Binance review

Binance is the leading exchange in the cryptocurrency markets. It has become a billion-dollar business out of nowhere in just two years. This article is a Binance review. It’s a beginner’s guide to Binance features. Read this review to find out how to deposit, withdraw and trade safely at Binance.

Binance is growing fast

Binance was founded by its current CEO, Changpeng Zhao. He has become quickly one of the best-known figures in the crypto industry. Zhao has long experience in building trading software, and he has worked as the CFO of OKCoin exchange

Binance comes originally from China, but it moved to Taiwan in late 2017 due to the crypto ban that forced all Chinese exchanges out of the country. Binance raised 15 million USD in an ICO, which wasn’t much compared to the hottest ICOs in the market. The company broke records soon after by becoming the fastest ever start-up to reach the unicorn (a billion-dollar) status!

According to Zhao, Binance project was planned many years before its launch. This was the main reason it was able to conquer such a big market share so fast. Binance was the only exchange in the market working properly in the crypto boom of 2017. Nowadays there are tens of millions of users worldwide.

binance front page 7/19
Binance front page in July 2019.

Binance is a crypto-crypto exchange, which means you are buying cryptocurrencies using other cryptocurrencies instead of fiat money (EUR, USD, GBP). Binance has been building fiat on-ramp as well after relocating their headquarters to Malta in 2018.

Binance launched its sister exchange, Binance Jersey, in January 2019. It’s using Binance’s software, but it is a different exchange located physically in the Isle of Jersey. Binance Jersey supports bank wire deposits (EUR, GBP) but you can only buy the most popular cryptocurrencies from there (Bitcoin, Litecoin, Ethereum and such).

Next, let’s create a Binance account and see all the key features!

Binance registration

Opening a new account is a fast and simple process – all you need is an e-mail address. Start the registration process by clicking the link below.

>> Register a new Binance account

Click Register from the top menu after landing to the Binance front page. A registration form opens, where you are asked to input a username, an e-mail address and password.

Next, you’ll get a confirmation e-mail to your inbox. Finalise the registration by clicking the confirmation link in the e-mail.

When you log in to your Binance account, you are asked to activate 2FA (two-factor authentication). You need a mobile app called Google Authenticator for that. It’s available in Apple and Google app stores.

Two-factor authentication is a standard feature at all serious websites and services these days. Gmail and Hotmail are using it too, as an example. When using 2FA, nobody can log in to your account even if they’d know your username and password. Final confirmation key is always needed, which can be only found from your mobile app.

Note that KYC is not compulsory in Binance, but you need to verify your account if you want to make transactions worth over 2 BTC per day.

Binance review – how to deposit and withdrawal

As mentioned earlier, Binance is a crypt-crypto exchange. Therefore, you need to make a deposit using any of the supported cryptocurrencies. You can go to Coinbase and buy some Bitcoin first and then move it to Binance.

It is also possible to buy some selected cryptocurrencies directly via credit card. This feature is quite expensive especially for smaller amounts and only certain coins are supported. We don’t recommend it.

Click Wallet -> Balance from the top menu to view all your cryptocurrency balances. You can make a deposit from this page by clicking the Deposit button after each coin. Alternatively, click Wallet -> Deposit from the top menu.

Once you have done this, a following form opens:

binance deposit

The form looks the same with all cryptocurrencies. Click the Copy Address link to copy your deposit address to clip board. If you are depositing from a mobile wallet you can also use the QR code.

Next, send cryptocurrency to this address and wait for the funds to be confirmed. You are notified via e-mail when this is done. Deposit time depends on the cryptocurrency and the wallet you use for sending.

Binance withdrawal is as simple. Click Wallet -> Withdraw from the top menu and you land to a similar form. All you need to do is to give the amount and the address. If you have 2FA activated, you need to input the verification code as well. You must also confirm the transaction via e-mail. If you don’t receive this e-mail inside 20-30 seconds, check your spam folder or try again.

How to buy cryptocurrency from Binance

Let’s go buy some coins from the exchange, then. Click Exchange -> Basic from the top menu. We recommend using the basic version of the exchange until you are more familiar with Binance.

You can buy cryptocurrencies with Bitcoin, Ethereum, Binance Coin and Tether. This means you cannot buy Tron by using Litecoin, as an example. Other exchanges work the same way. Bitcoin has usually by far the most trading pairs available.

See the image below. There are links titled [BNB] [BTC] [ETH] [USDT] in the top corner. Click [BTC] to view all Bitcoin trading pairs.

binance exchange basic

If you use Binance a lot, it’s nice to click the most used trading pairs as favourites. You can do that by clicking the small start icon on the left side of the trading pair. Click the black star symbol in the menu to view all your favourite pairs.

There are basically three ways to buy cryptocurrency from Binance.

  • Limit: You want to buy cryptocurrency at a certain price. This is often used in large purchases, which cannot be filled by the current volume. With limit buy, you can make sure you always get the price you want. There is also a risk that your order never gets fully filled if the market moves the wrong way.
  • You make a purchase with the current market prices and volume. It’s recommended for inexperienced users and small purchases.
  • Stop-limit: You want to make a purchase when the price moves above or below a certain number. You must set two price levels: stop and limit. This method is for advanced users only, who know how to use it.

Binance order form looks like this:

how to buy cryptocurrency from binance

We recommend using the market buy until you know how to use the more advanced options.

In our example, we are buying ADA tokens with Bitcoins. Click the Market tab first and then [100%] link, which gives you automatically the maximum amount of ADA coins you can purchase.

If you get an error order failed [x] insufficient balance, it means the price moved up exactly at the moment you tried to make the purchase. Click the [100%] link again and a new number should be updated on the form.

How to sell cryptocurrency in Binance

Selling cryptocurrencies in Binance is no different from buying, really. The trading pairs work the same way in buying and selling. For example, if you have bought ADA tokens and want to sell them, you repeat the process described above.

The question you must ask is: what do you want to do with your tokens after selling? Maybe you want to sell ADA back to Bitcoin and then move it to Coinbase to get euros or dollars. Or maybe you want to keep it in USDT at Binance and wait for new trading opportunities.

Or maybe you want Ethereum instead? Choose the trading pair that suits your needs, so you don’t need to make additional trades in vain. If you like Ethereum then trade ADA to ETH directly instead of ADA to BTC and then making another trade from BTC to ETH. Each trade has fees.

Note: if you are making large buys and sells you should check the liquidity. Bitcoin and USDT trading pairs have usually the best liquidity, which means you get the best price. ETH pairs have usually the lowest.

Click Exchange -> Basic from the top menu and select the trading pair just like in the buying process. When you have the buying form open, you just click the sell button instead. Again, we recommend using the Market option if you are not an experienced trader.

binance open orders

See the image above: if you are using the Limit option and your order doesn’t get filled, you can access all open orders from the My Account menu and Open Orders link. You can cancel all your open orders any time from here.

Binance experiences and tips

Binance has proven to be one of the safest exchanges in the market. All exchanges have some technical issues every now and then, but Binance’s uptime is very close to a hundred percent. They have also handled all serious issues very professionally.

The best source for Binance info is their CEO, Changpeng Zhao a.k.a “CZ”. He is very active on Twitter and tweeting 24/7 if there is something significant happening at Binance. You’d also follow the official Binance Twitter and their Reddit page.

Binance deposits and withdrawals are handled as fast as in other top exchanges. The exchange is working very well despite the fast-growing user base.

If you are an active Binance user, hold some Binance Coin (BNB) on your account. Go to your account settings and tick the box next to Using BNB to pay for fees option (see the image below).

You’ll get a 25% discount from trading fees when they are paid with Binance Coin. If you don’t hold any BNB, they are paid from the currency used in your trade. The standard fee is 0.1% without BNB and 0.075% with BNB. The more you trade, the cheaper the fees become.

You can withdraw up to two (2) Bitcoins per day without verifying your account. This is more than enough for a standard user.

>> Try Binance today!

Many traders would agree that Binance is the top exchange in the market right now. They have the most popular coins and the highest liquidity. We have nothing but good experiences from Binance ourselves.

But wait, there is more.

Binance Coin and LaunchPad

Binance is more than just an exchange. Binance opened its own blockchain in early 2019, called the Binance Chain. At the same time, Binance Coin (BNB) moved from Ethereum blockchain to Binance’s own blockchain.

Binance Coin was created in the Binance ICO in 2017. It’s good to hold some BNB in your Binance account to get trading fee discounts, as mentioned earlier. Binance Coin has also been one of the best-performing cryptocurrencies since its inception.

You can also use Binance Coin to access Binance LaunchPad, which is their platform for IEOs. If you are not familiar with an IEO, read this guide first: What is an IEO – Beginner’s Guide.

In short, IEO is an ICO organized by a cryptocurrency exchange. Binance’s IEO platform is called LaunchPad. It has become very popular in 2019. The best-known IEO is probably the BitTorrent token.

You can only participate in an IEO if you hold enough Binance Coins in your account.

binance menu

Click the square icon next to Exchange in the top menu. A dropdown menu opens (see the image above) with LaunchPad link in it. You’ll find also Binance Academy from here, which is a very useful learning platform. TrustWallet is a good wallet developed by Binance to hold Binance Coins.

At the moment, Binance LaunchPad works like a lottery. The more Binance Coins you hold, the more lottery tickets you get. If you win in the lottery, you are given a chance to participate in the IEO. The minimum you need is 100 Binance Coins, which will give you one ticket.

Binance is also moving to market trading in 2019. This means you can buy and sell cryptocurrencies with leverage. Binance will attract even more professional users with these features.

Binance security

We highly recommend enabling 2FA (two-factor authentication) on your account. As mentioned earlier, 2FA will protect your account from unauthorized use. Nobody can log in to your account without having access to your authenticator app.

When you log in to your Binance account, a “puzzle” like this is shown:

binance login

The purpose is to prevent bots from logging in and make sure it’s a human accessing your account. All you need to do is move the slider from left to right, so the puzzle piece goes to the right place. Then you are forwarded into your Binance account automatically.

Every exchange in the world is vulnerable to hacking and criminal activity. Binance is no exception here. There can be also other technical issues, which prevent deposits and withdrawals for a short while.

No matter how trustworthy the exchange is, you’d always hold your cryptos in your own wallet. This way you are always in 100% control of your funds. We recommend using Ledger Nano X.

>> join the leading cryptocurrency exchange!

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