Where and how do you get started with Bitcoin
Binance is one of the largest and best known trading exchanges in the world. For anyone interested in trading cryptocurrencies, this is a powerful option that will to make the process as seamless as possible – while also keeping fees low.
In this Binance review, we will be taking a close look at the platform. Should you trust it? How does it compare to others like Kucoin? And what features can you expect to find? Are the fees acceptable?
Read on for our full Binance review, to find out whether this is the right trading platform for your cryptocurrency plans!
Is Binance Legit?
This is one of the questions that we get most often when looking at any bitcoin trading platform. And while this might seem a little paranoid, the truth is that this is a smart question. Unfortunately, there are a number of trading platforms out there that are less than trustworthy. These are the sites that make it difficult to withdraw your cash, that cover everything in ads, and that have errors that cause your money to go missing mysteriously.
It only takes a company like that to declare bankruptcy and disappear in order for you to lose all the money you invested. What is more, is that these types of businesses often gravitate toward cryptocurrency owing to its decentralized and unregulated nature: it’s all too easy for companies to get away with these kinds of practices!
The great thing about Binance is its size and reputation. While there are lots of sites out there that offer best bitcoin exchange trading and other cryptocurrency, Binance has a truly massive trading volume that is larger than many others. The site has well over 7 million users at this point and even had to take some downtime a while back when the influx of new users overwhelmed the systems!
But the most impressive feature? Binance is the number one trading platform in the crypto world in terms of volume. That blows anything else out of the water then, and it gives a real peace of mind.
Does having a lot of users mean that an exchange can be trusted? Of course not! And we are not going to hinge this Binance review on that fact. But what all this does mean, is that users can get some peace of mind. When you use Binance, you know that there are over 7 million other happy users also using the platform. This tells you that the company isn’t just going to up and disappear and it shows that all those users are very happy with the service that they have received.
What this also tells you is that Binance has “a lot to lose.” The company is in serious business and has a great reputation to maintain.
Here’s the way to think about it:
If you are visiting a foreign country and you want to stop for some food, you might find yourself gravitating toward McDonads. Why? Because this is a big brand that you recognize. Therefore, you know what you are getting. You also know that the kitchen will maintain basic standards and you know that you can trust the cooking!
That’s compared to a little run-down looking place next door that you know nothing about.
Of course this is an imperfect example! Stopping at the local place to eat can be a great experience. But the difference is that you are investing huge amounts of cash here. Rather than getting a slightly less-than-stellar burger, you are looking at losing all your cash.
It simply makes sense – if you are at all worried about the reliability of a trading platform – to go with the one that is the largest in the world and has a great reputation!
In fact, Binance is so well established and recognized, that its own currency “BNB”is widely accepted in many wallets and other exchanges.
History
For a little more background, Binance is based in Hong Kong. It actually began life in mainland China, but was forced to move when the Chinese government banned the use of cryptocurrencies. Binance was also the brainchild of just one developer: Changpeng Zhao. Zhao is affectionately known as “CZ” among developer communities online. CZ’s company, Beiji Technologies, launched the exchange after a successful initial public offering that raised more than $15 million for the small company.
Again, this demonstrates the confidence that generally exists around Binance. Companies were willing to invest large amounts of money into this platform thanks to the reputation of its creator: CZ had previously worked as a technical director at Blockchain.com.
The technology powering Binance was also without question very powerful stuff. This further gave investors the confidence they needed to Fees and Currencies.
This Binance review is off to a good start then. We see here that this is a well-established site with a long history and a lot of money behind it. These are all reassuring facts when you are depositing large amounts of cash!
The good news is that everything else here follows suit. Binance has a highly competitive fee structure, a great range of features and services, and an awful lot going for it.
One of the stand out features of Binance is its own currency: BNB (Binance Coin – one of those unusual acronyms that doesn’t actually work!). Binance can be used to trade cryptocurrencies and to buy without any fees on the site.
Binance is such a well-regarded platform in fact, that many other sites also trade BNB and this is widely regarded as one of the best known cryptocurrencies!
BNB began life with a value of just $0.1 but quickly rose in price as the business trajectory of Binance the site did the same.
The fee structure of Binance is also extremely good. There is no fee for depositing money and there is only a 0.1% trading fee. When it comes to withdrawal, you will pay different fees depending on the type of coin you are using. For example, there is no fee for withdrawing NEO. Likewise, there is no fee for many more currencies.
When you use BNB, all fees are at 50%. This is another great feature that you won’t find from competitors.
Currencies
Binance offers a wide range of different cryptocurrencies to trade. This creates more opportunities for traders to make money and it broadens the number of possibilities significantly: this is one of the most important features that anyone should look for when choosing an exchange.
Bitcoin offers everything from Bitcoin, to Ether, to BNB, and Tether. There are over 100 different cryptocurrencies available and 267 trading pairs. This is superior compared to the competition, which is another big win for this Binance review. You’ll find that a site like Kucoin, for example, only offers 253 pairs.
Keep in mind that Top Bitcoin Exchanges is for cryptocurrencies only. That is to say that you can’t invest in fiat currencies through this platform. While that might sound like a limitation, the truth is that this lazer focus helps the site to maintain its efficiency and removes confusing distractions. However, if you are looking for a single site that lets you trade everything, then this of course is going to be a slight drawback and may make the case for using another of these sites.
Note that only a select number of currencies (six) can be purchased via credit card. These are:
Bitcoin
Riple
Binance Coin
Ethereum
Litecoin
Bitcoin Cash
This is normal, however, and the offering here is good.
Interface
One of the best things about Binance is its impressive interface and just how easy it is to find your way around and use the store.
Binance manages to convey a lot of information in a manner that is very clear and easy to read and compare. This becomes especially important when looking at multiple charts and graphs, trading history, candles etc. All of this helps to streamline the process and if you are new to cryptocurrency, then this simplified layout can help a lot. The site also works well on mobile.
With that said, Binance also uses a black and yellow colorscheme that perhaps won’t be to all tastes. While it looks professional and smart, it also comes across a little stark and uninspired. This isn’t going to be as effective as some other sites when it comes to making you feel excited about trading! This may be a slightly off-putting aspect for newcomers – as tit doesn’t quite welcome you into the experience.
If you want to get started, then you only have to click the “Buy Crytpo” button to begin right away!
Service
Most important of all for a Binance review is the customer service. Thankfully, Binance has some of the best customer service we have ever experienced.
The site is not only fast to respond to emails and calls – which is absolutely critical in case anything should go wrong – but you’ll also find that the company treats its clients and customers extremely well.
One of the best examples of this came in 2018 when the company decided that it wanted to show “gratitude” for its users support. Thus, the company offered a 70% discount on ALL trading fees. This was following a period of scheduled downtime while the company upgraded its servers to meet the massive demand.
This show of gratitude was of course not required by the company and just demonstrates that the business puts its customers first. This is a nice change of pace!
Conclusions
In short, there is very little not to recommend about Binance. Binance is the largest cryptocurrency exchange in the world in terms of pure volume and has millions of users who happily rely on the services very day. This should give you a huge amount of confidence in the business and the way it operates.
Then there is the wide range of trading pairs available, the impressive customer service, and the excellent user interface. Fees are also among the very best in the industry.
This is a great place to get started and the only potential caveat is that perhaps the stark design of the website might be a little alienating toward new users. That is a minor nitpick of course though, with all of the important stuff very much being up to the highest standard.
Other than that, it comes down to personal preference and how you find the interface. But to conclude our Binance review: this is by far one of the best exchanges available today.
