Binance Key Information
As cryptocurrency grows in popularity, more and more exchanges are being created for buying, trading and selling different cryptocurrencies. Some are aimed at beginners, while others are better for more advanced traders. This Binance review will give you a complete overview of the Binance exchange.
Once you have read this, you will have a good understanding of whether it is the right exchange for you. First, we will give you some background information on Binance, and how it has become one of the most popular exchanges to trade cryptocurrencies. We will then explain some of the advantages of using Binance, as well as some disadvantages, too.
There will also be a step-by-step guide on how to deposit, trade and withdraw coins, along with some helpful images. So that by the end of our Binance review, you will have all the information you need to start trading on the exchange by yourself. Binance is an exchange that host crypto-to-crypto trades. This means that they do not accept real-world money, such as U.
The exchange was first created in and was originally located in China. However, as cryptocurrency laws are very strict in China, the exchange has since moved to Japan, a country that loves digital currency!
Interestingly, CZ used to build some of the trading systems that are used in the Tokyo stock exchange. I guess he used this experience to help make Binance what it is today! Before Binance opened their exchange, they raised money through an initial coin offering ICO. This is very similar to crowdfunding, where people can invest to help a company get started. However, an ICO is quite different, as people invest cryptocurrency instead of real-world money. Binance have had a very successful start since they were created in In fact, Binance grew so quickly, that in January they had to suspend new registrations.
This was because too many people were trying to open a Binance account. Before registering a new account at an exchange for the first time, it is important to consider their advantages and disadvantages. One of the main reasons that Binance exchange is so popular is because they list so many different cryptocurrencies. There are now more than individual cryptocurrencies, with new ones being created almost every day!
There are more than different cryptocurrencies available at Binance. Coinbase, an exchange that sells more Bitcoin than any other, only lists a total of 4 coins! Another excellent feature of the exchange is that when trading crypto-to-crypto, Binance fees are one of the lowest in the industry.
Customers are charged 0. Deposits are always free, but withdrawals do cost money. However, most exchanges operate in the same way. Withdrawal fees are different for each cryptocurrency, and change depending on their value. For example, at the time of writing, for every Litecoin LTC that you want to withdraw, it would cost you 0. However, if the value of Litecoin increased, so would the withdrawal fee. This is because the fee is fixed to the price of Litecoin, and not top the price of USD or your local currency.
There are no limits to the value of deposits you make, but if you want to withdraw more than 2 BTC worth of cryptocurrency, then would need to verify your account further. This can be done by submitting identification, such as your passport. Regular traders on Binance exchange have the chance to win prizes. They have even a gave away a Maserati car! How cool is that! Binance is well known for listing new cryptocurrencies as soon as their ICO has finished.
This shows that many crypto companies view Binance as their favorite exchange. Binance takes security very seriously, and customers are asked to set up two-factor authentication 2FA when they register an account. As Binance has become one of the most popular exchanges to buy, trade and sell cryptocurrencies, there are lots of trades happening all the time.
This is an important factor as it means you have a better chance of selling your cryptocurrency immediately, if and when you need to. However, if lots of people looking to sell that coin, it will be easy to buy. Fun Fact 5: The technology supporting Binance can process up to 1. There are mixed reviews on the customer support offered by Binance exchange. Although you can contact Binance by email or live chat, some users have reported long delays.
This might be because the exchange has a large number of customers, however, we hope that Binance will improve their response times. There is also no phone support, which is something offered by other popular exchanges like Coinbase. Some even accept a bank transfer and PayPal! First, you would need to purchase a cryptocurrency like Bitcoin or Ethereum using Fiat, and then you can deposit that into Binance and trade for other coins.
If you have read this Binance review all the way through, you should now have a better understanding of what Binance is, what they do, and the advantages and disadvantages of using their exchange. We are now going to show you how to use Binance! Our Binance review explained earlier that the exchange does not allow customers to deposit using popular payment methods, such as a debit or credit card.
This means that you will need to deposit with a cryptocurrency. You can then return to the next part of the Binance review! Now that I have shown you how to add crypto to your Binance account, I will now show you how to make your first trade. There are over different cryptocurrencies to choose from, but in this example, I will show you how to buy Litecoin LTC.
At this stage of our Binance review, you will now know how to deposit funds into Binance and buy your first coin! But, what if you want to withdraw your funds?
You might have noticed from the buying part of our Binance review that there are two options to choose from — Basic and Advanced. This is what makes Binance such a popular exchange — it is great for both beginners and advanced users. In the trading guide above, we showed you how to use the basic functions. If you are a more experienced trader, the advanced options allow you to view more detailed statistics.
For example, if you were interested in the price movements between Bitcoin and Ethereum, there are more advanced graphs you can view. Candlestick bars allow you to view the opening, highest, lowest and closing price of a cryptocurrency over a specific time period. Just remember, if you are just getting started with cryptocurrency trading, it is probably best that you use the basic option until you feel more comfortable! If you have read our Binance review from start to finish, you should now be able to decide if it is the right exchange for you.
There are many advantages to using Binance, however, there are also some disadvantages to consider — such as not being able to deposit with a debit or credit card. Whether you decide to use Binance or not, at least now you know how to use Binance, and you should easily be able to deposit, trade and withdraw funds! In my opinion, Binance is one of the best cryptocurrency exchanges out there for trading between different cryptocurrencies.
It offers a great, easy-to-use interface that caters to all types of traders. So, what do you think about the layout of the exchange? Does Binance have the cryptocurrency that you want to buy?
Save my name, email, and website in this browser for the next time I comment. I have tried to communicate with Binance Support team they are asking me of the 16 digit code at the time i had set up or the Bar code which dont have and it has been a while now.
Why cant i not just set up the SMS text on my phone as i still have the same phone number. Is there a way to set up SMS verification. Is there a way you can help me Please. Error, failed to subscribe. If problem persists contact site administrator. Read more. All courses Interactive courses Sign up Free. Quick fact: In one day alone, Binance received over , new account applications! The best way to do this is to copy and paste the address you want to withdraw to.
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What Trading Features Does Binance Offer?
Since its launch inits quickly gained reputability in the blockchain community thanks to its variety of coin offerings and insanely low trading fees. But is it right for you? There are two options for trading platforms on Binance: Basic and Advanced. As the names imply, the Basic view has all you need to perform simple trades while the Advanced view is for more advanced traders. As a novice trader, you may even find the Basic view to be fairly complex. To begin trading, you first cryptocjrrency to fund your account.
Standard Binance trading fees are 0. I hope this information is helpful. Another important point — security measures implemented by the exchange. Rench January 16, Step 1. Coinbase wins this round but I would recommend crtptocurrency exchanges for beginners. We will not credit your account with tokens from that sale. Bank-transfer deposits of US Dollars are free.
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