Binance Review

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Binance is probably one of the best-known brands in the cryptocurrency niche. Knowing the fact that it was opened in 2017 makes it even more impressive. In such a short period this trading platform managed to achieve unbelievable results. It succeeded to gather more than 7 million users in less than 100 days. We do not know how many users it has now, though. But we can be sure – the number is enormous.

Binance Trading & Exchange

Mainly Binance operates as cryptocurrency trading platform. However, not so long ago, it presented a new feature – buying the most popular cryptocurrencies and BNB itself. At the moment, users can buy Bitcoin, Litecoin, Ethereum, Binance Coin, Ripple, Paxos, Trust Token, and  Bitcoin Cash ABC. Keep in mind that Trust Token and Paxos can be bought via Bank Transfer only. While other cryptos can be acquired using a credit card. Besides, traders can sell Tether and Paxos by getting FIAT (traditional money) to their bank accounts. Credit card payments are processed through Simplex. It also is a partner of a few other massive exchanges – KuCoin, Bitmart, XAPO, etc.

Besides that, Binance presents you with one of the best trading platforms. It has a lot of features, and most noteworthy, it supports a few hundreds different cryptocurrencies. All of them can be traded in one of the pairs. Users can trade using Bitcoin, Tether, Binance Coin (it is the private currency of the Binance itself), Ethereum, Ripple, etc. There are two versions of the trading platform – Basic and Advanced. They do the same but have different features implemented. But we will leave that for you to discover and experience. By the way, the fees of trading and FIAT deposits you will find in the sidebar information block.

Quick and impressive fact – Binance is capable of processing more than 1.4 million orders per second. That makes it one of the fastest exchanges in the world.

Speed

Binance does a great job when we talk about the speed. Every feature from the website, until the trading platform runs smoothly. However, in some cases, when the system is being maintained, some features may slow down or do not work at all.

Deposits and withdrawals are fast as well. Just remember that sometimes the speed depends on the load of the cryptocurrency network. But it is not the issue of the exchange itself. Personally, none of our team members ever had any issue with Binance.

Limits

If you are going to use Binance exclusively for trading, then you get a decent withdrawal limit – up to 2 BTC per day. But if you need more significant limits, you can increase them by verifying your account. More details about it, in The verification process and privacy section on this Binance Review.

Also, some of the cryptocurrencies have withdrawal limits. For example, you can withdraw a minimum of 1.6 Link or 4.0 Cardano (ADA). As we said, it depends on the asset you want to withdraw. You should check it by the coin.

Special Features

This is the part where we can write a lot about Binance. It has offered so much since it was opened that it’s hard to cover it all. Binance always develops the platform and gives much more for the whole cryptocurrency community. Well, to be honest, it gives much more to all of us.

We will try to present the features Binance offers at the moment as good and as clear as possible. If some of them aren’t clear for you, make sure to check them on an official page.

Margin Trading

Tens of other cryptocurrency exchanges and trading environments had this feature implemented already. Binance left nothing else to do, but to add this option as well. Not to repeat what is already well written, we highly recommend reading and seeing a very detailed margin trading guide on Binance Academy. We suppose it should cover everything that you must to know.

Mobile & Desktop trading

Binance has mobile applications for iOS and Android. They work smoothly and quickly. This is a super cute feature to trade cryptos on the go.  They are full of features and can properly replace other platforms which the exchange has.

Furthermore, it offers desktop apps for also the two most popular operating systems – Windows and macOS. Though it doesn’t have a practical application for Linux users, they have to use the web environment, which is not bad at all, however.

All in all, no matter what device do you use, Binance provides all the tools and software you may need. It cannot be better.

Academy

This is the place where should start every newcomer into the cryptocurrency world. It’s confusing in the beginning, but Binance Academy makes everything much more straightforward. It holds tons of articles, guides, and detailed videos. Tons of golden information here divided into different sections and topics. The user can even request for new content. CryptoCoinsMania considers this academy one of the best places to start knowing blockchain and cryptocurrencies.

Charity Foundation

Every active business should care about the world. And that’s what Binance is doing. It raises money for various honorable purposes.  At the moment of this review is being written, it has raised more than 913 Bitcoins (updated on 21st March 2021). That’s a lot! It merely confirms that the cryptocurrency community is super active and looking at the world we live in. The hundreds of thousands of people who care. More details you can find on its Charity website.

Every trader or crypto holder can join and donate even a small part of his assets. Everything is clear and provided to the public. You can check every transaction details on the blockchain (or network depending on what currency the donation was made).

Information

Every user can find in-depth details on every cryptocurrency available. It holds the information about the prices, trading volumes, trading volumes by exchange, and trades. Also, you can find the most useful links which bring a user to an explorer, official website, or social media channels. Furthermore, a short description of the coin is also there together with the freshest news widget. All in all, you get all the information in one place.

Binance’s Trust Wallet

The exchange provides its own Trust Wallet, which you can download onto your smartphone or use in the web environment. It supports iOS and Android at the moment. It ensures total anonymity and security. Also, the wallet supports any ERC20 and ERC223 tokens on Ethereum network. On the other hand, the number of assets the wallet can store isn’t so long now. However, it should grow.

Other

Binance is available in several different languages. Starting with English, including Italian, Russian, Portuguese, Polish, ending with Mandarin, and a few other languages.

Besides, we didn’t mention a few more things the Binance do, which aren’t relevant for a regular user. For those who go deeper or has a business related to blockchain, or is planning to make a startup should check Binance’s Launchpad, Labs, and Research.

The verification process and privacy

We all love to stay private when we step into the market of cryptos. And it’s normal. However, if you want to unlock the full potential of this exchange, you should complete the identity verification procedure.

First of all, you must provide personal details such as name, last name, address, the birth of date, country, city, and postal code. In the second step, you will be asked to provide your ID and face for the further verification process. This process is completed via Netverify. After you complete all the steps, your account is fully verified.

The companies can open an account here as well. But they have slightly different verification procedure. It’s a bit longer, but that’s natural due to origins of regulations.  However, the process is not very complicated and should not arise any issues.

Security

This is the part where everyone should give additional attention. Since the moment cryptocurrencies appeared, hackers and phishers started to attack the users. Well, but it’s not a surprise, though. Happily, Binance makes sure our assets, and an account is secured.

First of all, users can turn on 2FA (Two-Factor Authentication). It’s super useful and of course necessary. You can turn on 2FA through Yubikey, Google Authenticator or use SMS (you get an SMS message with verification code).

Secondly, you can turn on the Anti-Phishing code. It adds the unique code to every email you get from the Binance. And it makes things simple. You don’t see a code – lucky you, the email is false, but you were protected. Well, if you have noticed that there is no code, of course.

Also, it has a whitelist feature. It means you need to add cryptocurrency address which you are going to use for future withdrawals. It protects from not expected hacks and attempts to take the funds out.

Finally, the device management section shows all the successful logins. It stores information like device, IP address, date, and location. If you have noticed an unfamiliar device, click on the “Cross” symbol and it will get disconnected (logout). Of course, after such an event makes sure to change the password and re-authorize 2FA.

The feature which cannot be turned off – email notifications. After every successful login, you will get an email with notification about the login, including IP address and other data. However, it adds one more brick into the wall.

The Binance received a lot of additional points after it was hacked, but the situation was managed with total professionalism. The company itself covered all the lost funds. And the losses weren’t so small. The exchange lost more than 40 million US dollars. Also, it led the company to improve its security even more.

All in all, Binance takes security seriously. However, only you are the one who is responsible for your own safety. But this is another topic for a nice guide which we should prepare one day.

Support

Binance provides several ways to get help. First of all, and what we usually recommend to do in the first place – read an FAQ. Most of the time, the answer lays there. A lot of people misses this point and waits for a response from the support team. And sometimes it can take up to a few days. The most fun part, you get the answer with the link to a part of an FAQ.

Other than that, Binance has a live chat feature as well. It’s pretty clear. Important to mention, Binance also has Telegram group. You can get some help from admins or discuss with other users.

And finally, email support/ticket is available too. However, we have seen a lot of reports that sometimes the response time can get pretty long. But that depends on your current situation and its complexity. It doesn’t necessarily mean that you will not get an answer much faster.

For those who want to discuss the features, issues, and development more deeply should check Binance’s Reddit subreddit. By the way, Twitter users should follow Binance there as well. Furthermore, you can follow Binance on many other platforms like Medium, Facebook, Steemit, VK, and even Instagram.

Conclusion

We can say it firmly – Binance is the Google of cryptocurrencies and blockchain. It does a lot for our community and the whole environment. Binance has a lot of departments for different purposes, and the company does it right. They invest a lot of money on various niches. Also, people behind Binance care about charity.

Binance offers a great trading platform with a lot of cool features, high level of security, and a lot of supported cryptocurrencies. Probably, the biggest list in the market.

Furthermore, Binance is the company you can trust. It really cares about the reputation and safety of its customers. You can be sure, your assets are safe here. No matter what happens! Also, if you are a regular trader who is not planning to take out the profits of more than 2 BTC per day, no verification is needed.

Downsides

Sadly, Binance only allows direct buy of most popular cryptocurrencies. If you want to sell some, you must exchange/trade them to Trust Token (TUSD) or Paxos (PAX) in the first place. Furthermore, we think the margin trading feature should be expanded. At the moment only selected cryptos can be traded using a margin. On the other hand, some say that this is the feature which leads to losing your assets easily. Well, it is true, but also it opens a lot of opportunities to make bigger profits. However, it’s up to you and how well prepared you are.

We did not give the maximum rating just because of the one aspect – a low number of supported payment methods and the number of cryptocurrencies available to buy or sell. Other than that, it’s almost perfect. What are you waiting for? Go open a free account!

Follow our guides. We are preparing an exclusive guide on how to use Binance. Also, we will update this Binance review after major or even minor updates happen. Just in case.

Reviewed by Coinsmaniac