Binance Review 2021 – Is it a Safe Platform?
|Type of support|
|Languages||VI, EN, ES, CN, DE, TK, TV, PT, PL, IN|
|Deposit methods||Cryptocurrencies, Bank Card, Bank Transfer|
Binance is a cryptocurrency exchange platform founded in China in 2017 by Changpeng Zhao, former chief technology officer at OKCoin. Although a newcomer to the world of cryptocurrencies, Binance quickly managed to position itself as a leading platform in the world of cryptocurrency, based on its volume of transactions. Recently, they established their offices in Hong Kong and then Malta.
Initially, they had launched their own ICO for the operation of their native token, the Binance Coin (BNB). Investors who hold BNB benefit from reduced commissions and fees while trading crypto assets with Binance.
Today, Binance offers more than 340 cryptocurrencies whose listing currencies are BNB, BTC, ETH and USDT, giving its customers great flexibility in choosing their currency pairs when trading. If you want a wide range of cryptocurrencies to trade, Binance is the platform for you.
Binance offers the possibility of having multiple accounts.
Opening an account at Binance is very simple. However, as a financial institution, Binance is required to verify your identity. You will therefore need to follow the verification processes and respond to other security measures before you start negotiating with Binance. Here are the steps to follow.
Once the registration process is successfully completed, you will be asked to enable two-factor authentication (2FA). This system sends a unique code to the phone number you provided. You will be sent a code every time you log in using your username and password. You will only get access to your account after confirming the 6 digits of the code you have received. This process increases the level of security of access to your account.
Checking your account: To verify your account, you must submit a copy of one of your identification documents as well as proof of residence. The ID document can be your passport, ID card or driver’s license. The proof of residence will be the address on one of your bills from service providers – water, electricity, gas, telephone – or a residence certificate. Because your account is linked to the phone number you provided when it opened, if you change it, you will have to start the whole identification process again.
Note, however, that you can trade on Binance without checking. In this case, your withdrawals on the platform will be limited to 2 Bitcoins per day. We therefore advise you to check your account in order to make the most of the features that the platform offers you.
Binance launched the “Multi-Accounts” function for institutional stakeholders. This sub-account allows institutions to create multiple trading accounts. Binance authorizes up to 200 sub-accounts per institution. In addition, subaccount holders will be able to negotiate with larger volumes through a special API reserved for them. Traders with a balance of at least 1,000 BNB and a trading volume of at least 4,500 Bitcoin in the last 30 days will be eligible for Binance’s multi-account feature.
Deposit and withdrawal
Fixed-currency deposits are now accepted at Binance.
Deposit by card
Since its inception, Binance has only specialized in cryptocurrency exchanges. Deposits in fiduciary currencies were not possible on the platform, which could be a hindrance for beginners in the cryptocurrency industry. In January 2019, the platform introduced credit card payment, in partnership with Simplex, a fintech that specializes in online payment.
You can now buy cryptocurrencies with the Euro or the US dollar. The cryptocurrencies you can buy are: Bitcoin, Ether, Litecoin and Ripple, as well as ABC Bitcoin Cash.
Bank transfer with Binance Jersey
Binance Jersey is a Branch of Binance similar to Coinbase. It is a platform for exchange between cryptocurrencies and currency-fiats. Binance Jersey is based on jersey Island and is regulated by the Jersey Financial Services Commission. The platform is very similar to that of Binance’s main platform and based on the same technologies. Binance Jersey allows you to make deposits and withdrawals by bank transfer. At the moment, only deposits in Euros and pounds sterling are accepted.
Deposit and withdrawal in cryptocurrencies
Binance is a platform specializing in cryptocurrency exchanges. You therefore have a wide variety of cryptocurrencies to make your deposits on Binance. More than 100 different cryptocurrencies are accepted, and this number is only increasing.
You don’t have to worry about minimum deposit, because at Binance, it is 0.0001 BTC, which is less than $1. On the other hand, there is a minimum amount for withdrawals. This depends on the cryptocurrency you want to transfer. Below is the minimum withdrawal amount for some of the most popular cryptocurrencies.
Trading and non-trading fees at Binance are competitive and are among the lowest in the industry.
Binance charges its customers surprisingly lower fees than its competitors in the market.
Binance does not charge a deposit fee. However, you will pay a fee for your withdrawals. These vary according to cryptocurrencies. According to Binance, the withdrawal fee is adjusted for the Blockchain in question. For example, if you withdraw 0.1 BNB, you will be charged a withdrawal fee of 0.005 BNB. For BTC, the withdrawal fee is only 0.0005 BTC. We have listed in the table below the withdrawal fees of some of the most exchanged cryptocurrencies:
|Symbols||Cryptocurrencies||Minimum withdrawal||Withdrawal fees|
The amount of trading fees is determined by several factors: the cryptocurrency you hold on your account, your transaction volume and the type of order you use.
For a transaction volume of less than 100 Bitcoins over the last 30 days, the overhead for your positions on Binance is 0.1%. Beyond this volume, Binance categorizes fees based on BNBs you hold and the type of order you use. As a general rule, the more BNBs you hold, the lower your fees will be.
Like Kraken, trading fees also depend on your status as a trader: maker or taker. Remember that you are a maker if you decide to place deferred orders, in other words, not at the current price. You are on the other hand taker if your orders are executed immediately at the market price. Deferred orders come with less fees than market orders.
Intuitive platforms for technical and fundamental analysis.
Trading on Binance is simplified, as it is on most cryptocurrency exchange platforms. You just have to choose the currencies you want to trade to form a pair, then you give the size of the position you want to buy or sell, and finally you validate. Binance has mainly two platforms: a simple exchange platform and a more advanced one.
The simple platform
The simple platform has a basic interface that is easy to grasp. It is a platform suitable for beginners. It is composed of several windows, the main of which is reserved for graphics. There are enough tools to study the cryptocurrency you are interested in and to complete detailed technical analysis. There is a window at the bottom of the interface, in which there is a terminal that allows you to place your order. The buying and selling buttons are colored in bright green and bright red so you can distinguish them safely and avoid mistakes.
The platform allows you to track, on the top bar, the announcements made by Binance. This is a very useful feature because it allows you to see important information in real time such as the temporary suspension of withdrawals. In addition to the chart, other features allow you to better understand the market, including the trading volume of each currency pair and the depth of the market.
The Advanced Platform
This platform is designed for experienced traders. It has all the features of the simple platform, and integrates in addition to many trading and technical analysis tools. Although less intuitive, it is more suited to traders who are used to using platforms like ProRealTime or TradingView. It should be noted that you can import TradingView graphics directly to Binance, if you wish, and thus benefit from all their tools directly on the platform.
One of the most diverse offerings in the industry.
Binance stands out for its diversified offer on cryptocurrencies. All the most exchanged cryptocurrencies are present on their platform. More than 340 cryptocurrencies are listed and the platform adds new cryptocurrencies each month. Binance tends to make the additions of new cryptocurrencies quickly after their ICO, it’s advantageous because you can buy them on the platform at a lower price.
The listing cryptocurrencies are currently Bitcoin, Binance Coin, Ether and Tether. With these 4 listing currencies and hundreds of cryptocurrencies, you can choose from thousands of currency pairs. For example, with ripple (XPR), you have four pairs of tradable currencies:
On Binance Jersey, you can find the following crypto-fiat pairs:
The list is short at the moment, but other currency pairs will be added.
The BNB, Binance’s flagship cryptocurrency.
Binance Coin is Binance’s native cryptocurrency. It was launched after their ICO in 2017. The Binance Coin can pay your transaction fees on Binance. If you have them, you get discounts on fees of up to 50%. Cryptocurrency is also the basis of their decentralized exchange platform, Binance Dex. The Binance Coin is very promising, it is one of the few cryptocurrencies to have marked higher prices after the market crash at the end of 2017.
In addition, Binance announced the acquisition of Binance Coin each quarter with 20% of their profits. These coins are then destroyed. There were originally 200 million BNB corners, and we are now at about 190 million. The aim is to promote the appreciation of their cryptocurrency over time. This operation bodes well for Binance Coin holders.
The Binance platform is full of informative resources for traders and investors regarding Blockchain technologies.
The goal with Binance’s research section is to give investors the key information they need to make the best choices when it comes to investing in cryptocurrencies. According to Binance, this section is run by professionals from the Blockchain industry, investment banking, scientists, and even academics.
They regularly publish detailed reports on current cryptocurrency projects, market sentiment, and macroeconomic factors that could impact the market. You can follow their posts on Twitter or directly on their website. The most important information, which could affect your trading, is broadcast on the top bar of your dashboard.
Binance Launchpad is an initiative to support new cryptocurrency projects. The platform provides Blockchain startups with the resources they need to succeed in their ICOs. They will benefit from Binance’s experience, but also from its large network of investors. Binance Launchpad is a good initiative, knowing that only a small part of ICOs end up with concrete platforms.
Satisfactory customer support, but one in need of improvement.
When it comes to customer support, Binance’s service is barely satisfactory. The platform offers support via the WeChat messaging app, especially for merchants accepting cryptocurrency payments. Unfortunately, Wechat has banned digital currency exchanges on its platform. As a result, you will now have to settle for email support with the ticket system, as the platform does not offer online or telephone chat support.
The platform has a form dedicated to support per ticket. Through this, you can contact Binance’s support in case of a problem or to ask your questions related to the platform. However, we have noticed that the waiting time is unusually long, with the wait can sometimes last several days. Some customers have even complained that they have no response at all.
However, it must be taken into account that the demand is substantial on the platform, with Binance having more than 300,000 active users per day. Cryptocurrency platforms typically have only about 20 employees. On their website, we can see that the platform is currently recruiting for its customer service, which means they are aware of the slowness of this service.
Complete training in cryptocurrencies and Blockchain technology.
The Binance site has a section dedicated to cryptocurrency training and Blockchain technology. You will also find themes of economics, technical analysis and computer security. Binance’s training is one of the most comprehensive in the industry. Each concept is explained in detail in the form of articles, enriched with an audio and video version.
The platform has a built-in search bar, in which you can type in a term that intrigues you or is unknown to you. If you can’t find the information you need, you can submit your suggestions to the platform by filling out a dedicated form.
Low regulation, but one of the few platforms to have.
Binance was launched in China in 2017, but in light of the Chinese government’s restrictions on cryptocurrency trading, the platform moved to Japan and then Malta, where it is under the regulation of the Maltese Virtual Financial Assets Act (VFA). It is a young organization set up by the Maltese state to regulate ICOs.
Binance is therefore poorly regulated. But this is not an unreliable platform. They have the confidence of the cryptocurrency community. It is important to note that the cryptocurrency market is still very young. It is not as regulated as the stock market or Forex. Regulation will be phased in in the future.
Binance does not clearly disclose the list of countries in which they offer their services. This makes them available all over the world. Therefore, since they are not regulated in the United States, Binance would theoretically violate the rules of the U.S. Department of Financial Services, but that does not result in a formal ban in the United States. The quality of the service offered by Binance makes the platform popular. Nearly 40% of their users are American.
With respect to account security, Binance has implemented two-factor authentication that is part of the cybersecurity guidelines. Most of their customers’ corners are not stored online, but stored in offline wallets known as cold wallets. Only a small portion is kept online to ensure market liquidity. Despite several attacks from its system since its inception, the platform has held firm. Binance reacts quickly to correct security flaws.
After the tests and research we conducted for Binance, we have a positive opinion on this cryptocurrency exchange platform. It is one of the major players in the world of cryptocurrencies.
The Binance platform has far more qualities than defects. Compared to its competitors, it offers more cryptocurrencies to trade and many more currency pairs. In addition, the platform has now opened up to exchanges between virtual and fiat currencies. In terms of fees, Binance is more competitive than its major competitor Coinbase. What is surprising then that this platform has been so successful since its launch?
The minimum deposit depends on the cryptocurrency you use. The minimum deposit is about $1.
Binance now accepts card payments.
For bank transfers, use the Binance Jersey platform.