Binance · Score/Overall Summary

When we talk Binance, we can easily say that we talk about the leading crypto-exchange in the world. As such, chances are you probably heard about this exchange platform even if you are not part of the crypto-craze. Whatever the case, one thing is certain. Binance is one of the two other major crypto exchange platforms that pretty much dictate the market. Binance was launched in July 2017, with the primary headquarters located in China. However, after some time the company moved its base to Malta, where it remains until this day. And even since first emerging, this exchange has managed to establish as the go-to option for crypto.

Moreover, the unique features and constant innovations are what keeps Binance on the top. For reference, Binance is currently operating with 2.0bn daily volume. Or more specifically, more than 1.400.000 per second. Oh, and it also has the biggest crypto offer with more than 100 cryptocurrecies on disposal.

Pros
  • High Trading Volume
  • More than 100 Cryptocurrencies
  • Professional Trading Features
  • Excellent Mobile Compatibility
  • Low Fees
  • 24/7 Customer Support
Cons
  • Certain Card Payments May Have Higher Fees
  • Customer Support Can be Faster
  • 2019 Hack(all customers got a refund)
A Quick Brief of Binance

Binance start is back in 2017, by Chanpeng Zhao who is consequently the CEO of the company as well. Mr. Zhao is a programmer who previously worked as chief technology officer for OKCoin. While under their employ, he was part of the team that is credited for developing Blockahin.info. So it should be no surprise that after the initial start in July 2017, in less than 8 months mr.Zhao managed to turn Binance into the largest crypto exchange in the world, by trading volume. Furthermore, after the government of China started to tighten the crypto-regulations, the offices of Binance moved to Japan. However, in 2018 the company moved yet again, only this in Taiwan.

After relocating once more to Malta for the sake of the more liberal crypto-scene, the company’s headquarters today are in the Seychelles. So far, Binance is working towards retaining the hihgest trading volume title after a turbulent few years. For that matter, the company is practically reinventing their approach to crypto on an almost daily bases. Consequently, today we have a plethora of both amateur and professional features that are unique only to Binance.

Features of Binance

Being the powerhouse and innovator that is, Binance can definitely brag with their features. In the midst of hundreds of crypto exchanges, Binance is the go-to solution for both begginer and professional traders. That is due to the perfectly balanced compatibility of simplicity and state of the art trading features. One of the most impressive features has to be the fact that Binance has over 100 cryptocurrencies. Especially if you compare this number with several major exchanges. Moreover, Binance is offering all of that in one of the more advanced trade platforms. Just take a look at the most important features that Binance offers:

  • Reward Program
  • Public API
  • Over 13 Transaction Options
  • Third Party Digital Wallet Feature
  • +600 Trading Paris
  • +100 Cryptocurrencies
  • Binance Coin
Binance Trading

It is no surprise as to why Binance has literally millions of customers worldwide, in around 180 countries. That is due to the practically unmatched crypto-offer, and some of the most useful tools for your crypto-craft. Aside from finding the usual crypto-coins such as Bitcoin, Litecoin, Ethereum, Ripple and etc., Binance also allows matching every possible currency combination. Specifically for that matter, you have a bunch of cool and unique features. Features such as:

  • Staking(Locked & DeFi)
  • OCT Trading
  • OCO Orders
  • Limit Orders
  • Market Orders
  • Stop-llimit Orders

Have in mind that it offers two possibilities to choose from when starting out. Basic and advanced. The reason for this is to distinguish the two, making it easier for newbies to adapt. Moreover, the key difference between the two is the fact that the advanced version is using far more complicated features. In addition, there are in-depth data analysis, which may confuse the newcommers. The other major difference is the color. For the basic version is white, while the pro gets a black background.

Binance Mobile Trading

You can also use Binance’s mobile app to conduct your trading. Naturally, such exchange is very likely to have a highly compatible mobile app. One of the convenient and cool features is the ultra fast log in via your unique QR code. After that you are just a couple of minutes away from instant transactions. Whether it is the pc in your living room, or the conveniece of your smartphone, Binance offers the same top-notch crypto service. Take a look at the features that the Binance app have:

  • QR Log In
  • Icon Customization
  • One-click Switch Between Binance Versions
  • Local Language & Currency
  • Binance Eearn(passice income feature)
  • Transaction Tracker
  • Price Widgets
  • Whitelist Address(safety feature)
  • Referral Program Percentage Reward
Commissions & Fees

Binance has probably the lowest fees possible on the market. That is due to the fact that Binance is using maker/taker structure which comes with the same fees for both makers and takers. Furthermore, the usual trading fee with Binance is 0.1%, and form here the maker/taker fee will vary between 0.015% and 0.075%. Moreover, the fee can also be substantially lower. That is possible if you opt to perform your trading via BNB, Binance’s own crypto-coin.

Should you go for that, then Binance will give you 25% discount. Additionally, the USDⓈ-M Futures Trading Fee Rate will become a subject of 10% discount. Take a look at the full Fee schedule that you can expect at Binance:

  • Trading Fee Rate
  • Margin Borrow Interest Rate
  • USDⓈ-M Futures Trading Fee Rate
  • COIN-M Futures Trading Fee Rate
  • Cross Collateral Interest Rate

Speaking of Binance’s low fees, we have to mention that there are two additional ways to lower the fee percentage. Specifically, if you refer a friend or are a VIP customer. For the former you will get a 20% kickoff on your trading. Finally, if you are a VIP customer than you also get almost custom-like fees, which differ from the regular customers. In other words, on top of the lowest fees you get the best deals to lower them even more.

 

How to Deposit & Withdraw Funds With Binance

Binance Exchange is very easy to operate and quite intuitive for both deposits and withdrawals. It seems like the low trading fees are pretty much the same for the regular fees. For that matter, you can make a deposit and purchase crypto via credit/debit card very easilly. Bank deposits are not directly available with Binance, but with the help of third-party providers, that is possible too. What we particularly like about Binance Exchange are the options.

With over 600 trading pairs, and over 100 crypto, you can do everything you want. Consequently, making deposits absolutely free. Have in ind that whatever you choose, certain credit/debit cards may charge a certain fee. Aside from that, get ready for instant deposits.

The minimum and maximum amount you can deposit at Binance is practically non-existent. This is what makes Binances one of the more reliable options.

Withdrawals with are just as easy and cheap as the deposits. Binance is charging a flat fee for each withdrawal. This fee is paid by the users and is used to cover all the transaction costs of relocating the crypto out of their Binance balance. Moreover, the fee rates are not permanent and vary depending on the blockchain network. Factors such as network congestion may cause these rates to fluctuate to a degree.

However, this is not a big deal. Understandably, the minimum withdraw amount depends on the currency that you select, pretty much the same way that the withdrawal fees work. Maximum withdrawals on the other hand, are unlimited.

Staking

As one of the absolute exchange leaders, Binance is definitely equipped with the Staking feature. And with that portfolio in mind, Binance gives you the opportunity to perform two type of staking. Locked and DeFi staking. Locked Staking is when you hold your crypto-funds into a e-wallet in order to support operations by a blockhain network. DeFi Staking on the other hand, is an alternate way of providing financial services to users via ‘smart’ contracts. The goal with DeFi staking is to produce higher annual profir for certain currencies.

Consequently, the more ‘freeing’ option is the DeFi staking, since it does not lock your funds for unlimited period of time. However, it is best to leave this up to the player, since each has its own unique style of dealing with crypto. For any additional information or inquires, we suggest getting in touch with the Binance Academy.

Binance Customer Service

Binance offers the possibility to contact their customer service team 24.7, via a live chat. What is particularly cool about the customer service, is that you first have something like a do-it yourself section. More specifically, the ‘issues’ page has several well explained options on how to resolve the issue on your own, before contacting the customer team. However, if you fail to do so, you can still contact them via the chat. Only have in mind that should you wish to contact the team and you are not a customer, it can be tricky.

This is since the live chat feature is reserved for existing customers only. However, if you are persistent in contacting the team without an account, than you can easily do so via some of the social network contact options you will find in the footer of their website.

Final Thoughts

Binance doesn’t need any false sugar-coating or boosting of numbers in order to attract players. This exchange pretty much speaks for itself. Being the leader in volume trading and the exchange with the biggest crypto offer is just enough. And even than there are the ultra low fees that this exchange offers. Also, over 600 trading pairs are also what attract customers. Especially veteran and professional traders that seek the exchange with the best and most options. And such is Binance.

Whether you are just starting out in crypto, or you already have a fortune, one thing is for sure. Binance will definitely be among the top 3 choices for you to create an acocunt in. As a testament of its popularity, today Binance reports 2.0bn daily volume on average. This amounts to over 1.5 million transactions per second. Trully crazy numbers.

Yet, Binance would’ve been even more popular if it wasn’t for the 2019 hacking. That year, a massive hacking operation left Binance customers with empty accounts. And while the company paid the amount to every single customer, that event is responsible for tarnishing the reputation of Binance. However, ever since than Binance seems more determined to get back on the top. Especially since employing the 2FA verification, and a bunch of other safety regulations and features. Finally, today Binance is still one of the top-dogs, and still going strong.

FAQ

How to apply for a corporate account with Binance?

– To apply and obtain a corporate account with Binance, you just need to follow the simple procedure below.

Verify your ID, personal info, and credentials.

Click Verify at Enterprise verification.

Select corporate type and click Change corporate type.

Binance will require you to prepare specific documents to start the Enterprise verification procedure. The type of documents will depend on the corporate type.

Binance currently supports Russian, French, Polish, Italian, Slovenian, Swedish, Hungarian, Spanish, Dutch, and Bulgarian. If your documents are in another language, Binance kindly asks you to provide both the original documents and an English version.

Note that if you have already linked your email with a Personal Account at Binance, you won’t be able to upgrade to Corporate Account.

How can I Earn More Referral Commission with Binance?

– The amazing Binance Referral Program enables you to earn up to 40% commission, simply by inviting your friends. In other words, each friend that you invite to join Binance makes a trade, you win a commission. Binance enables you to get a commission from both the Futures and Spot markets. There are several ways to invite friends to join Binance. Just take a look at the steps below:

Go to your Profile-Referral and click Invite Now. Download the uniquely generated image with the QR code, and simply share it to any social media that you wish.

Go to Referral and click Generate your link. You get a 20% default rate, meaning you receive 20% of spot trading fees that your friends will pay.

Why is my withdrawal suspended?

– There are several reasons as to why your Binance withdrawal is suspended:

Maintenance of the Wallet

When Binance is performing maintenance of the Wallet, all withdrawals are temporarily suspended. In this case, you should either wait for further instructions or contact Binance.

Issues with the Asset you are withdrawing

Sometimes certain networks upgrades or updates may cause the withdrawal of an asset to be temporarily suspended. If this occurs, Binance will display an estimated time of recovery, along with an explanation of the suspension.

Don’t forget you can always click Set Reminder and receive all maintenance work and upcoming system updates.

Why is my deposit not credited?

– Binance uses three steps whenever you are transferring your funds from an external provider:

Withdrawal from the external platform

Blockchain confirmation

Binance crediting you the funds

If your withdrawal is marked as ‘success’ or ‘completed’ in the platform that you use to withdraw your crypto funds, the transaction is successful. However, you should be aware that certain instances make take extra time to process. That is since the specific transaction requires to be confirmed and credited to the platform you are withdrawing your funds to. Consequently, the amount of ‘network confirmations’ required to process the transaction varies depending on the blockchain.

You should be aware that sometimes due to network congestion, there may be a bigger delay until Binance processes your transaction. In this instance, Binance advises you to use TxID (Transaction ID) to learn the status of your transfer.

What is Margin Trading?

– Margin trading is a trading method that involves trading assets that are provided by a third party. One major difference between normal trading accounts and margin accounts is that the latter enables access to big sums of capital, consequently allowing traders to leverage their position. In other words, traders use margin trading to gain large profits on several successful trades. It is this ability to expand trading results that make margin trading one of the most popular forms of trading, particularly in low-volatility markets. Specifically in the famous Forex market. However, margin trading is still used in commodity, cryptocurrency, and stock markets.

The borrowed funds in traditional markets are provided by investment brokers. In crypto, on the other hand, these funds are frequently provided by fellow traders, who later earn interest based on the margin funds from the market demand. While this occurs very rarely, some crypto exchanges provide margin funds to their users.

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