Binance Exchange Review – What Makes It the World’s Biggest Crypto Exchange?

About Binance 

Binance is a popular cryptocurrency exchange established in 2017 following a successful ICO in China which offer users the possibility to trade a large number of crypto assets. Binance was initially based in Hong Kong, subsequently relocating to Tokyo. Recently, the exchange has moved its headquarters to Malta, a very friendly nation towards crypto.

How the Exchange Works

The platform has two options available for traders: basic and advanced.

The advanced version lets users view a technical comprehensive analysis of the digital currency’s price over time. The basic version’s dashboard features several graphs and charts for trading pairs, in addition to order books, and the coin’s trade history.

The Basic option has an aesthetic and clean interface, displaying on the left prices, graphs in the middle, and on the right the buy and sell boxes as well as the trade history.

The advanced view has a dark theme, the trading charts are enlarged and the current trade prices are on the right with the buy-sell boxes featured underneath them.

What Cryptocurrencies Does It Support?

Binance features an impressive list of supported coins, including: Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Ripple, OmiseGo and another 100+ coins.

Binance has become a favorite among traders because it lists coins that are not that common on other platforms, such as Bitcoin Gold, IOTA, and Walton Coin.

Binance Fees & Limits

Binance has an average fee of 0.1% for its transactions. Users that want to make payments with the Binance Coin (BNB) can have their fees substantially reduced.

Withdrawal fees vary depending on the traded coin. There is currently no limit to how many coins you can deposit into your account. Users that are unverified have withdrawal limits, while verified ‘level two’ users do not have these limits. To reach this level you must submit your full name, country, gender, a photo of an official ID, and a selfie with the passport.

Is Binance Safe?

The Binance platform has implemented ISO/ICO_27001:2013 and CCSS security protocols. The accounts use an SMS two-factor authentication system and Google Authenticator for withdrawal verification and security changes. Users must have one of these features activated in order for their account to be verified.

Binance’s privacy policy states that the exchange saves user information, such as IP addresses, and stores the data on its servers.

Hacking attempt

Binance was the target of a hack in March 2018, in which the attackers tried to steal user’s funds, but its automated systems averted the attempt. For months, the hackers had been gathering people’s logins through a phishing website that covertly installed API access on the infected accounts. The funds in the victims’ accounts were then converted to BTC and invested in Viacoin, making the coin surge. After this, the hackers went on to sell their own supply of Viacoin at its highest price, before trying to transfer the BTC to their own wallets.

But fortunately, they did not manage to steal any funds, as they were caught on time, with the hackers’ funds being given away to charity.

Seeing as this hack was accomplished due to people entering their site logins and 2FA information into a fake website, always check if you have the correct Binance URL before logging in.

Binance Customer Support

Binance’s support is offered in the form of support tickets which are sent via an online form available on their website, and responses are given via email.  The exchange’s official Reddit page states that tickets will be answered by a support agent that knows the system you are using. Live chat support and a phone number are not available at this moment.

Conclusion

Binance is one of the most prominent cryptocurrency exchanges, which is seeing a continuous rise in customers, having a large selection of coins and attractive fees.