Binance was launched in 2017 by the now well-known developer Chanpeng Zhao. They ran a successful ICO at the time and raised funds to launch the exchange. Since that time, they have built their reputation as one of the most well-known and trusted exchanged in the sector.
Based in Malta, Binance is now one of the most popular crypto exchange platforms for traders thanks to their reputation for transparency, excellent range of markets offered, and high level of competitiveness when it comes to exchange fees.
Binance Review: What is Binance?
Binance is an exchange that hosts crypto-to-crypto trades. This means that they do not accept real-world money, such as U.S Dollars (USD) or Euros (EUR). The exchange was first created in 2017 and was originally located in China. However, as cryptocurrency laws are very strict in China, the exchange has since moved to Japan, a country that loves digital currency!
The man who created Binance is called Changpeng Zao, however, he is well known as CZ. Interestingly, CZ used to build some of the trading systems that are used in the Tokyo stock exchange. I guess he used this experience to help make Binance what it is today!
Before Binance opened their exchange, they raised money through an initial coin offering (ICO). This is very similar to crowdfunding, where people can invest to help a company get started.
However, an ICO is still different, as people invest cryptocurrency instead of real-world money. The Binance ICO raised the equivalent of $15 million, and in return, they gave investors their own cryptocurrency token, which is named the Binance Coin (BNB). Even though it's called Binance "Coin", it is actually a token, which is built on the Ethereum blockchain.
Ensuring a high level of trust and transparency is vital to the success of any cryptocurrency exchange. This is something which Binance places a very high value on, and they have worked hard to create a trusted environment for trading.
The first move in this regard came early on in the history of the exchange. They decided to relocate from China to Malta following a Chinese government crackdown on crypto trading in 2017. Here they are regulated under the Maltese Virtual Financial Assets Act. This provides a degree of protection to traders, though such regulation is minimal and still developing as is the nature of the sector.
Considering the personal security of traders though, Binance has performed very well having largely avoided any significant security breaches which have befallen many exchanges in the industry. They also provide 2-factor authentication as standard, and offer both multi signature wallets, and cold storage options to traders in order to keep funds secure.
This is one of the areas in which Binance manages to excel. They support trading in a total of more than 200 cryptocurrencies. You can both deposit and withdraw in a number of these currencies if you are engaged in crypto to crypto trading.
Binance now also offer fiat-crypto trading which allows you to trade crypto with many fiat currencies from around the world. This represents a progressive step for the broker who had previously been crypto-crypto only. In this regard, more than 30 fiat currencies from around the world are supported for deposit and trading.
The number of markets on offer at Binance is well above many other major crypto trading exchanges and this level of accessibility has certainly contributed to the exchanges success. You can also trade in some cryptocurrency futures, and access a high leverage of up to 125:1 on some major markets.
Binance are also regularly adding new coins as they become available and popular with crypto traders.
Trading & Fees
The fees structure at Binance is one which often gets the better of many cryptocurrency exchanges in an already very competitive sector. Binance charges a flat fee of 0.1% on crypto to crypto trades, and the majority of fiat to crypto trades too.
These fees are among the most competitive in the industry, and can be further reduced by as much as 25% is you are paying with the exchanges native BNB coin. Fee discounts are also available based on your trading volumes and how much BNB you hold in your Binance account Overall, fees can drop as low as 0.015%.
Deposits and withdrawals through Binance are typically fee free. This is particularly the case if you are trading crypto to crypto through the exchange. The only fees you may pay for deposits and withdrawals are some minimal network fees which can vary.
Some withdrawal limits apply based on your level of use with the exchange. The standard withdrawal limit here is a maximum of 2 BTC in a 24 hour period, or a maximum of $5,000 for fiat currency withdrawals.
When it comes to the trading platform offered on Binance, this trading platform is a webtrader which is built into your browser so there is no download required. At first viewing, the Binance trading platform may appear more complex and less visually friendly than some of those on offer in the sector, though it is a highly functional trading platform.
You will have the choice of a "Classic" view, which is more simplified in how it displays the markets available and make trading more convenient for newer traders. The "Advanced" view will make a wide range of charting tools and indicators available for each market alongside a number of order types and additional options. This additional level of detail is great for more experienced traders.
Overall, the general trading platform experience at Binance is very good. The trading platform is detailed but is also fast to execute both your movements around it, and the orders you place. This fast, focused execution can happen in just a few clicks and is a great positive within a very fast-moving sector.
Overall, Binance is one of the most popular major forces in the industry when it comes to cryptocurrency trading. It is no surprise then that they cover every area comprehensively. From providing a well-trusted trading environment with a reputation for transparency, and security, to offering some of the most unbeatable fees in the sector, Binance has positives in each category. Couple this with their user-friendly approach to trading, and the sheer number of assets they make available for trading, and their strong position in the industry comes as no surprise.
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