Binance - Review and Reviews of the Crypto Exchange
Binance is one of the world's largest cryptocurrency exchanges, which allows users to make great money trading crypto. But before registering on Binance, you should understand the advantages and disadvantages of this site, find out the truthful reviews of experienced traders about the convenience of work, trading conditions, depositing and withdrawing funds, and receiving bonuses.
Knowing the pros and cons of a broker will help you make the right choice. Therefore, in addition to a brief overview of the platform, the article details the strengths of the exchange, points out the weaknesses of the company, and gives the opinions of investors cooperating with Binance. And for those who decide to choose another broker, successful alternatives are listed.
Brief overview of the Binance Platform
Binance: Pros and Cons
The main advantages: access to most cryptocurrencies included in the top 100 by capitalization, the ability to trade with a relatively low commission, support for the ruble
Cons of Binance : Maximum-language support is implemented at a low level, interruptions in the work of the exchange. We must not forget about the main disadvantage of this exchange. It was subjected to hacker attacks that led to the loss of more than 600 million US dollars, which belonged to users of the platform.
Binance Alternatives
If for some reason there is no desire to use the services of Binance, you can consider other reliable cryptocurrency exchanges for trading. Capital.com is a good investment option.
Although this broker will not allow you to trade some exotic cryptocurrency pairs, as Binance does, it will also provide high investment security, help beginners understand the principles of trading, and provide experienced traders with information that will help them make informed trading decisions.
The exchange has been operating for 5 years, strictly complying with the requirements of trusted industry regulators. To demonstrate its reliability to both traders already registered on the site and potential clients, the broker provides all its reporting to the independent international audit company Deloitte.
Capital can be a good platform for those who are just learning the basics of cryptocurrency trading, because:
To master all the functions of the platform, no special knowledge or special skills are required. The interface is very logical and intuitive even for inexperienced users. You can work with the platform both from desktop computers and from mobile devices connected to the Internet, thanks to which the trader will always be able to follow the transactions.
The exchange tries to protect investors from losing funds. All clients are protected against going into the negative - the deposit balance cannot become negative, so the trader will not lose more than the invested amount. Each user has the ability to link stop loss and take profit to open positions.
By setting such restrictions, the trader will be able to take profits and avoid unwanted losses of funds in the event of a sharp change in the price of the cryptocurrency.
Binance: Full Details Review
The company was founded in 2017. She almost immediately managed to break into the industry leaders and bypass venerable competitors. The Binance broker offered its clients a convenient terminal, low commissions, no mandatory verification, instant order processing, high liquidity, and the possibility of margin trading.
Now the stock exchange has an average turnover of $1.5 billion per day, and the number of transactions per second is about 1.4 million. The broker is easy to conduct transactions of both small and large sizes.
Binance is registered in China, operates under the laws of the PRC, and is not licensed by third party independent regulators. However, the exchange does everything possible to ensure the safety of its customers and comply with the laws of the countries in which it provides services. For example, in Russia, Federal Law-259 “On Digital Financial Assets” is being implemented.
Pros of Binance
The strengths of the Binance cryptocurrency exchange are:
Large selection of cryptocurrencies; Binance allows you to trade over 150 cryptocurrencies. This opens up huge opportunities for traders to diversify their investments in order to reduce risks.
Minor commissions; The broker's commission is only 0.1%. Moreover, users have the opportunity to reduce even such a small commission by connecting through a referral program, increasing trading volumes or starting to use the exchange’s own token (BNB).
High liquidity; Even with exotic cryptocurrency pairs, transactions are made quickly, and popular digital currencies are bought and sold almost instantly.
Security; The broker uses cryptographic data protection, applies a risk control system based on trained artificial intelligence. On the exchange, you can go through two-step verification, as well as connect a code that shows that they are not trying to lure the user to a fake site.
Availability of a convenient trading platform; Broker offers different trading modes different levels of users. Therefore, traders who have not yet gained experience will be able to easily understand the intuitive interface, and the pros will be able to get full access to advanced charts and other financial instruments.
Support for the Pakistani Rupees; Not every crypto exchange allows you to replenish your account, withdraw money, directly buy BTC, ETH, XRP and other crypto using "traditional" money.
Possibility to sell small balances of cryptocurrencies; When trading, a minimum order size is set, which may cause a situation when a trader has a small amount of cryptocurrency left on his balance sheet, which can no longer be put up for sale. Binance successfully solves this problem by offering those who wish to convert their balances (the so-called cryptocurrency dust) into BNB.
Good bonus program; The investor receives additional bonuses for sales of cryptocurrencies and active purchases. Also, the exchange periodically holds various contests, where you can also get bonus rewards.
Profitable referral program; On attracted clients, users can earn up to 40% of broker commissions.
Extensive learning materials; Binance helps beginners get comfortable on the exchange, lays out detailed guides, shows videos. The broker maintains a blog for traders, provides financial analytics for experienced users, publishes news and announcements, and answers questions in the community.
Cons of Binance
The cryptocurrency exchange also has weaknesses:
Russian-language support is rather mediocre. Not even all sections of the site have been translated into Russian, and sometimes there are strange language mistakes in the translated material. Therefore, users will either have to spend additional effort on mastering the functionality of the site, or work with the exchange in the English version.
Sometimes there are small interruptions in work, there is software braking. Although in fairness it should be said that all cryptocurrency exchanges face such problems during an excessive influx of traders. At the same time, Binance copes with difficulties quite quickly.
There are restrictions on the withdrawal of funds from anonymous users. If a trader has not passed verification, he can withdraw a maximum of 2 bitcoins per day. At the same time, the output time also increases. To withdraw up to 100 BTC per day, the user needs to verify his identity.
The exchange was hacked , as a result of which more than $ 600 million of its users were stolen.
Registration and verification on Binance
To create a free account, the user just needs:
Go to the official exchange website.
Press the "Register" button.
In the window that opens, enter your email address (or phone number), enter a password, and agree to the terms of service. You can also enter a referral ID, as in this case the new user will receive additional benefits, such as a reduced trading commission.
Click the "Create an account" button.
You can work with Binance without going through verification, but simply by registering an account.
However, unregistered clients will not be able to use the full functionality of the site and withdraw large funds - a maximum of 2 BTC can be withdrawn per day.
Therefore, it is beneficial for users to pass a simple verification. For this you need:
Indicate full name, date of birth, place of permanent residence.
Confirm your identity by sending a scan or photo of an official document - passport, driver's license.
Wait for confirmation of the application. Typically, the identity verification process takes 1 to 3 days. But sometimes it happens that for some reason (for example, due to a fuzzy photo of the document), the broker sends a refusal. In this case, it will be possible to send an application for verification again in a day.
Deposit and withdrawal of funds
Refill
The minimum deposit amount on Binance is $15. The commission for depositing money is not taken by the exchange. You can replenish your account with both cryptocurrency and fiduciary money.
If the user already has a crypt that is stored in a personal wallet or on a deposit of another broker, then it can simply be transferred to a Binance account. National currencies can be deposited using credit cards or debit cards Visa and Mastercard. You can also use electronic payment systems such as Epay, Payeer and others.
Withdrawal of money
The exchange takes a commission for withdrawing funds, and its size differs for different currencies, and some coins can even be withdrawn for free. Therefore, the user should carefully study the conditions of the broker by looking at the table with commissions and choose the most profitable options for themselves.
It should also be borne in mind that for each crypt, the exchange has a different minimum withdrawal threshold. The maximum threshold is also limited:
2 BTC for unregistered users.
100 BTC for verified traders.
More than 100 BTC for investors who have applied and signed an individual agreement.
Trading commissions
One of the main advantages of Binance is a very low commission. The commission rate is only 0.1%, while most cryptocurrency brokers charge from 0.25% to 0.5%.
At the same time, the size of the already small commission can be further reduced:
Makers (traders who place pending limit orders and thereby increase liquidity on the exchange) can reduce the commission on Binance to 0.02%.
Takers (users who create orders at the current market price) can reduce their fees to 0.04%.
To reduce the fee, you need to use your own Binance token to pay it and increase your trading activity on the exchange. Also, new users can reduce the payout percentage by clicking on the referral link.
The real commissions that will be taken from the trader are calculated daily and updated at 4 am Moscow time. The amount of the commission is affected by the turnover on the investor's account for the last 30 days, as well as the current balance of BNB.
How to trade on Binance
The initial deposit amount with a broker is the equivalent of $15, so people with any income can switch to real trading. On Binance, you can choose the appropriate trading option from several trading modes:
Conversion
This is the simplest mode, optimally suited for beginners who are taking their first steps in the cryptocurrency market. The interface is as simple as possible and a person who has never traded before can make a deal. To do this, it is enough to select the name of the crypt for sale in one line, for purchase in the other, and enter the transaction amount in the third line.
The platform will calculate automatically how many coins you can get. If the transaction seems profitable, then the user only needs to confirm the operation, and the conversion will be performed. This mode has no trading commission, but the exchange sets a spread. The purchase price is higher than the market price, and the sale occurs at a lower cost.
Classic
The classic trading mode has an intuitive interface with a set of all necessary tools. This suit most investors. You can sell or buy order in the "Market" section. Limit orders are created on the adjacent Stop Limit tab. Such orders with stop loss set will allow you to make transactions at a favorable cost without constantly monitoring the market rate.
Advanced trading
This mode with a huge number of financial instruments is intended for professional traders who are well versed in the crypto market. If there is still little experience in cryptocurrency trading, then trading with advanced tools is not worth it. However, you can begin to explore the available capabilities of the terminal.
Margin trading
Margin trading is conducted with borrowed funds. To use it on Binance, you must pass a full background check. Trading with leverage is not suitable for beginners, as it carries an increased risk in case of incorrect forecasts. On the other hand, experienced investors will be able to make transactions for amounts exceeding their personal capital, which will make it possible to earn much more.
P2P (Peer to Peer)
In this mode, transactions are concluded directly between the buyer and the seller, and the exchange acts only as an organizer. The P2P trading has low liquidity and only attracts professionals. To protect users from counterparty fraud, Binance uses a special hold mechanism for pending transactions. This eliminates situations where one party steals money from the other without fulfilling its part of the transaction.
Earning on savings
For those clients who are not going to deal with the intricacies of trading, but simply want to earn through passive investments in the promising cryptocurrency market, Binance provides the opportunity to open a savings account. Users have 2 options for earning:
Opening a termless deposit
Interest on it is paid daily. The income amount varies depending on the averages and asset around 3%. You can close a floating rate deposit at any time.
Opening a savings account for a fixed period
In this case, the amount of accrued interest on the account is higher (6% or more), but they are paid only on the day the deposit is repaid. Funds deposited with a fixed rate are blocked for a specified period.
Binance Referral programs and bonuses
Crypto exchange Binance provides an opportunity to make good money not only on speculation in digital currencies, but also on an affiliate program. If a user registers using a link or a QR code, then the person who invited him will be charged up to 40% commission every time the invited trader closes a deal.
Funds are transferred to the account immediately. It is also beneficial for a friend to register not directly, but through a referral link, since in this case he will receive a discount on the trading commission.
Binance Also exchange:
Offers to become a member of the Binance Pool referral program to increase the income of miners.
He regularly holds promotions, participation in which is limited in time, but if you manage to take advantage of the special offer, you can get a good additional income.
Accrues bonuses for registration and active trading.
Raffles off digital assets and Holds interesting contests.
How to secure an account
As already mentioned, Binance, for its part, is doing everything possible to provide customers with a safe experience. But users should also take care of the security of their investments. To exclude situations of account hacking and unauthorized withdrawal of funds, traders need to:
Choose a strong password; Do not use a simple or easy-to-remember combination. You should also change your password regularly and, of course, do not share it with anyone.
Enable 2FA authentication; Verification using two verification factors will help further protect your account. Even if an attacker somehow learns the login password, he will still not be able to connect to the account without additional identification via SMS or Google Authenticator.
Connect Anti-Phishing code; The unique code will be displayed in every email from Binance, so scammers will not be able to lure the user to the fake site.
Regularly scan devices that have access to your account. In your Binance account, you can see the equipment that is allowed to work with the platform. If there are unfamiliar or not used devices in the list, then they should be deleted.
Training on Binance
The exchange offers a large number of educational materials that help beginners:
What is advantages and disadvantages of crypto;
Get familiar with trading strategies;
Understand your strengths;
Improve trading skills.
Binance strives to attract as many users as possible (and it succeeds!), so the company strongly recommends that beginners take training to understand the theory, master the practical skills and then profitably trade on the exchange for many years to come. For this, Binance has a separate Academy project. A look at the Binance Academy will be useful for both novice traders and pros who want to develop a successful trading strategy. A separate Academy website says:
What is blockchain and cryptocurrencies;
How to protect the crypt from theft by fraudsters;
What are the orders, how do they differ;
What is fundamental and technical analysis;
What mistakes do traders make in using financial instruments;
What are cryptocurrency wallets;
How to invest in crypto;
About other useful things.
For the convenience of users, the materials are divided by topic, marked by difficulty - for beginners, experienced or advanced. Also, each article has an estimated reading time, so that a trader can spend free minutes on improving his education.
And for those who want to test their knowledge, the exchange has prepared tests. True, the test tasks are not translated into Russian, so they will have to be passed in English.
Broker Binance: Reviews in Details
Trust in a broker is not formed on his promises and loud assurances, but on his own experience and user reviews. Therefore, when choosing an exchange for cryptocurrency transactions, it is worth getting the opinion of those who have been working with the site for a long time.
Most people describe Binance in a positive way, noting:
Low commissions;
Huge liquidity;
High speed of execution of transactions;
Cold wallet;
Support for a large number of coins, including little-known ones;
The possibility of passive income on savings;
Thoughtful referral program.
Some note the weaknesses of the exchange:
Lack of regulation;
Problems with Pakistani-language content;
Lengthy verification process;
System slowdown in case of high activity of traders.
Evgeniy
A convenient terminal, excellent liquidity, money withdrawal is no problem. It happens that the platform is stupid, but this is typical of all exchanges without exception.”
Dark Mining
Everything is fine with the functionality, but with localization it’s just a disaster. It is impossible to read Russian without laughter.
Andrey Frolov
The choice is so huge that, in my opinion, there are simply no competitors at the exchange at the moment.
Nikita1s
The only negative is that the mobile application is not suitable for low-powered smartphones, as the graphics are stupid pretty hard.
Conclusion
The Binance crypto exchange was able to gain momentum very quickly, bypass numerous competitors and become one of the leading platforms for trading decentralized digital currencies. The broker managed to win the trust of demanding customers thanks to:
A large selection of cryptocurrencies, including very rare coins;
Fast execution of orders;
Small commissions;
Providing security for both currency trading and storing crypto in virtual wallets.
A lot of useful content is published on the official Binance website. There are located:
Educational materials;
Financial instruments;
Important market events;
Historical market data.
The vast majority of users leave completely positive reviews or mention minor flaws in the platform. Therefore, the Binance exchange can be safely advised to everyone who wants to make money in the cryptocurrency market. The site is great for both beginners and experienced traders.
Binance FAQ
How to buy cryptocurrency on the Binance exchange?
To purchase digital coins, you need to register and replenish your account with fiat currency (rubles, dollars, euros, etc.). After that, crypto assets can be purchased directly from the exchange or from another user of the system.
What services does the Binance exchange provide?
Binance is the world's largest blockchain platform that allows you to buy digital coins. The user of the system can also trade and use futures for trading. Binance pools allow traders who do not have large capital to earn on mining.
Is it possible to automate the process of buying cryptocurrencies?
The Binance Savings feature allows you to automate the process of acquiring digital assets. The investor needs to choose a coin, determine the amount of investment and create a purchase plan. After that, the software module will automatically acquire cryptocurrency at specified time intervals.
Can I get a loan on the Binance exchange?
The exchange provides loans in BUSD and USDT stablecoins. Bitcoin and Ethereum cryptocurrencies are accepted as collateral for the loan. The maximum loan term is 180 days. The cost of using borrowed funds is calculated on an individual basis.
