Today I will review a cryptocurrency exchange named Binance.
If you find this Binance review helpful, make sure to follow me to get the latest posts by @arnoldwish.
Binance Review
Binance is the number one exchange when it comes to trading volume, with over $3.4 Billion daily volume, Binance has been the fastest growing cryptocurrency exchange last year and may continue to be in 2018.
Binance.com is able to support all countries without any exceptions, that's because it doesn't deal with any fiat currencies that can cause regulation problems and it is already serving more than 2 million users from all over the world without breaking a sweat.
Unlike other cryptocurrency exchanges, Binance had their own ICO where they issued Binance Coin (BNB) to investors. Binance will use 20% of their profits to buy back BNB until it buys 50% of all coins. Binance Coins can also be used to pay off your trading fees, using Binance Coin to pay your fees will result in a 50% discount on the fees.
To read more about how does Binance Coin work and what are the benefits of investing in it, you can Go To Binance and read more.
Binance trading fees are very competitive, you pay 0.1% trading fees on all your trades. Most other exchange have a trading fee ranging from 0.2% to 0.5%, so Binance is very competitive when it comes to fees. Also don't forget that using their Binance Coin to pay for fees will save you 50% on trading fees.
At the time of writing this article, Binance supports 99 cryptocurrencies and tokens. You can apply to add your favorite cryptocurrency/token or vote on which cryptocurrency/token you want Binance to add next using your Binance Coin (BNB).
Did I mention that they have the best trading engine I've ever used. Binance claim that their trading engine can handle over 1 million orders per second, I don't know about the validity of this claim, but I can assure you that the trading is very smooth and orders gets exeucted instantly.
Binance is a cryptocurrency exchange that is popular world wide. Alexa ranks it as the 872 most popular webiste in the world. As you can see from the below picutres, 40% of all users come from the United States. Binance is also popular in countries such as Japan, United Kingdom, China, Indian,etc.
You don't have verify your account to start using your Binance account. When you create an account at Binance, your account will be a level 1 account that has no limit of the amount you can deposit to, but your account withdrawal will be limited to 2 BTC per day. You can easily verify your account to level 2, this will increase your daily withdrawal from 2 BTC to 100 BTC daily. So if you think you may withdraw more than 2 BTC on daily basis, I highly suggest to verify your account as soon as you can. Binance verification process will take some days, so verify as soon as you can for peace of mind if you ever need to withdraw more than 2 BTC someday.
Binance doesn't deal with fiat currencies like USD, EUR, JPY, you can only deposit, withdraw and trade cryptocurrencies with each other, no fiat is involved. So if you are looking to buy your favorite cryptocurrency using a fiat currency, Binance is not the exchange for you. However, if you already own a cryptocurency like Bitcoin or Ethereum and you want to buy another cryptocurrency or token, then I highly suggest using Binance for that.
Binance Review Summary:
| Trade Volume | $3.4 Billion USD (daily) |
| Deposits | Any of the 99 supported cryptocurrencies |
| Withdrawls | Any of the 99 supported cryptocurrencies |
| Account Verification | You don't need to verify your account if you will only withdraw less than 2 BTC worth of cryptocurrencies on a daily basis |
| Supported Cryptocurrencies | Binance supportes 99 cryptocurrencies, the list is very long so use CTRL+F or COMMAND+F and search to see if your favorite cryptocurrency is supported. Supported cryptocurrencies are: Bitcoin, Ethereum, Verge, Binance Coin, Bitcoin Cash, Tron, Ripple, ICON, Qtum, Litecoin, NEO, IOTA, Hshare, DASH, EOS, Ethereum Classic, aelf, Cardano, AdEx, Monetha, Bread, Monaco, VeChain, Zcoin, Stratis, Storj, Enigma, Stellar, Power Ledger, Lisk, Monero, Status, OmiseGO, Zcash, Ripio Credit Network, Substratum, Bitshares, Centra, ETHLend, Walton, SALT, Metal, Ambrosus, Komodo, Aion, Ethos, WaBi, Time New Bank, Ark, Modum, Viberate, Aeron, Quantstamp, Request Network, Bitcoin Gold, Decentraland, Basic Attention Token, Bancor, Enjin Coin, Nuts, Loopring, ChainLink, 0x, Bitcoin Diamond, Cindicator, GXShares, SONM, Waves, SingularDTV, DigixDAO, Po.et, district0x, Gas, Kyber Network, CoinDash, CyberMiles, Raiden Network Token, Simple Token, Gifto, Genesis Vision, FunFair, Wings, Etherparty, Eidoo, Populous, Tierion, Everex, YOYOW, BlockManson Credit Protocol, Agrello, Neblio, Iconomi, Moeda Loyalty Points, OAX. |
| What I Like About Binance | Unlike most other cryptocurrency exchanges, Binance doesn't require you to verify your account, so you can start trading immedialy after sign-up. Another thing is their trading engine is amazing, extremly fast and reliable. |
| Alexa Ranking | Binance is one of the most popular websites in the world.
|
| Visit Binance |  |
Similar Post:
The Best Bitcoin Exchanges of 2018