Review on Binance by Umeh James

Name: Binance
Item: Binance
Rating: 4

May 16, 2020

Binance review 2020

In terms of trading platforms, Binance offers its clients 2 types of trading platforms, a basic platform, and an advanced platform. Both these platforms are fairly advanced and sophisticated for a beginner cryptocurrency trader. For anyone who truly appreciates these platforms, they need to have some background in cryptocurrencies as well as how the platforms and all their various features work.
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The Basic Platform
The basic platform is actually quite an advanced trading platform. It features a detailed chart with various technical indicators which can be overlaid over the charts. The basic platform also allows you to manage your trades as well as view order books and trade history. The key difference between the basic and advanced platform is the ability of the advanced platform to perform a more detailed technical analysis. The tools are more sophisticated and you can perform your analysis over a longer time frame.
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One of the key attractions of the Binance Exchange is the fact that the exchange offers its clients a wide selection of Altcoins to trade with. The following list below shows some of the cryptocurrencies that are available for trading at Binance:
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Bitcoin
Bitcoin Cash
Bitcoin Gold
Dash
EOS
Ethereum
Ethereum Classic
IOTA
Litecoin
Monero
Neo
OmiseGo
Ripple
It is because of Binance’s ability to offer a wide choice of cryptocurrencies that makes it so attractive to cryptocurrency traders. In fact, Binance is only one of two exchanges that offer IOTA.
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Binance Deposit and Withdrawal Options
Since Binance specializes in crypto-to-crypto trading, it does offer the option of funding your account with fiat currencies. Deposits are only possible with cryptocurrencies and there is no limit imposed. In addition, the deposits are free from any kind of fees.
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As for withdrawals, the amount which you can withdraw depends on your verification level. Level 1 is no verification and your withdrawal amount is capped at 2 BTC per day. As for level 2, you can withdraw up to 100 BTC. For be classified as a level 2 verified account holder, you are required to secure your account with Google Authenticator or 2-factor authentication security. In addition, you have to submit personal details and documents which Binance can use to verify your identity.
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Binance Fees and Charges
On average, the fee at Binance for each trade is 0.1%.if you pay this fee using a Binance token, there is a discount of 50% on the trading fee.
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As for withdrawals, the fee depends on the cryptocurrency. The following table below shows you the typical fee that you have to pay for making a withdrawal for a particular cryptocurrency.
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Coin
Fee
Binance Coin
Bitcoin
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Ethereum
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Litcoin
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Neo
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Qtum
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Status
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Bancor
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Eos
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Bitcoin Cash
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Gas
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USDT
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1
0.001
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0.01
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0.01
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Free
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0.01
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10
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1.2
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0.7
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0.0005
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Free
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50
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Binance does not specify which countries are supported and which countries are not supported. With regards to U.S traders, Binance makes no mention of any kind of prohibition policy concerning U.S based customers.
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Binance Privacy and Security
There are 2 levels of verification at Binance, Level 1 which is unverified and Level 2 which is verified. In order to increase your withdrawal limits, you need to have your account verified. Verification will require you to provide the following information to the exchange.
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Country
First name
Gender
Last name
Passport ID
Passport photo
Selfie with passport
With regards to the security at Binance, the exchange has provided very little information about its security measures. The only thing that is known about the exchange set up is the fact it employs a multi-tier system architecture. As for the security of the wallet, Binance uses 2-factor authentication to safeguard the integrity of the wallet.
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