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Binance Cryptocurrency Exchange Review

No - 1 Exchange
8.8

CURRENCY VERITY

9.0/10

REPUTATION

9.0/10

CUSTOMER FEEDBACK

9.0/10

CUSTOMER SUPPORT

8.0/10

DESIGN

9.0/10

Pros

  • High Reputation
  • Lots of Cryptocurrencies to Trade
  • Lots of Features

Cons

  • Hack 1 Time In 2018
  • Not for Complete Beginners
  • Many Times Go For Under Maintenance

Among all the Chinese cryptocurrency exchanges one among the foremost popular is that the Binance. it had been started on July, 2017 in China on the other hand moved their headquarters to the Island of Malta within the Europe. They affect two differing types of exchanges including the fiat currency and pure crypto.

But as trading on Binance becomes more liquid and faster, is it providing an unfair advantage to the large monied traders? With the various exchange scandals happening over the years, many users online are asking “is Binance safe?” or “is Binance reliable?”. After testing the exchange thorough by reviewing fees, features, and pros and cons, we’ve found that the typical trader is at a plus when using this platform and that we recommend users to undertake this exchange.

There are several reasons why we expect many traders could have a secure experience on this platform, all of which we’ll explain during this detailed review.

What Is Binance ?

With one among the fastest order execution times and institutional-grade research reports, professional crypto traders have found a home on Binance. Over-the-counter trading (OTC) between two private parties was introduced in 2019 for trades over 20 (~ USD 1 million) BTC. An incubator lab for blockchain startup projects and a launch pad for ICOs ensures a gentle stream of latest coins and pairs to trade.

Counting with over 313,000 daily active users, Binance is that the largest bitcoin exchanges within the word after Coinbase. However, with more platforms cropping up daily to shop for cryptocurrencies, it’s going to not necessarily be the simplest option for the retail investor in 2019 . Can the various retail traders who also use the exchange compete on an exchange known for its fast trade execution? Since many traders are new cryptocurrency trading, we began to get how user friendly this exchange is for beginners. to guage how intuitive the Binance platform is, this review assesses the way to trade cryptocurrency on Binance, also because the safety and security of the exchange.

ExchangeDetails
Exchange NameBinance
Exchange TypeCryptocurrency
 Coins Support168
 Trading Pairs555
 Websitehttps://www.binance.com/
 Twitterhttps://twitter.com/binance
 Telegramhttps://t.me/binanceexchange
 Alexa Rank2124
 Top CountryIndia

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

Binance Hosting Details

Given URL:https://www.binance.com/en
Domain:binance.com
Hosting:AS16509 Amazon.com, Inc.
Registrar:Name.com, Inc.
Server IP:52.199.247.117
Name Servers:NS-1319.AWSDNS-36.ORG , NS-1701.AWSDNS-20.CO.UK
Creation Date2017-04-01 16:48:33
Expiration Date2023-04-01 16:48:33
Updation Date2020-02-17 07:14:17

Enable 2-Factor Authentication (2FA)

When you log certain the primary time, a pop-up will show up and ask you to enable the 2FA, which can help in increasing your account security. If you’re new 2FA, you’ll got to download the Google Authenticator  app then scan the QR (or enter the key key) so as to urge a 1-minute changing code.

After completing these three steps, you’re through with fixing your account.

How to Trade on Binance

Trading on Binance is fairly straight-forward if you’ve got used the other cryptocurrency exchange before.

To get started, confirm you’ve got deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT.

Once you’ve got your funds, at the highest right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. we’ll be using the essential view.

On the proper hand side, of the screen select a tab from BTC, ETH, BNB or USDT this is often what you’ll be trading in. Then choose your required currency from the list. you’ll also search here and you’ll create a favorites list by clicking the star next to any currencies.

The left pane displays the order book, whereas, within the middle, we see the last price. within the middle, we will see the chart, and right thereunder we will Buy or Sell ETH for BTC.

To buy (Limit): Set the specified price, select amount (ETH units, or choose a percentage of your total Bitcoins). the entire BTC (the cost) will then be calculated automatically. Selling ETH for BTC are going to be an equivalent , but the other .

If you would like to shop for at market value , then select Market from the highest menu. Stop limit is more advanced and allows you to set a stop loss or stop buy orders.

How to Deposit to Binance

1. To start with, please visit the Binance website: https://www.binance.com and Log In to your Binance account.
2. After you have logged in to your account, please click【Wallet】-【Deposit】on the upper right-hand side of the page.
3. Please input the abbreviation or full name of a coin/token that you want to deposit or select it from the list.

4. We will use BTC as an example. In order to quickly get the BTC deposit address for your account, click on 【Copy BTC Deposit Address】, and paste it to the corresponding platform’s address section, where you intend to withdraw your funds from.

Alternatively, you can also click【Show QR code】, and use the corresponding platform’s mobile app to scan the QR code to complete your deposit to Binance.

Please kindly be advised:

  • 【Deposit】to Binance is a withdrawal action from a corresponding platform or wallet.
  • If you choose to deposit BTC to Binance, please make sure you choose to withdraw BTC from the corresponding platform. Any non-BTC deposits that go to your BTC address on Binance are more likely to be lost and unable to be retrieved.

5. When depositing some specific tokens, you will need to not only input the correct deposit address, but also fill in the【Tag】 section which might be required for your deposit to be credited.

(NOTE:【Tag】may also refer to a Memo or Payment ID)

Please make sure that both【Tag】(if needed) and deposit address are accurate and correctly filled for your  deposit to Binance be successful.

To confirm that you are fully aware of the necessity for a【Tag】field and accurate deposit address, please tick the box for【I understand that deposits without a MEMO will be lost】and click【Continue】

6. This time we will use BNB as an example. In order to quickly get your BNB deposit address and MEMO you can click on both 【Copy MEMO】and 【Copy Address】buttons, and paste them to the corresponding platform’s or wallet’s MEMO and address section you intend to withdraw from.

You can also click 【Show QR code】, and use the corresponding platform’s mobile app to scan the QR code and  complete your deposit to your Binance account.

7. After you successfully deposit your funds to Binance, you can go back to the Binance home page, hover on  【Wallet】and choose【Deposit & Withdrawal History】to see the details and status of your recent deposit.

You can visit the blockchain to check the status and more details of any specific deposit transaction by clicking on the hash in theTxID column.

Binance Video Introduction

Deposit & Withdrawal Fees

Full NameNetworkMinimum Withdrawal:Deposit feeWithdrawal Fee
Centra70Free35 CTR
MATIC NetworkBEP2ERC202.08118FreeFree1.04 MATIC59 MATIC
IoTeXERC20IOTX101FreeFree0 IOTX0.1 IOTX
Blox370Free185 CDT
DOCK302Free151 DOCK
Blockstack20Free10 STX
DENT12048Free6024 DENT
AIONAIONERC200.220FreeFree0.1 AION10 AION
Pundi X12500Free6250 NPXS
BlockMason Credit ProtocolBEP2ERC201.5690FreeFree0.78 BCPT45 BCPT
VIBE152Free76 VIBE
DigixDAO0.056Free0.028 DGD
Substratum40Free40 SUB
0x9.2Free4.6 ZRX
Bitcoin Diamond0.02Free0.01 BCD
POA NetworkERC20POA1460.02FreeFree73 POA0.01 POA
AeternityAEERC20113FreeFree0.1 AE6.64 AE
IOSTERC20IOST4102FreeFree205 IOST1 IOST
Bitcoin CashBCHBEP20.0020.00012FreeFree0.001 BCH0.00006 BCH
Po.et1270Free635 POE
OmiseGO2.38Free1.19 OMG
BAND6.94Free3.47 BAND
Holo3810Free1905 HOT
BitcoinBEP2BTC0.00000460.001FreeFree0.0000023 BTC0.0004 BTC
NKN114Free57 NKN
Civic86Free43 CVC
MIOTA1Free0.5 IOTA
Bitcoin Gold0.002Free0.001 BTG
BitcoinX0.5Free0.5 BCX
Ark0.4Free0.2 ARK
Bytom10Free5 BTM
Triggers51Free50 TRIG
Ripio Credit Network36Free18 RCN
AeronBEP2ERC200.2816FreeFree0.14 ARN8.23 ARN
Selfkey1332Free666 KEY
BitShares2Free1 BTS
BitTorrent82Free41 BTT
HarmonyBEP2ONE80.01FreeFree0 ONE0.001 ONE
Ontology Gas10Free5.15 ONG
AnkrBEP2ERC20181066FreeFree9.28 ANKR533 ANKR
Golem38Free19 GNT
VITE2Free1 VITE
Algorand1Free0.01 ALGO
Siacoin0.2Free0.1 SC
OntologyNEP5Ontology22FreeFree1 ONT1 ONT
Populous6.08Free3.04 PPT
Raiden Network Token16Free8.43 RDN
Russian RubleFree RUB
PIVX0.4Free0.2 PIVX
Ardor4Free2 ARDR
AirSwap98Free49 AST
CloakCoin0.02Free0.02 CLOAK
Decentraland46Free23 MANA
Neblio0.02Free0.01 NEBL
VTHO42Free21 VTHO
MEETONE600Free300 MEETONE
Quantstamp200Free100 QSP
Salt10.4Free5.2 SALT
Storm1904Free952 STORM
Atidium200Free100 ATD
ICONOMI6.8Free3.4 ICN
Zcash0.01Free0.005 ZEC
Ren40Free20 REN
AppCoins56Free28 APPC
Jex Token100Free50 JEX
Augur0.19Free0.094 REP
Cardano2Free1 ADA
aelf22Free11 ELF
Request Network174Free87 REQ
Storj15Free7.72 STORJ
ICON0.04Free0.02 ICX
ADD200Free100 ADD
Loom Network106Free53 LOOM
Horizen0.004Free0.002 ZEN
YOYOWERC20YOYOW1822FreeFree91 YOYO1 YOYO
Paxos Standard2.56Free1.28 PAX
Dusk NetworkBEP2ERC201.1466FreeFree0.57 DUSK33 DUSK
Dogecoin100Free50 DOGE
BOLTBEP2ERC202020FreeFree10 BOLT10 BOLT
Hedera Hashgraph2Free1 HBAR
Ravencoin2Free1 RVN
NANO0.02Free0.01 NANO
Waves0.004Free0.002 WAVES
ChilizBEP2ERC203.38194FreeFree1.69 CHZ97 CHZ
AdEx26Free13 ADX
RippleBEP2Ripple0.160.5FreeFree0.082 XRP0.25 XRP
WePower272Free136 WPR
KavaBEP2KAVA0.050.1FreeFree0.025 KAVA0.001 KAVA
HealthCare Chain0.0005Free0.0005 HCC
Syscoin2Free1 SYS
Cocos-BCX4446Free2223 COCOS
TrueUSDBEP2ERC200.0442.56FreeFree0.022 TUSD1.28 TUSD
NeoGas1Free0 GAS
TAEL17Free8.8 WABI
Stratis0.2Free0.1 STRAT
Enigma8.12Free4.06 ENG
Theta Token0.2Free0.1 THETA
Enjin Coin19Free9.77 ENJ
Kazakhstani TengeFree KZT
Wanchain0.2Free0.1 WAN
openANX44Free22 OAX
Groestlcoin0.4Free0.2 GRS
UnificationBEP2ERC201010FreeFree5 UND5 UND
Perlin70Free35 PERL
Theta Fuel8.52Free4.26 TFUEL
Aave70Free35 LEND
Agrello52Free26 DLT
TroyBEP2ERC208.44484FreeFree4.22 TROY242 TROY
3X Short XRP TokenBEP2ERC200.000080.0046FreeFree0.00004 XRPBEAR0.0023 XRPBEAR
Pound SterlingFree GBP
LLToken200Free100 LLT
Super Bitcoin0.001Free0.0005 SBTC
WazirX0.56Free0.28 WRX
Tezos1Free0.5 XTZ
SingularityNET98Free49 AGI
Modum10Free5 MOD
EOS Network20Free10 EON
EOSpace10Free5 EOP
EOS0.2Free0.1 EOS
GoChain0.02Free0.01 GO
Nucleus Vision3334Free1667 NCASH
3X Long EOS TokenBEP2ERC200.000340.019FreeFree0.00017 EOSBULL0.0097 EOSBULL
OST202Free101 OST
Blockmason LinkBEP2ERC20100100FreeFree50 BLINK50 BLINK
HyperCash0.01Free0.005 HC
ZilliqaERC20ZIL3500.02FreeFree175 ZIL0.01 ZIL
Skycoin0.04Free0.02 SKY
Nebulas0.2Free0.1 NAS
NEM8Free4 XEM
NAV Coin0.4Free0.2 NAV
GiftoBEP2ERC204.68268FreeFree2.34 GTO134 GTO
CortexCTXCERC200.228FreeFree0.1 CTXC14 CTXC
WaltonERC20WTC11FreeFree0 WTC0.01 WTC
Verge0.2Free0.1 XVG
Time New Bank1212Free606 TNB
Bitcoin Cash SV0.0001Free0.0001 BCHSV
district0x346Free173 DNT
3X Long Bitcoin TokenBEP2ERC200.00000340.00019FreeFree0.0000017 BULL0.000096 BULL
BNT Smart Token Relay5Free5 ETHBNT
Steem0.02Free0.01 STEEM
Tierion48Free24 TNT
Komodo0.004Free0.002 KMD
Everipedia100Free50 IQ
CyberMiles2Free1 CMT
3X Long XRP TokenBEP2ERC200.000280.016FreeFree0.00014 XRPBULL0.0079 XRPBULL
MithrilBEP2ERC205.4310FreeFree2.7 MITH155 MITH
ElrondBEP2ERC20241404FreeFree12 ERD702 ERD
Cindicator360Free180 CND
Ukraine HryvniaFree UAH
FantomBEP2ERC204.78274FreeFree2.39 FTM137 FTM
PowerLedger26Free13 POWR
KyberNetwork5.04Free2.52 KNC
Genesis Vision1.92Free0.96 GVT
WINGS40Free20 WINGS
ChatCoin200Free100 CHAT
FTX Token0.98Free0.49 FTT
iExecRLC4.32Free2.16 RLC
Red Pulse Phoenix BinanceBEP2NEP5116FreeFree5.66 PHB3 PHB
BGBP1.98Free0.99 BGBP
Cosmos0.01Free0.005 ATOM
Bluzelle108Free54 BLZ
SONM190Free95 SNM
Status144Free72 SNT
FunFair634Free317 FUN
Breaker282Free141 SNGLS
ContentosBEP2ERC204.56260FreeFree2.28 COS130 COS
QuarkChain666Free333 QKC
Fetch.AI62Free31 FET
Ethereum Classic0.02Free0.01 ETC
3X Long Ethereum TokenBEP2ERC200.0000180.001FreeFree0.0000088 ETHBULL0.00051 ETHBULL
ETF2Free1 ETF
BNBBEP2ERC200.0020.11FreeFree0.001 BNB0.057 BNB
Celer Network666Free333 CELR
OriginToken8.56Free4.28 OGN
EthereumBEP2ERC200.000170.02FreeFree0.000087 ETH0.003 ETH
MCO0.48Free0.24 MCO
NEO1Free0 NEO
TomoChainBEP2TOMO0.0780.02FreeFree0.039 TOMO0.01 TOMO
Loopring64Free32 LRC
Monetha242Free121 MTH
Zcoin0.04Free0.02 XZC
GXChain0.6Free0.3 GXS
Metal7.4Free3.7 MTL
VeChain200Free100 VET
Bancor7.8Free3.9 BNT
TetherUSERC20OMNITRC202.569.61FreeFreeFree1.28 USDT4.8 USDT0 USDT
QLC Chain2Free1 QLC
Lend Borrow AssetBEP2ERC202020FreeFree10 LBA10 LBA
StableUSDBEP2ERC200.0442.56FreeFree0.022 USDS1.28 USDS
Moeda Loyalty Points3.84Free1.92 MDA
Dash0.004Free0.002 DASH
3X Short EOS TokenBEP2ERC200.00160.09FreeFree0.00078 EOSBEAR0.045 EOSBEAR
Eidoo11Free5.89 EDO
Ambrosus120Free60 AMB
Etherparty784Free392 FUEL
DREP1110Free555 DREP
Turkish LiraFree TRY
TRONERC20TRC201302FreeFree65 TRX1 TRX
Hong Kong DollarFree HKD
EuroFree EUR
Lisk0.2Free0.1 LSK
NulsERC20Nuls8.180.02FreeFree4.09 NULS0.01 NULS
3X Short Bitcoin TokenBEP2ERC200.00260.15FreeFree0.0013 BEAR0.077 BEAR
Beam0.2Free0.1 BEAM
CanYaCoinBEP2ERC201010FreeFree5 CAN5 CAN
Decred0.02Free0.01 DCR
Nigerian NairaFree NGN
Streamr DATAcoin160Free80 DATA
Hut34 EntropyBEP2ERC202020FreeFree10 ENTRP10 ENTRP
LitecoinBEP2LTC0.000640.002FreeFree0.00032 LTC0.001 LTC
USD Coin2.56Free1.28 USDC
WINK380Free190 WIN
TokenClub Token258Free129 TCT
HonestBEP2ERC202020FreeFree10 HNST10 HNST
LTO NetworkBEP2ERC200.7240FreeFree0.36 LTO20 LTO
Everex8.84Free4.42 EVX
Nexus0.04Free0.02 NXS
Crypto Bonus Miles TokenBEP2ERC20400400FreeFree200 CBM200 CBM
Insolar14Free7.08 INS
3X Short Ethereum TokenBEP2ERC200.00320.19FreeFree0.0016 ETHBEAR0.094 ETHBEAR
Stellar Lumens0.02Free0.01 XLM
ChainLink0.6Free0.3 LINK
Mainframe2424Free1212 MFT
Qtum0.02Free0.01 QTUM
Lunyr2.28Free1.14 LUN
Voyager58Free29 BQX
Polymath100Free50 POLY
Viberate112Free56 VIB
Viacoin0.02Free0.01 VIA
VerasityBEP2ERC20200200FreeFree100 VRAB100 VRAB
Basic Attention Token10Free5.04 BAT
Bread9.92Free4.96 BRD
BUSDBEP2ERC200.0442.56FreeFree0.022 BUSD1.28 BUSD
ARPA ChainBEP2ERC203.42196FreeFree1.71 ARPA98 ARPA
Monero0.0002Free0.0001 XMR

How to Withdraw from Binance

1. Please visit https://www.binance.com and Log in to your Binance account.
2. After you have logged in to your account, click【Wallet】-【Withdraw】on the upper right-hand side of the page.
3. Please input the abbreviation or full name of a coin/token that you want to withdraw, or select it from the list.

4. Using BTC as an example, you can copy the “BTC Deposit Address” from the corresponding platform or wallet you want to withdraw your funds to and paste it to the “BTC Withdrawal Address” section.

After that, please input the amount of that asset that you want to withdraw. Our system will deduct the transaction fee, and calculate the amount you will get on the corresponding platform or wallet.

Please be kindly advised:

  • 【Withdrawal】from Binance is a deposit action to the corresponding platform or wallet.
  • If you choose to withdraw BTC from Binance, please make sure you’re depositing it to a BTC deposit address in the corresponding platform or wallet.
  • If you have not finished your account verification (ID Verification), your withdrawal limit is set to 2 BTC for every 24 hours.

5. For some specific coins or tokens, there’s also a special identificator that you can find in the  【Tag 】section.
(NOTE:【Tag】may also refer to a Memo or Payment ID.

Using BNB as an example, you need to first fill in the BNB withdrawal address. After that, you will need to copy the【BNB MEMO】in the corresponding platform and paste it to the second line.

6. After you click “Submit”, you will receive a confirmation email for this withdrawal. Please check all the information carefully, and click “Confirm Withdraw”.

For the account safety reason, the confirmation email will valid for 30 mins. If this withdrawal was not submitted by you, please disable your account and contact our support team.

7. If you are withdrawing coins from the Binance mobile app, and the link in the email is not working, you can also enter the verification code to confirm your withdrawal.
8. After you successfully withdraw your funds from Binance, you can go back to the Binance home page, hover on 【Wallet】and click on【Deposit & Withdrawal History】. Alternatively, if you want to know more details about your withdrawal transaction, you can check more details about it in its corresponding blockchain network. For that, click on the hash you’ll see in the  TxID column.

Binance Features

High Secure

The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers users the choice to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. so as to verify an account, users must activate one among these features. Currently, only Chinese phone numbers are supported for two-factor authentication.

Binance’s privacy policy states that the exchange does collect user information, like IP addresses, and stores the info on its servers. Users concerned with privacy might want to review the small print of the Binance privacy policy fully by clicking the “Privacy” tab on the most Binance site.

Solid Infrastructure

The interface is very easy to navigate, there are all the major coins listed, and many have multiple types of pairings. The company is very dedicated towards making the exchange the premier source for trading– there are many trading events all the time, and coin approval doesn’t come without solid review. This allows for an exchange where every coin on it is considered to some degree legitimate.

 Binance app

On mobile, you can download the Binance app for free from the iOS or Google Play store. Chinese users will find links to WeChat resources on the Binance home page.

Binance FAQ

How to Buy Cryptos with USD

Buy crypto and deposit it directly to your Binance wallet: start trading on the world’s leading crypto exchange in an instant! Once you use one of the options above to buy Bitcoin and other cryptos, your purchased crypto will go directly to your Binance account. 

How to deposit RUB?

Binance has opened deposits and withdrawals for the Russian ruble (RUB) through Advcash. Users can now start to deposit RUB to their Binance Wallet and then use the funds in their Binance Wallet to buy BTC, ETH, or XRP. To learn how to deposit RUB, follow the step-by-step guide below.

How to Use the Stop-Limit Function

A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

What Do “Maker” and “Taker” Mean?

Taker:
When you place an order that trades immediately, by filling partially or fully, before going on the order book, those trades will be “taker” trades.
Trades from Market orders are always Takers, as Market orders can never go on the order book. These trades are “taking” volume off of the order book, and therefore called the “taker.”
Limit IOC and Limit FOK orders (accessible via the API) are also always Takers, for the same reason.
Maker:
When you place an order that goes on the order book partially or fully  (such as a  limit order placed via the trading screen on binance.com), any subsequent trades coming from that order will be as a “maker.”
These orders add volume to the order book, helping to “make the market,” and are therefore termed the “maker” for any subsequent trades.
Note: It is possible for a Limit GTC order (accessible via the API) to have traded as the taker and maker.

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