It wouldn't be wrong to say that many of us in the present, or at a certain point in the past, have come face to face with the paralysing problem of too many choices. And needless to say, the crypto space today compliments that statement to the T!
With more than 1500 cryptocurrencies and +200 cryptocurrency exchanges to choose from, it can get traumatizing to choose the right ones. The plethora of options on cryptocurrency exchanges can be a headache for both newbies and experienced crypto enthusiasts.
Apart from that, with most the exchanges being centralized, there is always a looming fear of getting hacked.
However, amidst all the fears and difficult choices to make, one centralized exchange has stood out and certainly made life easier – Binance.
Disclaimer: I have used Binance on numerous occasions and in this post I am going to tell you everything I have noticed and also the things you need to know before getting started.
Binance Overview
Binance started in China in mind-2017 but shifted base to Hong Kong after the after the China government banned cryptocurrency exchanges.
It is a centralized exchange but a reliable one because despite handling the volume it does on a regular basis, there have been no reports of it being hacked or going down.
Binance, being a centralized exchange like Bittrex and Poloniex, adopted a unique way of funding themselves through the ICO, which concluded in July 2017. And with the money raised, Binance has to an extent, and continues to solve the pain points of centralized exchanges that they had identified and elucidated in their white paper.
Some of the pain points on Binance's agenda:
Poor technical architecture
Insecure platform
Poor market liquidity
Poor customer service
Poor internationalization and language support
Some more important points…
Binance is strictly a crypto-to-crypto exchange, which means they don't deal in fiat currencies like USD, EUR or GBP. Despite that, you will find a very good market for these pairs with enormous volume and liquidity on Binance.
BTC
ETH
BNB (Native Binance Token)
USTD
Currently, Binance is one of the top 3 exchanges in terms of volume on CoinMarketCap.
They have their native Binance tokens too which I will explain further in this article.
Binance Registration, Login and Security
Binance's registration process is quite straightforward and your account gets activated immediately. To get started with Binance, you need to register using your email ID following which you will be granted the basic account in which you have a withdrawal limit of 2 BTC per day.
After you register, you can log in using your email ID and password to be able to see the screen below, where you can, and MUST, setup your 2FA and SMS authentication for extra security (highly recommended to do so).
You can also use this dashboard to submit additional KYC documents to increase your withdrawal limit from 2 BTC to 200 BTC.
Binance Dashboard
After you log in and have set up all the security measures, go to Binance's home page to see this dashboard.
On this dashboard, you can see markets for BTC, ETH, BNB, and USTD.
Binance's dashboard also gives you access to both advanced and basic dashboard versions. The main difference between the advanced and basic version is that the former has more charting tools and compact UI with more parameters to analyze whereas the latter has a more open UI and less charting features.
Basic version looks like this:
Advanced version looks like this:
How To Use Binance
First, deposit BTC or other coins in Binance.
Once the coins are deposited in your Binance account, go to the trade section and select your trading from the right-hand side of the dashboard. Don't forget to choose the appropriate trading pair. For example, I have taken BTC/ETH pair.
On the left-hand side, you will see the order book and the prices at which buying/selling is taking place. You can select your buy price accordingly from the left order book and place your order by putting the relevant amount of ETH you want to buy.
Binance Mobile Apps
The Binance mobile app is absolutely fantastic, to say the least. I came across the Binance app when I was searching for options to trade on the go.
To reiterate, the Binance trading apps for both iOS and Android is the best you can find in the market.
To use the mobile app, you need to create an account on Binance for which you can register here. Once you are registered, you can download their iOS or Android app and start trading cryptos from your smartphone. (Android App | iOS App)
Do watch this video tutorial by Harsh to get hold of how to use Binance mobile apps.
Binance Fees Structure
The fee structure on Binance is also very competitive compared to its peer exchanges.
The standard trading fee is 0.1%. However, to withdraw different currencies, this fee schedule is applicable.
Also, you can reduce your trading fee significantly if are a HODLer of Binance tokens (i.e. BNB). When you use BNB to pay for fees, you will receive a significant discount (as per below).
You can enable this feature of 50% trading fee reduction from their dashboard here.
Not just this, holding Binance tokens itself is rewarding because their price appreciation is almost certain in the long run considering Binance burns a decent amount of BNB tokens every quarter to economically reward its holders.
Note: I have been a HODLer of BNB tokens ever since it was $2 per token.
Binance supports a flurry of cryptocurrencies and has enormous volumes on it. Needless to say, you don't need to worry about the liquidity of your funds.
You will find all the popular cryptocurrencies like BTC, ETH, DASH, LTC, NEO, ETC, XRP etc on Binance and also some rare gems like Dragon chain, Vechain, and Neblio.
The volume on this exchange that has more than 260 cryptocurrencies listed on it is 165,711 BTC ($ 1.4 billion), an impressive figure.
Binance Supported Countries
The Binance exchange is accessible to users all around the world. However, there are certain parts of the world that has a high concentration of their user base:
These are their latest traffic stats which show that Binance is accessible in most countries.
Binance Support
The support is also exemplary if you compare it with its peer exchanges. To emphasize, Binance provides support in 7 languages!
As of now there is no customer care number, but they do have a support portal where you can submit your requests. Expect the turnaround time to be 24-hours.
You can also use their live chat support option as shown here in the restricted operating hours.
Apart from that, their FAQ section is quite robust and if you go through it well, you may not really need to contact their support.
Binance Initiatives
Additionally, the Binance exchange keeps on holding various competitions, prize distributions and other initiatives for its users, some of which are:
Conclusion: Best Cryptocurrency Exchange for Bitcoin and Altcoins
Keeping all these facts in mind and my experience, I can confidently say that no exchange even comes close to Binance in terms of security, volume, and community initiatives.
Also, like I said, their mobile apps are an absolute delight to use.
Even during the crypto mad rush in December 2017 when exchanges like Bittrex and Bitfinex closed their doors, Binance was the last exchange that stopped taking new registrations.
I'd say, to conclude, if you have not use Binance yet, you should start right away.
Have you used Binance for buying, selling, and/or trading BTC/ETH? How has your experience been? Let us know in the comments section below. Want me to review any other cryptocurrency exchange? Let me know in the comments.
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