AN INTRODUCTION TO BINANCE
Let’s ride the time machine and visit the day of 13th June 2017, when the founding team of Binance created the exchange and decided the very following day as the Initial Coin Offering (ICO) date. The ICO hit the bull’s-eye, raising over $15 million for catching the Bitcoin bull run in the latter half of the year. Well, the beginning wasn’t so smooth as we see now. But that did not hold Binance back from capturing an enormous market share in an instant.
Back in the days, the cryptocurrency sharing market was wildly scattered with illiquid, complex and poorly organised exchanges. Numerous exchanges showed up overnight and didn’t take long for disappearing; not to mention with the investors’ funds too. If you had to exchange crypto back then, the only ray of hope was Coinbase, that too, with their loopholes that allowed adventurous traders creating foreign exchange accounts, with the help of Google Translate.
That’s when Binance made its debut, shattering the existing exchange market with its simple and trustworthy ethics. Their growth-hacking formula was simple - provide an intuitive, simple and fast user-interface that had little to none downtime. Quite suddenly - surprisingly - and easily, the ‘unobtanium’ cryptos were available on the exchange, with real backing by investors and an emerging user base. But that’s not the only thing that flipped the whole crypto game.
Binance also introduced its own cryptocurrency, Binance Coin (BNB). Investors who rolled their cash on the ICO, received their assets back in BNB, which can be used for exchanging other cryptos and paying Binance fees. In the starting days the initial Binance Coin price was just $0.1 which soared high with the popularity of Binance. Now the value of BNB is hovering around $40. It’s no wonder how Binance grasped the market and established its monopoly.
HOW TO GET STARTED WITH BINANCE? SIGN UP & BINANCE LOGIN
Step 1: Creating an account on Binance is simpler than getting an account on Facebook. I mean, seriously! You just need an email address and password for getting started. Optionally, you may enter your referral ID. That’s it!
Step 2: The following step requires you to set up two-factor authentication for additional account security. This is where Binance really stepped up their security measures. Unlike most other 2FA, Binance requires two separate OTPs, sent simultaneously on your email and mobile number. That’s the level of reliability you get with Binance.
Step 3: Now, let's fund your fresh Binance account. Navigate to the deposits page and find the crypto asset you want to transfer over. But before proceeding any further, check the wallet address character by character before transferring anything. Why may you ask? Because Binance transfers are irretrievable once the assets are transferred somewhere.
Step 4: Once your Binance wallet is funded with new assets, now it’s time to trade you cryptos. You may find more information regarding secure trading and asset handling on the blog page of Binance at www.binance.com/en/blog.
THE GOOD & THE BAD
| ADVANTAGES | DISADVANTAGES |
| 100+ collection of popular and new cryptocurrencies | Negative reviews about the Binance support team |
| Low Binance fees over transactions and withdrawal | No deposits or withdrawals using traditional payment |
| Reward system with free cryptos for performing traders | An amateur can withdraw up to 2 BTC every 24 hours |
| 2FA authentication with industry-standard security | |
| Fastest exchange with millions of orders each second |
SHOULD YOU START CRYPTO-TRADING ON BINANCE?
Well, you can clearly see that after we objectified Binance, the pros simply exceed the cons. While exchanging assets on Binance, you might have noticed that there are two options - Basic & Advanced. This is what makes this crypto exchange service so much popular, both for amateur and pro investors. Binance’s low withdrawal fees combined with the number of transactions it handles each second is next to uncompetitive. The team’s proven knowledge and skills are enough to hold Binance as an irreplaceable player in the cryptocurrency trading market. There’s no denying!
LET’S SEE WHAT OTHER INVESTORS ARE TALKING ABOUT
Binance is well-received by millions of successful traders. So far, in this article, you've been reading my thoughts and opinions only. Let's now check out what other investors think about Binance and how this low-fee crypto exchange service has helped them achieve millions in profit and also peace-of-mind out of their crypto assets. Randall G says,
“What I like most about Binance is its popularity and reputation. Currently, Binance is the largest cryptocurrency exchange in the world, so I’m completely comfortable using it to trade Bitcoin as well as store some other types of altcoins. In addition, I can access Binance's services all over the world without any geographical restrictions. The cryptocurrency exchange also has the Binance app on Android and iOS, that makes it easy to access anywhere!”
Mattia P, who is an established Marketing Manager adds,
"Binance is the final solution for crypto exchange services. It allows trades with huge numbers of cryptos; it has high volumes of trades, making the transaction fast and secure. It provides control for every coin listed, and it's quite easy to use. Binance does not present big downsides. By the way, it still is somewhat decentralised, and that means some risks always might occur. So be always careful and make your own security choices!"
FREQUENTLY ASKED QUESTIONS
Is Binance safe and trustworthy with my money?
Being the leading body in crypto exchange does come with responsibilities. Binance is not only the most popular but also the most secure exchanges in the world, offering cryptocurrency traders with the peace of mind with their assets.
Is Binance exchange better than Coinbase Pro?
Those who have used both Binance and Coinbase will appreciate the fact that Binance way simplified with better selections of cryptocurrency than Coinbase, including some of most well-valued and even newly-released cryptos.
Can I transfer cryptocurrency from Coinbase Pro to Binance?
To transfer your assets from Coinbase to Binance, first, login to your Coinbase account, click on Bitcoin and find the “Receive” option. This will generate the wallet address which you can paste on the “Withdraw Bitcoin” option.
How can I withdraw my money from Binance?
To withdraw your crypto, login to your account and click on the “Withdraw” option from the “Payment” page. Now, select the crypto, enter the amount, and the system will calculate the handling fee, subtract, and initiate the transfer.
How much Binance charges for withdrawal?
The withdraw fee varies across different crypto. For example, if you withdraw BTC, Binance will charge 0.0006 BTC per BTC as the processing and handling fee. This fee is proportional and will depend on your withdrawal amount.
MY FINAL VERDICT
Since you started reading our Binance review, the matching engine of this world-popular crypto exchange could have already processed 450 million transactions, with the capacity of handling 1.5 million orders each second. That's mind-blowing, isn't it? If you ask me, Binance is one of the greatest, if not the greatest, cryptocurrency exchange both for amateur and athlete investors. And now that Binance US has officially debuted, even our Binance US customers can dive into crypto-trading. So, what's your opinion on Binance exchange?
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