Binance Cryptocurrency Exchange Review
For well-versed cryptocurrency traders, Binance is a trusted exchange based in Hong Kong and Tokyo. It doesn’t cost a lot to move currency through this platform as it has some of the lowest fees in the business. Large volume trades can occur without much of an impact on the transaction times. There are lots of choices with over 100 different cryptocurrency options for users. The only question with the exchange surrounds the security because there is nothing made clear about how the money is kept safe within the system.
- Large volume trading
- Lots of cryptocurrency options
- Simple platform to navigate
- Quick trading times
- Mobile application
- Small fees
- No disclosure of security measures
- Customer support not available by phone
- No fiat currencies
Binance doesn’t charge anything for depositing money. Every trade that happens pays 0.1% fee to the exchange. Those trades can be even cheaper if there are enough Binance coins in the account. Binance will then take the payment from the wallet directly and give the user a 50% discount. Withdrawl fees vary based on the type of cryptocurrency being used, but they are extremely low for the market.
It is one of the newer exchanges being launched in China just in July of 2017. The founders worked for OKCoin exchange, and one of them was a member of the Blockchain.info wallet team from 2013. It only took six months for the platform to become the largest in trading volume and it remains up near the top right now. It is guessed that’s because it’s so easy to use and it can take care of large amounts of transactions without being effected regarding speed and reliability. It is also available in:
- German (simple and traditional)
Traders looking to casually trade Bitcoin or ethereum aren’t going to get any use out of the exchange as it’s strictly crypto-to-crypto.
Safety and Security
Two-factor authentication with SMS and Google Authenticator make this a fairly secure site. There is plenty of detail listed on their security page too that tells users how to further secure their money. Binance doesn’t list anything specific about how they are securing the platform themselves as a whole though. They have been able to prove that they can stop hackers after an attack in 2018 where thieves stole and sold off to get viacoin currency. The only people that lost money, in the end, were the hackers after Binance stepped in.
Ease of Use
Binance has the unique option of switching from advanced to basic settings depending on who is using the site. The pages are easy to navigate regardless of what configuration is being used. The advanced settings just offer more options. Verification is quick and easy. Binance does not have a telephone number for customer support services, but they do have a fast online support team.
Deposits and Withdrawals
All deposits and withdrawals occur through external crypto wallets.