Binance exchange info, market, trading volume, pair, crypto supported

Binance exchange review

Binance exchange is China-born cryptocurrency exchange founded by Changpeng Zhao (CEO) in the year (2017)

Reputation and background

It’s has gained a reputation of a first-mover exchange for listing new altcoin earlier than just about anyone else in the industry.

Although, the exchange was launched in Shanghai, China. Later it was moved to the more friendlier nation, Hongkong (which is also an official teritorry of China but not ruled by the Communist Government).

In contrary, it supports almost every country of the world except China after Xi - Jinping (president of communist China) banned their original ICO last year.

On the other hand, servers are hosted in the Republic of Korea and Japan.

Trading volume

Binance daily trading volume always remains in the top 3 altcoin trading platforms.

Binance says that they are capable of processing 1,400,000 orders per second.

The numbers are impressive and speak for itself if you put into consideration the number of traders visits their platform on daily basis.

Supported cryptocurrencies

Binance exchange supports about 200 altcoins and it is listing new ICO tokens regularly. With this in mind, traders can use the platform to trade these ICO tokens for a profit as well.

There are 385 trading pairs available on the platform

Binance provides cold storage for altcoins. Binance exchange has their own official wallet i.e. Trust wallet to store the cryptocurrency on the platforms

But I will never suggest leaving your coins on an online exchange. If you are planning to enter in the cryptocurrency trading world.

The First thing you should make sure to buy the hardware wallet. Read more about 3 best hardware wallet in the cryptocurrency market. Accordingly, choose at least one of them.

3 best hardware wallet in the market - Trezor vs Ledger vs Keepkey

Payment methods

Unfortunately, Fiat currencies are not supported by the platform as it is a pure crypto to crypto trading platform.

The site only accepts supported cryptocurrencies.

Trading options

Binance uses two different trading methods. One is basic and another one is advanced.

Trading pairs are available with four cryptocurrencies i.e. Bitcoin, Ethereum crypto, Binance coin, and USDT

USDT has the least pairs, with roughly five (BTC, ETH, NEO, BNB, and BCC), while Ethereum and Bitcoin have by far the most trading pairs (roughly equal, 50+).

BNB (Binance coin) is in the middle with a couple more pairs than Tether(USDT), but considerably less than ETH and BTC.

Opening an order is direct.

• First, select the type of order (only the three basic order types: limit, stop-limit, and market are supported)
• Second, put a price and fill a few other parameters
• Third, click on either buy or sell to place the order.

Note - Binance trading tutorial I will cover on an upcoming article

Fees

There is no depositing and withdrawal fee. The trading fee is currently 0.1%, regardless of the coin, but it can be halved if paid with BNB (Binance coin, an altcoin backed by the platform itself).

Binance uses maker-taker fee model.

 “Maker” is the user who places a limit order request that sits on the open exchange book (open a trade).

“Taker” is the user who places a market order request that matches or crosses an order already on the book (close a trade).

Withdrawal fees depend on the withdrawal cryptocurrency. A frequently updated list of withdrawal fees according to the cryptocurrency can be found on Binance fee schedule

What is Binance coin? Watch the video to learn more about the Binance native token and its blockchain technology

( source – Binance academy )

Multilingual

Binance is multilinguistic which is a major factor in their growth.

Security

Two-factor authentication is available for basic security of exchange.

The platform also offers a multi-tier and multi-tier security system architecture.

Watch the following video to learn the complete security architecture of the Binance exchange

Ease of use

If you have a basic crypto trading experience then it will be easy for you to navigate on the Binance platform.

But the platform can be a little bit tricky for beginners. A little bit of time in exploring the tabs will make newbies confident and they will get used to it.

The website doesn’t lag for a second, provides a great user experience.

They also have mobile apps for both iOS and Android users.

There is also a few added incentives like Binance Angel Program and the Community Coin Per Month which keeps users engaged with the platform

Customer support

In such a short span of time, they do manage to gain user trust. They have covered a lot of ground in a year time and support usually reply within 24 hour

Registered customer can contact them through email support. You can also follow through their Facebook, Twitter, Weibo, and Wechat accounts.

Countries supported worldwide

As I mentioned above Binance exchange supports almost every country worldwide except China. Binance exchange is available for U.S and Indian customers to trade

Pros

• Low trading fee 0.01%.
• About 150 altcoins are available for trade.
• Transactions are swift and fast
• An experienced and highly qualified management team
• High daily trading volume
• Decent no of trading options

Cons

• Doesn’t support fiat currencies as the payment method

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