Binance Review
​Is Your Cryptocurrency Safe With This Exchange?

Binance Exchange Review

Binance is a pure crypto-to-crypto currency exchange app allowing you to pair trade in a diverse range of coins.

We’re not here to waste your precious time, so if you’re hunting down a safe and legitimate digital marketplace where you can buy in with fiat currency, this coin trading platform is not for you.

If, on the other hand, you already have some ​coins and you’d like to pair trade with other virtual coins, read on to see if this platform fits the bill for your investment strategy. While it’s a young ​platform not without its teething problems, the low fees and sound reputation in the community mean that Binance is rapidly growing in stature.

Developer Changpeng Zhao, owner of Beijie Technology, created the company in July 2017. A robust ICO raised $15 million, enough to get the digital coin marketplace up and running. Zhao was previously Technical Director at Blockchain.info, and he has a proven track record in the industry.

Binance is “registered in multiple locations” so the exchange will “never be affected by one regulatory body.”

The website is available in multiple languages. The home page heavily promotes the competitions run by Binance along with its affiliate program. You’ll then see a lengthy list of the coin pairs available to trade in, and a choice of using either Basic or Advanced trading platforms once you’ve opened your account using your login.

Although this digital marketplace is a sprightly newcomer on the crypto scene, it already regularly hovers around the top 10 exchanges by 24-hour trading volumes on CoinMarketCap.

Assuming that you already have some cryptocurrency in your digital wallet, we’ll look now at the coins you can trade on this digital currency platform.

What Coins Can You Trade On This App?

Since this platform is a crypto-only exchange, forget all about buying in or cashing out using your preferred fiat currency. While this can be inconvenient for some, if you’re looking to trade your Bitcoin for altcoins, the purely crypto nature of the ​platform allows much of the regulations that stifle financial institutions to be neatly sidestepped.

You can pair trade in over 100 altcoins using Bitcoin, Ether, BNB, and Tether. You’ll see Litecoin and Bitcoin Cash alongside all the usual suspects. This platform also specializes in minority coins you might struggle to find on other crypto websites. You can find a full list of the pairs available for trading here.

real crypto coins

The platform supports a range of tokens available as part of ICO listings.

Many readers ask where Binance and Coinbase differ, as well as whether or not it’s possible to transfer your funds from Coinbase onto Binance. We’ll briefly examine these issues now before diving deeper into the intricacies of this crypto-to-crypto platform.

Binance vs Coinbase

The key noteworthy difference between these cryptocurrency exchanges involves how you can deposit or withdraw your funds…

  • Binance App: You’ll need crypto coins in order to trade. Fiat currencies are not accepted.
  • Coinbase App: Use your bank account login or credit card to buy in using fiat currency. US customers can even use PayPal which is rather rare for a digital exchange.
comparing 2 exchange mobile app

For fiat to coin or vice-versa, Coinbase rules. You will, though, be limited to BTC, LTC, ETH, and BCH. If you’re looking to swap crypto for crypto, Binance is the way forward.

Comparing the ​trading platforms beyond this is an impractical apples and oranges exercise.

Since the fees for buying Bitcoin on this platform are pretty steep, many people choose to take care of this on Coinbase then sweep the BTC to Binance. We’ll walk you through that right now.

Transferring Funds from Coinbase to Binance

Go to the Buy or Sell option after you login on your Coinbase account and buy your chosen currency by bank transfer or credit card.

If you plan to buy Bitcoin, Ethereum, or Litecoin on Coinbase, send them to GDAX and then send from this platform to Binance if you want to avoid fees.

On the Binance trading screen, carry out the following steps:

  • Go to ​​​​Funds
  • Click Deposits & Withdrawals
  •  Find the appropriate wallet depending on the coin in question
  •  Hit Deposit and copy in the deposit address
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On the Coinbase (or GDAX) trading screen, carry out the following steps:

  • Login and go to Accounts and select the appropriate wallet
  • Click Send then paste in the deposit address generated above
  • Confirm the transfer and check your funds are in place

We’ll move now to the fees and verification process in place when trading on the site.

Reviews of Verification and Fees on Binance

paying trading fees

In line with most digital ​platform, there are no fees for depositing your crypto coins into your digital wallet.

The trading fees, as discussed fully below, are extremely keen at just 0.1% across the board. Withdrawals attract the costs associated with the blockchain.

While there is no limit to the amount you can deposit into your digital wallet, withdrawals are limited until your account login is verified so how do you go about this?

Verification of Login Account

Since you can only withdraw up to 2 BTC daily with the initial Level 1 login account, you’ll probably want to pursue verification. By doing this, you’ll be uprated to Level 2 and your daily withdrawal limit climbs to 100 BTC.

  • For anyone with a Chinese phone number, you can enable 2FA
  • All other nationalities need to use Google Authenticator
  • Once this first step is taken care of, you need to provide the usual information of your full name, gender, and nationality
  • Upload your passport ID and a passport photo along with a selfie of you and the ID

Once you complete these easy steps, sit back and wait for your Level 2 verification. As always, expect glitches, but how about if your ID verification fails completely?

users login form

What If Your ID Verification Fails?

A number of disgruntled users have complained of issues with the verification process.

The first thing to consider is whether or not you have used Google Authenticator. If you don’t have a Chinese cell number and you attempt to use 2FA, it will be fruitless.

Aside from this obvious flashpoint, there are too many variables for us to give a clear-cut answer. The only solution is to contact customer care. As with all exchanges, swelling demand can often impact response time so be patient.

The only advantage to any breakdown in the verification process is that you can still use your Level 1 login account unverified in line with the withdrawal limits.

Since it’s often tough to determine where each ​trading platform stands and falls, we’ve done the legwork for you with this snapshot of the advantages and drawbacks of Binance…

sending money wirelessly

Advantages

  • Below Average Fees: At a flat rate of 0.1% on trading, this platform continues to attract new investors, since the industry average is around double this amount. This is especially valuable if you are trading larger amounts with no need for fiat liquidation. If you use BNB  - Binance’s own token - you’ll get a further 50% discount on trading fees. Deposits are free while withdrawal fees are charged in line with the blockchain’s transaction fees. These are frequently updated.
  • Broad Spread of Currencies: You can choose from around 100 crypto coins on this platform. With all major altcoins represented and a nice selection of niche coins alongside the bigger players, you can pair trade using Bitcoin, Ethereum, BNB, and Tether.
  • Solid Reputation in the Community: While there’s always a certain amount of bad press about any digital exchange, the overarching sentiment in the crypto community toward Binance is positive. With low fees, developers packing deep industry experience and a responsive ​platform, it’s easy to see why investors continue to flock to this platform. At the time of writing, there are 6 million users on the platform.
  • Straightforward Trading: While it’s not the most beginner-friendly platform, few total tyros will start off on a crypto-to-crypto ​trading platform anyway. If you have even the minimum of experience, trading on Binance should present no problems. You can choose from a Basic or Advanced view depending on the depth of analysis you require. We’ll outline just below below the mechanics of trading, but it’s refreshingly simple stuff.
  • Binance Coin For Trading Fee Discount: The BNB coin, Binance’s native token issued during the ICO, could be a savvy investment if plans for a decentralized exchange come to fruition. We say this since the marketplace is buying back and destroying 50% of the BNB created. If you use this crypto token, you’ll also get a 50% discount on already keen fees.
account security

Disadvantages

  • Fiat Currencies Not Supported: If you want to buy in or withdraw any potential profits using fiat currencies, you’re clean out of luck. You’ll need digital assets to buy in, and you can only be paid out in crypto coins.
  • Fund Security is Uncertain: As far as fund security goes, there’s simply not a great deal of information available. The topic doesn’t come up in most of the usual crypto forums either so tread carefully as with any new and relatively untested exchange. Only leave your coins on the platform while you’re trading, and store them in your own digital wallet for the sake of security once you’re done.
  • Questionable Customer Support: You need to make requests via the Contact form on the site. While there is nominally a WeChat service in place, you tend to get form responses directing you to the sparsely populated FAQs on the site, while other replies are in Chinese so throw you upon the mercy of Google Translate unless your Chinese is up to scratch.
  • Problems With Fractions of Coins: You could end with lots of dust when trading on Binance if you’re not careful. You can’t trade fractions of coins with BTC or ETH trading pairs. You can’t sell fractional amounts either. One way to sidestep this is to buy in using Binance’s own coin. This will also qualify you for that 50% discount on fees.
Now you can see at a glance our honest appraisal of the upsides and flaws of this new digital asset exchange, how can you get started trading?

How to Use, Trade and Transfer on Binance

Although not strictly for beginners, trading on Binance is not a complex affair either.

The Basic and Advanced platforms differ mainly in terms of the scope of analysis available. Since the Basic view looks daunting enough unless you’re an experienced trader, stick to this until you’re fully familiar with the dashboard.

Before you can start trading, you’ll obviously need to open a Binance login account and then deposit some funds. Check out the section above on Transferring Funds from Coinbase to Binance. You can, of course, use a different digital exchange, but the process is the same.

Now you’re ready to roll.

using laptop to withdraw from investments
  • Click Basic on the Exchange tab at the top left of the trading screen
  • You’ll be restricted to making limit orders and market orders at this stage, although development of more complex trades is highly likely in the future.
  • To the right of the chart, choose from BTC, ETH, USDT, or BNB according to the crypto you’d like to trade.
  • Check out the prices now on the left of the screen. Sell prices are listed at the top in red. Buy prices come underneath in green. There’s a large number between these indicating the most recent sale price.
  • To make your buy order, click the green Buy button in the central box. Enter the price manually, or select from the percentage buttons to allocate the chosen portion of your deposited funds.
  • Once the buy order is completed, it will show up in the Open Orders until filled.​​​
  • Withdraw to your selected wallet address using the Deposits & Withdrawals menu.

Verdict: Is Binance Safe, and is it Right For You?

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If you want to trade in crypto coins and you already have some in your digital wallet, this is a platform well worth popping on your shortlist.

The leading advantages of this exchange are highly competitive fees and a diverse array of altcoins and tokens you can pair trade with relative ease against BTC, ETH, BNB and Tether.

For investors with at least a modicum of knowledge in place, the trading interface is not taxing, and there have been no known security breaches to date. In a space crowded with complaints about withdrawal problems and shocking customer service, this marketplace comes away relatively unscathed on both counts.

If you’re prepared to overlook a certain lack of transparency regarding fund security, Binance enjoys a surging reputation as a legitimate crypto-to-crypto exchange where you can buy and sell your virtual currency while remaining safe.

As always, be fully aware that any new cryptocurrency site remains something of an untested quantity, so never invest more than you can comfortably afford to lose.