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Binance Exchange REVIEW
Binance Exchange is an established digital currency exchange
Read 100% Free Binance Exchange Review by Scamorno Team
FULL REVIEW OF Binance Exchange
Binance is an up and coming crypto exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to their impressive coin offerings and insanely low trading fees. Although the company was launched just a few months ago (via ICO), this exchange is already being promoted as a good alternative to Bittrex.
There are 2 options for trading platforms on Binance: Basic and Advanced. We’ll be primarily covering the Basic trading option in this article, but you can see the Advanced view below. There are not many differences between the 2 views with the exception of being able to do more detailed technical analysis in the Advanced view.
Even the Basic view is fairly complex and may not be suitable if you’re just starting to invest. It is quite clear that Binance was not created for the casual investor like Coinbase.
Review of Binance Exchange Dashboard
The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history. There is also a depth chart of the orders that you can view in a separate tab from the candlestick chart.
To start trading, you first need to fund your account. To do so, click the “Deposits Withdrawals” link under the “Funds” tab.
On the “Deposits and Withdrawals” page, choose which crypto you’d like to fund your account with and click “Deposit”. Binance provides you with a public wallet address to send your funds. We recommend that you fund your account using either Bitcoin or Ethereum because those are the 2 coins with the most trading pairs. This provides you greater flexibility when trading.
Are Binance Exchange’s Fees Reasonable?
Binance currently charges a flat rate of 0.1% fee for each trade. For an exchange that does not use a fee schedule, this is one of the lowest fees I’ve seen.
If you pay using their own token (BNB), you can receive a 50% discount on the trading fee (at time of writing) – bringing it down to 0.05%. With this discount, Binance Exchange easily has the lowest fees in the industry.
How To Deposit Funds Onto Binance Exchange?
Binance is strictly a cryptocurrency exchange, so you will not be able to fund your account with fiat currency. You can only deposit funds via crypto, but there’s no limit on the amount that you can deposit. There are also no fees on any of your deposits.
The amount that you can withdraw each day is determined by your verification tier. Without submitting any verification details, you’re placed at Level 1 and can withdraw up to 2 BTC worth of cryptocurrency a day. To be classified as Level 2, you need to enable either two-factor authentication or Google Authenticator.
Review Verdict: Binance Exchange is a legitimate exchange that works
Consumer Fraud Alert Regarding Binance Exchange
The success of Binance Exchange has given rise to many frauds who try to sell their own fake sites in its name. This is a big issue as many customers have lost their money in joining from such fake sites. It is advised that customers should be really careful when they are joining and should do some research before they join from any website. To spot these, watch out and avoid sites that claim to write about Binance Exchange, yet the write-up is completely garbage and unreadable as they are created by software and spammed all over the internet. It is always better to avoid joining from any other site other than the official one. Therefore, it is highly advised that consumers do careful research, or only join from the site from the official website here – http://BinanceExchangeOfficial.com/ (link opens in a new window to official site). The official website that they have includes the legitimate exchange.
Conclusion about Binance Exchange
Keeping all these facts in mind and my experience, we can confidently say that no exchange even comes close to Binance in terms of security, volume, and community initiatives. Their mobile apps are also an absolute delight to use.
Even during the crypto mad rush in December 2017 when exchanges such as Bittrex and Bitfinex closed their doors, Binance was the last exchange that stopped taking new registrations, which demonstrates that there is immense manpower and talent behind the platform. Moreover it has never been hacked and the CEO is very pro-active in security measures. We would say, to conclude, that if you have not use Binance yet and you would like to buy crypto, particularly alt-coins, you should start right away.