This review concerns Binance, an online exchange platform that offers services regarding cryptocurrencies. The information that you will get from this article will help you choose the best option available to you as a trader.
The investigation contains personal take on the online business, with pros, cons and concluding remarks serving as a general remark on the exchange.
About the Exchange
Binance is a brand new exchange in the cryptocurrency industry, having started as ICO project in July 2017. Its token, BNC, circulates in the market with over 100 million coins at the moment. Its owner, Zhao Changpeng opened the operations of the startup in China. The platform offers, much like Bleutrade, a crypto-to-crypto exchange, with over 50 cryptocurrencies pair with BTC, BNB, ETH and USDT coins, as shown below.
The margin trading at Binance does offer more functions than Exmo, Coinmate, and Coinbase, but it falls short from leaders in the market, Bitfinex being an example. You have a market, limit, and stop-limit tools for crypto trade at your disposal. Apart from margin trading, you also have a lab marketplace, where new ICO tokens are traded. Unlike Coinbase, Bitstamp, and Bitfinex, Binance does not offer phone platforms for its traders.
Registration and Verification
Registration at Binance as what most would call usual business, even with the somewhat difficult authentication requirement, seen below.
You provide a username, email, and password. In next step, you need to set up the two-factor authentication (2FA) as to increase the security of your account.
As for the verification, to trade 2 BTC a day, you do not need to provide any scanned copies of your identity documents. If you are looking for larger trade volumes (limit growing towards 100 BTC), then you would need to upload your scanned ID or passport.
Binance offers its services to traders located around the globe, not limited to a specific region. Anyone with cryptocurrency wallet and coins filling the balances can use Binance margin trading marketplace. For those interested in ICOs, the lab is available.
Deposit/Withdrawal Methods and Fees
Fiat currencies are not available for either trade or deposit/withdrawal transactions. You can upload or withdraw cryptocurrencies only, much like in Bleutrade. You would need an operational wallet address and the network fee differs for each individual coin and traffic achieved in its specific domain.
Exmo would have an upper hand here, as it offers both fiat and crypto money for its clients.
Apart from 2FA, you only have distribution history as a security measure. Much like Coinmate and Bleutrade, the security level is low at Binance, especially since the company deals with ICO who might turn out to be quite profitable.
Exmo, Coinbase, and Bitfinex all offer email notifications, providing an additional layer of protection for its customers.
Pros and Cons
- ICO investment platform
- over 100 cryptocurrencies available for margin trading
- globally available trade platform
- verification not needed for trade volume of up to 2 BTC
- no fiat currencies
- no email notification system as a security measure
- phone platforms not supported
This platform is similar to Bleutrade in many aspects, with a difference of providing lab platform for traders interested in ICOs. The overall protection system is weak while a large number of cryptos are available. We would recommend the platform for both beginners and experts but you should keep investments low, due to a security issue.