Binance Cryptocurrency Exchange Review
The cryptocurrency exchange is a convenient way to exchange cryptocurrencies, including for fiat money. For several years, the leader in this highly competitive market has been the Chinese Binance exchange. This virtual trading platform offers its participants a large selection of cryptocurrency pairs, a wide range of tools for market analysis, a user-friendly interface, trading opportunities through leverage and low commissions.
Binance: history of creation and development
Binance is owned by Beijing Technology, which is headed by Chinese-born Canadian businessman Changpeng Zhao. A crypto exchange is registered in Malta.
Changpeng Zhao was born in 1977 in a family of teachers. Soon the family emigrated from China to Canada. After graduating from high school, Zhao enrolled at McGill University in the Faculty of Computer Science. Already during his studies, he became interested in trading and earned his first capital.
In 2001, Changpeng Zhao started working at Bloomberg, where he successfully worked until 2005. After that, he decided to start his own business related to the development of trading software. In 2013, the businessman became interested in bitcoin and other cryptocurrencies. A year later, he sold his house in Shanghai and invested the money in the purchase of bitcoins. Now, according to Forbes, the businessman, who is called the crypto king of China, occupies one of the first places in the list of cryptocurrency billionaires.
After working for a year on the OKCoin cryptocurrency exchange, Changpen decided to create his own project – the Binance cryptocurrency exchange platform. The exchange was opened in 2017, when users’ interest in cryptocurrency began to grow actively. The money for the project was collected in a month during the implementation of the ICO project. At first, the exchange’s headquarters were in China, but then it moved to Japan, and now it is located in Malta.
Distinctive features of the site:
- high speed operation;
- fault tolerance;
- the highest possible level of account security.
Together with the authority of the creator, this makes trading on the stock exchange attractive to users all over the world. At first, the exchange worked only with cryptocurrency, but in 2019 it became possible to exchange crypto for fiat money.
Registration of an account for Binance
Binance exchange is multilingual, there is an interface in Russian.
Registration on the exchange Binance.com simple. It is enough to choose the registration method (via email or mobile phone number) and enter the invented password. Read the terms of service and check the box.
After that, you need to click on the “Create account” button and pass a check for protection from bots (pull the slider to the right in the figure). After entering the received activation code (by email or the specified phone number), you can start working on the exchange.
To enhance security, you can install two-factor identification. The easiest way to do this is using Google account data.
To use all the features of the exchange, you need to additionally pass verification (identity verification).
To do this, select the “Identity verification” item in the account settings. In addition to filling out the data form, you need to upload a screenshot of your passport or driver’s license.
Data verification usually takes no more than 15 minutes. After that, the trader can use the platform’s capabilities, depending on the type of his verification.
How to make money on the Binance exchange
Transactions with more than 150 types of cryptocurrencies are available on the exchange, including the most popular ones (bitcoins, ethereums). The crypt can be exchanged for fiat money, and vice versa.
The easiest way to trade is Conversion. To perform such an operation, the required amount must be on the spot wallet.
The trader needs to choose two currencies and make a deal.
Spot trading implies immediate settlement of transactions. It is important for a trader to sell existing assets for more than they were bought through orders.
The platform supports margin trading via leverage. Thus, a trader can make a profit many times more than he could afford when creating classic orders. Beginners and traders with little experience will be helped to understand the interface by video instructions that can be found in many sections of the crypto exchange.
You can also buy cryptocurrency from other partners. In this case, transactions take place on the partners’ platform.
How to top up your wallet and withdraw
There are several ways to top up your wallet to buy cryptocurrency in Binance:
- top up your account with a bank card (in addition to rubles, you can use euros, dollars and several other currencies) and buy the right amount of currency directly on the exchange;
- transfer money via Advcash or Payeer payment systems.
- make a peer-to-peer (P2P) exchange with the user;
- transfer one of the available cryptocurrencies.
To withdraw money, you can convert cryptocurrency into fiat money and then withdraw them to a bank card. Or use a peer-to-peer exchange. But you have to be careful. It is not recommended to confirm the transaction before the money is credited to the account, so as not to fall for the bait of scammers.
Many users consider the exchange’s commissions to be small. The amounts depend on the level of the client, the volume of the transaction and other factors. For example, for VIP level 0 and trading volume of less than 50 bitcoins for the previous 30 days, the commission will be 0.1%.
Mobile application of the cryptocurrency exchange
The exchange has a Trust Wallet mobile application for iOS and Android. You can download the application after reading the QR code directly from the site by clicking on the inscription “Applications” at the top right.
There are also desktop versions of the application for macbooks and laptops with Windows or Linux.
Advantages and disadvantages of the site
The advantages of the site users include the following factors:
- support for fiat currencies;
- the possibility of anonymous trading if the daily withdrawal of funds does not exceed 2 bitcoins;
- regular contests and promotions for both traders and owners of new types of cryptocurrencies;
- providing leverage;
- user-friendly interface;
- favorable conditions for holders of the internal currency of the BNB exchange and much more.
Among the disadvantages are cases of successful hacker attacks and embezzlement of funds. So, on May 7, 2019, 7000 bitcoins were stolen from the exchange. The exchange promised to reimburse all losses, including from the suspension of the deposit and withdrawal of funds. For such cases, there is a special fund, which receives 10% of the collected commissions.
Reviews of the Binance exchange
There are a lot of reviews about Binance on the web. Both experienced traders and beginners trade on the exchange. Users are provided with many opportunities to receive additional income:
- storing coins on deposit with interest;
- participation in the referral program to attract new users for a fee;
- cloud mining.
Therefore, the platform can be considered not only as a crypto exchange, but also as a large ecosystem.
But not all reviews about the Binance exchange are positive. Recently, users have been complaining about periodic delays in the withdrawal of both fiat and cryptocurrencies, as well as poor technical support. But despite this, the project is not a scam, it is supported by business and major market players, so the number of participants in the crypto exchange is constantly growing.
Published: 7 January, 2022