Binance Reviews Featured img- CoinGyan

A Comprehensive Binance Review with Guides- Should You Go For It?

First of all, we need to understand what Binance actually means. Only after that we will be able to discuss it further.

Binance can be categorized as an exchange that hosts trades directly from crypto to crypto, which also means that it does not accept real money. Binance provides the users with a crypto wallet where you can store your electronic funds. It was firstly operated in 2017 in China But; the laws of Cryptocurrency are really very strict there; then it moved to a nation that loves digital currency, Japan!

It is most likely, one of the world’s largest and most important exchange for cryptocurrency nowadays. If we following its successful ICO (Initial Coin Offering) in 2017 & its succeeding initiation, it has arranged all the correct moves to locate itself as the best exchange platform for cryptocurrencies and as it is said that the maximum traders prefer Binance for their trades or investments over a maximum of other Crypto exchange platforms. It is consistently reigning as the volume champion among all other platforms, boosting trade volumes compared to all other exchanges as they can only dream of it. This amount of volumes is usually genuine, which means that the exchange never manipulates the numbers to gain higher rankings as many shady exchanges do. Honestly speaking, it does not have to.

Let’s take a view at what makes Binance so appealing and an important reason why it is classified as high as it is now on our radar. An important note to notice is that no exchange is perfect.

Binance has created an outstanding experience for its customers since its launch and is still uninterruptedly going through this way nowadays. Its website is getting redesigned and gradually allows more traders to test out our new interface.

For an exchange platform supporting millions of traders and a huge amount of transactions per second, its ability the execution work is as good as it is supposed to be. Binance has constructed an adequate infrastructure to hold it all up, and also, it is holding up effectively.

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Merits & Demerits of Using Binance

Binance has its own sets of merits as well as demerits. To understand Binance properly, users should look at them so that a quick and reasonable analysis can be done effectively.

Merits of Using Binance

I am using Binance exchange since 2017, and personally speaking, my exposure to it has been quite impressive. I have always traded on Bittrex, but in the last few months, Bittrex has slowed down and has become a lot more buggy than last a few months and late alert messages, which may get late up to several hours. Here are a few reasons why you will enjoy using Binance:

Forks

Many digital wallets & CryptoCurrency exchange platforms did not immediately pay Bitcoin coins and were not even allowed to spend up to 4 months in the last BCH Fork that Happened in 2017. Although one of the greatest benefits of trading on Binance is how quickly they support diverging the coins. If you are holding an account in Binance exchange and if a fork happens to your account, you will immediately receive that same amount of coins in your digital bitcoin wallet.

Airdrops

Airdrop is an excellent marketing tactic for contemporary coin owners and rewarded maximum to the users who use the top crypto wallets with private keys. In simple words, an airdrop is a marketing stuff in the cryptocurrency industry where the coins or tokens are sent to the wallet addresses to create an awareness of the new currency. The  Startups adopt this marketing method in the cryptocurrency realm. Airdrops are also recognized as a method of diversifying and expanding the scope of the number of holders of that coin.

However, having multiple wallets for multiple blockchains and trading from those wallets would be very cumbersome. So Binance exchange is now reinforcing an escalating amount of complimentary airdrops where you can absolutely take a look into your account and anticipate that you did not buy those coins. By using Binance, you can directly trade for it if you want to.  It’s good enough as it is free of cost, but the creators of those coins’ main objectives are to uplift you to research about those coins and expectantly purchase them a lot more. One more way of selling these coins can be done by giving away a nice bonus for your crypto portfolio.

Fees

Binance’s absolute fee is 0.10% for all the traders on all of their trades, irrespective of the traders’ volume, and you know it’s one of the lowest in the crypto industry. If you choose to use the BNB coin to finance the fees, your fees are reduced to 0.05% on all the trades you have done.

Also, the trading fee structure offered by Binance is one of the most competitive ones in the cryptocurrency exchange ma. It offers considerably low fees to its users compared with other exchanges like Bittrex, Poloniex, FTX, CEX, etc. This is an added advantage that a user gets when he or she signs up on this platform, i.e., an opportunity to trade at low-prices.

Access to New Coins

Using Binance exchange will give you a chance to purchase a lot of coins that might be unavailable on Bittrex. It also delivers the safest & most trustworthy exchange platform to purchase those coins, and it is a lot easier to do it only if you know what you are doing or you have no other choice.

Referral Commissions

After signup on binance, you can promote binance exchange and earn some recurring revenue from it. It creates engrossment and it authorizes its consumers to focus on marketing rather than spending that budget anywhere else. The problem is that it can become a source for some people to mislead the audience in the expectation of producing commissions for themselves.

It’s a User-Friendly Platform

Binance exchange is a user-friendly platform, which provides plenty of basic tutorials and support system to assist the new and seasoned traders in familiarizing themselves with the platform. Binance exchange offers the widest range of Crypto Coins in the industry and also an extensive span of cryptocurrency pairings to trade with.

Overhead Trading Volume

This much trading volume creates prominent fluidity to the traders on the Binance exchange. It will also help the traders to attain a much higher level of profits.

Extensive Customer Care Support Center

Binance provides 24/7 Customer Care support to the traders who have been proved to be impressively fast & accurate.

Multiple Platforms for Trading

It caters to a no. of platforms for trading purposes to experience different levels and achieve greater heights. Binance Trading App available in Mac Os, iOs, Android, Windows, and Linux as well along with website version. So Downalod here your preferred version of Binance and start right away.

Earning Interest

Binance recently started their Binance Earn System where Traders or crypto holders can earn interests by saving the crypto coins and can earn a lot of rewards for staking the crypto coins.

Security & Safeguarding of Customers Coins

Binance strongly emphasizes the security for the traders, with a determination of implicating best security measures so as to safeguard the investors’ precious assets.
Binance also coined a term called SAFU for safeguarding user’s deposited coins in any extreme case. To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.

Demerits of Using Binance

As we have been discussing the merits of the Binance exchange, now let us look at a few demerits of it.

KYC Compliance

It must be a positive point for a lot of traders, but majorly, it is considered to be a negative one as a lot of investors are able to trade bitcoin before completing their KYC verification process who can anonymously hack or bring permanent damage to a trader’s account which is very serious.

Demo Account

It is only available for the users of the Binance Futures platform. It has to be made available for all the new & amateur traders to help them to learn more effectively, which will eventually help the Binance Platform itself to grow more.

Advanced Platform

An advanced Cryptocurrency Trading platform can be very difficult to trade through for newcomers or amateurs if the platform will only focus on the more experienced investors. It will not keep the platform on the top list.

 

Countries Supporting Binance Exchange

Binance is a popular exchange that has pinned itself all across the globe except in a few countries. So, let’s have a look at the countries accepting Binance and the countries that do not.

You can have a look at the table below to develop an idea in regards to the countries that accept Binance:

Now, let’s have a look at some of the countries that do not accept Binance-

  • Algeria
  • Bolivia
  • Morocco
  • Nepal
  • Pakistan
  • Vietnam

 

Supported Cryptocurrencies

Binance exchange has extended itself to cover a wide range of cryptocurrencies so that the users can have the best trading experience with the platform. Bitcoin, Steem, VET, ETH, NEO a few. Check the Full list if supported coins here. 

 

Binance Customer Support

There are a lot of mixed reviews upon the customer service being offered by the Binance exchange. But you can still contact them by emailing them or through live chat. Some users have even reported delayed solutions. It may happen as Binance has a tremendously huge count of traders, but still, we hope them to improve their customer support system. Also, they don’t have any telephonic support, which is being offered by other exchanges. If you need to reach out to customer care support, there are multiple ways available you can go through:

1. Click on the ‘Support,’ which is located on the bottom right of the Binance page.
2. You may also send them a message, or you can use the search options like FAQs to find the right answer to your question.
3. Apart from these, you may also send a support request by clicking on ‘Support.’ You can find the ‘Support’ section on the bottom of the Home page of Binance.

However, in order to make an independent judgment whether the users like to engage with Binance or not, the best place to pay a visit is TrustPilot. The reviews on TrustPilot are independent and posted by the real users to communicate their experience of how they feel about the product or service. So, when we looked up the Binance on TrustPilot, then the reviews were not at all satisfactory, which was totally contrary to what was expected (a good review).

The TrustPilot score of Binance was only 2.7/5, which is a poor score. This score reflects that Binance has not been able to adequately address the queries, doubts, and concerns of its customers.

Binance Review- CoinGyan

Only 25% of the users voted the platform as excellent, whereas a significant 41% audience voted it as a bad experience.

BinanceReview Trust Pilot- CoinGyan

On careful analysis of bad reviews, it was found out that the users had complaints in regards to the inexperienced staff who lacked sufficient knowledge about cryptocurrency trading.

Payment Methods

Binance Platform offers multiple options to deposit for the investors so that they can get started with trading activities as soon as possible, which is a competitive edge. Those options include:

Crypto Deposit

A lot of traders who so far own their own cryptocurrencies that are supported by the Binance exchange may transfer these currencies to the Binance electronic wallets.

Bank Deposits

Binance exchange supports bank deposits as well for the world’s fiat currencies except for the Binance Coins.

Credit Card or Debit Card

C/C cards like Visa Card & MasterCard can be used to make a deposit as well, which is considered to be a very efficient & and easy way of making a deposit.

Trading Based on ‘Peer to Peer’ (P2P)

Another great way is by making a payment through bank transfers, and apart from this, there are 60+ more alternative options to do it. We Explained it in this Section

Third-Party Payment

Payment in Binance exchange can be made through Banxa & Simplex.

 

How to Deposit Funds Into Binance

For starting with trading, it is necessary to have some funds in your Binance account. Let’s have a step-by-step glance over the process of depositing funds into Binance.

STEP-1: Assuming that you already have signed in to your Binance account, go to the “Wallets” section at the top-right side of the page and then select “Fiat and Spot.”

How To Deposit Into Binance Latest- CoinGyan

STEP-2: After landing on the deposit page, you will be able to choose the coin that you intend to deposit from the diverse pool of over 150 cryptocurrencies. However, the users should remember that oftentimes, the deposits might not be available for some specific cryptocurrencies if the wallet is in the state of “under-maintenance.”

You will have to select “Fiat and Spot” from the left section of the page and then click on “Crypto.” Then, you will be required to select the cryptocurrency you wish to deposit. In this case, we have selected Bitcoin (BTC). {NOTE- You can also deposit fiat currency of your choice provided that the verification process has been completed by you}.

How to Deposit in Binance 1- CoinGyan

 

There is a specific process of depositing the coin that you have selected. For example, if you want to deposit BNB, a MEMO is required to deposit the same into the exchange.

STEP-3: After selecting the coin, you will be provided with a unique deposit address and QR code. The users should remember that for each cryptocurrency, the deposit address is different. For example, if a user will attempt to send Bitcoin (BTC) to the Ethereum (ETH) address, then the probability is high that the users might lose Bitcoins.

You can copy the address or scan the QR code to complete the Deposit.

How to Deposit in Binance 3- CoinGyan

STEP-4: Once the address has been generated of the specific coin selected, then the user will have to copy such address by clicking on the ‘Copy Address’ button.

STEP-5: Now, you will have to head toward your cryptocurrency wallet and transfer the number of selected cryptocurrency that you wish to transfer to your Binance. Again, the users should make sure that the coin address is correct before making the transfer. If the coins are sent to an incorrect coin deposit address, then it might be impossible to recover them back.

Some other methods for purchasing the cryptocurrency include-

  • Debit Card
  • Credit Card
  • P2P Trading
  • Cash Balance
  • Third-Party Payment

You can access these aforesaid options by selecting the “Buy Crypto” drop-down menu as shown in the snippet shared below-

How to Withdraw Funds from Binance

STEP-1: Assuming that you already have signed in to your Binance account, go to the “Wallets” section at the top-right side of the page and then select “Fiat and Spot.”

How To Withdraw From Binance-1

STEP-2: After landing on the withdrawal page, you will be able to choose the coin that you intend to withdraw from your Binance account. However, the users should remember that oftentimes, the withdrawal might not be available for some specific cryptocurrencies if the wallet is in the state of “under-maintenance.”

Once you are re-directed to the new page, you will have to click on the “Withdraw” tab as shown in the snippet shared below-

STEP-3: Once landing on the “Withdrawal” page, you will have to select “Fiat and Spot” from the left section of the page and then click on “Crypto.” Then, you will be required to select the cryptocurrency you wish to withdraw or deposit out. In this case, we have selected Bitcoin (BTC) to withdraw.

How To Withdraw From Binance-3

 

 

 

You can download the Trust Wallet if you don’t have the one with you, as it is one of the most reliable and robust wallets available in the markets.

STEP-4: Once you have the withdrawal address with you, then you can feed such an address in the relevant field appearing on the right side of the withdrawal page. {Note- There is a whitelist function that you should know about. If the whitelist function is activated, then you will be able to withdraw to such address, and if such function has not been activated, then the address will have to be manually entered. However, it is advisable to activate such a function for the sake of security.}

How to Withdraw From Binance-4- CoinGyan

 

STEP-5: In the next step, you will have to select the transfer network.

How To Withdraw From Binance-5 - CoinGyan

STEP-6: In the next step, you will have to enter the cryptocurrency amount that you wish to withdraw and then hit the “Submit” button.

How To Withdraw From Binance-6

STEP-7: If the address of the recipient has not been added through “Address Management”, then you can choose “Address Management” from the Withdrawal page and then hit “Submit.”

How To Withdraw From Binance-7- CoinGyan

 

 

Once you have hit Submit, then you can expect the code to verify such a transaction because of the 2FA authentication feature. After entering the security code, you will receive an email from Binance for the confirmation of the withdrawal request. Make sure to double-check the address properly and also check the phishing code before proceeding ahead. If you find everything correct and legit, then you can click on “Confirm Withdraw” to complete the withdrawal process. After waiting for some time, around 10 minutes, your request shall be processed, and you will be able to see the same on your withdrawal page.

Binance withdrawals are quick as it takes around 10 to 30 minutes, but if the network is busy, then some additional time might be consumed for completing the withdrawal.

 

How to Trade on Binance

Once you are done with submitting your funds in the Binance exchange, then you can get started with the crypto trading process. There are more than 100 types of cryptocurrencies available on Binance to choose from, but in this review, we will consider Bitcoin (BTC). It should be noted that the steps are the same for every coin.

STEP-1: You will have to hover your cursor over the exchange button and then click on the Basic.

How To Trade On Binance1 - CoinGyan

 

STEP-2: In the second step, you can simply choose the cryptocurrency from the dropdown menus that you want to convert and then enter the amount. After that, you will be required to select the cryptocurrency that you want to buy. Get done with previewing the conversion and then complete the trade.

How To Trade on Binance2- CoinGyan

STEP-3: There are more options for trading- Classic, where you can gain the access to charts. Binance provides traders with a lot of crypto-pairings options. The users can also select stop-limits and OCOs and even trade by limit order. This is also a good option to trade crypto assets. The users that have entered into the trades shall also be able to view:

  • Open Histories
  • Open Orders
  • Trading History
  • Funds Summary

How To Trade On Binance3- CoinGyan

STEP-4: For entering into the trade or view the orders, you will have to scroll down to the end of the page and select the crypto pairing from the right side of the page. You can search for BTC, ALTS, FIAT pairings, and many more. As a trader, you will also be able to check the trades by “Market Trades” across Binance or you can just simply select “My Trades.”

How To Trade On Binance4- CoinGyan

 

Binance Security

Security of your account is the top priority of Binance exchange. While the team of Binance tries everything to secure your account, even you have the power to increase the security of your account. In the article below, we have described a few easy steps that you can follow to secure your account, along with general good habits that you should keep in mind. The blockchain industry is growing rapidly, so securing the environment will be beneficial for all of us all. Let’s look at the security options that Binance provides to its users-

Use a strong password and change it regularly.

It may sound obvious to you, but it’s essential for you to secure your account. It has to be a strong & unique password every time you change it. These passwords are seen as ideal to be more than eight characters long, containing letters, nos., & special characters.

A great way to create & manage a secured password is to use password managers. Like LastPass and 1Password, you will be able to hold & manage different passwords in a secure & convenient way. Most of the password managers will use complicated encryption mechanisms to add an additional layer of protection. Please ensure that you use trusted password manager software.

Having a strong password is good, but it is also considered good practice to change it regularly, as hackers have ways to crack your passwords regardless. It is applied not only to your Binance account but also to your email, which is associated with your Binance account.

Enable the 2-Factor Authentication (2FA)

Enabling 2-Factor Authentication (2FA) is very essential for your Binance account. Binance exchange supports two types of 2FA: SMS & Google Authentication. Out of these, we strongly suggest you opt for Google Authentication. Just ensure to write down your reset key if you’ll have to transfer your 2FA codes to a new mobile phone.

SMS authentication seems easier but is seen as less secured than Google Authentication. SIM swapping has become a great threat, and some high profile accounts have become victims of this technique.

Authorization of Devices to Your Account

You need to check all the devices which are authorized to access your account. While operating your Binance account, you will find the tab under the “Account” tab.
If you notice a device(s) you didn’t add or don’t use anymore, we suggest you remove them. Once you remove a device, the app won’t allow it to access your account again, unless & until you re-allow it.
You should also check account activities regularly. If you suspect anything unusual, instantly disable your account. It will suspend all the trading & withdrawals will delete all the API keys, and will remove all the authorized devices to access your account.

Whitelist your Withdrawal Addresses

Your account has a feature named ‘Address Management.’ It will help you to allow your account to limit the wallet addresses that you can transfer funds to. If you enable it, each new wallet will require confirmation.
This is the reason for keeping the email account safe is as essential as it is the foundation of your security of every online platform.

Be Attentive and Study Phishing

It’s a category of attack in which an anonymous actor tries to act as an individual to achieve your personal details. It’s a common attack, and you should be aware of it.
As a thumb rule, it will be best to visit Binance exchange through a saved bookmark rather than entering the entire address every time. With such an easy step, you can avoid many fake Binance websites that aim to get access to your account details.
A feature of the Anti-Phishing Code will help you to set a unique code to attract all the Binance notifications. By enabling the code, you’ll be able to figure out if the notification you are receiving from the exchange is genuine.

Follow the Guidelines of API Security

The API Security of Binance exchange is a good way for experienced investors to maximize their experience. It helps you to design custom made trading strategies.
Although, using Binance API will bring some risks as you are sharing your data with external sources. When you’re operating the API keys, you should restrict the access based on IP addresses. This way, the whitelisted IP addresses will only be able to access. You should change your API keys as well on a regular basis and should not give your API keys to anyone.

Use U2F (Universal 2nd Factor) Authentication.

Binance exchange supports U2F supporting platforms. These devices will allow you access to your account only if you are plugged into your computer or are paired wirelessly.
This device is similar to your Google Authenticator, but instead of being software, it’s hardware, which means that to access your account also requires physical access to this hardware.

How to set up 2FA in Binance

Enabling 2FA in Binance is an easy job that ends up in only four steps that begins with navigating to the account center and then clicking on enable under Google Authentication. Let’s have a look at the subsequent steps.

STEP-1: Installation of Google Authenticator

You will have to download the Google Authenticator from Google Play (for Android) or App Store (for iOS) and then install it. Once the installation is done, then you can click on Next to move to the next step.

STEP-2: Scanning the QR Code via Google Authenticator App

You will be able to observe a QR code as well as a 16-digit key on the web page. After that, you will have to launch the Google Authenticator app and then click on the [+] symbol appearing on the top right-hand side of the page for scanning the QR code. You can also feed the ‘2FA 16-digit key’ manually.

How to enable 2FA in Binance1-CoinGyan

 

How to Enable 2FA in Binance2- CoinGyan

 

STEP-3: Saving the Backup Key

You will have to make sure to save the 16-digit key generated because it can be used to re-bind your Binance account in case you have lost your previous Google Authenticator.

How To Enable 2FA in Binance3- CoinGyan

 

STEP-4: Activate Google Authentication

You will have to come back to the Binance page and fill-up the credentials as well as the Google Authentication code. Apart from that, an SMS authentication code would be required provided that SMS 2FA has already been enabled.

How to enable 2FA in Binance4-CoinGyan

 

How to Set Up U2F in Binance

U2F is a hardware device that can be used as a 2FA on Binance for adding an additional layer of security to your account. YubiKey is a popular and extensively used U2F for this purpose. Let’s have a look at the steps to enable Yubikey for 2FA-

STEP-1: You will have to log in to your account and then navigate to the account center first. After that, you will have to select the security tab. After that, go to the 2FA section and click on the Setup button that would be appearing next to the Security Key.

How to set up U2F in Binance- CoinGyan

 

STEP-2: After that, click on the Continue Anyway button that would appear after confirmation of the pop-up message.

How to set up U2F in Binance1- CoinGyan

 

STEP-3: After clicking the Continue Anyway button, you will be required to insert YubiKey into the USB port available on your device and then press the authentication button within a minute. You will have to try again if the time is up.

How to set up U2F in Binance2- CoinGyan

STEP-4: It is necessary to label your YubiKey. For marking it as your own reference, you will have to type in your label and then hit Verify your account to establish the label and proceed to the next step.

How to set up U2F in Binance3- CoinGyan

 

STEP-5: Now, you will have to verify all the 2FA verification available, including Google authentication, email authentication, and SMS authentication.

How to set up U2F in Binance4- CoinGyan

 

STEP-6: It is done, and you have successfully secured the Binance account via robust YubiKey, which is a reliable hardware security key.

 

P2P Trading on Binance

P2P (Peer to Peer) trading is also recognized as a customer to customer trading in some areas in which a user directly engages in the trading activity with other traders on the Cryptocurrency Exchanges. The fiat assets are exchanged offline, and the transaction is confirmed online. Once the exchange of fiat assets has been confirmed by both buyer and seller, then the digital asset is released in favor of the buyer. Binance provides P2P trading on the web version and mobile app version.

How to Sell Coins on Binance P2P

 

STEP-1: To get started, you will have to sign-in to your Binance account and then click on the Buy Crypto from the home page and then select Buy from Local Vendors in the drop-down menu.

P2P selling on Binance- CoinGyan

 

STEP-2: After that, you will have to click on the I want to sell button from the navigation tab and then choose the coins that you wish to sell. You can also click on More options for setting your options.

P2P selling on Binance1-CoinGyan

Once done, then you can further set three things- fiat currency, amount, and payment method.

 

P2P selling on Binance2- CoinGyan

STEP-3: Now, it is time to choose your favorite offer and then click Sell.

P2P selling on Binance3- CoinGyan

 

Now you have to enter two metrics- Amount and Quantity metric and then select your preferred payment option. Once done, then hit the Sell now button.

P2P selling on Binance4- CoinGyan

 

STEP-4: Now, all you have to do is wait for the buyer to complete the payment within the specified time-frame.

P2P selling on Binance5- CoinGyan

 

STEP-5: Once the buyer has made the payment, then the status shall be updated to To be released. After making sure that the payment has been received, you can click on Confirm release within the limited time frame. After that, a pop-up window shall appear where you can click I have confirmed that the payment was correct and then hit on the Confirm Release.

P2P selling on Binance6-CoinGyan

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STEP-7: At this step, the order has been completed, and the buyer now should receive the coins. You can click on Check my Account to verify your Fiat balance. You can also make use of the Chat option appearing on the right side to communicate and interact with the crypto buyer during the whole process.

 

P2P selling on Binance9-CoinGyan

 

 

How to buy Coins on Binance P2P

 

STEP-1: To get started, you will have to sign-in to your Binance account and then click on the Buy Crypto from the home page and then select from Local Vendors in the drop-down menu.

P2P buying on Binance- CoinGyan

STEP-2: After that, you will have to click on Buy and then opt for the cryptocurrency that you want to buy. In this review, BTC has been shown for the sake of the example. You can also filter the prices as well as the payment method from the drop-down.

P2P buying on Binance1- CoinGyan

 

STEP-3: Now, you can either enter the amount (in your fiat currency) or enter the quantity (in crypto) that you wish to purchase and then hit the “Buy Now.”

P2P buying on Binance2- CoinGyan

 

STEP-4: At this step, it is time for confirming the payment method as well as the total price appearing on the Order Details page. You can proceed to complete the fiat transaction within the assigned time limit for payment. After that, just click on the “Transferred, next,” and then “Confirm“.

P2P buying on Binance4- CoinGyan

 

STEP-5: Once the cryptocurrency has been released by the seller, then the transaction would be treated as completed. After that, you can just click on “Transfer to Spot Wallet” for transferring the cryptocurrencies to your Spot Wallet.

To check the digital assets you have purchased, just click on “Check my Account” appearing above the button.

P2P buying on Binance5- CoinGyan

 

 

Binance Fee Schedule

Competitively, Binance’s fee structure is the cutting edge. The team have already sharpened their knives and are now slicing their opposition apart. On September 17, 2019, Binance.Com officially initiated their futures trading. It’s such a contract that will give the holder the option of a right – but not an obligation – to buy or to sell a certain amount of assets at a certain fixed price. Certain options will give you the right to utilize the option whenever you need it, and there are a few other options which are only permitted to utilize during a specific time & date.

A flat rate of 0.1000% is very attractive for any investor who does not need instant fiat liquidation. Investors who use the futures trading platform of Binance enjoy even lower fees, starting at 0.02% for makers and 0.04% for takers. It incredibly undercuts most of the other large scale exchanges. Some of them charge their investors an upward of 0.2%, which is a sizeable difference if you are investing in bulk. BNB will provide you an additional discount on the trade fee, which may go up to 25% when you are investing with the coin.  As you’d expect, deposits are free (except the blockchain fees structure, which is always paid by the sender). Withdrawal fees always do apply, even though they also correspond with the transaction fees of blockchain. They seem to update their withdrawal fee regularly to offer a better & fair price. Here, you can trade through both Perpetual Futures & Quarterly Futures.

But before we dive deep, you should know about Maker and Taker.

Maker: When you successfully place an order that goes on the volume book partially or completely (like ‘Limit Order Placed’ through the trading screen on Binance), any following trades coming from that order will be marked as ‘Maker’ trades. These orders will add volume to the book, thus, aiding to ‘make the market,’ and that’s why it is coined as ‘Maker’ for any upcoming trades.

Taker: If you place an order that will trade instantly, by filling it partially or fully, before uploading it on the volume book, those trades will be coined as ‘Taker’ trades. Trades based on the Market orders are always categorized as Takers because Market orders can never be put on the volume book. These trades are ‘Taking’ the volume – off of the Volume Book, and that’s why it is called ‘Taker.’

Now, the table drawn below shows the fee structure for the traders of Binance with the specifications of how it changes with your VIP-level.

Binance Fee Stucture- CoinGyan

Binance Affiliate Program

Let’s have a quick look over the affiliate programs that are hosted by Binance.

Referral Program of Binance

Binance’s Referral Program was initiated with a commission of 50% on every trade referee makes in Bitcoin (BTC). But due to some reasons, the commission was decreased to 20%. However, in 2018, Binance had launched a special offer according to which you earn a commission of up to 40% of the trading fee for each trade he makes if you hold ≥ 500 BNB. An advantage Binance.Com has over the affiliate program is that the commissions offered are in real-time. To participate in it, you can register yourself on the register page of Binance and create an account. On registering, while trying to register, occasionally, you may receive a pop-up notification telling you that the registration has been disabled for the moment due to a rush in the region. But, you can try it again after some time!

How long do Binance affiliate tracking cookies last?

Binance tracks cookies for 90 days, which means that if an investor clicks on your Referral Link, then you will be credited with your referral amount as long as they show up within every 90 days.

Binance Affiliate Program- CoinGyan

Affiliate Program Binance- CoinGyan

 

Binance Limits and Verification

A great struggle for the investors is that on various exchanges, you need to provide them a lot of personal details, and it takes too long to complete the verification process. It is absolutely free on Binance to register yourself an account, but naturally, they also have verifications & limits from a legal point of view.

After registering yourself an account, you are on Level 1 (unverified). This doesn’t mean that you cannot do anything through your account. For a lot of investors, an unverified account is enough. Following are the limits which apply in Binance:

Level 1 – Unverified: 2 Bitcoins a 24-hour trade or per withdraw
Level 2 – Fully verified: 100 Bitcoins a 24-hour trade or per withdraw
Level 3 – For whales: More than 100 Bitcoins a 24 hour

So, if a trader does not want to trade or withdraw more than 2 Bitcoins 24 hours, you can start trading with an account on level 1. In this, there is no need to go through a procedure of KYC. For instance, you want to withdraw 4 Bitcoins, you can do it over 48 hours, and you will still meet your limits. Verification at level 2 is entered into by giving away your personal data to Binance in the same way they appear on your passport. You need to upload a photo of both the front side & back side. Besides this, you also need to upload your selfie with you & your passport, which shows the current date along with the word ‘Binance.’

 

Frequently Asked Questions- Binance

There are some frequently asked questions that users always seek while interacting with Binance. Let’s have a look at them.

How Do I Register on Binance?

  1. Go To Binance Website and click on [Register/login] at the top left corner.
  2. Follow the given instructions and give them your email address & password you’ll be using for your Binance account.
  3. After you’ll carefully read the Terms of Use, click on [Register].
  4. After that, you’ll come across a sliding jigsaw verification code. Drag the slider to complete the verification code.
  5. Once you’ll complete the verification code, Binance will send a confirmation mail. You can check the mail within 10 minutes to confirm your registration.

Can I withdraw money from my Binance account?

You can withdraw money from your Binance account. But you can not withdraw fiat currencies from Binance, which is currently limited only to the AUD & RUB. Not to the USD, EUR, or not to any other coin.

Can I Buy Bitcoins on Binance?

Yes, anyone can buy Bitcoins on Binance exchange with a credit card/debit card or can be withdrawn with any supported cryptocurrency.

How Do You Buy Bitcoins on Binance?

  1. Sign up for Binance exchange.
  2. Deposit funds into your Binance account.
  3. Find a trading pair for the Bitcoin & the deposited cryptocurrency.
  4. Sell your deposited cryptocurrency for Bitcoin.
  5. Withdraw those Bitcoins to your Binance wallet.

How safe is Binance?

Binance exchange is considered to be a safe exchange that allows its traders for account protection through the use of 2FA. Binance experienced a major hack on May 7, 2019, which resulted in 7000 Bitcoins got stolen from Binance. Nevertheless, Binance ensued its Investors that all the losses will be recovered by its Emergency Insurance Fund.

How to Disable an Account

Account Accessible:

  1. For investors who use mobile apps, they should go to the (Account) – (Security) – (Disable Account).
  2. Carefully check all the reminders and click on (Disable Account).

Account Inaccessible

Search for the following emails you must have had received from Binance and click on (Disable Your Account) if you want to disable your Binance account.

• Password Reset
• Successful Login
• IP Verification
• Authorize New Device
• Reset SMS Authenticator
• Reset Google Authenticator

How to Create API

  1. After logging in to your Binance account, click on [API Management] located in the drop-down box of the user center.
  2. After entering the API management page set an API key, and click on [Create].
  3. Click on [Get Code], then enter the ‘Phone verification code,’ ‘Google verification code’ & ‘E-mail verification code,’
  4.  then click on [Submit] to create an API. It is wise to store the Secret Key somewhere safe as it will not be shown to you again.
  5. For your own safety, kindly don’t share the Secret Key with anyone.

Conclusion

When we pull everything all together to have a look at Binance exchange objectively, its pros are far superior to its cons. Its low fees and proven knowledge of the Binance team to run a trading platform is more than enough to bring it in a list of major players.
There is no miracle that success has followed the Binance during its initial months. Adding to this, their ability to offer the services worldwide from the grip of the Chinese, and there’s not much stopping to Beijing Technology. Comparatively, limited fiat support has always been a bit frustrating, but it’s understood that in most of the circumstances. Being said that, Binance is persistently adding a lot more options, with EUR & GBP trading pairs is already available for use.

 

Jatin

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