The company has come into being only a few months back, the exchange has been deemed as a viable alternative to its other rivals. Moreover, it comes with an impressive listing of altcoins and Initial Coin Offerings. Binance has its home in Hong Kong with servers in South Korea. Their prime site offers support in Chinese, French, Spanish, Japanese, Korean and English. This helps Binance to have their focus on the international market along with a partnership with one of the leading global fintech concern named Quoine. It is important to go through a detailed Binance exchange review in order to understand this cryptocurrency trade better.
How Binance crypto exchange works?There are two prime options when you are looking for trading platforms on Binance and these are basic and advanced. According to Binance exchange review, there is not much difference between these two views except for the fact that an individual will be able to perform detailed technical analysis with the Advanced view.
It is worthy of mention here that even the basic view of Binance is quite complex and may not be suitable for those who are new to this field. This is because Binance was not devised for any casual investor and the dashboard is filled with numerous graphs and charts such as candlestick chart, order books along with trade history.
In order to trade, an individual will first have to fund in the account and then, click on the deposit withdrawals link. Then you will have to select the cryptocurrency that you would like to use for funding your account. According to Binance exchange review, Ethereum and Bitcoin are two of the most popular coins and offers versatility while trading. Once there is new fund in the account, an individual can begin investing. When it comes to Binance, one is only able to make market and limit orders.
Wide range of cryptocurrenciesBinance has been praised for the wide support of coin and the traders are free to use numerous digital currencies that are paired to Ethereum, Bitcoin and Tether and some of these coins are Ark, Dash, EOS, Bitcoin range, IOTA, Neo, OmiseGo, Litecoin and 36 more coins. The Binance exchange review are mainly positive because of the fact that it offers access to the coins that are not listed on any other exchanges. This platform is quite fast in adding new tokens and coins after the ICO which typically indicates that they can be purchased at a cheaper price which promises greater profit in the long run.
Transfer limitsSince Binance is only a cryptocurrency exchange, a person will not be able to fund his account with fiat currency. Only cryptocurrency funds can be deposited though there is no limit on how much one can deposit. No fee is charged on any deposits as well. The verification tier mainly determines the amount one can withdraw within a limited time span. At the starting, Binance extracts an average fee of 0.1% per trading that an individual makes. If you are willing to pay through the BInance token, you can get about 50 percent off on the trading fee. Needless to say, this is one of the most commendable factors that makes Binance popular among investors. But the fees for withdrawal vary for each different digital currency. For instance, you will be charged 0.005 for ETH withdrawal and 0.0005 is charged in case of Bitcoin withdrawals.
There will be a verification process which can establish an individual as a level two users which lifts up these limits and offer a lot more freedom while using Binance. This process of verification needs the users to provide Binance with the full name, gender, a government issued identity, country and also a selfie with the individual’s passport.
Binance competitions and securityWhen it comes to Binance exchange reviews, you cannot miss the regularly held competitions that open the door to the world of amazing prices. The present rankings show that there is a wonderful opportunity of winning competitions. Though it is supposedly the newest cryptocurrency on the market at present, it has invariably managed to get a high level of trust from the users as well as the arena of digital currency. The two factor authentication makes Binance successful and it offers a multi-tier architecture system. Moreover, it requires a wonderful customer support infrastructure that makes Binance a highly successful one.
Stop-Limit functionIn the recent times, Binance has also added a new function to binancer exchanger where a stop-limit order will be applied at a particular or better price once a stop price has been marked.
Binance TradingWhen it comes to Binance traded, the process is quite straightforward provided that an individual has experience in dealing with cryptocurrency exchange. Once the desired currency is loaded, you will have to keep your eye on the upper left corner which shows the price at which people are willing to sell it off while the figure in the middle manifests the last available selling price.
In order to buy the currency, one shall have to use the centre box beneath the graphs and buy box will turn green towards the right hand side. The price at which one individual is willing to buy, can be manually entered. Once the order has been placed, it can be seen at the Open orders section up to the point that it is filled.
It goes without saying that Binance is one of the most sought after cryptocurrency exchange which is widely favoured for services offered. Though the company was established in2017, it has managed to gain a whopping popularity within a short while. Those who are looking to invest in, Binance exchange review can offer a valuable insight to the workings and minute details of the cryptocurrency.