Binance Cryptocurrency Exchange ReviewNo - 1 Exchange
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.
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.
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
|Hosting:||AS16509 Amazon.com, Inc.|
|Name Servers:||NS-1319.AWSDNS-36.ORG , NS-1701.AWSDNS-20.CO.UK|
|Creation Date||2017-04-01 16:48:33|
|Expiration Date||2023-04-01 16:48:33|
|Updation Date||2020-02-17 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 Name||Network||Minimum Withdrawal:||Deposit fee||Withdrawal Fee|
|MATIC Network||BEP2ERC20||2.08118||FreeFree||1.04 MATIC59 MATIC|
|IoTeX||ERC20IOTX||101||FreeFree||0 IOTX0.1 IOTX|
|AION||AIONERC20||0.220||FreeFree||0.1 AION10 AION|
|Pundi X||12500||Free||6250 NPXS|
|BlockMason Credit Protocol||BEP2ERC20||1.5690||FreeFree||0.78 BCPT45 BCPT|
|Bitcoin Diamond||0.02||Free||0.01 BCD|
|POA Network||ERC20POA||1460.02||FreeFree||73 POA0.01 POA|
|Aeternity||AEERC20||113||FreeFree||0.1 AE6.64 AE|
|IOST||ERC20IOST||4102||FreeFree||205 IOST1 IOST|
|Bitcoin Cash||BCHBEP2||0.0020.00012||FreeFree||0.001 BCH0.00006 BCH|
|Bitcoin||BEP2BTC||0.00000460.001||FreeFree||0.0000023 BTC0.0004 BTC|
|Bitcoin Gold||0.002||Free||0.001 BTG|
|Ripio Credit Network||36||Free||18 RCN|
|Aeron||BEP2ERC20||0.2816||FreeFree||0.14 ARN8.23 ARN|
|Harmony||BEP2ONE||80.01||FreeFree||0 ONE0.001 ONE|
|Ontology Gas||10||Free||5.15 ONG|
|Ankr||BEP2ERC20||181066||FreeFree||9.28 ANKR533 ANKR|
|Ontology||NEP5Ontology||22||FreeFree||1 ONT1 ONT|
|Raiden Network Token||16||Free||8.43 RDN|
|Jex Token||100||Free||50 JEX|
|Request Network||174||Free||87 REQ|
|Loom Network||106||Free||53 LOOM|
|YOYOW||ERC20YOYOW||1822||FreeFree||91 YOYO1 YOYO|
|Paxos Standard||2.56||Free||1.28 PAX|
|Dusk Network||BEP2ERC20||1.1466||FreeFree||0.57 DUSK33 DUSK|
|BOLT||BEP2ERC20||2020||FreeFree||10 BOLT10 BOLT|
|Hedera Hashgraph||2||Free||1 HBAR|
|Chiliz||BEP2ERC20||3.38194||FreeFree||1.69 CHZ97 CHZ|
|Ripple||BEP2Ripple||0.160.5||FreeFree||0.082 XRP0.25 XRP|
|Kava||BEP2KAVA||0.050.1||FreeFree||0.025 KAVA0.001 KAVA|
|HealthCare Chain||0.0005||Free||0.0005 HCC|
|TrueUSD||BEP2ERC20||0.0442.56||FreeFree||0.022 TUSD1.28 TUSD|
|Theta Token||0.2||Free||0.1 THETA|
|Enjin Coin||19||Free||9.77 ENJ|
|Unification||BEP2ERC20||1010||FreeFree||5 UND5 UND|
|Theta Fuel||8.52||Free||4.26 TFUEL|
|Troy||BEP2ERC20||8.44484||FreeFree||4.22 TROY242 TROY|
|3X Short XRP Token||BEP2ERC20||0.000080.0046||FreeFree||0.00004 XRPBEAR0.0023 XRPBEAR|
|Super Bitcoin||0.001||Free||0.0005 SBTC|
|EOS Network||20||Free||10 EON|
|Nucleus Vision||3334||Free||1667 NCASH|
|3X Long EOS Token||BEP2ERC20||0.000340.019||FreeFree||0.00017 EOSBULL0.0097 EOSBULL|
|Blockmason Link||BEP2ERC20||100100||FreeFree||50 BLINK50 BLINK|
|Zilliqa||ERC20ZIL||3500.02||FreeFree||175 ZIL0.01 ZIL|
|NAV Coin||0.4||Free||0.2 NAV|
|Gifto||BEP2ERC20||4.68268||FreeFree||2.34 GTO134 GTO|
|Cortex||CTXCERC20||0.228||FreeFree||0.1 CTXC14 CTXC|
|Walton||ERC20WTC||11||FreeFree||0 WTC0.01 WTC|
|Time New Bank||1212||Free||606 TNB|
|Bitcoin Cash SV||0.0001||Free||0.0001 BCHSV|
|3X Long Bitcoin Token||BEP2ERC20||0.00000340.00019||FreeFree||0.0000017 BULL0.000096 BULL|
|BNT Smart Token Relay||5||Free||5 ETHBNT|
|3X Long XRP Token||BEP2ERC20||0.000280.016||FreeFree||0.00014 XRPBULL0.0079 XRPBULL|
|Mithril||BEP2ERC20||5.4310||FreeFree||2.7 MITH155 MITH|
|Elrond||BEP2ERC20||241404||FreeFree||12 ERD702 ERD|
|Fantom||BEP2ERC20||4.78274||FreeFree||2.39 FTM137 FTM|
|Genesis Vision||1.92||Free||0.96 GVT|
|FTX Token||0.98||Free||0.49 FTT|
|Red Pulse Phoenix Binance||BEP2NEP5||116||FreeFree||5.66 PHB3 PHB|
|Contentos||BEP2ERC20||4.56260||FreeFree||2.28 COS130 COS|
|Ethereum Classic||0.02||Free||0.01 ETC|
|3X Long Ethereum Token||BEP2ERC20||0.0000180.001||FreeFree||0.0000088 ETHBULL0.00051 ETHBULL|
|BNB||BEP2ERC20||0.0020.11||FreeFree||0.001 BNB0.057 BNB|
|Celer Network||666||Free||333 CELR|
|Ethereum||BEP2ERC20||0.000170.02||FreeFree||0.000087 ETH0.003 ETH|
|TomoChain||BEP2TOMO||0.0780.02||FreeFree||0.039 TOMO0.01 TOMO|
|TetherUS||ERC20OMNITRC20||2.569.61||FreeFreeFree||1.28 USDT4.8 USDT0 USDT|
|QLC Chain||2||Free||1 QLC|
|Lend Borrow Asset||BEP2ERC20||2020||FreeFree||10 LBA10 LBA|
|StableUSD||BEP2ERC20||0.0442.56||FreeFree||0.022 USDS1.28 USDS|
|Moeda Loyalty Points||3.84||Free||1.92 MDA|
|3X Short EOS Token||BEP2ERC20||0.00160.09||FreeFree||0.00078 EOSBEAR0.045 EOSBEAR|
|TRON||ERC20TRC20||1302||FreeFree||65 TRX1 TRX|
|Hong Kong Dollar||Free||HKD|
|Nuls||ERC20Nuls||8.180.02||FreeFree||4.09 NULS0.01 NULS|
|3X Short Bitcoin Token||BEP2ERC20||0.00260.15||FreeFree||0.0013 BEAR0.077 BEAR|
|CanYaCoin||BEP2ERC20||1010||FreeFree||5 CAN5 CAN|
|Streamr DATAcoin||160||Free||80 DATA|
|Hut34 Entropy||BEP2ERC20||2020||FreeFree||10 ENTRP10 ENTRP|
|Litecoin||BEP2LTC||0.000640.002||FreeFree||0.00032 LTC0.001 LTC|
|USD Coin||2.56||Free||1.28 USDC|
|TokenClub Token||258||Free||129 TCT|
|Honest||BEP2ERC20||2020||FreeFree||10 HNST10 HNST|
|LTO Network||BEP2ERC20||0.7240||FreeFree||0.36 LTO20 LTO|
|Crypto Bonus Miles Token||BEP2ERC20||400400||FreeFree||200 CBM200 CBM|
|3X Short Ethereum Token||BEP2ERC20||0.00320.19||FreeFree||0.0016 ETHBEAR0.094 ETHBEAR|
|Stellar Lumens||0.02||Free||0.01 XLM|
|Verasity||BEP2ERC20||200200||FreeFree||100 VRAB100 VRAB|
|Basic Attention Token||10||Free||5.04 BAT|
|BUSD||BEP2ERC20||0.0442.56||FreeFree||0.022 BUSD1.28 BUSD|
|ARPA Chain||BEP2ERC20||3.42196||FreeFree||1.71 ARPA98 ARPA|
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.
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.
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.
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.
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What Do “Maker” and “Taker” Mean?
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.
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.