Binance Review: A Large Chinese Cryptocurrency Exchange

Binance is a China-based cryptocurrency exchange that launched in July 2017 and is at #15 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. After its launch, Binance rapidly expanded to serving over six million users across the world.

Binance’s 267 crypto/crypto trading pairs and over 6 million users make it an extremely large exchange, suited for traders looking for high liquidity and rapid trades, though only if they do not require fiat trading pairs. The addition of an API also makes it suited to traders looking for programmatic trading opportunities.

Binance

binance cryptoURL:  binance.com
Total Trading Pairs: 267
Deposit Fees: No
Withdrawal Fees: Yes
Trading Fees: Yes, 0.1%
Margin Trading: No
Verification: Yes, for higher withdrawal limits

Registration

Registering with Binance is rather simple, it requires an email address and a password. Note that you cannot use a ‘+’ in your email address. Once you have submitted the registration form you will receive a confirmation email that includes your IP address.

Fees

For trading, Binance charges a flat 0.1% fee on all trades. Withdrawal fees differ per currency and are changed often. There are no fees for deposits.

Simple and Advanced Exchanges

Binance has two different interfaces for its exchange. One is a simple interface for novice traders, and the other is a more advanced interface that has more information available for those that understand it.

Interface

Binance’s interface is different depending on whether you use the simple or advanced trading platforms. For the simple one, the interface is a bright white with yellow highlights and black text. And the advanced trading platform has a dark grey background with light grey text. Both feature a chart, order submission form, trade history, and order book. Though the advanced interface has a more complex graph and a different layout. Specifically, a chart on the left with various histories below it, and an order book, trade histories and order submission form on the right.

Verification

There are three verification levels on Binance.

Verification level 1 is set by default on new accounts and has a 2 BTC or equivalent withdrawal limit.

You cannot start the process of gaining level 2 without having configured 2FA on your account. Otherwise, level 2 requires some personal information and a few pictures. Specifically, you must submit your full name, gender, country, the number on your government ID, a scan of the cover of your government ID, a scan of the identifying page of your government ID, and a selfie of you holding your ID and a note with the date and the phrase ‘Binance’ on it. Level 2 has increased withdrawal limits, specifically, 50 BTC or equivalent.

Level three requires contacting Binance directly, and its benefits are not posted.

Security

Binance’s security practices are very good. Otherwise, there is a popup explaining basic security practices that you are required to read when you log into your account for the first time. After which there are constant reminders to set up Two Factor Authentication, which is available via Google Authenticator.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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