Binance Trading Paltform | Binance Exchange Review 2020

Overview

As the popularity of cryptocurrencies rises, more and more exchanges are being developed for purchasing, exchanging and selling various cryptocurrencies. This makes choosing which exchange you’re going to use more and more difficult.

Binance is a successful crypto-currency exchange that began in China, but then moved its headquarters to Malta. Binance is popular for its crypto to crypto exchange services.

In this article, we will provide you with the complete guide on the Binance exchange and look into its aspects such as its features, fees, pros and cons and much more. Let us look into detail in this Binance exchange review now,

  • Overview
  • What is Binance?
  • Binance Features
  • Binance Fees and Limits
  • Binance Supported Currencies
  • Binance Mobile App
  • How to register on Binance?
  • How to recover the Binance password?
  • How to deposit on Binance?
  • How to withdraw on Binance? 
  • How to buy cryptocurrencies on Binance?
  • How to sell cryptocurrencies on Binance?
  • Binance Pros and Cons
  • Conclusion
  • Recent Updates
  • Binance FAQs

What is Binance?

Binance is the world’s largest online cryptocurrency exchange by trading volume. The exchange is also one of the fastest platforms in the crypto market today. As the world’s largest crypto exchange by trading volume, Binance Coin delivers investors and traders with a full suite of offerings.

The exchange provides investors with one of the widest range of cryptos available in the marketplace today. CEO Changpeng Zhao founded Binance back in 2017 and is headquartered in Malta after having moved from China. 

Binance Features

Binance Fees and Limits

Binance charges an average fee of 0.10% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee. These are surely some of the lowest fees available at this time.

Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. The deposit methods at Binance include Wire Transfer, Cryptocurrency and Credit card.

Binance Supported Currencies

The Binance Exchange currently supports more than 200+ crypto currencies. Some of the major ones include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Binance Coin (BNB)
  • Binance USD (BUSD)
  • Basic Attention Token (BAT)
  • Cosmos (ATOM)
  • Dash (DASH)
  • EOS (EOS)
  • Nano (NANO)
  • Paxos Standard (PAX)
  • TRON (TRX)
  • TrueUSD (TUSD)
  • Tether (USDT)
  • Stellar Lumens (XLM) 

Binance Mobile App

Binance is mobile compatible and is available on Google Play, Android APK, and the AppStore.


How to register on Binance?

To open an account, go to the Binance home page and click on “Register” on the top right-hand side of the home page.

Complete the information requested. This includes either email address or mobile number and password. If you are a referral you may also enter the referral ID.

Acknowledge that you have read and agree to the Terms of Service and then click “Create Account”.

Binance will send you a verification code to your email address. Enter the code and hit “enter”.

In order to complete the “Identity Verification” process, go to your account dropdown menu shown by the arrow and select “Identification”

Click “Start” and choose your ID’s country of issuance and ID type, passport, driving license, or ID Card.

You can upload a file copy of your ID, take a photo of your ID or opt to use mobile if easier. Upon uploading, click “Confirm”.

Upload a selfie. Check to ensure that the picture is in focus and that your whole face is visible. Then click “Complete”.

How to recover the Binance password?

On the login page, type in your registered email id and click on the “Forgot Password” Option. Once you confirm that you wish to reset your password, you will receive an email with a link. Click on the link and you should be able to set a new password.

How to deposit on Binance?

Go to the “Wallets” page located on the top right-hand side of your Binance home page.

Select “Spot”, choose the crypto that you wish to deposit and then click “Deposit”.

Copy the address or scan the QR code, and complete the deposit.

As shown by the arrows below, you may also change between crypto and fiat and also change your crypto deposit or fiat currency deposit.

 You will need to complete the verification process, however, to deposit fiat currency.

How to withdraw on Binance? 

In order to make a crypto withdrawal, go to the “Wallets” dropdown menu and select “Spot”.

Choose the crypto wallet that you wish to withdraw from and click “Withdraw”.

Select the recipient BTC address from the dropdown menu.

Choose the transfer network.

Enter the amount of crypto that you wish to withdraw and click “Submit”.

If you have not added a recipient address via “Address Management”, select “Address Management” from the Withdrawal page and then click “Add Withdrawal Address”.

How to buy cryptocurrencies on Binance?

Select ‘Exchange’ Basic or Advanced to load the trading screen.

We will consider the basic view. Move your mouse over Exchange and then click on Basic.

Here you will need to select the cryptocurrency that you deposited into your Binance account

Now you need to enter the currency code for the cryptocurrency you want to buy.

Once you click on the currency pairing, you will be taken to the trading screen.

It will now display the market information of your chosen pairing. Scroll down and look for the Green Buy Option. Make sure you click on the Market.

To complete your trade, you need to enter the number of coins you want to buy.

Finally, to complete your trade, click on the green BUY Option.

If you want to make sure that your trade was successful, you can go back to the Funds > Balances section.

How to sell cryptocurrencies on Binance?

Select ‘Exchange’ Basic or Advanced to load the trading screen.

We will consider the basic view. Move your mouse over Exchange and then click on Basic.

Now you need to enter the currency code for the cryptocurrency you want to sell.

Once you click on the currency pairing, you will be taken to the trading screen.

It will now display the market information of your chosen pairing. Scroll down and look for the Red Sell Option. Make sure you click on the Market.

To complete your trade, you need to enter the number of coins you want to sell.

Finally, to complete your trade, click on the Red SELL Option.

If you want to make sure that your trade was successful, you can go back to the Funds > Balances section.

Binance Pros and Cons

Pros

  • Huge List of Alt-Coins
  • High Volume Trading
  • Excellent Security
  • Good Support
  • Lots of Listings
  • Good Trading Interface

Cons

  • No Fiat Deposits or Withdrawals
  • Customer Support Issues

Conclusion

Binance is a world leader in the crypto space, delivering users to deep dive into the crypto market. With one of the largest crypto offerings, global presence, and platform offerings, there are few exchanges that can compete.

Liquidity and security protocols deliver investors and traders with an impressive platform to trade from. It is an ideal platform for those looking to trade and for those looking to spend hard-earned cryptos.

Recent Updates

  • On Oct 02, 2020, Binance Lists UTRUST (UTK)

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