BBB Binance Review

Binance – Is It Good?

Binance is a cryptocurrency exchange which focuses mainly on the Chinese market. With over 100 coins available for buying and exchanging and competitive rates, Binance is becoming extremely popular. Although it was originally created in China, Binance has since moved its headquarters to the island of Malta in the EU. Although it’s fairly new, its low rates and multitude of crypto options is making it grow faster and faster.

What Does Binance give you?

In a world where everyone is aiming to be as simple and friendly to beginners as possible, Binance differentiates itself by giving the user more options. The platform offers a “basic” interface which is simple and easy to use, and an “advanced” interface, which caters to more experienced users. There are several differences between these two, the main one being a more in-depth analysis of cryptocurrency over time. That being said, both views are well designed and easy to use, even to someone who has a bit of background and knowledge of how cryptocurrencies work.

As most other exchanges, to use it you have to go through a simple sign up process. You can trade anonymously and not verify your account if you keep it on Level 1 or validate your account to increase your purchasing limits.

Binance also runs competitions with incredible prizes to motivate users to increase their number of transactions. To give you an idea, in their past Christmas competition they gave away a Maserati car, a Smart car, two MacBook Pros and five IPhone X. However if you’re trading less than 300 BTC you probably won’t get to win any prizes.

Binance has a two-factor authentication process and it’s trusted by many users. We would like to know more about how Binance is protected, however they unfortunately don’t offer any kind of information about their safety protocols. In March 2019 Binance had a hacking attempt which was caught by the automated system. In an incredible move, the only one losing funds ended up being the hackers, who were trying to artificially increase a coin’s value with people’s logins. Their confiscated funds will be donated to charity. Although the hackers weren’t successful they remain anonymous. Binance is still offering a quarter of a million dollars to anyone who can help catch them. This definitely increases Binance’s trust in users’ eyes.

Supported Countries

Although Binance is growing quite fast, they still have a relatively long list of countries where they aren’t available. Some states from the US are also not supported.

Countries not supported:

Afghanistan, China. Congo (Brazzaville), Congo (Kinshasa), Cuba, Democratic People’s Republic of Korea, Eritrea, Iran, Iraq, Ivory Coast, Kyrgyzstan, Lebanon, Libya, South Sudan, Sudan.

US states not supported:

New York, Georgia, Connecticut, New Mexico, Hawaii, Washington.

Binance Rates and Buying Limits

Binance offers an incredibly low dynamic fee to users. If you pay with the Binance token you can get a 50% discount on trading fees. There is no limit on the number of coins you can deposit.

Binance rate: 0.1% of each trade. Variable fees for withdrawal depending on coins.

You can trade anonymously and not verify your account if you keep it on Level 1, which limits your purchase to 2 bitcoins per day. If you decide to verify your account with a valid ID your limit increases to 100 daily bitcoins. However the Level 1 will suffice for most users.

Binance Pros

  • Fast: Their matching engine of the exchange is capable of processing approximately 1.4 million orders per second, making it one of the fastest on the market.
  • Fast-growing Token: BNC has grown from $0.01 to almost $20 at the time of writing this article.
  • Cheap: At a flat fee of 0.1% per trade, Binance is one of the cheapest options we’ve seen.
  • Safe: Although it doesn’t offer a lot of details, the fact that it has been able to deflect a hacker attack and keep their money is reassuring.
  • Alt-coin variety: With over 100 coins, finding new favorites is very easy.

Binance Cons

  • Slow Customer Support: Due to their fast growth they’re yet to find ways to keep up with the demand of clients in need of support.
  • Poor reviews: It currently sits at two out of five stars in TrustPilot, mostly blaming their poor customer service.

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Is Binance Good For Bitcoin?

Although it’s not without its controversies, most issues seem to stem out of their poor customer support. Binance hasn’t been around for long and doesn’t share a lot about their security systems, however the chances that it has had to prove itself have been taken and Binance has come out victoriously. The fact that it’s new and growing fast makes it extra attractive for people looking to invest their money in a fresh exchange.