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Binance review

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Overall

Binance is probably the most popular crypto exchange out there at the moment. It has achieved incredible growth since its launch in 2017, it boast a variety of coins to trade and has some of the lowest trade fees.

Binance states they have over 9 million users and expect to make around a billion dollars in profit in 2018 – impressive to say the least, for a company started just a year ago.

Pros

  • One of the biggest and fastest growing crypto exchanges
  • Large number of assets to trade
  • Good product

Cons

  • One of the biggest and fastest growing crypto exchanges
  • Large number of assets to trade
  • Good product

Recommended for: if you’re into crypto trading.

Regulation and protection for customers

Well, let’s keep it short. There is no regulation to be taken into consideration. Binance doesn’t give exact details about how funds are being kept. So, this is important to note, as well as the fact, the crypto space is very much still in early stage so risks are higher than in other spaces.

In its short history, Binance has had a few incidents that they resolved very well.

The first one, in March 2018, hackers used phished user API keys to manipulate the Viacoin (VIA) order books in an attempt to withdraw funds. According to a Binance post, the hackers “placed a large number of market buys on the VIA/BTC market, pushing the price high, while 31 pre-deposited accounts were there selling VIA at the top. This was an attempt to move BTC from the phished accounts to the 31 accounts. Withdrawal requests were then attempted from these accounts immediately afterwards.”

So, while it can be argued that the fault lies also with users not being careful enough with their API keys, the outcome communicated was that Binance managed to stop the hackers from succeeding and restrict the withdrawal.

The second incident, was related to a vulnerability of the Syscoin wallet. It happened in July 2017, and essentially hackers exploited this vulnerability and sold one single SYS for 96 BTC. They managed to withdraw funds, which forced Binance to place a temporary stop on withdrawals. However, as a follow-up on this, Binance did return funds to their traders and proceeded to create a Secure Asset Funds for Users (SAFU), in which they’re claiming to allocate 10% of all trading fees to offer protection to their users and their funds in extreme cases. The SAFU fund is to be stored in a separate cold wallet.

So, we could objectively note that so far, the response from Binance has been fair towards users.

Accounts

Opening an account at Binance is pretty simple. You need to provide them with an email, password and optionally your referral ID.

When you log in for the first time, you’ll be presented with a disclaimer and after this you’ll be prompted to set up your two-factor authentication to secure your account. We’d suggest you heed that advice, and if you don’t, then Binance won’t let you withdraw coins. Clever way to make sure you’re safe!

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Deposits and withdrawals

You can only deposit and withdraw cryptocurrency to and from Binance.

There are no limits to the amount you can deposit and no fees.

The amount that you can withdraw however, is determined on whether you’re KYC verified or not. If you’re not verified, as standard, you’re Level 1 and you can withdraw up to 2 BTC worth of cryptocurrency per day.

If you want to pass to Level 2, you need to enable first the two-factor authentication. Following that, you need to provide KYC documents and if you do get approved, then your daily withdrawal limit increases to 100 BTC.

If you’re one of those whales that needs to withdraw more than that on a daily basis, you’ll have to contact their support team.

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Product portfolio

Binance offers a large variety of cryptos to trade paired with Bitcoin, Ethereum, Binance Coin and Tether. There are more than 100 coins and Binance is constantly adding more.

Fees

The general trading fees are low at 0.1% trading fee.
> If you hold BNB in your account, then by default your trading fees will be subtracted from your BNB balance, and by using BNB you get a 25% discount on the fees.
> If you are a high volume trader, you can get access to even lower fees. Binance calculates a fee schedule based on your trading volume, maker/takes status, and the amount of BNB in your account. The fees range as per below:
Table listing the fees on Binance There are no deposit fees, and the withdrawal fees vary by cryptocurrency and are regularly adjusted.

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Platforms

Binance has one of the most optimized trade matching engines on the market. In their whitepaper, they were claiming it’s able to sustain a rate of 1.4m orders per second.
There are two platforms available: basic and advanced.

Basic Platform

This is the more user friendly platform, designed towards beginner traders or people who come into an exchange for the first time. Even if you’re an advanced trader, you’ll probably check this out first anyway.
It’s basic, as the name mentions, and it only has the most relevant information you need to trade crypto:
A summary bar on top, all the order books for the current pair on the left, the standard charts in the middle and the search tool for other markets on the left. In terms of charting on the basic platform, you are given only some basic indicators like the moving averages, volume and the MACD.

Screenshot of the Binance basic trading platform

The orders are just below the chart, and as you can see there are three types of orders. We’ll cover these later on below.
Just below the orders, you’ll find your open orders as well as your trade history for the pair.

Advanced platform

The advanced platform has pretty much the same functions, but the layout is different. As you can see below, they also offer a night mode (for both basic and advanced exchanges).

Screenshot of the Binance advanced trading platform

The main difference is that you’re given a lot more space for charting, which occupies now two thirds of the screen. The order book, the search function and the order forms are all on the right side.
As expected, you’re now able to use more tools and technical indicators. Now, if you’re an advanced trader, you’ll probably still want to use TradingView.

Order types

You can place three types of orders on Binance:

  • Limit Order
  • Market Order
  • Stop limit – some reviews explain this similar to a stop loss order, which in fact it is not according to how Binance explains it: “A stop limit order will be executed at a specified or better price, after a given stop price has been reached. One the stop price has been reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.”

Desktop

Binance also has a downloadable client. Everything that you’ll find on the web platforms, you’ll also find on the desktop platform.
The advantage of using it, is that you don’t have to go through the web interface before executing trades, making it even faster.
There’s also more charting possibilities on the desktop platform, as it gets real close to the tradingview charts.

Mobile app

The mobile app comes for both iOS and Android.
The apps resemble very closely the web interface so Binance has done a pretty good job at creating a unified experience. It also moves well, but as you know we do not recommend trading on mobile as TA can become difficult. If it suits you though, then you’ve got a pretty good tool to play with.
You can find the app in the App Store or get it on Google play. Alternatively, get the links from the Binance website.

Screenshot of the Binance advanced trading platform

API

Binance has an API, if you like to code your own trading bots for example. You can access all of their documentation on their Github. Please make sure you’re aware of the hard limits though, otherwise you’ll get blocked.

Customer service

We don’t think any of the cryptocurrency exchanges have a great customer support team yet, which in a way is understandable due to the immense growth they experienced in a very short time.
Binance offers however a comprehensive list of FAQs, and they are trying to improve their CS, which is available already in languages like English, Spanish, Italian and Chinese through an online form and email response.

Academy

While not many exchanges do it, Binance wants to also educate you, so there are some resources they present in their academy. We’ve noticed that their videos are more crypto generic than trading, but if you’re really a newbie, it’s worth checking it out.

TRI conclusion

Binance has good liquidity, low trading fees and a good amount of coins on offers. TRI has an account that we’re trading there.

If you’re interested in crypto trading, Binance is probably one of the better exchanges to be on.

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