Binance Review: The Top Cryptocurrency Exchange
Even if you’re yet to buy your first ever cryptocurrency, there’s a good chance that you’ve heard of Binance.
The Malta-based cryptocurrency exchange is often regarded as one of the largest platforms for daily trading volumes, not least because users have access to more than 540 individual crypto-to-crypto.
Moreover, with the exchange now increasing its scope for deposits and withdrawals via real-world fiat currency, it is likely that the platform will only continue to grow.
If you’re thinking about joining Binance for your cryptocurrency investing needs, then be sure to read our comprehensive review first. We’ve covered everything that you need to know, such as how Binance works, who is eligible to open an account, what its fees are like, supported coins, and more.
What is Binance?
Launched as recently as late 2017, Binance is a third-party exchange platform that allows users to buy, sell and trade cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and hundreds more. Although the company now has its headquarters in the European Isle of Malta, the project was founded by Chinese national Changpeng Zhao (CZ).
In less than two years of trading, Binance has since become one of the largest cryptocurrency exchanges in the industry. In fact, it is not uncommon for the platform to facilitate more than $2 billion worth of trading activity each and every day.
Up until recently, Binance was primarily a crypto-to-crypto exchange, meaning that it had no involvement in fiat deposits or withdrawals. However – and as we will cover further down, the platform now offers a limited amount of support for bank account and credit card deposits.
Nevertheless, Binance has risen to fame for a number of reasons. Firstly, the platform offers a hugely extensive lists of supported cryptocurrency pairs. While this of course includes hallmark coins like Bitcoin and Ethereum, this also includes small-to-micro cap tokens. Secondly, trading fees are extremely low at Binance. While standard trading fees average a very competitive 0.1%, this can be further reduced for those holding the platform’s proprietary digital asset – the Binance Coin.
Outside of its core exchange platform, Binance has its fingers in a number of other pies. For example, it was announced last year that the company was looking to launch the world’s first ever blockchain bank in Malta. The platform also signed a Memorandum of Understanding with the Malta Stock Exchange with the view of facilitating the trading of digital securities.
Binance is also renowned for its dedication to helping those in need. Through its Binance Charity Foundation initiative, the platform has spear-headed a number of charitable projects. This includes a recent campaign to help females in Uganda who suffer from period poverty.
So now that we’ve covered the basics, in the next section of our review we are going to show you how Binance works in more detail.
How Does Binance Work?
In its most basic form, Binance allows you to buy, sell and trade digital currencies like Bitcoin and Ethereum. In order to give you a birds-eye view of how the platform works, we’ve broken down the main steps that you will typically need to follow to get started.
Step 1: Open an account
Head over to the Binance homepage and open an account. If you’re only planning to deposit and withdraw funds using cryptocurrencies, then you’ll only need to provide an email address.
Step 2: Set up two-factor authentication
In order to secure your account, Binance will ask you to set-up two-factor authentication (2FA). This means that you’ll need to install an application like Google Authenticator on to your phone. Subsequently, each and every time you want to log in – or perform key account functions like a withdrawal request, you’ll need to enter a unique code that can only be found on your phone.
Step 3: Deposit coins
Although a select number of nations can now use a credit card or bank account to deposit funds, we’ll make the assumption that you’re looking to deposit with a cryptocurrency.
If a fiat currency deposit is something you want to explore, you’ll need head over to the ‘Funds’ section of your account and follow on the on-screen instructions (if available).
Nevertheless, on the deposit page, you’ll need to scroll through the long list of coins that are supported, and click on the one that you want to deposit into Binance. You can use this address to send funds to that you purchased on another platform ie Coinbase.
Copy the unique wallet address that is provided to you, and use that to transfer the funds from your private wallet.
Step 4: Trade
Once your cryptocurrency deposit has been credited – which usually takes no more than 10-20 minutes, you are then ready to start trading. Hover over the ‘Exchange’ button at the top of the screen, and select whether you want the ‘Basic’ or ‘Advanced’ trading platform. If you’re just starting out, then go with the former.
You now have access to over 540 individual trading pairs. If the coin that you want to purchase is not directly paired against the cryptocurrency you deposited with, you’ll need to make an additional trade.
For example, if you deposited with Bitcoin Cash, but you’re looking to buy a smaller cap ERC-20 token that isn’t paired with Bitcoin Cash, then you might need to exchange it for Bitcoin or Ethereum first.
When you complete your trade, your newly purchased coin will now be available in your Binance account. You can either keep it in your Binance account, or withdraw it to an external wallet.
Binance also offers an API which allows you to connect your account to a number of Crypto Trading bots and allow them to trade on your behalf, automating your strategy and hopefully profiting from the bot’s trades.
So now that you know how Binance works, let’s explore what cryptocurrencies the platform supports.
What Cryptocurrencies Does Binance Support?
As we noted earlier, one of the main attractions for avid cryptocurrency traders is that the platform has one of the largest lists of supported coins. While the main players – notably Bitcoin, Ethereum, Bitcoin Cash, Litecoin and EOS, are of course supported, Binance is also good for much smaller, lower-cap tokens.
Rather than listing each and every trading pair available on Binance, we’ve instead listed the 164 individual cryptocurrencies that can be bought and sold on the platform at the time of writing.
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