► Long Form Review:
This is Coin Bureau’s short form review of Binance, a well known crypto exchange.
Binance is one of the best known cryptocurrency exchanges with some of the highest trading volume on the market. It was started in July of 2017 and has exploded in growth.
They have over 350 cryptocurrency assets to trade which makes them one of the most extensive exchanges for numerous altcoins.
Binance has really strong security and has not suffered any hacks or breaches as of yet. You should also make sure that you do not store a large amount of coins on the exchange.
Binance operates a maker-taker model when it comes to their trading fees. They will charge you a fee if you take liquidity and they will give you rebate if you make a market. This also operates on a sliding scale based on the volume that you trade.
As a mere indication of these fees, they range from 0.02% to 0.10%. This places them on the lower end compared to some of their other competitors.
Binance has also issued their own proprietary token called the Binance coin. Those people who trade the BNB markets will get a 25% discount on their general trading fees.
Binance has also just started accepting Fiat deposits through their Jersey based subsidiary. This means that they can accept funding in Euros and GBP through credit card and wire. This also makes Binance one of the few large Altcoin exchanges that have this functionality.
Binance seems to also be pretty responsive when it comes to their online support. They do not have a telephone number but they operate a ticket support system. You can also reach them through their dedicated support email.
You will be happy to know that Binance still offers unverified accounts. This means that you do not have to produce any sort of identification or documentation to start trading. However, you are limited to 2BTC per day as a withdrawal limit.
There are a number of different platforms that you can trade on the Binance exchange. These include their basic web based platform as well as their more advanced version. These have a range of charting tools and order functionality that should satisfy most traders.
Binance also offers you their proprietary PC and MacOS client which can run right on your desktop for more efficient trading. If you are constantly on the go then you can also make use of their mobile apps which are available on iOS and Android.
Binance also has a robust REST API that would work well for developers who code their own trading bots and algorithms.
Binance is also trying to offer much more than just a cryptocurrency exchange. For example, they have also launched their Binance information portal which has a range of information on coins and projects. They also have their academy which is an education portal for those new to the space.
In conclusion, Binance is one of the most well respected institutions in the market. While the lack of Fiat funding may be an inconvenience for some traders, this should not detract from an otherwise stellar exchange.
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
Source: Coin Bureau