Is Your Cryptocurrency Safe With This Exchange?
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.
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…
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:
On the Coinbase (or GDAX) trading screen, carry out the following steps:
We’ll move now to the fees and verification process in place when trading on the site.
Reviews of Verification and Fees on Binance
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.
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?
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…
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.
Verdict: Is Binance Safe, and is it Right For You?
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.