According to Wikipedia “Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.”
Binance currently supports around 50 coins and tokens such as EOS, Neo, Qtum, Stratis, Litecoin, Bitcoin Cash, Iota, OmiseGO, and Walton. Binance, found online as Binance.com, is a popular cryptocurrency exchange currently sitting in the top 20 exchanges by volume. The exchange has particularly strong volume in pairs like NEO/BTC, GAS/BTC, ETH/BTC, and BNB/BTC.
Update: Binance offers a large selection of tradeable cryptocurrency markets. As of May 1, 2019, 467 different markets are supported on the exchange. Binance has it own native exchange token, BNB, which can be used to supplement trading fees and boost the overall liquidity on Binance.
For an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need.
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How To Start Trading Crypto On Binance
Signing up: First thing’s first, you’ll need to create an account. Enter personal information such as your email address, password, and a referral ID if you have one. After you fill in the required fields, click “Register” and complete the captcha, a confirmation link will be sent to your email address. Once the link is clicked, your Binance account is ready to be used.
Deposit Funds: Now that your account is activated, you’ll need to add funds to your account if you wish to buy or sell any cryptocurrencies.
Pay with credit card: Binance has a feature that allows users to purchase certain cryptocurrencies directly with their Visa or Mastercard credit card. If you are a qualified candidate, navigate to the “Funds” tab and select “Buy With Credit Card.” Cryptocurrency purchases by credit card are limited to BTC, ETH, and LTC at this time.
A valid government issued form of ID is required to be submitted to confirm your identity.Once all of the required steps have been completed, the newly purchased cryptocurrency should reach your Binance wallet within 10-30 minutes.
- Binance supports over 100+ cryptocurrencies
- It provides multi-language support for its users
- There is very low transaction and withdrawal fees
- High performance means you can process upto 1.4 million transaction per second
- High liquidity
- More than 80 altcoins accepted and tradable
- Bounty and reward programs
- If you’re constantly on the go, Binance’s mobile application may be perfect for you. It’s compatible with iOS, Android, as well as Mac and PC operating systems so just about anyone can place a trade or monitor their account from virtually anywhere.
- Binance offers a large selection of tradeable cryptocurrency markets. As of May 1, 2019, 467 different markets are supported on the exchange.
- Binance has it own native exchange token, BNB, which can be used to supplement trading fees and boost the overall liquidity on Binance.
- Binance was a pioneer of the Initial Exchange Offerings, and It’s Launchpad facilitates sales once a month for those who are interested in being early holders of new tokens.
- Higher trading volume that most other cryptocurrency exchanges.
- If following government regulations like that of the US is important to you, then you may want to try out exchanges such As Coinbase or Gemini, because at this point Binance is still an unregulated exchange.
- Many of Binance’s markets, specifically those of the lesser known altcoins, offer low liquidity which can make trading large altcoin positions difficult.
- The somewhat complex user interface can be challenging for novice traders and investors to adjust to.
- Delays when withdrawing certain coins
- There are bugs with Android mobile app bugs
- Security is a big problem
- There is no support for fiat
- Their customer support service is poor