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Binance review

Binance is one of the leading crypto asset exchanges in the world, based in Malta. Nowadays the market is filled with a wide variety of choices, so selecting the right exchange for trading could be a bit confusing. The exchange was launched in the year 2017 in China, but later the company decided to relocate it to the cryptocurrency-friendly environment and so it was shifted to Malta in Europe. Over the years it has gained the trust of millions of people all around the world.

Binance provides a platform that offers the most competitive rates to the users. With the help of its trading platform, it has become easier for the users to start cryptocurrency trading. The exchange also provides advanced trading techniques for experienced traders. Whereas, for the inexperienced traders can exchange BTC or ETH or other altcoins available in the platform.

 

Binance is quite well known among the users as it offers multi-services. It includes future trading, Margin Trading, and spot trading for the users. The platform also offers Binance launchpads, which gives users the opportunity to launch IEOs with a safe and mass marketing environment.

Our review will provide you the detailed information on several aspects of Binance. That gives an overview of the exchange services.

How the Binance exchange works?

The Binance exchange allows you to buy sell and trade the digital currencies like Ethereum, Bitcoin. To start the trade with Binance exchange, you need to follow various steps, and the following steps will give you a description of how the platform works.

  • First of all, you need to open an account on the Binance website, the option to open an account will be found on the homepage. You will be asked to provide an email address to open an account.

  • In the next step, you will be asked to set two-factor authentications, in order to secure your account. For setting the 2FA the users will be asked to enter the unique code that is received on the user's phone every time the user login to trade. This can be set by installing an application like google authentication.

  • After setting the 2FA the next step involves depositing the coins, for this, you have to move to the deposit page. When you scroll down, you will find a long list of coins that it supports. You just have to select the coin that you want to deposit in your account. To deposit the fiat currencies in your account you just have to move to the fund's section to your account and follow the instructions given. Although, few nations can make deposits using credit cards, debit cards or the bank account to deposit. 

  • Once the funds are deposited in your account you are ready to start the trade-in Binance. You just have to hover over to the exchange found at the topmost corner of the screen, where you will find the basic and the advanced trading platform. If you are new to the crypto exchange environment then it is suggested to go for the basic version. As the advanced version provides a detailed analysis and in-depth- knowledge which is suitable basically for the experienced traders.

 

After this, you have to access the individual trading pair. If the coin that you purchase is not paired against the cryptocurrency you deposited, then, in that case, you have to make another trade.

 

When the trade is complete the purchased coin will be available in your Binance account.

 

Features of Binance

  • Trading fees at Binance - Binance offers a fee structure for all the makers and takers. The customer is charged 0.1% on every trade. It does not charge any fees for deposit, but the withdrawal fees may vary from currency to currency depending upon the value.

  • A large number of the altcoin – The exchange offers a large variety of cryptocurrencies to the users. There are more than 100 cryptocurrencies available at Binance. Few well - know Ethereum, Litecoin, Zcoin, Coinbase, etc,

  • Security – The exchange uses 2FA with Google Authenticator and the advanced security protocol to protect the user's funds from any theft or hacks. It also provides SAFU (Secure Asset Reserve Funds) for the users.

  • Binance wallet – The exchange offers its users the facility of wallet to deposit coins. It is considered safe and secure to keep your digital assets. The users can access the wallet, to obtain the coin and tokens, which is helpful in a quick exchange. It allows the user to buy, store, transfer, earn crypto.

  • Withdrawal Limits – Binance has a very simple withdrawal limit. The verified accounts of users can withdraw up to 2 BTC every 24 hours. Other accounts can withdraw 100 BTC every 24 hours.

  • Trading platforms at Binance – The exchange offers margin trading, spot trading, and futures trading.

 

The Conclusion

In today’s time, we have various options available in the industry like Coinbase, Kucoin, Coinily LLC, etc. But from all the other exchanges, Binance thrived to reach among the top few in the industry by gaining the trust of numerous users all around the world. Our analysis of the Binance exchange is consists of the Introduction, key points, working on the exchange, the important features, pros, and cons.

 

On the basis of everything that’s highlighted in our review about the Binance exchange, it became easier for us to tell that it is undoubtedly the leading crypto exchange in the market.

 

The innovative features, trading platforms, low trading fees, and high liquidity of Binance has brought the exchange to the limelight. In addition to this, the exchange provides a mobile app to its users that gives easy access to the platform. With every passing year, Binance continued to progress, and it is certainly one of the best exchanges in the industry.

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  • Binance has a very good reputation among the users, with its unique features Binance gained the trust of millions of users all around the world.

  • It offers a large number of cryptocurrencies to trade.

  • The exchange provides good safety and security to the users.

  • It offers high liquidity to its customers.

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  • The exchange offers support to the users through the website, but it does not provide telephonic support.

Quick Bite

Compare with Other Top Exchange​

huobi.com logo

Huobi
 

  • You can trade from multiple trading platforms

  • All you need is $50 in your account to start trading

  • The customer care is available 24 by 7

  • Offers margin trading

  • The platform is highly secure and safe for users.

  • Supports huge number of cryptocurrency trading

binance.com logo

Binance

  • Binance has the highest trading volume almost daily

  • Supports a huge number of digital assets and trading options

  • Offers multiple payment methods

  • Fastest resolution from the customer service

  • Has its own BNB token with perks for users who owns it and use it for transactions.

hotbit.io logo

HotBit

  • Uses 2-factor authentication for approvals

  • Withdrawal requests are accomplished faster than most of the popular platforms.

  • Locking altcoins get users huge benefits.

  • A mobile app is also available for ios and android users.

  • Instead of charging interest, makers are paid a 0.05% fee for placing trades

  • A very reliable exchange with plenty of options to trade with. 

Disclaimer

BuyBitcoinUnitedKingdom offers insight into the most reliable exchanges available for traders in the United Kingdom. And, is not designed for offering any professional advice on trading and finance-related queries. We work only to provide users with the detailed feature of the top three exchanges around.​

Note: BuyBitcoinuUnitedKingdom is paid an affiliate commission for advertising crypto exchanges as well as other related platforms. The aim collected as an advertising fee is further utilized for the progress of the cryptocurrency ecosystem.