Today we take a look at a very popular cryptocurrency trading platform for you, Binance. This Binance review will go through some things that you might want to know before and if you make it your preferred choice. Ok, let´s go!
Product: Binance Trade Platform
Owner: Changpeng Zhao (Beijie Technology LTD)
Price: Free membership
Who can use Biance: Cryptocurrency traders and also traders in general
Overall rating: (4.3 / 5)
With the new trend of cryptocurrencies, I find it very in order to bring reviews on to my readers. You might not be interested in cryptocurrency but is good to know something about them so you don’t feel so left out. These reviews are meant to shine a light on the crypto world because nowadays scammers are smart and always get away with their behaviors. Here we identify legit and scams involved in bitcoins and other cryptocurrency markets and platform. We are going to point out the best crypto trading platforms.
Binance – Review
Binance is based in Hong Kong. This cryptocurrency trade platform was launched just last year. Its existence was as a result of a successful ICO. The trading platform is owned by a developer named as Changpeng Zhao. Changpeng’s company Beijie Technology created BInance after they successfully raised $15 million using ICO. Though very new to the industry, Beijie Technology, and its founder maintain an impressive track record within the industry.
The company has been influenced by the Chinese regulation on the cryptocurrency regardless of its success since last. They decided to move their IPs to off shows locations where they would not be affected by the Chinese regulation. They offer trade platforms to 30 More trade sites and they have been rated the best as one of many other trade platforms operating 24/7. Though not the best of its worth a try. If you looking for a platform that has built its reputation for years. CLICK HERE
With a wide variety of coins available now, Binance offer crypto to crypto trade exchange. This means that it doesn’t facilitate any fiat currencies.This allows the platform to work freely, steering clear of any red tape or regulation (for now). There’s an impressive cryptocurrency selection on offer in conjunction with the Bitcoin, Ether, Bread, and Tether trading pairs. All in all, the number of coins available is nearly 100, and all major altcoins, including Litecoin, Ripple, and Bitcoin Cash, are in the listing. Adding to this is a neat roster of up-and-coming altcoins.
The fee structure involved with Binance is on the cutting edge in the latest competitive space. This means that the members are slicing the opposition party. For those who don’t need sudden fiat liquidation, a flat rate of 0.1% is very enticing and motivative to the Binance traders. On the other hand, most of the other large exchanges, are charged an upward of 0.2%. While working on large orders that is a very sizable difference.
For the time being, BNB, the native Binance token, even provides a 50% discount on this trade fee when working with the coin. Deposits are free, as you’d expect (it’s generally the sending wallet that pays blockchain fees with cryptocurrencies). Withdrawal fees do apply, although they generally correlate with the blockchain transaction fees. The withdrawal fee seems to be updated on a regular basis to try and offer a fair price. At the time of writing, a Bitcoin withdrawal costs around $8, while a Litecoin withdrawal is around $0.33. It’s a sign of the times for Bitcoin. It’s a good idea not to move Bitcoin around if possible, as it will eat into your profits; try to use faster and cheaper options such as Litecoin if you can.
Binance works tirelessly to make sure that their customers are offered the best quality support needed. Most of the inquiries are done through the sites email contact form. After then its just a matter of waiting and your queries are answered or redirected to support links. They also offer Live chat on Wechat. There is a Wechat customer service QR code to tap into that may help via a quick live chat, but some of the responses are automated (and in Chinese). Happily, the website has more than one language, so most people should get along fine in one language or another. English, French, Spanish, German, Korean, Japanese, and Chinese are all options on the exchange. This is another real advantage for Binance as it seeks to compete as a global cryptocurrency exchange.
Is Binance Scam?
Totally not a scam. The only thing that I would advice is that be careful and watch out on every move that Binance make. Why? because it is barely one year old and you know reputation matters when dealing with forex brokers. So while trading in Binance is sure to always be on the know-how about the companies operations. And the best way to do that is always participating in forums on Binance online. This kind of platforms can actually crush in a night time while you are sleeping…
Conclusion and verdict
Overall rating: (4.3 / 5)
Is Binance a good exchange? When we pull everything together and look at Binance objectively, the pros far outweigh the cons. This is more than can be said for some other competitors. The exchange’s low fees combined with the team’s proven knowledge of how to build a trading platform is enough to make it a major player.
It’s no wonder that success followed the service during its opening months. Add to this the ability to offer a truly worldwide service away from the grip of the Chinese government, and there’s not much to stop Beiji Technology. No fiat support is always a little frustrating, but it’s understandable in most circumstances.
If it can muster up some top class customer support and get rid of its odd technical issue, Binance is one to watch in 2018.
I hope you liked this review on Binance and that you found it helpful. If you have tried it please share your experience in the comment section below as it can help others. Also, if you got any other questions about this review I will be more than happy to answer them below.
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I wish you success!
Ephraim, trading enthusiast and team member on: