Binance was invented by the Chinese to serve as an online currency exchange market. The platform enables users to access crypto exchange services. Although the market is still new to users across the globe, its magnificence has increased its popularity. It has impressed a lot of people who exchange currency on the platform due to its low trading charges, as well as the Initial Coin Offering (ICO). It is enabled to accept a wide variety of coins. This article will look more into Binance, including its operations, trading fees, customer service and security, among other things which are important and should be made aware for users and non-users.
The User Interface
If you are opening the website for the first time ever, you will see two options presented to you. It is specifically designed for two kinds of people- The basic option and the advanced option. The platform allows you to access a simplified described process of the currency exchange for basic option, while in an advanced section there is a complex technical analysis of the whole process of the digital currency exchange. Language used here can be easily understood by those who have knowledge concerning digital currency exchange and have experience over it. The basic option simply states “Binance Trading View” while the advanced option reads “Advanced View.”
Sign up and Log in
Like any other platform, sign up and login is necessary in Binance before you proceed towards the exchange of currency. Once you open the website, the sign up process is very simple because it does not require a lot of things from you. You are allowed to move through the first level easily because its withdrawal is only 2Bitcoins (BTC) per day. Once you reach the second stage, you are required to add your profile picture for verification purpose and once you are approved, you are good to go. The second stage is set for a limit of 100BTC withdrawal daily. This platform allows for even higher withdrawal limits, but only after you have made contact with them for it.
Once your account has been verified and approved, you are good to go. You are able to start the exchange process, and all these start by funding your personal Binance account. Once you are done with this step, you are required to decide on the desired type of digital currency you will use to fund your account. All the steps necessary to complete this whole process are provided in the “Funds” section. After depositing currency to fund your account, you are ready now to proceed to the trading platform and start exchanging currency. With the Binance account, you will be able to perform all digital currencies related services freely and at affordable trading fees. They also provide abundant ICO programs accompanied with their demonstrations or tokens. This platform, however, only allows limited number of trading options which include limited market orders.
Crypto currencies in Binance
This platform has impressed many users across the world due its diversity of support coins used by traders. It has made possible for traders to perform multiple digital currency exchange including the use of BTC , Ethereum (ETH), NEO, among many others. However, the platform is not limited to only this type of currency. Additionally, traders can make profit through trading of supported abundant tokens by the platform.
Binance initial coins offering (ICO)
Binance has enabled the use of the Binance Coin, which will be used to cater for traders’ fees. The coin was distributed to users during the Initial Coin Offering (ICO). This coin has also been considered as part of the platform’s future strategies that would ensure a Devolved Exchange. The Binance coin will be among those that would be declared as the main currencies to be used during exchange. The platform has set strategies that would make the binary coin valuable. It has decided to buy back the coins from users and destroy them. This will help in restoring the value of the coin because its supply would decline. The Binance coin, therefore, is a good investment due to its upcoming value.
Fees and Limits
The platform charges as little as 0.1% from users, from every digital trade they make online. Binance cheaper charges have attracted many, who have been fascinated by how easy and cheap it is to currency trade through Binance. The platform also gives a desirable offer to traders who would like to make payments through the Binance tokens. They are offered a fifty percent discount on each trade they perform, which is favorable to traders.
However, each currency has its own withdrawal fee. Depending on their value, some currencies withdrawal charges might be relatively higher than other currencies. For instance, when compared, Bit coin withdrawals charges are 0.0005, whereas ETH withdrawals charges are 0.005. While trading in the platform, you can deposit as much coins as you can because there are no limits set to restrict a certain amount of coins. When withdrawing, though, there is limit when you or your account has not been verified. Due to this, you will only be allowed to withdraw some amount of coins. During verification of a user, usually done at the second stage after signing up, s/he is required to disclose all the necessary information about them, which include his ID, nationality, gender, and other necessary information. After you are approved, you can freely access your account and the withdrawal of coins would not be limited.
Binance also has a way of appreciating its users. They often offer users a chance of winning gift hampers through competitions they hold. They reward their traders with twenty thousand waves in the Waves competition, and this is determined by the number of currency exchange they have made. The winner is the trader who make the highest number of trades. The platform also holds another competition known as Tron (TRX). This offers an opportunity to participants to win a Maserati car, MacBook Pro, and iPhone X and a Mercedes Benz car. The winner is determined and declared, again from the trader who made huge number of currency trades. Apart from these two, Binance also hold other competitions for their traders, making it one of the best trading platforms due to its consideration of its users.
Although not all users win, the competitions are fun to participate in because you learn a lot from them.
Binance Trust and Security
Binance has gained popularity among many users. This has been facilitated by its reliable operations, including trusted security. Despite that fact that it is still one of the most recent currency exchanges, its rising popularity has been enhanced by the level of security it provides. It has earned trust from traders and the general digital currency community. Quite a number of users believe that their funds are safely kept, although they are not sure about the strategies kept by Binance to ensure safety of the funds. However, authenticity is only approved when the two parties have taken part in it, that is, the platform and the trader.
Binance customer service
Like any other online platform, Binance has its own team of customer service, who are there to ensure that exchanges take place in a smooth and efficient manner. Binance customer care team are well trained on how to handle their clients. They are also capable of responding to questions asked by traders, who need help in finalizing their trading exchanges. They are also trained to offer professional assistance whenever it is needed by users. All responses to questions are sent to customer emails by the support team, which have proved to be fruitful because of the increasing number of clients joining the platform regularly. In addition, you can find more up to date information about Binance through FAQS the platform and how the operation of currency exchange has been modified or enhanced.
Advantages of Binance
It is easy to use Binance in crypto currency exchange services. The reason why it is considered easy to use is because of its considerate program towards its users. First time users are able to understand the language in the most basic manner. On top of that, sign up is merely a small task. The user is not required to provide a lot of information until s/he reaches another stage. This will prevent the user to be discouraged. As a result, it has attracted many currency traders.
Binance charges low trading fees. In each trade made by a user, binary platform charges only 0.1% fees. This is of great advantage to the trader, because they can save more and pay a little, even after conducting a larger volume of trading with Binance. Also, users who pay for charges with their Binance tokens are advantaged because they are guaranteed a 50% discount charge on each and every trade they perform.
Binance offers good support to its traders. Through a well-trained support team, they are able to offer professional assistance to their clients. Responses are delivered to traders email. Furthermore, Binance provides FAQS that provide vital information to their traders. This helps users be well informed and up to date.
Binance also offers its traders abundant number of Initial Coin Offering (ICO) listings. This has made and is still increasing the platform’s popularity by attracting traders across the world.
Security is guaranteed. Although it is among the newest currency exchange markets, it has acquired itself profound trust from its traders. This is even after a little information about the strategies it sets to ensure maximum security to their clients’ funds. Nevertheless, it is one of the most trusted crypto currency exchange market.
Disadvantages of Binance
Limited withdrawal. This can happen every time you try to withdraw before your identity is verified. Due to this, you are only eligible to withdraw a total of 2 BTC per day and nothing more.
Transmittal is slow. This happens normally because of lower charges on each trading activity that takes place. As a result, there is a detected sluggishness when you are attempting to withdraw you money. This delay can be up to four hours or more before your BTC withdrawal is completed.
It does not work on phones. The platform has not been modified enough to be supported by phones. This means that users have to use only enabled devices in order to make currency exchanges.
The expansion of Binance is significant enough that even its operation proves how consistent it is. In every second, an estimated 1.4 million exchange orders are made! This ranks the whole crypto currency exchange among the fastest in the market. Binance has also made it possible to trade from anywhere, using any device, including android, HTML5, the web, WeChat among others. The platform has also made a step ahead in translating its digital exchange services and up to now it has enabled additional languages for exchange including chines, Korean, Japanese and the major language, English.
It does not require too much when signing up for the first time, making it simpler task. This is probably one of the reasons why its popularity is rising. For first time users, you are provided with an option that corresponds to your basic knowledge in currency exchange markets. For those who have substantial knowledge about the process, they can click on the advanced options, since they are a little more conversant of the technical language used.
Users marvel at the affordable trading charges the platform requires from every exchange they order and finalize. They are also grateful for its security, which makes it one of the most trusted exchange platforms, although it is among the newest currency exchange markets.
Binance is becoming more and more famous and it should not be considered as a surprise when it will top the list of the most used crypto currency exchange markets.
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