Binance, Reviews, Advice & Pitfalls, We reveal everything!
Evaluation, Rating and Critical Review of Binance
Product name : Binance
Brand : BINANCE
Responsible : Mr. Changpeng Zhao
Official Website : binance.com
Language : English
Tiny description : Plateforme d’échange de cryptomonnaies.
Price : Free
Format : Online
Delivery : Instant Access
Guarantee : /
Description of Binance :
“Binance” is a large crypto-currency trading platform where you can buy and sell crypto-currencies without much difficulty.
Review of Binance :
For many, “Binance” is the first choice when it comes to buying and selling crypto-currencies online.
Whether it’s Bitcoin (BTC), Ethereum (ETH) or Ripple (XRP), the crypto currency exchange has built a veritable empire that spans the globe and continues to grow every day.
With an ever-increasing demand about this platform, we took an interest in it to see if this crypto currency exchange service is really up to the task.
So what exactly is “Binance”
“Binance” is a crypto-currency exchange platform that allows users to buy, sell and trade hundreds of crypto-currencies such as Bitcoin, Ethereum or Ripple!
Founded in 2017 by Changpeng Zhao, the company was initially based in Hong Kong, but later moved its headquarters to Malta, where it benefits from much looser regulations and less interference than with the Chinese government.
In just a few years of operation, this platform has become one of the largest crypto-currency exchangers in the world. To give you an idea, the platform allows for well over a billion dollars worth of trading activity every day and conducts over a million transactions per second!
The platform has its own ecosystem, offers a large list of crypto-currencies and charges low transaction fees.
What crypto-currencies are supported?
One of the best attractions of the platform is its large list of supported coins as well as the multitude of available pairs. While major players like BTC, ETH, ADA, XRP or DOGE are of course supported, “Binance” is also present for much smaller tokens with small capitalization. The site offers over a hundred crypto-currencies and, you can find out which pairs are available for the crypto-currency of your choice at CoinMarketCap.
What are the main features of “Binance”
The platform offers several functions and features for both amateur and professional crypto-currency users. All these features are offered via the official website of “Binance”.
– Dashboard
“Binance” has a neat and intuitive user interface. It is available in French and should allow you to trade and optimize your investments quickly and easily. It offers a reliable and efficient service in which amateurs, pros but also trading novices will find their way around without any problems.
– Security
“Binance” offers a number of security guarantees to ensure that your funds remain safe from the threat of external malfeasance. For example, the platform has a 2FA system that requires access to your cell phone to access your online account.
In addition, if you try to log in from a device or IP address that has never been used before, you will have to confirm it via your registered email account. You can also choose to receive email notifications when key account functions are performed, such as withdrawals.
– Guarantees
Secondly, even though it is a centralized crypto-currency platform, users need not fear for their deposits. Indeed, “binance” has created a secure fund for users (SAFU: Secure Asset Fund for Users). To this end, 10% of all transaction fees received are allocated to the SAFU in order to offer protection to users and their funds in case of major problems.
In addition, with the integrated Academy, “Binance” offers its users the opportunity to learn about different cryptocurrencies before making an investment.
– Training
Like its competitors, “Binance” also has a training and learning section. It is presented as “”Binance” Academy”. With no less than 174 comprehensive articles on all topics surrounding the world of blockchain, quizzes and the research part, this section offers everything you need to know to get started in the world of tokens.
It is also possible to access market analysis and all sorts of articles on the latest trends written by leading experts in the crypto asset market.
In addition to the features mentioned above, there are still many other features available such as pool mining, futures trading or the VISA “Binance” card to make your purchases with your cryptos…
What are the fees charged by “Binance”
The fees that come with using the platform are pretty reasonable compared to other crypto platforms:
The maximum transaction fee is 0.1%: depending on the VIP status, this fee can be further reduced. In addition, those who also transact with the internal currency “Binance” Coin (BNB) receive a 25% discount on the transaction fee.
The fees for withdrawing crypto-currencies differ from coin to coin.
Converting cryptos does not carry any commission. There is no commission for depositing either.
How “Binance” works
Overall, how “Binance” works is not very complicated and to give you an overview, we have broken down the main steps to get started.
– Step 1: Open an account.
Signing up is simple, quick and free. Just go to the homepage and click on ‘Register’. Once done, you need to enter your personal data and information, then you need to verify your account to complete the registration.
If you only plan to deposit and withdraw funds using crypto-currencies, a simple and immediate basic verification is enough. On the other hand, if you plan to deposit and withdraw funds in fiat, you will need to perform intermediate or advanced personal verification by providing documents to prove your identity with a verification time of +/- 10 days.
– Step 2: Set up two-factor authentication.
In order to secure your account, “Binance” will ask you to set up two factor authentication (2FA). This means that in addition to your password, you will need to choose a second way to authenticate and access your account.
For example, you can install an app like Google Authenticator on your phone or verify yourself with a secret code sent via SMS.
After that, every time you want to log in or perform key account functions like a withdrawal request, you’ll need to enter a unique code that can only be found on your personal phone.
– Step 3: Deposit coins.
To make it as simple as possible, we will assume that you are only looking to make a deposit with crypto-currencies.
To do this, simply go to your ‘Main Account’ wallet. On this page, scroll through the long list of supported coins and click on the ‘Deposit’ link next to the one you want to deposit and click on the orange ‘Get Address’ button. Copy the address provided to you, and use it to transfer the funds for that crypto-currency from your private wallet.
If you want to make a deposit in fiat currency, you will need to go to the ‘Buy Cryptos’ section of your account and follow the on-screen instructions.
– Step 4: Trade.
Once your crypto-currency deposit has been credited, which usually takes no more than 10-20 minutes, you are then ready to start trading. Hover over the ‘Trade’ button at the top of the screen and select the ‘Convert’, ‘Fundamental’ or ‘Advanced’ trading platform. If you are just starting out, go for the former which is the easiest of all.
Advantages
“Binance is the market leader in crypto-currency trading. No other platform trades digital assets with such magnitude! This enormous popularity is not by chance. In recent years, “Binance” has been steadily expanding its range of services.
In terms of trading offers, it is unrivalled among its centralized competitors. The fees are also extremely competitive!
Users’ deposits are protected by the SAFU security fund which allocates a portion of the transaction fees for compensation in case of problems!
“Binance” Academy offers its users the opportunity to learn about different cryptocurrencies before making an investment!
The platform is also equipped with a neat and intuitive user interface available in different languages including English, German, French, Spanish, Italian, …!
Disadvantage of Binance :
Binance’s wide range of crypto-currencies, features and options can make it difficult for beginners to navigate.
Like virtually all other centralized exchanges, “Binance” can experience connection problems during busy times.
Support can also be a bit tedious.
Warning:
Crypto-currencies are an unregulated and highly volatile investment product. No protection for EU investors.
Like all crypto investment systems, “Binance” comes with a high level of risk, so only invest a capital you are willing to lose!
Reputation of Binance :
The success story of “Binance” is not a coincidence. It is based on the excellence of its services in the bitcoin and crypto-currency market. It is also known for its altruism through its organization ‘”Binance” Charity Foundation’ which has already raised, at the time of writing, more than 100,000,000.00 dollars (?2300,00).
Now, with the ever increasing mass of adherents, there are of course many negative testimonials against “Binance”. And, on some very well-known review sites, they are even in the majority. That being said, when you compare these negative reviews to the number of users, they really only reflect a tiny part of the whole.
So, taking all this into account, we can conclude that Binance has a good reputation.
Conclusion for Binance :
“Binance” is certainly the largest crypto-currency exchange in the world. It is, according to our research, a reliable and very serious platform on which you will be able to buy and sell crypto-currencies without problems.
Official Website : binance.com
Go to the official website: Binance
Consumer Reviews and Testimonials