Binance is a cryptocurrency exchange which is based in China and provides access to a wide range of trading tools, security features, as well as charts. The company started live trading in 2017 following a successful ICO (initial coin offering).
Binance makes it extremely easy for any newbie to perform simple trades by providing both Basic as well as Advanced exchange interfaces. They likewise offer access to professional traders to more complicated alternatives, for example, margin trading.
How does the Exchange Work ?
Binance offers a couple of choices for digital currency trading, both advanced as well as basic. It is not imperative for any one of those options to be seriously user-friendly. However, anybody having some knowledge regarding the functioning of the exchanges will be able to make use of the platform along with its various services.
The most significant difference between the advanced and the basic versions is that more comprehensive technical analysis of digital currency value is offered by the advanced version. Right now, several charts and graphs are offered by the basic version which will definitely be useful for you as well.
At present, a flat 0.1% fee is charged by the company on every single trade. In fact, it is one of the lowest fees which is charged by an exchange that does not employ any fee schedule.
You are going to receive a discount of 50% on the trading charges in case you pay by making use of their own token. Thus, it can be rightly asserted that Binance has the minimum fees on the market.
Supported Crypto Currencies
Binance has received a lot of praise for its wide array of support coins. The platform is used by traders for several digital currencies, such as Bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, EOS, Ethereum Classic, Dash, NEO, LiteCoin, GAS, Zcash, Ripple and even more. As mentioned previously, numerous tokens are also supported by Binance at present. Consequently, the traders are able to trade all these tokens for making a profit by making use of the platform.
One more thing that should be taken into account is the Binance coin that had been issued at the time of their own ICO. You can use the Binance coin for paying your fees and it will likely be featured in their upcoming plans to establish a Decentralized Exchange where a key base currency will be formed by it. It is undoubtedly an excellent investment for the future to purchase the Binance coin while the exchange is planning to utilize their profits for purchasing a portion of those coins every three months and destroy them, thus making them more worthwhile for holders by reducing the supply.
Let us now take a look at the type of support provided by them for their clients. One essential thing while considering any exchange or trading platform would be to comprehend what their customer support is about. It has been mentioned in numerous reviews that customer care is crucial for the development of any website which handles money since it will help to bring the company and the clients closer.
It is possible for any registered client to get in touch with Binance by means of email support since their website does not include any live chat system as yet (although there is a possibility for such inclusion in future). You may also reach them via firstname.lastname@example.org. Otherwise, you can take the help of QQ Group: 344615861. As a matter of fact, QQ happens to be a messenger application which is used extensively in China. You may also follow them through their Twitter, Facebook, Wechat, and Weibo accounts.
- Extremely low fees
- Bitcoin centered exchange
- Plenty of coins to exchange with
- Customer service does not include phone
- Doesn’t accept any bank payment method
- Website is not intended for the newbies
Although Binance does receive plenty of admiration from the community, it would be advisable to stay away from it till it becomes a bit more established and the security methods have been confirmed to be productive. However, if you are willing to take some calculated risk, then the low trading fees plus the abundance of coins are definitely incomparable which will surely justify the risk taken by you for using the exchange.