Binance review – Is Binance trustworthy?

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  • Country: Hong Kong
  • Markets: cryptocurrencies
  • Deposit methods: transfer with cryptocurrencies
  • Minimum deposit: from 0
  • Leverage: no
  • Spread: variable
  • Commissions: from 0.1%

What is Binance?

Binance is a broker or better said, a Hong Kong-based cryptocurrency exchange that was launched in July 2017 by Changpeng Zhao and has been very successful in such a short period after having raised $ 15 million in its offering. Initial ICO.

This entrepreneur has extensive experience in the sector, having been technical director at Blockchain.info.

Interestingly, the increasingly strong Chinese regulations make cryptocurrency trading in Hong Kong more complicated as Binance has moved its IPs to other locations.

At the beginning of 2018, the success of this cryptocurrency market is so strong that it is one of the world’s leading cryptocurrency brokers by volume (ranking 14th in March 2018).

Binance boasts of being one of the fastest brokers on the market, being able to manage 1,400,000 orders per second.

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How has this broker become one of the most popular in the world in such a short time?

The supposed advantage of this broker is that it only allows account opening, withdrawals and deposits with other cryptocurrencies. That is, we cannot open an account with euros or dollars. Although this may seem like a disadvantage, it seems that Binance has done well, since at the same time it allows it to be outside the scope of global regulation.

Likewise, another of the keys to its success I suppose lies in the fact that it has had great success in the increasingly powerful Asian market, where it is based.

However, it is possible that its success is due to the brave launch of its own cryptocurrency, the Binance Coin, especially in the moment of madness of the markets in early 2018, where surely many people opened account with this broker just for having the privilege of buying the Binance in privileged positions.

In a way, the fortune of this cryptocurrency exchange house may depend on the success of Binance Coin.

This currency is used to pay the costs of the group’s trading platform.

One of the benefits of this cryptocurrency is that with it you can get discounts (the famous rebates) in trading at this house, which cannot be done if we do it with Bitcoin, for example.

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Opening an account with Binance is not complicated at all.

We can do it by registering online without having to verify our account until we have passed to level 2, for which we withdraw 100 Bitcoins a day. In that case we would have to provide our identity document and wait to be approved. However, as you can see the volume is so high that most traders in this market will not be required for verification.

You can have the account without even adding funds, so registering is completely free.

Click here and sign up for free at Binance.

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Binance Customer Service

As for customer support, they have the most important languages, such as English, Chinese and, fortunately, Spanish.

To contact the support we will have to use the email form provided on the web, without having access to phone or other means.

However, this is quite common in the cryptocurrency sector, where exchange houses are in their development phase and do not have too many resources to attend to the enormous amounts of requests.

So far customer service seems to be responding within an acceptable time frame.

Cryptocurrencies at Binance.com

This exchange house offers more than 100 (and uploading) cryptocurrencies to trade, being one of the most variety offered in the entire market.

The list of cryptocurrencies includes: BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and many others that are being incorporated.

Trading can be done through the basic or advanced platform.

The difference between the two is that the advanced one provides more material for technical analysis and market analysis, but in general the basic one is powerful enough to be able to trade in good conditions. In this we can find market depth and excellent charts of all cryptocurrencies.

Binance commissions and deposit

The commission Binance is trading 0.1% , undoubtedly one of the most competitive in the entire sector.

In addition, there is the fact that if we buy Binance Coin we can have a discount of even 50% on our trading on any asset.

As for the minimum deposit to operate there is not much information available about it. However, the minimum to deposit is what we will need to start negotiating, for which it will be necessary to take into account the commissions and other expenses.

The deposit is free of commission which is appreciated and there will only be commissions for withdrawals that will vary depending on the cryptocurrency.

Commissions withdrawnMinimum withdrawalCommission
Bitcoin0.0020.0005
Ethereum0.10.01
Litecoin0.020.01

Binance Labs

Binance is also heavily involved in the growing startup market, and for this it offers consulting and support to other similar projects, especially in the cryptocurrency sector.

Some of its services in this regard are: financing, advice, resources, cryptocurrency enlistment, ideas and concepts and Launchpad.

The projects where Binance has special interest are:

  • Something trading
  • Decentralized exchange
  • Market data and news apps
  • Blockchain-based chat
  • Decentralized VPN

Launchpad’s service is based on the launch of blockchain projects. The current ones are:

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Risk warning

  • Bread-ETH
  • GIFTO-ETH
  • GIFTO-ETH

These projects are sales of Tokens that are placed in different qualified investors.

Awards at Binance

One of the characteristics of Binance that sets it apart from other cryptocurrency exchange houses is that it offers competitions and prizes regularly, to this day for Waves and Tron cryptocurrencies.

The Waves prize results in winning 20,000 of these cryptocurrencies and is based on the number of operations carried out in said currency.

The Tron competition (not the movie) has the prizes of winning a Maserati, a Mercedes Benz or a Macbook Pro. As in the previous case, the winners are the ones that negotiate the largest volume of this cryptocurrency.

Binance review 2018

As with all brokers in this wild cryptocurrency market, there are opinions for all tastes, with several cases of people claiming to have been scammed in various ways.

The latter is somewhat complicated to confirm, but at the moment it seems that the company is doing quite well and attracting many customers.

One of the tips they give through the forums is to buy some units of Binance in order to pay the trading commissions we make.

In February 2018, it seemed that the platform could not be accessed for about 24 hours for maintenance, something that several people reported. However, if CEO was reporting the evolution of the problem from time to time in his Twitter account. In the end the thing was resolved fortunately, but the traders do not like not being able to operate for a certain time, of course.

On occasions it has been reported that balance synchronization problems have occurred so the funds or operations did not appear where they should, but this is something that is usually solved.

A People really like the fact cheapness of the commissions, which are usually half of other competitors in the industry.

The latter is a very good thing for those who tend to trade a lot, that is, who do a lot of trading on them. However, if you only go shopping a few times it’s not a big difference.

In my opinion they would do well to try to include the possibility of depositing with fiat currency, but this is something that, as they say, helps maintain their independence from the financial world.

Another thing that this broker likes is the fact that it has a large number of cryptocurrencies, apart from competitions.

With all this, we will have to keep watching how Binance evolves, because as we already mentioned in the beginning, it is a very new broker in this world of cryptocurrencies, and we will have to see how it works with the issue of security and hacking, for example, something that has not yet suffered.

At the moment it seems an option that is very liked by those who like to trade frequently on these assets, due to the issue of commissions.

For more information visit the Binance website

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