At times, you might not be able to tell one cryptocurrency exchange from another. They might have nice charts and list a bunch of digital coins. You wonder how one compares to another.
That is where this Binance review can help. You can compare the apps, wallets and fees from one exchange to another. You can see what people think about different formats.
In some people’s minds, the Binance exchange is #1. It might be #1 in terms of number of cryptocurrencies offered and #1 in volume. You judge for yourself after reading this Binance review.
Let’s be honest, Bitcoin has been around for about a decade now. Unfortunately, some exchanges are still Bitcoin-only. They have not advanced.
Bitcoin is the leader and first digital coin, but there are so many others available. The initial coin offerings (ICOs) are multiplying like rabbits. When you visit Binance, your eyes will be opened to the full possibilities.
Exchange the World is the Binance motto.
Binance is a Chinese cryptocurrency exchange that is trying to change the world. You might be surprised to learn that it was only started in 2017. The graphical user interface (GUI) is superb.
There are many Chinese websites out there, but of course most are in the Chinese language. Binance has a very good English version.
You might see a little Chinese marketing when you first arrive at the website. They have a Binance Referral Program, along with giveaways of a Porsche or Lamborghini. That sounds like a pretty nice welcome gift, doesn’t it?
Binance is able to offer numerous initial coin offerings. Some other well-established exchanges seem to be afraid of these.
You can choose from Basic or Advanced trading. The Advanced Trading platform offers more technical analysis and charting features. The display is crisp, uncluttered and resembles a binary options screen.
You can change the time frame while viewing asset pairs, prices and trade history. Set up your trade and when you are ready, click on the button to execute a Buy or Sell. The one click functionality is impressive.
The Binance wallet will allow you to buy and sell quickly. People are learning how to best use their Binance wallets.
You can get a Binance app on Google Play for Android devices. The iTunes App Store has your Binance app.
Binance Supported Coins
Some might list Binance as the #1 cryptocurrency exchange. Why? The Binance exchange offers 237+ cryptocurrency buying options.
The average number of cryptocurrencies offered might be 4 or 5 with about 12 to 20 trade pairs. As mentioned above, Binance has 10x that amount. They might have digital coins, you have never heard of before. Binance is cutting-edge.
Binance Bitcoin purchased by United States Dollars only accounts for a mere 4% of the volume. The top performers by volume at Binance are Tron at 14%, Ethereum at 9% and Vibe at 6%.
If you like altcoins, then Binance is for you. You can find some of the following at the Binance exchange: Ripple, Litecoin, Cardano, Stellar, Qtum, NEO, WaBi, Monero, Bread, Ark and more. There is even a Binance Coin, if you like how this brand is run. This can be used to pay your Binance fees.
There are also some very exotic names for some of these cryptocurrencies, including the following: Time New Bank, Basic Attention Token, Request Network, Power Ledger, BlockMason Credit Protocol, Moeda Loyalty Points, Decentraland and Ripio Credit Network. Binance is showing the full spectrum of how e-coins can be used.
Cryptocurrencies can be used by banks, corporations for loyalty programs or even ledgers for anything that you can think of. Binance is cutting-edge, they are very creative in thinking out of the box.
Of course, Binance fees are subject to change. There was an average fee of 0.1% on each trade completed. These Binance fees can be lowered with a 50% discount, if you use a Binance token.
Withdrawal fees differ based on the cryptocurrency. That is fairly standard for the industry. Some digital coins offer free withdrawal for the time being (i.e. Neo and Gas).
You can deposit as much as you want. Verification will determine what you can withdraw. Verification could include government-issued ID and a selfie with said ID.
Is Binance Legit?
The Binance Bitcoin exchange is receiving some high recommendations already. How can a Binance scam be #1 in the industry? Remember there are more than a billion Chinese – that could easily explain the high volume.
Customer support is via support tickets. You can fill out the online form and receive a response via email. Some might think there is a Binance scam because there is no phone number or live chat.
Customer support is in English, Chinese, Japanese or Korean. Is Binance legit? It is making waves in the cryptocurrency market because it is offering a superior customer experience.
Is Binance legit? The company claims to be processing 1.4 million orders per second. It has the highest volume in the industry and some very low fees.
Binance is becoming so popular that it might not take any new users. You can try and see if maybe they can “grandfather” you into this system. But, Binance is hot! It is cutting-edge!