Binance (Best&Reliable) platform for Your cryptocurrencies.

Binance is an exchange formerly based in Hong Kong, which is one of the absolute giants in the industry.

It was launched in July 2017, and then after a while it turned into a real market leader of cryptocurrency exchanges. It is worth noting that the commercial department of Binance asked us to indicate that the company is based in Malta, and not in Hong Kong. Malta, along with Estonia and Gibraltar, is one of the few European countries that has developed clear licensing requirements for cryptocurrency exchanges.

Binance regularly places itself in the first place or at least in the top three exchanges with the largest trading volume in 24 hours, which means that this exchange is the most (or at least one of the most) reliable exchanges in the world. As of the date of the last update of this review (April 14, 2020, at the height of the COVID-19 crisis), Binance’s registered trading volume in 24 hours was US$ 4 billion (the highest in the world), and the trading volume in 30 days was US$ 139.7 billion (also the highest in the world). Binance is the best of the best cryptocurrency exchanges.

Trading Alternatives - Basic and Advanced

Binance exchange users have two trading options to choose from (in fact, the trading interface). The first one is called “basic” and is not suitable for people interested in more detailed technical analysis, which can be found in the “advanced” version. However, none of these interfaces can be called extremely easy to use. This is what the trading window looks like in basic trading:

As you can see from the picture, the bidding window in the basic version is quite simple in appearance and, accordingly, easy to understand. Most of the important information is placed on one page. On the left – prices, charts – in the middle (with buy and sell options) and on the right – history. The trading window in the advanced version looks like this:

In the advanced version, tables take up more space. As in the basic version, the trading history is located on the right. However, the purchase and sale sections here are in the lower right corner (and not centered at the bottom, as in the basic version). Of course, the choice of a suitable trading window is up to the trader himself.

Binance supports a huge number of cryptocurrencies, to be more precise – several hundred. Due to this, this exchange is one of the exchanges with the largest number of supported cryptocurrencies. Apparently, the platform also has some form of quality assurance system. This system ensures that projects that have ever been qualified for inclusion in the list, but were later determined not to meet such qualification requirements, are excluded from the list. So, on February 15, 2019, Binance decided to exclude the following five cryptocurrencies from its list: CloakCoin, Modum, SALT, Wings and Substratum.

In a letter to its users dated April 14, 2020, Binance announced the release of its OTC department (an acronym for the English phrase Over The Counter, which means “bypassing the counter”). Thanks to the trading portal for OTC trading (OTC transactions), you can make larger transactions without any risk of “slippage”, which we call price movement due to large transactions. There are no trading commissions on this over-the-counter trading portal, and settlements are made very quickly. The minimum transaction size for an over-the-counter trading portal is equivalent to $10,000, and initially 25 different coins and tokens will be available for trading. To start trading, users will only need an account on Binance.com, verified in accordance with the KYC procedure (level 2).

American investors

For a long time, Binance has allowed American investors to trade on its platform. But on June 13, 2019, they announced the future launch of the American version of the trading platform. The American version will be a centralized exchange for the exchange between fiat currency and cryptocurrency. On September 12, 2019, they implemented their statement and banned American investors from using the main Binance platform: “After 90 days, starting from 12.09.2019, users who do not comply with the Binance Terms of Use will still have access to their wallets and funds, but will no longer be able to trade or make deposits on Binance “. Binance CEO Changpeng Zhao tweeted about it, saying, “short-term pain may be necessary for long-term gain.”

Binance also has so-called “Binance Landing Products“. With their help, you can block certain assets for a while, and then receive interest on such blocked assets. On September 19, 2019, Binance released landing products with a fixed 14-day period, within which you receive interest by blocking assets for only 14 days. Below you can see some figures regarding the possible profit when blocked in BNB, BTC and USDT tokens for 14 days:

Futures trading

Team

The team of this exchange consists of specialists in all possible issues. The CEO of Binance is actually one of the leading figures of the entire cryptocurrency industry (along with Satoshi Nakamoto and Vitalik Buterin).

Commissions are an important aspect that should be studied on any exchange. Each transaction takes place between two parties: the order creator (maker), whose order is already in the order book before the transaction, and the buyer (taker), who places an order that corresponds to the maker’s order (or who “accepts” it). We call makers “makers” because their orders create (from English – make) liquidity in the market. Takers are those who “take” this liquidity by matching the makers’ orders with their own. The model of interaction between makers and takers contributes to the liquidity of the market, since the makers who provide this liquidity often pay lower commissions compared to takers (commission discounts). At the same time, there are a number of top exchanges that do not charge takers and makers commissions of different sizes. We often call such commissions “fixed”.

Binance charges a fixed trading commission of 0.10%. Accordingly, it does not matter to Binance whether you act as a taker or a maker. For investors who prefer to work with existing orders from the order book, such a model of trading commissions can be very attractive. Binance’s trading commissions are well below the industry average, which is about 0.25%. The size of the trading commission can also be reduced based on your trading volumes, as well as the availability of your own Binance token (BNB) in the way indicated in the table below:

Deposit methods

Previously, Binance accepted deposits exclusively in cryptocurrencies, denying credit cards as a method of depositing funds. Based on this, new crypto investors did not have the opportunity to trade here. Nevertheless, on January 31, 2019, the exchange announced the possibility of making deposits from credit cards under certain circumstances. The exchange has joined forces with a payment company from Israel – Simplex. This allowed Binance users to buy Bitcoin, Ethereum, Litecoin and Ripple using Visa or MasterCard credit cards. However, this deposit method is not available for countries included in the sanctions lists (such as Iraq, North Korea, Syria, Afghanistan, Libya), as well as for residents of any of the following six US states: New York, Connecticut, Washington, New Mexico, Georgia and Hawaii.

Simplex charges a commission of 3.5% for each transaction. Therefore, if you want to buy bitcoin for $10,000, Simplex will charge you a commission of $350 (plus a minimum fixed fee of $10).

Moreover, on December 26, 2019, Binance announced that they now allow you to attach a Visa card directly to your account and buy cryptocurrency from the card directly from the Binance platform (without having to use Simplex and pay a 3.5% commission). At the moment, this applies only to VISA cards issued in the EEA, and only cardholders in the following countries: Great Britain, Germany, France, Netherlands, Poland, Sweden, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Romania, Slovakia, Slovenia, Spain, Iceland, Liechtenstein and Norway.

Liquidity is very important for all exchanges, cryptocurrency exchanges and even stock exchanges. The above exchange really has good liquidity.

This Post Has 9 Comments

  1. Andrew

    Great review!
    Binance also has so-called brokers with end-to-end liquidity, through brokers you can trade those countries that are prohibited from trading on Binance (for example, Belarusians).

  2. Dan Ac8904

    Clearly losing to CME.

    1. Volahub

      And are there a lot of crypto assets on CME? One Bitcoin Futures
      And crypto assets worthy of investment — at least a couple hundred

  3. Vicky

    if there are not enough tools, go to NYSE

  4. Den Ac8904

    crypto assets are not traded there either. It’s stupid to send to the bread shop for a vacuum cleaner 😉

  5. Den Ac8904

    why trade shit when fresh food is available )

  6. Vicky

    only someone who knows nothing about them at all can call crypto assets shit. Last week, US banks were allowed to provide custodial services for cryptocurrency assets. Tell them what kind of shit it is.

    1. Den Ac8904

      banks are the same shit. No sane trader of normal instruments will climb to trade the crypt. That’s what you traded before?.

      1. Vicky

        all shit. Are you depressed or something? :-))
        I’ve traded everything from Russian stocks and futures to forex.
        Cryptocurrencies are the same normal tool for trading, and more predictable. You just need to strain your brain and figure out what it is.

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