Through this acquisition, Binance is expected to foray into the fledgling Indian market, which is counted among the top exchanges globally.
At this time, the digital currency exchange market is filled with a wide variety of choices, therefore choosing the right exchange or trading platform can be quite a headache for both novice and veteran cryptocurrency users. Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU.
Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of and has since gone on to become the top crypto exchange in the world.
Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners.
However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services. The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time.
The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were. The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath.
Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use. To use the exchange, users will first have to create an account. For level 2 which allows up to BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that. Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
Now, that this is out of the way, users can go ahead and fund their Binance account. You can then send your funds to this address to begin trading on the platform, depending on which currency you deposit it will take different times to show up as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while.
Now that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens. At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced.
Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set. Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before.
We will be using the Basic view. Then choose your desired currency from the list. You can also search here and you can create a favorites list by clicking the star next to any currencies. Once your desired currency has loaded, take note of the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half.
The number in the middle shows the last sale price. Now to place a buy order, use the center box underneath the graphs and you will see the buy box is in green on the right. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. Binance has often been praised for its wide variety of support coins.
As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well. Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies.
Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.
All buy-back transactions will be announced on the blockchain. At the time of writing, Binance charges an average fee of 0. These are surely some of the lowest fees available at this time. Withdrawal fees tend to vary for each digital currency. For instance, 0. Here are some examples to give you an idea of the fees you will be paying for withdrawals:. When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw.
Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform.
A unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. Some examples of competitions in the past include Waves and Tron. The waves competition gave away 20, Waves to Traders based on how many trades they have made of this currency. Again, the winners were the people with the highest trading volume of this currency.
The current rankings show that the person in first place had over BTC volume in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter. While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community.
However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously.
Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture. The hackers tried to pull off an audacious move which was luckily caught by the automated systems in place at the exchange. They then struck, converting all the victims altcoins to BTC and purchasing Viacoin, pumping the coin to a huge price and then selling their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets.
Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers, whose funds will be donated to charity. As this hack was made possible by people entering their site logins and 2FA details into a fake website, you should always make sure you are on the correct Binance url before logging in. We recommend you bookmark the site and only use that to access it, never click links from emails, Twitter, Telegram etc.
Throughout this event, Binance acted exemplary and have been praised for their swift action in resolving this. For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need.
Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team. Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.
It should be noted that customer support on Binance has been known to be slow to respond to customer requests. This is a familiar phenomenon with most of large exchanges and is due simply to the volume of users and amount of support staff. Binance grew fast especially, going from launch to the largest exchange on the planet in a few short months. Support staff for exchanges have to be carefully vetted and trained due to the technicalities and security requirements involved — unlike other traditional companies where staff can be trained quicker.
Mixups with wallets are one of the biggest mistakes people make when using exchanges. Other things to note are, try a smaller test payment first if you plan to transfer large sums — it may cost you a little more in fees but will be worth it for peace of mind.
If you do need to contact support, make sure you provide them with enough information to be able to help you first time. Include wallet addresses, times of transactions and any other information you think they might need to help speed up the process. In March , Japanese Newspaper Nikkei reported that Binance was trading in Japan and not following their official regulations. This caused some turbulence in the markets until Binance made an official announcement that they were going to be moving operations to the crypto-friendly island of Malta in Europe, stating :.
After reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework. This is good news for the company and they even received a warm welcome from the Prime Minister of Malta on Twitter.
Binance also announced that they were in talks with Maltese banks with the goal of providing Fiat transactions, meaning they can offer an on-ramp for fiat to crypto transactions in future along with fiat trading pairs on the exchange. More good news for Binance, it seems as their profile and reputation within the industry continues to grow.
Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. The BNB digital asset, now an ERC token, will migrate as the native token of that network and be used for paying the trading fees on the new exchange.
Alongside the Malta Stock Exchange, they are aiming to create a regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.
It will secure ways for secondary trading of equity tokens and enable companies around the world to fundraise on Blockchain in a legal way while offering much-needed liquidity. The trading platform is live and active and allows you to trade in fiat currencies such as euros and pound sterling, with Europe being their target market. We have now carried out a full review of Binance Jersey, so take a look for more indepth details about the new platform.
Customers who wish to trade in the support fiat currencies will need to carry our KYC procedures by uploading their ID documents such as passport and driving license. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U. If you are familiar with trading on Binance, then you will feel at home on their new exchange — it uses the same engine and the trading screen is laid out in the same fashion with the option to choose between Basic and Advanced views:.
To fund your account in fiat, you will first need to complete the KYC process, once that is done you can then deposit funds directly from your bank account by linking it from the Deposits screen. You can also fund your account with BTC or Ethereum. Once you have your account setup and bank account linked, you can also withdraw funds in fiat currency — this is great news as Binance is now able to offer a way for investors to cash out their cryptocurrencies. The cash-to-Bitcoin brokerage service operates via a network of over 1, newsagents across Australia, and currently allows anyone to buy Bitcoin using Australian Dollars AUD , and there are plans to include additional digital currencies and fiat purchasing options in the future.
Users must first undergo account verification on Binance Lite, and after being successfully verified, users can place online orders and deposit cash at their nearest newsagent, in order to receive their pre-ordered Bitcoin.
The Binance Lite brokerage service is operated by InvestbyBit, an independently operated subsidiary of the Binance. The service aims to simplify the process of purchasing cryptocurrencies and make digital assets such as Bitcoin readily accessible across Australia. Any returning customers, who have already completed KYC verification, will be sent to the order summary page directly after opening a new order.
Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process.
No supported. Andrew Munro is the global cryptocurrency editor exvhange Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency. This review talks about the global Binance site, which is not available to residents of the United States. If you are in the US, read our Binance.
Binance cryptocurrency exchange is considered the largest trading platform in the world. In order to achieve such a result, they adhere to the principles of transparency and attention to the interests of customers. Until October 12, four assets will be delisted on the stock exchange. According to the administration, these projects have ceased to meet the high standards of secure cryptocurrency. Here is a list of reasons that can lead to delisting:.
Trade a wide range of cryptocurrencies with the world's highest-volume exchange.
Primarily known for crypto-to-crypto trading—that is, trading between two cryptocurrency pairs—Binance exchange has gained immense popularity because of its low transaction fees, high liquidityand additional discounts if users pay in the native BNB cryptocurrency tokens. Other than the CS team, Binance offers a couple of FAQs and articles meant to source users get accustomed to the exchange and the way it works. Craig Kaiser January 28, at pm. Hi Oliver, Thanks for your review. Hello phong dinh, my name is Larry Pratt from Toledo, Ohio in the USA, and I am considering investing, but do not understand the most efficient and effective method to learn which of the investments are best! While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. For level 2 which allows up to BTC per day, you need to upload a photo ID and wait till you are approved. Share this Comment: Post to Twitter. How can I know Binanace add new crypto? Bee January 5, at pm.