Hundreds of crypto exchanges are available today, but one of them still stands out from the crowd: Binance. It seems it’s just as popular as it was when it was launched back in 2017. This review will explain everything you need to know about trading on this exchange.
Platform Versions: Advanced and Basic
If you’re a complete novice, neither the basic nor the advanced version of the platform will seem intuitive to you. The advanced version offers in-depth cryptocurrency value analysis. The basic version’s dashboard features different graphs and charts for the different pairs, trade history, and order books. Its layout is good and the design is pleasant to the eye. There are graphs in the centre and prices on the left. On the right, you’ll see buy and sell options and the trade history. Seeing the latest trade prices is very easy.
On the advanced view, the dark background makes the charts look bigger. On the right, there are current trade prices with buy and sell boxes underneath.
Registering with Binance
Level 1 accounts don’t need to undergo account verification. If you want to register for a level 2 account, which has higher trading limits, you need to wait for the platform’s staff to approve your profile. If you’re going to trade large volumes, make sure to plan ahead because you’ll need to have passed verification to do that.
After verification, users proceed to fund their Binance account. If you want to fund it in digital currency, it’s best to choose from BTC or ETH. There is a link “Deposits / Withdrawals” at the top of the site, where you can select your currency. Then, go to “Deposit” to receive your wallet address.
To start trading on the platform, send your funds to this address. The time it will take to show up depends on which currency you deposit. Bitcoin takes a lot longer than Ethereum, for example. The different blockchains are the reason for this.
There are plenty of options when it comes to digital currency pairs on Binance. The exchange supports not only various ICO listings and tokens, but also all major digital currencies. Only limit and market orders are possible on the platform at this time, which some users are not happy about.
Your first trade
While not suitable for beginners, trading on Binance is not hard. You can choose BTC, ETH, BNB, or USDT as deposit methods. Then, you choose the “Basic” or “Advanced” version to trade in. you select the currency to trade in on the right-hand side of the screen. Once it loads, look at the left-hand column. In the bottom half, you’ll see the buy prices in green. These are the prices people want to buy at. In the top half, there are the sell prices in red. The buy box is on the right in green. You must use the centre box to place a buy order, which you’ll see underneath the graphs. It’s possible to enter your buy price of choice manually, but we recommend choosing a number in the left-hand column.
You can click on different percentages, including 25%, 50%, and 75%, or enter the amount of the currency you wish to purchase.
After you place your order, you’ll see it in the “Open Orders” section until someone fills it. Then, you can withdraw it to your wallet. It will be available under “Deposits / Withdrawals”.
Binance has often been lauded for the large number of coins it supports. Users can trade and invest in Bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, Ethereum Classic, NEO, GAS, Zcash, EOS, Dash, Litecoin, Ripple, and more. The exchange is always adding new tokens and coins as part of ICO listings. You can trade them for a profit because they are cheap right after the ICO, making room for more profit down the line.
Binance has its own coin, which people use to pay fees. In the future, the exchange will use it to create a decentralized exchange, where it will be among the base coins available.
If you use Binance Coin to pay fees, you get half off the trading fee, which is 0.1% per trade on average. Few exchanges can beat that at this time. As for withdrawal fees, it depends on the respective currency. ETH withdrawals cost 0.005 and Bitcoin ones are 0.0005. The number of digital assets you can deposit is unlimited for users with level 2 accounts.
Last but not least, every successful exchange finds a great customer service team indispensable. Binance’s team can respond to all user requests and answer all questions on time and as competently as possible. You submit support tickets through an online form on the website. The team will answer by email. At present, Binance doesn’t offer a phone number to contact the team. There is no live chat feature either.
To stay safe, the exchange recommends double-checking wallet addresses and making sure you’re sending the right assets to their corresponding address on the site. Wallet mix-ups tend to be one of the biggest mistakes people make on crypto exchange platforms.
Decentralized Exchange launch
As mentioned, Binance will be launching its own Decentralized Exchange in the near future. The exchange stated:
“After extensively researching decentralized exchange frameworks and analysing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
Binance Coin (BNB), an ERC-20 token, will be the new network’s native token. Again, KYC procedures must be followed by all those who want to trade in the fiat currencies supported by the exchange. These involve verification of ID documents such as driver’s licenses or passports. In response to a question about the launch, CFO of Binance Wei Zhou stated:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption”.