Review on Binance by Aniruddh Ravel

Name: Binance
Item: Binance
Rating: 5

June 16, 2019

Binance

With a hub of cryptocurrencies available to trade, lowest possible trading fees and 100 BTC withdrawal limit per day for level-2 users, Binance has easily become one of the most popular crypto-exchanges in the world. It has cemented itself in third position in terms of traded volume and looks likely to grow given its talented founders.
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Signing-up on Binance is very easy, especially for new users who want to register for a Basic account. An advanced sign-up requires your government issued ID, which might take some time to verify. A basic account however, is almost instantly ready to use.

You can transfer the cryptocurrency from your other accounts and start trading instantly on Binance. There is no option to ‘buy’ cryptocurrency using USD, Euro, YEN or any other Fiat currency, but you can convert your Ethereum or Bitcoin into other currencies. On top of that you can also access lots of new coins from ICOs.

At first, enabling 2FA (two-factor authentication) was only possible for Chinese users, but now Binance has opened this option for international users as well. International users can either enable SMS verification through OTP (one-time password) or can use Google Authentication for signing-in and withdrawing funds from their account.
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Pros

Lightning fast transactions with user-friendly interface.
Minimum information required for registering a Basic account (ID).
For an advanced account you might need a government-issued ID, but verification takes less time, and is relatively quicker compared to other exchanges.
Maximum security
Binance Labs – a co-venture of Binance Cryptocurrency Exchange, hosts an array of services. They help other start-ups with assistance, funding, resources and advisory. It has kept Binance in the news, again boosting its credibility.
To upcoming tokens, they provide a launch-pad that gives them quick visibility for their pre-sale and incubation period. Trading Fees is 0.1% which is one of the lowest in the world. It can be further halved if you use Binance Coin (BNB) to trade.
Transaction fees depends on the cryptocurrency you want to buy or sell. It also depends upon the blockchain conditions. Currently, transaction fees for Bitcoin is 0.001 BTC and for Ethereum it is 0.01 ETH, while for NEO and Neo-GAS it is 0. Binance is supported worldwide, and its easy interface makes it possible for international investors to contribute and trade freely.

Cons

The biggest disadvantage of Binance is that it does not provide Fiat/Cryptocurrency pairing as of now. There are only cryptocurrencies available, and the pairs are only of crypto-assets. If you want to buy cryptocurrency using USD or any other Fiat currency, you will need to go elsewhere. On Binance, you first need to deposit your cryptocurrency, only then you can start trading. Hence, PayPal is useless for Binance.
The application for iOS is not listed in Apple Store, but users can still download it from official Binance-website, by downloading an IPA File.
The interface of Basic view is easier but if you switch to Advanced view, it can be tough to understand. The complex interface of Advanced view has repelled users and forced them to switch back to Basic version. Only seasoned traders appear to be comfortable with Advanced version.
Android version of the Binance mobile app might be available in Google Play Store, but users have reported difficulty in usage.
Binance stores some data, like logging IP addresses from the users’ devices.