in the world. We hope that more will follow in their footsteps.

Go CryptoWise’s security tips for everyone to read and know!

  • Use 2F-Authentication – for example, Google 2F-A
  • Do not share your login details with anyone
  • Do never share your private keys with anyone
  • Create and store your backup passphrase for your 2F-A
  • Check the URL twice, hacks and phishing scams happen often
  • You need to be in control of your cryptocurrencies
    You can’t completely trust that an exchange will always protect your cryptocurrencies. This is an extremely important crypto-tips to be aware of. Remember it’s you that is in control of your cryptocurrencies, not the exchange, not a bank, or a government. Therefore you need to make sure that you also are storing your crypto somewhere safe. A hardware wallet is the way to to go, find a good wallet for you in our wallet comparisons.

Check out our guide on the best crypto tips here.

‘We recommend that you keep your Bitcoins or other cryptocurrencies on a hardware wallet. You can find a good option at our comparisons here.

We have put together this guide to help you keep yourself safe and avoid some of the common risks in the crypto space – find the guide on the 6 best tips to protect you crypto

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Restrictions

Binance does not specify which countries are supported and which countries are not supported. With regards to U.S traders, Binance makes no mention of any kind of prohibition policy concerning U.S based customer

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