Binance is one of the world's most popular crypto currencies exchangers. Although this company is new enough, it has already managed to capture a huge market share in the world of cryptocurrencies because of its low fees and the huge choice of crypto coins.
In this review, I will try to provide the basic information that every person interested in cryptocurrencies must know. You will find information about the platform itself, its operation, which coins it accepts, fees, security and the Binance customer service department.
How do You get started with BINANCE?
To start using the services offered by BINANCE, you must first create an account. The account creation process is especially easy, you only need to add your email and password, confirm email received. First-level accounts do not require any document approval (first-level accounts can take up to 2 Bitcoins per day). To raise your account level up to the second (limit - 100 Bitcoins per day), you will need to submit your photo ID or passport and wait for it to be approved. If you want to withdraw more than 100 BTCs per day, you will need to contact support and request a raise limit.
After completing the form and/or verifying it, users can add to their BINANCE account. Although you can do this with a lot of cryptocurrencies support, I recommend using Ethereum or Bitcoin for supplements.
To add coins, you must click Funds and then the "Deposits Withdrawals" buttons (located on the right, at the top of the page) and select the currency you want to add to your account. Click on the 'DEPOSIT' button in the currency to expand an additional field in which you will see your unique wallet address. You can send the selected currency to this address (for example, if you choose Ethereum, send Ethereum, not any other currency).
When your choosen currencies will reach your account - you can start using the exchange services, investing in different cryptocurrencies pores. The Binance offer is particularly broad since Binance supports not only all of the largest cryptocurrencies, but also many ICO tokens.
When you place your purchase order, simply wait for it to be executed in accordance with the terms /prices you specify.
How does the exchange work?
For the first time visiting the Binance page, you will notice that Binance offers two different options for changing cryptocurrencies - simplified (basic) and advanced. Both the simplified version and the advanced may not be easy for the novice to understand, but people who already work at the exchangers and have at least some knowledge it should not be difficult to understand.
The main difference between the basic and advanced versions is that the advanced version offers a deeper technical analysis of currencies. Meanwhile, in the simplified version, you can see several charts and diagrams for the couples you want to change, the order book, and the history of the exchanges.
The simplified version looks like this:
The advanced version looks like this:
Supported Cryptocoins
One of the biggest Binance pluses is the very wide selection of cryptocoins and tokens. Trader can use the system to purchase Bitcoin, Bitcoin Cash, IOTA, Litecoin, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, NEO, Has, Zcash, Dash, Ripple and many more. As we mentioned before, you can find a lot of ICO listings that you can use to change.
A complete list of supported currencies: Coinmarketcap.com
Exchange rates and limits
At the time of writing, Binance charges an average of 0.1% of the tax on each change made by the user. Binance also offers Binance Token for exchange, which allows them to reduce their fees by another 50%! These are almost the lowest fees offered by any exchange.
The withdrawal fee depends on the currency you want to withdraw.
As for the limits - there is no limit that limits currency entry to the system, but unapproved accounts can be taken up to 2 BTCs per day, and approved - up to 100 BTC per day.
Security
Although Binance is a relatively new company, it is already considered very reliable on the global market.
Accounts, like in most other exchange offices, can be protected (recommended) by TFA (Two-factor Authentication).
Customer service
For the exchanger to be successful, a good customer service is a must. While Binance currently faces huge platform growth and consumer growth, the service department is working well enough. You can submit queries using a form embedded in their website.
So far, unfortunately, LIVE customer service is not available.
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