This series Asian Exchange Review: Binance is a series of reviews on exchanges in Asia. Do note that this article does not represent an endorsement of the exchange.
What is Binance?
Binance is a cryptocurrency exchange currently based in Malta. It started out being based in Japan, but due to regulations that did not favor it, Binance decided to make a move to base their operations in Malta, which was welcomed by the Prime Minister of Malta himself!
It transacts as an altcoin exchange for many altcoins in the market. To use Binance, you will need to transfer in Bitcoin (BTC) or Ethereum (ETH), or any of the support altcoins on the platform.
Currently, Binance is able to process 1.4 million orders per second, which is an impressive number considering that Crypto has not reached that level of adoption yet. Binance also offers multiple languages for the non-English speakers including Chinese, Korean and Japanese.
Coins / Currencies
Supports 129 altcoins with BTC pairing.
Supports 126 altcoins with ETH pairing.
Supports 56 altcoins with Binance Coin (BNB) pairing.
Supports 8 altcoins with USD Tether (USDT) pairing.
Ease of Use
Binance looks a little complicated from the outset. It’s many charts and diagrams make the first-time user a little dizzy. However, once one gets familiar with the interface, it because an intuitive surface for people to use.
It also has an advanced trading view for the serious crypto-traders and is using indicators and charts to determine their entry and exit prices.
This is a great feature because it will allow both newbies and experienced traders to use Binance as a trading platform.
Binance charges a super low fee of 0.1% per trade for buying and selling. This is further discounted if you use the Binance Token (BNB) – which you will get 0.05% per trade.
This is one of the lowest, if not the lowest in the market right now.
So Binance is a great platform for the serious traders who may enter a trade multiple times a day.
There are no transfer limits to the Binance platform at the moment, as it does not accept fiat, and only functions as an altcoin exchange at the moment.
Customer Support was initially mainly FAQs, but now there’s an option available to submit tickets. So while you aren’t able to have a live chat with a staff or speak over the phone, the submit ticket functions works pretty well.
The customer service staff is responsive and will answer your questions promptly. However, when there was a huge influx of users during the late 2017 period, Binance, like all the other exchanges wasn’t able to cope with the tremendous demands of the new users. As such there was a period where the replies were slow and customers were left frustrated with their questions unanswered or in some cases the funds were stuck.
Anyone in the world currently can use Binance Exchange.
Binance’s security was tested in early 2018 when a group of hackers managed to get many user’s login and 2FA. These hackers tried to convert all the altcoins of these victims into BTC, and then using it to purchase ViaCoin, and then sell it off for a huge profit after pumping it. Then, they intended to move the BTC to their own wallets.
Thankfully, Binance’s team showed great resilience at this point. Through the automated systems within Binance itself, they managed to stop the hackers from executing this hack and in the end, it was the hackers that lost out, as Binance donated their tokens to charity.
Throughout this period, the CEO of Binance CZ was engaged with users on Twitter, reporting the status of things as it happened. The community cheered when the news was announced that everyone’s funds were safe. This was a big plus for Binance, as it showed how it could effectively deal with a crisis like this and be left unscathed.
Sign up Process
The signup process is quick and painless. Anyone should be able to set up an account almost immediately with Binance. However, as with all exchanges, a higher level of identification is required if you want to trade in bigger volumes.
Strengths / Advantages
- Ease of Sign Up
- Tested (and Strong) Security
- Two-FA enabled
- Strong Team with Credibility
- Lowest Transaction Fees
- Good for Experienced Traders
Weaknesses / Challenges
- No Live Chat / Phone Support
- Complicated User Interface for Newbies
Sign up with Binance Here
Overall, Binance is probably one of the best cryptocurrency exchanges you can use. Although looking a little less user-friendly at the start, it will become one of the most used because of the variety of coins it supports as well as the ability for you to use the advanced view for trading. We foresee that Binance will be one of the big cryptocurrency exchanges in the years to come.