Binance is a cryptocurrency exchange platform that is located in Malta. The exchange currently does not offer any fiat options however it is working towards adding the Euro and British Pound. Users can transact on the site using cryptocurrencies with a variety of different pairs. Binance is on track to make over a billion dollars in revenue. Like many other exchanges Binance offers other services which include Binance Academy, Binance Info, Binance Labs, and LaunchPad. Yi He and Changpeng Zhao are the founders of Binance which was created in 2017.
Opening an account
Registering has never been easier, simply fill out basic information and click register. If you would like to sign up now: open an account to Binance.
Users have the option to add in more information and verify their identity in order to get increased withdrawal limits.
Is Binance safe?
Binance is an exchange that has been trusted by millions of cryptocurrency users. Since it has such a huge customer base, security has been a main focus with the platform which is why it has been trusted so much. A tip for any exchange is to never leave huge amounts of money/cryptocurrency on it and users should be in control of their private keys. Binance allows users to add authentication methods to their account in order to increase the level of security. This will be very important to help combat hacks/exploits.
Available currencies for exchange
Over 350 cryptocurrencies are available for exchange. Binance allows registration for ICO’s to be listed and so they have a long range of coins/tokens. Here’s few examples:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Dash (DASH)
- EOS (EOS)
- Litecoin (LTC)
- Neo (NEO)
- TRON (TRX)
- Ripple (XRP)
- Binance Coin (BNB)
Regular fee structure
Every transaction will carry a 0.1% fee.
Withdraws have dynamic fees depending on the market. The fees for withdraws change, and each coin/token has a unique minimal withdraw. So before depositing or withdrawing any coins/token it is best to look at the updated chart which can be found on the official site.
For example: The minimal withdraw for the cryptocurrency Bytom is 10. If a user has less than 10 coins, then they will not be able to make a withdraw. So it is very important that the list is checked before submitting anything to avoid surprises.
Deposits on Binance are free.
Discounted fee structure
Binance has a native token BNB in which users who have it it in their accounts will be eligible for fee reductions. Users have a choice in selecting to have fees deducted or to follow the regular fee structure. Users who don’t have sufficient BNB balances will not be able to transact using the discounted fee. The 0.1% fee will still be in place but will be taken via the BNB token instead of the exchanged token.
For example: If you have 1 ETH then you will have a choice to pay 0.001 ETH or 0.00075 BNB with the discount.
The following percentages are the discounts the user will get if they pay in the native token. We are also in the 2nd year (2019) so the transactions will hold a 25% discount.
- 1st Year: 50%
- 2nd Year: 25%
- 3rd Year: 12.5%
- 4th Year: 6.75%
- 5th Year: No discount
Cryptocurrencies are the only thing that can be currently deposited on Binance, although they are working to accept fiat in selected areas.
Binance supported countries
Binance is currently supported in US and in every other country besides China due to the high regulation. However this could change at any moment considering they do not require users to add in a lot of private identification information.
How to withdraw money from Binance?
Since Binance doesn’t have fiat you can not withdraw money. However if you are interested in fiat, people will typically send the coins off of the platform to a fiat friendly exchange like Coinbase. Binance allows users who are not verified to withdraw 2 BTC worth of cryptocurrency per day. 100 BTC per day can be withdrawn if KYC/AML information is filled out and verified. The BTC is calculated at the base pair of the currency. So for example: if 2 BTC = 50 ETH, then you will be able to withdraw 50 ETH per day using a basic account.
Users can request to get a higher limit if they would need it.
Binance has created a very helpful guide on their official website that answers most questions. However if you are having trouble they offer email support which is normally very fast.
Binance is a good exchange to use for quick and painless transactions and it has a vast selection of different cryptocurrency trading pairs. The interface is a little harder to learn, however should only take beginner users an hour or so to learn the platform. The fees are very reasonable and since deposits are free, it allows users to save a lot of money. The native token that can be used to pay fees is a good economical idea to build trust. Binance’s other services can be very helpful to users even if they don’t use the exchange platform. Other services include free educational courses that cover a variety of topics and market research information about specific aspects of the market.