Binance Review – All you need to know about Binance Cryptocurrency Exchange
Ever since the pioneering idea of cryptocurrency has evolved and spread its roots, many people have gained an unbelievable and lucrative return on investment. If you have heard about Bitcoin (BTC), Litecoin(LTC), Ripple(XRP) or Ethereum(ETH) and its success stories and want to step in the world of Cryptocurrency to get amazing results, this post is for you. Apart from the big names listed above, Binance is a cryptocurrency which is in the limelight right now owing to its rapid growth. Whether you are a professional investor or a beginner, this company offers a wide range of tools to suffice your expectations and buy or sell cryptocurrency securely through its Blockchain. Here is a detailed and unbiased Binance review to streamline your focus on the exchange platform and help you decide on it.
How does Binance exchange work?
Getting started with this exchange is extremely easy, thanks to its relatively clean interface and a Binance app feature. To use the novice and advance trading tools offered by this Chinese company, the user will first have to create an account which is a simple and straightforward process. First, you have to provide some basic details like Email along with choosing a password. Verify the Email which you receive from them and you are good to go with the login process. This is level 1 where you are limited to 2 Bitcoin (BTC) withdrawals daily. For level 2 which allows 100 BTC withdrawals, you have to upload your Photo identity and wait for it until it is approved. Even, there is more advanced and higher limit but you have to contact Binance team for that. However, the level looks clear to you, the interface is not something which you will be able to understand and adept at the first time. People with digital background and cryptocurrency knowledge may also find themselves in a difficult position at the initial stages. The best you can do is to download the free Binance app on your Android or iOS device and look for the basic or advanced version on the go. The Advanced version offers extensive detailed technical analysis with several cryptocurrency charts and graphs unlike the basic one. But, if you are new to Cryptocurrency, the Basic version will be the best option for you.
Why use Binance Exchange platform?
The most peculiar thing which makes this platform apart from others is its low transaction and conversion fee. The professional traders and investors find it must simpler and affordable to use the website for daily transaction and usage. Apart from its Android app or iOS app, it also has a desktop app which is meant to endow you every minute details with its charts and advanced graphs. While dozens of small scale and medium scale industries have fundraised about $500 millions with ICOs, it is quite an imperative decision to look for some of them in Binance. This popular cryptocurrency exchange giant is emerging in all direction every single day and you can find the company in the top 10 list in terms of exchange by volume. The point to consider is that it reached this milestone in just 6 months and in the near future, you can expect it to be one of the most significant and biggest cryptocurrency exchange platforms in the world for transactions with altcoins.
Major advantages of Binance coin Exchange
With a bright future, the low trading fees and rapid transaction processing system makes it a great choice. Binance cryptocurrency exchange cost a trading fee of only 0.1% and if you have a BNB you can reduce it even further by 50% temporarily. BNB is the coin exchange which the company provides. Apart from the low exchange fees, it has multi-language support and high liquidity. With its high liquidity, you can easily convert the digital assets while dealing with a number of Cryptocurrencies. Multitasking and flawless user experience make it very simple for the user to exchange to major cryptocurrency like Bitcoin (BTC), Ripple (XRP), Ethereum(ETH) and Litecoin (LTC) without any problem. The proven track record signifies that the app is safe and a very low deposit time. The significant difference between the processing speed and its deposit fees speaks about its credibility and ensures that the user gets the most out of it.
Technical benefits of Binance app
With its secure Blockchain to carry out millions of transaction daily, Binance app offers ultra high performance which is capable of handling 1.4 million orders in just one second. You can trade in a variety of coins and is compatible with many devices and is not just limited to Android and iOS devices. The platform secure and fast performance makes it easier for the traders to carry out transactions efficiently while dealing with many crypto exchanges. Apart from the multilingual and multi-device support, the Blockchain is created by great developers from China and is managed by Changpeng Zhao. With 1.4 million exchanges supporting system, the company claims its website to be the fastest Crypto exchange platform in the entire world. The supreme Technology which is articulated with multi-cluster and multi-tier Architecture is a boon for advanced users. This cryptocurrency exchange platform works in different languages other than English like Chinese, Korean and Japanese. Also, the reward programs and augmenting additional features are adding to the innovation and usefulness of this exchange platform
How much is the Binance deposit fees and Binance exchange fees?
In this review, we have covered all the trading fees and cryptocurrency list. So, let’s plunge into the major crypto exchanges and look for the Binance withdrawal fees. One of the most positive points about the company is that there is no deposit fee included. So, you can many any deposit to the mobile app without worrying about paying extra money. The transaction and conversion fee is just 0.1 % which decreases by a single fold every subsequent year. So with BNB, it gives you a discount of 50 % for the first year and 25% for the next year, 12.5% for the next subsequent year, 6.25% for the fourth year and no discount after that. The withdrawal fees for the major Cryptocurrencies are as follows:
- BNB – Binance Minimum Withdrawal: 2; Transaction fees: 0.77 BNB
- BTC – Bitcoin Minimum Withdrawal: 0.002; Transaction fees: 0.001 BTC
- LTC – Litecoin Minimum Withdrawal: 0.02; Transaction fees: 0.01 LTC
- NEO – NEO Minimum Withdrawal: 1; Transaction fees: 0 NEO
- ETH – Ethereum Minimum Withdrawal: 0.1; Transaction fees: 0.01 ETH
- BTM – Bythom Minimum Withdrawal: 10; Transaction fees: 5 BTM
- GAS – NeoGas Minimum Withdrawal: 0.001; Transaction fees: 0 GAS
- QTUM – Qtum Minimum Withdrawal: 0.02; Transaction fees: 0.01 QTUM
- BCC – Bitcoin Cash Minimum Withdrawal: 0.002; Transaction fees: 0.001 BCC
- BNT – Bancor Minimum Withdrawal: 2.4; Transaction fees: 1.5 BNT
- KNC – KyberNetwork Minimum Withdrawal: 4; Transaction fees: 2.9 KNC
- XRP – Ripple Minimum Withdrawal: 22; Transaction fees: 0.25 XRP
It endows other crypto exchanges as well and at a much lesser Transaction and withdrawal fees. Compared to Other Company, the exchange fees are literally the cheapest out there. They offer many amenities to the traders which even includes to Turn On or OFF the ability to pay through the Binance coin (BNB).
Using Binance Bitcoin cash using the Binance interface
Bitcoin, the most innovative and the most popular cryptocurrency on the market can easily be exchanged on the platform with a minimal transaction fee. However, if you are at level 1, you will be limited to 2 BNB withdrawals per day but as you level up you can see yourself transacting millions of worth of cryptocurrency in the platform at a single time. Downloading its app and registering on it will not even cost you a single dime. So, you can be assured that you get the most of the free Android app or iOS app as you can observe the alerting transactions fees of exchanging for Bitcoins or to Bitcoin. The Binance network for Bitcoin work for a trading fee of 0.1 % and the minimum withdrawal is just 0.002. The transactions fees vary every time and once you find yourself comfortable using the complex charts, you will be able to make the most appropriate and wise decisions for yourself. The fees incurred for the exchange to Bitcoin can be paid using its coin BNB. In spite of its fluctuating value, it is an ultimate way for Bitcoin Crypto exchanges.
Overview of the Binance exchange company
The Binance is surging in terms of popularity and performance at a very fast rate and this is all because of the strong and its dedicated team. The exchange website can assist you with all the day to day activities regardless of your knowledge about cryptocurrency. This means that there is a different interface for beginners and basic users while an advanced interface and features like margin trading for professional traders who know a lot about cryptocurrency and Blockchain. Binance is derived from clubbing two words Binary and Finance. The platform is capable of processing about 1,400,000 of cryptocurrency exchange in one second making the platform the fastest and the biggest Exchange platform. The platform immersed in the pool of popularity after the buzz triggered about Yi He of joining the Binance Company in August 2017. Yi He was the co-founder of OKCoin and is known as a professional and expert Cryptocurrency evangelist. The buzz about her joining the company lifted the overall market share of the company to more than 40 %. This happened because she is recognized as an influential person in raising the overall online economy of China. After resigning from OKCoin he moved to work for Yixia technology at the end of 2015. She served as a vice president there and then launched the broadcasting platform from China which surged a massive growth in the same year. So, his joining in this cryptocurrency exchange platform made the investors and traders believe that the future of the company is surely something exceptional. Because of this, the share of Binance coin in the crypto market went up by 40 percent which is considered to be one of the biggest growths in the crypto history. Other developers and managing team have worked on leading companies like Morgan Stanley, Accenture, SBI group and Nomura. The intentions of the reputable and experienced developers are working to reach their ambitions of creating a decentralized network and ICO platform to attract more clients and making it easy for them to use the platform. It is also backed by strong and reputable people and organizations in the cryptocurrency network so the chances of this exchange being Scam are almost negligible.
What can we expect from Binance coin exchange?
With a perfect developer team and safe and stable platform, you can ensure that the transaction will be fats and be free from any glitches. However, being a new platform there is frequent maintenance break to remove the glitches but, this problem is definitely going to be fixed in the future. If you have missed ICOs and want to be among the dozens of the startups who have fundraised using many popular and reliable ICOs then you can consider Binance for it. The company platform does not support FIAT wired deposits and you would not be able to covert Cryptocurrency using the USD, Hong Kong dollar, INR, Euros, CNY and other currencies. But, one thing which you can definitely expect from the website is that the investment through their exchange is surely going to bring lucrative and prolific results. This can be made evident because it is the only cryptocurrency exchange platform which offers the fastest processing speed and reached the list of top 10 largest crypto exchange networks in just 5 months. Apart from the high data throughput of the upright website, the transactions details and credentials can never be stolen by hackers due to its multi-tier and multi-cluster Blockchain.
What is Binance?
Binance is a growing Cryptocurrency exchange Chinese company which is primarily based in Japan and known for its robust trading tools and low transaction fees. While many startups have begun fundraising through its successful Initial coin offering (ICO) and meticulously designed interface, it definitely looks like it has a good future and is surely something for the investors to consider. This exchange started in July 2017 but is penetrating the mind of many professional traders due to its advanced features and low trading fees. While the company sounds like an entrant in the market, the impressive numbers of initial coin offering and the Binance charts have turned many online Cryptocurrency traders to it. This cryptocurrency exchange is expanding popularly with many complex options like margin trading and is compatible with most of the platforms like Android, Web, HTML5, iOS, WeChat and PC client. In this review, we will cover everything about Binance including the trading fees and the customer support.
How to open a Binance account hassle-free?
For starting trading using Binance, all you have to do is to visit the website portal by Clicking HERE and follow some really easy steps. The best thing about the company is that it does not ask for personal details apart from Email ID to register. Here, are the few steps to follow to start the journey with their outstanding features and move ahead with its efficient Crypto exchange network.
- First of all, you need to register yourself on the main website by visiting binance.com. Creating a new account is very simple on this platform as you just need a valid email address.
- Once you enter the Email address and choose the passwords, there will be an option for entering the Referral code if any. You can enter your friend’s referral ID where your friend can earn 50 % of your trading fees as their commission. So with Binance, your friend can actually earn some money as you progress and trade for your favorite crypto exchanges in the real time. This means whatever you trade and how much you trade; half of that amount will be given to your referrer in the real time as you trade.
- After entering the details, you will receive an email verification link from Binance. By clicking on the link, your email will be verified and your account will be created. It is that simple.
- Once the account has been created, you can log in with your credential in the Biancne.com website or download the Android app or iOS app as per your device and need. There is even a desktop app which allows you to monitor and work on the cryptocurrency exchange at a faster pace and with a clean and user-friendly interface.
- Due to high phishing attempts on the internet especially for getting personal details of users on these Cryptocurrency websites, it is necessary to look for the complete URL and the https protocol. Phishing website is usually to get your Binance credential and personal details like credit card information, contact number, email address, passwords, etc. by creating a similar replica of the original website. So, if the website URL is even slightly different from the original URL or does not have the https protocol, it is surely a fake website to get your confidential details.
How to deposit funds on the Binance exchange?
As you have created an account now, the way of depositing fund with your favorite cryptocurrency is also very simple if you follow this step by step process.
- Now to deposit funds into your Binance account, you have to move to the “funds” tab and click on “Deposits/withdrawal”. As you navigate to the deposit page, you will find a list of supported Cryptocurrencies which you can deposit. In the cryptocurrency list, you can choose the cryptocurrency you like to deposit and click on the deposit.
- Bitcoin is usually at the top followed by other Cryptocurrencies which you can trade on. There are many numbers of cryptocurrency which are supported and the list is lengthening every week. Now, for every Cryptocurrency you select on the website, you can find the deposit address. Make sure you use this Binance deposit address so you don’t lose the funds at any cost.
- For this, you can either use and copy the alphanumeric code which is listed on a box or use the QR code for depositing your funds. This is actually the address which will help you send your funds. Hence, the app is a great option as you don’t need to worry about the big alphanumeric code and simply scan the QR code for depositing money.
- So, with this deposit address, you can send the funds from that cryptocurrency with a rapid processing rate while staying safe. Whether you use some different exchange platform or a third party wallet, the process remains simple as you can use the deposit address or the QR code to send the funds to your Binance account.
- The deposit time is so fast that after confirming the deposit it will not take more than a couple of minutes to process the order. Once the order is processed, it will reflect instantly on your available and tradable balance. If it is not confirmed yet, this usually happens for few minutes, you can see it in the “Order” tab.
- Once the funds have arrived from your desired cryptocurrency, it can be used for trading.
How to start trading on the Binance platform?
Trading in this exchange platform is secure and fast due to its multi-cluster Blockchain and architecture. With a low transaction fee, you can be assured that you invest in something great without thinking much. Here, are the steps for trading flawlessly on Binance.
- To start with the trading from the deposit money, first, you have to head to the “Exchange” tab and choose the basic or advanced button. The basic is a simple and a great way to start for the people who are new to cryptocurrency as the advanced interface will be extremely difficult for them to adapt and understand. The advanced interface comprises of many complex charts which can allow the user features like margin trading, multiple graphs for monitoring all major Cryptocurrency deeply and effectively.
- While considering the basic page for easy UI, you can select the trade from the trading pairs tab as and when you want.
- If you have selected Bitcoin for depositing funds into your Binance account, you can use those funds for trading in many different Cryptocurrencies as it is supported by many altcoins. It is also possible for Bitcoin to use Ethereum as the base of the trading in pairs.
- You can use the BNB option which is the coin to exchange at half the trading fees. BNB can be used to buy and exchange both Bitcoin and Ethereum.
- After that you have decided on the main part about the trading pair, you simply have to enter the amount of the Cryptocurrency which you desire to purchase and set the amount of BNB you are willing to spend on it.
- Once you made the choice for the amount you want to trade, you have to click on the Buy button on the website which will complete the desired transaction.
- As soon as you purchase the new cryptocurrency on Binance exchange platform, you can see that amount and its estimate on the fund’s tab.
- Now if you want to withdraw funds or see the present amount, you have to do further account verification.
Securing your account with Binance 2FA feature
The dedicated team at Binance gives utmost attention to the security and hence, they came up with the 2-Factor Authentication. As a secure platform has become a necessity for online transaction and to stay away from the sight of hackers, it is essential to have some features like this which is dynamic and reliable. This feature is a secondary password which changes every 30 seconds making it impossible for any hacker to detect your password and use your account. The 6 digit code can act as an obstacle for the hacker even if they get your Password and Email ID. While many other Cryptocurrencies and 2 step verification use Google Authenticator, Binance uses 2FA feature for a specific purpose. The problem with Google Authenticator is that it cannot be used for Backing up the account. So, if you lose your phone or format your PC, your complete data will be lost. But, with 2-factor authentication, we can be assured that you can recover your data and use the account on multiple devices which is not possible with Google Authenticator. So, due to multi-device support and back up feature, 2- factor authentication is a better and recommended feature that their users must use as soon as they register on the exchange platform. So as you know about the security features of this credible website, you don’t need to ask the internet every time is Binance safe? Apart from the low fee, you can rely on its safety and stability as well. With 2FA you can’t simple access the code on different devices until you have the unique backup code saved. So no hackers can use or attack your account as they will not be able to pass through the 2-Factor authenticator with their device. To set up the Binance 2FA feature, simply follow these easy steps.
- Navigate to https://authy.com/download/ for downloading the application to your device. It is named as the Authy app.
- After you start the app, press the plus sign in the middle of the phone screen. (The interface can be a bit different for iOS devices)
- After you click the +, you will be asked to add a backup account along with a backup password to recover your Binance account later when required.
- After this step, you need to login to your account and click on Enable which is placed at the side of the Google Authentication option. Now, you will be needed to jot down that 2FA secure key on a paper other than your device so that you can import to various other Authentication application when required.
- On Authy, there is a QR code which you can press and scan for security purposes. Now, you simply have to enter the 2FA key and password on the below text box and press submit for the Authentication process to be confirmed and completed.
The Authy is much better than GAuth for a variety of reason which we have discussed above. So, you must enable this 2FA feature so that you can blame anything wrong that happens on the Binance Company.
Multi verification levels on the Binance Exchange platform
If you are more than a beginner in Binance and want to trade more and enhance your Withdrawal limit then you have to increase your levels which are done by proving your identity. Verifications levels are there to keep the users and from any problem and are a great initiative by the Binance developer’s team. However, the verification is a bit of a pain, but the result is very healthy and pleasing too. These are basically to ensure that there are no unwanted trades on the Binance platform. You start with the level 1 where you are limited to 2 BTC withdrawals in 24 hours and it is considered to be a good limit for beginners. But, if you want to increase the amount of withdrawal further, you have to level up on Binance. This can be done by providing a photo identify and along with other personal details and enabling the 2-Factor authentication feature. When you reach the level 2, the limit is greatly augmented to 100 BTC withdrawals in a day. Nevertheless, this is a great limit where you can do millions of transaction in a day; there are people who want the limit to be even more. This can be done by moving to level 3. For increasing your level further from level 2, you need to contact the tram of Binance and specify your needs. However, the Binance coin exchange platform is capable of handling such high transaction, but for security and authenticating purposes, they have put a barrier at level 3. After asking the approval of the developers, you can move ahead and withdraw more than 100 BTC in 24 hours.
Additional features of the Binance exchange
Not just the 2FA feature and margin trading, but it has many other features as well making it easy for the regular traders to carry on with the trading process. Moving to different and higher tier can be advantageous in Binance, but the API private key feature is even more interesting and beneficial. By adding the API private key, you can access the Binance exchange platform from various third-party websites and apps which you consider as secure. So, this will add to your comfort as with a mobile app you can transfer and use the Binance platform at a low Binance withdrawal time and from one device to a different device. The ability for the registered user to turn on and off the payment through BNB is also a good feature. While keeping payment through BNB On, you can transact at a trading fee which is 50 percent less than you can with keeping the payment through BNB OFF. There is a WeChat service for the customers where we can have a live chat with their executive and support team. So, the problems won’t last long with these features and determined team support. Even, if the demand for the customer support is high, you can ensure that the reply will come in maximum 24 hours time. The multilingual Binance platform supports an extensive list of languages like Chinese, Spanish, Korean, English, Japanese, German, and French and is even incorporating more languages.
How do I buy Bitcoin with Binance?
Binance is a better alternative to Bittrex and Poloniex when it comes to dealing with Cryptocurrencies and additional features. But, the problem with the company is that it does not provide cryptocurrency/fiat parings. So, the feature of trading pairs where you can sell Bitcoin with Binance and buy Bitcoin with it is currently not possible. You have to look for something else when it comes to buying Bitcoins with USD, Euros, INR, YEN, etc. But, in the days to come, we can expect this feature to be available to the traders. There are platforms which allow crypto/fiat trades but Bitcoin has made it very clear that it will not support any feature which makes them incorporate fiat trades. But, it is a platform which allows the user to buy BTC without any hassle and at a low trading and withdrawal limit. However, while using Binance cash, you have to make sure that the alphanumeric code is exactly the same when you are depositing funds into your account or its application. The developers at Binance are very keen on providing the utmost and advanced features to the traders so that they can be able to monitor the charts properly and use the exchange to buy Bitcoin and other Cryptocurrencies.
How to trade with Ripple on Binance?
After registering on this platform, you can use the deposit address on the deposit tab and exchange Binance from Ripple. Ripple is a cryptocurrency and a payment system with a secured Blockchain which allows you to make multiple transactions easily and at a lower cost compared to other currency. Buying ripple is a simple process for low trading fees and the Transaction fees for that is also minimal. But, buying Ripple on the Binance account can be possible only with USD if you want at the best rate. The amount for trading with Ripple has a present minimum withdrawal limit of 22 XRP. The transactions fees of 0.25 XRP and the minimum withdrawal for Ripple is way less than other exchange platforms making it is a great choice for new traders.
Binance vs. Bittrex: Which exchange platform is better?
Bittrex was a popular exchange platform but due to technical glitches, high trading fees and scope for better alternatives have moved many professional traders to other options. But still, there are many traders who don’t know about Binance, where you can trade on a better interface at a much low trading rate and withdrawal time. The worst thing about Bittrex is the poor customer support where if you submit a ticket for your grievance, there are chances that you won’t even get a reply. However, one thing about Bittrex which we have to consider on its side is its great coin selection. Bitfinex is also becoming popular over Bittrex as we can trade securely without any problem or glitches. But, when Binance came into the picture late in July 2017, many traders turned to it because of its low trading fees and zero deposit fees. Although this makes it easy for the traders to sell and buy cryptocurrency easily and efficiently, there is more to know about this company over Bittrex and how it is a deal breaker. Here, in this exchange review, we will look deeply into the comparison between Binance and Bittrex and consider all the important aspects.
Registering, verification and getting started
When it comes to signing up, it is definitely difficult to say which one is better. Signing up and verifying your account is fast on both the exchange platform and requires much less personal details if you want to stay in the first tier. But, when you are concerned about reaching higher tiers, things are much easier to handle with the Binance exchange platform. If you want to level up and get to a higher tier on Bittrex, you have to face the indolent customer support and their demands. Their customer support replies to your request and complains every third or fourth day. So, it can be very frustrating at times when you are stuck somewhere on the platform. For leveling up on Bittrex, you need to submit and do some troublesome task like holding a photo ID in your hand and uploading the photo and waiting for their prolonged reply. While at Binance, you are initially entitled to withdraw up to 2 BTC every day higher than the limit offered by Bittrex initially even without any verification. If you want to level up further, you need to submit a photocopy of your identity with your name and country of origin. By reaching level 2 on this trading website, you will be able to withdraw 100 BTC in 24 hours and you can go even further. For higher withdrawals, you need to contact their support team and give the reason for your daily more withdrawals. Overall, the verification process for higher tiers is very simple and the dedicated staff at the company is friendly and devoted to meet your goals and clear your doubts as soon as possible. With this company, you can be assured of swift and prompt reply within few hours of posting your question or for verification.
Trading fees and withdrawal time
As we have discussed, Binance exchange platform doesn’t demand any deposit fees and the trading fees are many times less than offered by Bittrex. However, the trading fees of Bittrex are not extravagant but it is 5 times more than what we are supposed to pay on the former trading platform. Binance is popular because of its low trading fee which is just 0.1% for investing and transacting with any trading pair. And, if you use coin BNB for it, you can save 50 percent more on the trading fees. So, the trading fee percentage is almost negligible with Binance at 0.05 %. On the other hand, when it comes to Bittrex, the trading fees of 0.25 percent per transaction can turn to be significantly higher than Binance with your daily transactions.
Available coins and trading pairs
Bittrex exchange was started a lot earlier than Binance and has a list of many available coins and it is extremely difficult for new coins to find a way in the Bittrex platform. This is definitely a plus point of Bittrex but Binance is also not much behind the former one. You can trade for a number of coins on Bittrex against the major cryptocurrency of Bitcoin, Ether, Litecoin, and USDT. Bittrex has in total 269 trading pairs to ensure you always get something which you are looking for. But, we can’t underestimate Binance as well, because, in just a span of 6 months, it has worked to involve 148 trading pairs. Not just this, you get to transact with NEO and GAS as well while paying a dime as their transaction charges.
Exchange platform and security
Bittrex is a US-based cryptocurrency exchange platform which was founded many years back unlike Binance which is quite new in the market. So, when it comes to trust and reliability, Bittrex has definitely an edge over it. But, the problem with Bittrex is not just a few when compared with other exchange platforms. Apart from the technical glitches, server shutdown, and high trading fees, the company offers very less tradable coins. Obviously, there is no doubt about the website integrity and security but you will be able to trade only in Bitcoins, Litecoin and Ethereum. While Binance gives you the entitlement to trade in various coins and is not just limited to Bitcoin, Ether, and Litecoin. The different basic and advanced interface and 2FA feature allow the user an extra layer of security and usability. The exchange network on this website is able to handle and process over 1,400,000 transactions is one second making it the fastest and performance oriented platform. Bittrex also has two level protections to ensure top-notch security and has a proven track record where it has never been hacked similar to the former trading network. But, its multi-cluster architecture has also ensured complete stability and zero transaction errors. The website glitches and bugs have always been a problem with Bittrex and talking to their customer support is the biggest challenge. Nevertheless, Bittrex wins over Binance when it comes to UI/UX design as it is a bit difficult for beginners to understand the interface and design of the website and work at initial stages. But, an addition of a tutorial video for newbies will be a great addition for the company to make this all on their side. They are on the verge of this where they are introducing a Binance guide feature to help the beginners find the way and start with the great crypto trading process on Binance. Along with the new implementation of the company of stop loss and take profit feature on the exchange platform and the guide, the things will be well sorted for the beginners as well as regular and professional traders.
Trading Web app and platform
The biggest problem which the Bittrex users face is the lack of responsive design and interactivity on the site. It can surely not be among the top websites created on the internet as it is full of small yet annoying glitches. Apart from this, it does not have any official Android or iOS app making Binance a clear cut winner on this part. With the Android app or iOS app, it is substantially easier to monitor the complex charts, deposit funds and trade with the desired coins. So, with this company, you just need a Smartphone with an internet connection to trade anywhere securely.
So, when it comes to Binance vs. Bittrex, Binance wins in almost all the aspects. Not just it has an official web application but it endows optimum performance, low trading and transaction fees, more safety, better customer support, more tradable coins, web application, better platform, secure architecture and other reliable features, it is something which has definitely an edge over Bittrex. This is the reason why many professional traders have moved from Bittrex to Binance. A makeover with the interface and the upcoming guide will just add up customers to its ultra-fast trading platform.
Is Binance Scam?
Before investing in something or giving our personal details, we always check the website integrity. Is Binance legal? If you are confused about this and want an indiscreet answer which you can trust, we have got you covered. As we know now about the background of the company, we can say that it is a legitimate exchange website. Over the period of six months, it has proved itself as a trustworthy company by offering a secure platform to trade with various cryptocurrency coins at a great rate on the market. Binance is a Chinese based exchange platform which was founded in July 2017. But today, you can find the exchange company in the top 10 list of largest exchange network on any website. With the large and credible customer support, you can be guaranteed that there will hardly be any problem while transacting on the problem. The support team of this company works with perseverance and spontaneity to address all your issues within few hours so that you never get stuck on a problem for a long time. Through its high processing speed and low trading fee, it has turned many customers towards itself.
The only problem with the network is that people are still confused about the website and are still using Bittrex and Poloniex. But, when we compared the platform with another platform like Bittrex, Bitfinex, and Poloniex, Binance is considered as a better option as all their customer are backed by a strong supporting team. Although it is new on the market, it is a genuine exchange website which allows high withdrawal and transactions at an extremely reasonable rate. It uses a multi-tier platform and also a multi-cluster environment which saves us from hackers and provides exceptional stability. Apart from this, the stop limit feature and the 2- factor authentication offer premium advantages and security. It will be relevant to say that it is the fastest growing crypto exchange platform in the crypto world not just because of its low transaction fees but also because of its ultra-secure environment. The well qualified and experienced Developers at Binance always strive to provide utmost user experience by implementing innovative and improved features. As we have discussed 2FA as a double security check for avoiding hacking attempts, the stop limit features allow us to sell or buy the coins at the best rate when it reaches the stop price. This is an innovative step taken by the developers to ensure that their clients get the most out of their usage on the website.
The phishing issues with Binance and how to avoid them?
Binance is a secure platform which allows us to transact in a number of coins with various trading pairs at the best rate. Although we cannot be 100 percent sure about its legitimacy, the chance of it being a fraud company is also almost negligible. Until now, there has hardly been any case where any of it customer has alleged it to be a fake and acquisitive company. So with the positive review from its clients and its past track record, you can trade effortlessly on the Binance exchange platform. The thing which can be a barrier especially for beginners is the large phishing attempts which take place in the name of the original company. There are many counterfeiters who use phishing attempt to get your credential and personal details by creating a look-alike of the original website. To stay away from phishing and pharming attacks, you have to avoid the fraudulent emails or look for the complete URL and https protocol. Also, you have to careful while going to the website from its affiliate URL. Although many precautionary measures are taken up by the Company, you have to careful while dealing with such fraudulent pages so that you don’t end up giving your credentials. The main problem with Binance is the complex technical interface of the website which confuses many people to do any transactions on the exchange platform. But, with the implementation of the Binance guide for newcomers, such issues can really be prevented.
What security protocol does Binance use?
It is clearly evident with the multi-cluster and tier network that the Binance Company endows top most priority to security. There are many complex protocols which are followed by the developers there so that the users can stay away from the frauds and hacking attacks. The exchange platform uses an ISO/ICO 27001:2013 and other security protocols like CCSS in their architecture along with 2 step authentication feature like 2FA and Google Authenticator for security reasons and verified withdrawals. Even, if a hacker gets your password, he will not be able to enter your account. So, you will never need to worry about Binance and the withdrawals because of its finest and secure platform.
Problems with the Binance exchange platform
Regardless of the fact that you don’t need to worry about the transaction fees and security while trading on Binance, you still can be a little annoyed because of a few glitches and maintenance breaks on the websites. However, the glitches are not much big but your digital asset exchange can be affected a lot by these glitches. The reason can be that the exchange platform is still new to the market and trying to improve each and every day. The developer and support team always make sure that the maintenance break does not last for long to foster the performance and seamless experience to their clients. Many people complain about the technical glitches like a faulty SMS confirmation or defective 2FA verification. A few customers have faced issue pertaining to funds deposit and withdrawing. All these things have turned people down and caused allegations towards it as a fraud. But, a thing to consider is the developer team is always keen on improving and resolving such bugs. The poor UI/UX design for beginners also causes people to avoid trading on this platform. The lack of knowledge for using the website is the biggest challenge for their team which they want to uproot. For this, they will soon be seen coming with the Binance guide feature which will act as a tutorial to help the beginners with the interface. Other problems like withdrawal delays with the Android app and irregularity in the trading platform are yet to be addressed by the developer team. It also stores the IP address of the device you are using and has some other problems which restrict proper viability.
Upcoming features and fixes of Binance
While there is a room for improvement and modification, this Chinese company will soon be seen with some advanced features and a better interface to reduce the glitches and to foster performance. While there is no official timeline announced by them, you may see them in the near future. The decentralized exchange of Bitcoin and other names will be the one at which the Binance are looking at. However, the objective is vast and may take years to achieve but with a secured Blockchain and on-chain exchange, you can control all the digital assets and can enable global trades. The benefits of Decentralized exchange can be huge and this will be a revolutionary change in the exchange platform. They are also looking at advanced features like spot trading and margin trading where the users will have the privilege of buying one currency and selling another at a high profit. The entitlement to leverage and more funds can be possible with margin trading. Margin trading is a feature where the users can buy currencies of more amount than they actually have in their account. Another important feature which the Binance users really want is the anonymous trading system. As the company stores the IP address of the user, it is difficult to maintain complete anonymity and process instant exchange. So, with this upcoming feature, their traders and patrons are surely going to more comfortable with the exchange process. The guide features will improve the interactivity of the user by making the beginners aware of the platform.
Pros and Cons of Binance
Binance offers a list of advantages making it one of the biggest exchange platforms in the crypto world.
- Low transaction and trading fees
- Better than platforms like Bittrex, Poloniex, and Bitfinex
- Fastest processing speed with about 1.4 millions processes per sec.
- Strong liquidity
- Low withdrawal limits for beginners
- Multi-language platform feature.
- Different basic and advance exchange interface
- Extensive rewards program and updates
- Reliable and experienced developers and support team
- Binance coin BNB for dwindling trading fees
- Safe and stable exchange platform
Although it has one of the best features and security, there are few cons which constraints some users for trading on this network.
- Chinese company situated in Japan
- Fairly new platform making it difficult to trust
- Few technical glitches like a faulty 2FA feature
- Withdrawal delay and bugs on the mobile platform
- Complex user interface for beginners
The Binance Company is a bit new to the market but has reached some milestones which even the old competitors have not reached yet. This exchange furnishes supreme processing speed with its exchange network to handle 1.4 million transactions in just a second. Although they don’t accept fiat wired deposit, there are other great features which compensate for its absence. Binance is growing at an incredible speed but, there are few other exchanges which can be better for many people. But with the low trading fees and excellent customer support, it will not be much to say that it is the top emerging crypto exchange giant.