Binance Review
Changpeng Zhao, better known as CZ, is a Chinese entrepreneur who founded Binance. CZ had previously served as a major member of Blockchain.info’s crypto wallet team and had built software for high-volume cryptocurrency trading.
Binance began operations in China in 2017 but swiftly moved to the United States to avoid a Chinese crackdown on cryptocurrency trading. Binance had established its headquarters in Taiwan by March 2018. It became the world’s largest cryptocurrency exchange later the same year, with a market value of 1.3 billion dollars. The company eventually relocated to Malta, which is even more welcoming to crypto companies.
Binance’s innovations and collaborations have allowed it to execute a massive number of trades, resulting in incredibly competitive prices. Binance is undoubtedly the simplest and cheapest exchange to use, whether you are a beginner or a professional trader. In this Binance review, I will cover its features.
Cryptocurrencies That Are Supported
Binance clients may trade in more than 200 cryptocurrencies all around the world. Binance has its cryptocurrency, the Binance Coin, as well as the Binance USD. In the United States alone Binance allows trading in more than sixty cryptocurrencies, including Bitcoin, BTC, ETH, and LTC.
Methods Of Payment
Traders can trade using fiat currency or cryptocurrency on the Binance platform. Debit cards, wire transfers, ATMs, and SEPA are all acceptable methods of payment.
Limits And Fees For Trading
- Fees
Binance does not charge fees for deposits. Other fees for conducting business on Binance are calculated depending on your trading activity over the previous 30 days and your daily BNB balance. The volume of your trades for the last 30 days, as well as the daily balance of your BNB, are computed every day at 0:00 EST.
When you pay for trades using BNB, you get a 25% discount on the charges. The remaining costs are taken automatically from the credit you keep. Fees of up to 3.5 percent might be charged for transactions and ATM withdrawal has been done using credit or debit cards.
- Limits
One of the major advantages of Binance is that there is no trading limitation for customers. In practice, client bitcoin purchases might be limited based on their level of verification and payment method.
The stronger a customer’s KYC documentation is and the more money they invest on Binance, the fewer restrictions they’ll encounter. There are two levels of compliance: Level 1 and 2.
Level 1 customers can transfer up to 2BTC each day. Level 2 customers can transfer up to 100BTC each day.
Trading Services By Binance
We mentioned in our Binance review that customer may swap fiat for cryptocurrencies like Bitcoin or Ethereum in one of three ways:
Binance’s peer-to-peer (P2P) trading allows sellers and buyers of cryptocurrencies to interact without the need for a middleman. Transactions are paid in fiat currency, and sellers and buyers agree on a manner that works best for them.
Debit cards are accepted. Binance can now accept credit and debit card payments in 31 cryptocurrencies thanks to a collaboration with Simplex. The simplicity of this service, however, comes at a cost of up to 3.5 percent each transaction.
SEPA and Bank Transfers: Binance clients in Europe can use the fee-free SEPA system. Customers may make wire transactions anywhere worldwide, including Australia and Canada, with no costs. Unfortunately, wire transfers are not yet available for Binance clients in the United States.
Customer Support
Customers with queries or complaints should go to Binance’s comprehensive FAQ page first. This includes videos lectures, blog posts, and articles that might potentially address any consumer questions. Furthermore, Binance’s customer support officials provide concise and easy-to-understand advice on all things crypto.
Customer support is accessible 24/7. Users submit a ticket detailing their issue and wait for a response from the support team. The time it takes to respond is determined by Binance’s current number of inquiries. There is no telephone assistance.
Finally, there is a group chat with almost 5,000 users, around 10percent of whom will be available at any one moment, ready to assist crypto traders.
Security
Binance employs Two Factor Authorization (2FA), making it a secure trading platform. Despite the security, Binance’s system has been hacked, but client losses are compensated by the exchange. Binance employs SSL certificates to secure clients’ internet connections hackers as well as to detect and prevent spam emails.
Conclusion
Binance is one of the world’s finest cryptocurrency exchanges. Its trading assets, security, ease of use, and customer support are unmatchable.