Review of binance cryptocurrency exchange 2021

BlogNovember 12, 2021

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Binance is the first choice of many investors when the Cryptocurrency Market is growing. The cryptocurrency exchange systems are also born more and more to serve users’ needs. Almost in every rating chart, Binance exchange is in the top 3 most popular. What makes many people decide to come to Binance? The review below answers that question.

  • Headquarters: Malta
  • Deposit method:
  • Product trading:  BNB, ETH, TRX, XRP + 265 coin
  • Fee: 0.1%
  • Leverage: 125x
  • Platform trading: Website, IOS App, Android App

ADVANTAGES

  • Low transaction fees
  • High liquidity
  • Support multiple coins
  • High trading volume

DISADVANTAGES

  • Slow processing speed when traffic is high
  • Do not allow transactions in currencies such as USD, EUR,…

Binance Reputation

Overview of Binance

Binance exchange (Binance coin exchange) has one of the best virtual currency rates today because of a robust security platform and a highly-regarded professional team. The platform accepts users from all over the world and has received positive reviews from every crypto community. The exchange partnered with third-party companies like Simplex to allow high-fee credit card purchases and bank transfers.
Which country is Binance exchange? Binance is a Hong Kong-based virtual currency exchange created by developer Changpeng Zhao (aka CZ) in July 2017. Zhao Beijie Technology’s company developed the exchange after raising money raised 15 million dollars. After controversies with the Chinese government’s stance on cryptocurrencies, Binance has now located its servers in countries that are more open to cryptocurrencies. “In response to China’s decisions, we will be transferring our IP from Hong Kong to a location outside of China. So we are registered to Binance exchange and have headquarters in many other locations around the world. That way, we will never be influenced by a regulator,” Zhao explained.

Legal issue

Although the company was founded in China, it moved its headquarters to Japan before its crypto trading ban in 2017. In 2018, Binance established an office in Taiwan and a Notice of moving to Malta. Nevertheless, in 2020, the Malta Financial Services Authority (MFSA) clarified that Binance is neither officially registered nor regulated.

Founded year

Company founder Changpeng Zhao started Binance in China in July 2017. Despite being late, Binance is still leading at the top of the most popular exchanges based on the most basic Binance evaluation criteria.

Trading volume

The exchange has enjoyed incredible success since it launched in the summer. It is currently in the top 10 for 24-hour trading volume on Coinmarketcap. Up to now, the trading volume on the Binance exchange has reached 5.2 billion USD per day.

Security Binance

Is Binance exchange reputable? Since a hacker attack took away more than 7000 BTC in May 2019, Bitcoin exchange Binance has increased security by introducing Universal 2nd Factor (U2F) and advanced authentication methods. Its exchange monitoring capabilities. At the same time, Binance encourages users to enable two-factor authentication (2FA) using Google Authenticator or SMS authentication. Furthermore, traders have an option to whitelist addresses and set up anti-phishing codes. Withdrawal transactions from Binance to the bank are required to be confirmed by email.

Binance ecosystem

Diverse and large to serve cryptocurrency development

  1. Binance Exchange is the world’s largest cryptocurrency exchange by volume and one of the fastest in the world.
  2. Binance Academy is an open knowledge portal that provides all learning materials about Blockchain and cryptocurrencies.
  3. Binance Charity is a non-profit organization that works to promote blockchain philanthropy and sustainability globally.
  4. Binance Info is the open encyclopedia of cryptocurrencies, an open and objective information aggregator platform to which anyone can contribute.
  5. Binance Labs is an infrastructure development fund to incubate, invest, and power Blockchain projects.
  6. Binance Launchpad is the exclusive tokenization platform to bring the most innovative crypto projects to life.
  7. Binance Research provides institutional-grade reports, data, and in-depth analysis for investors in the crypto space.
  8. Trust Wallet, the official wallet of Binance, is a secure, decentralized wallet platform where users can send, receive, and store digital assets.
  9. Binance Chain is a community-driven Blockchain software system with developers and contributors located all over the world.
  10. Binance DEX is a decentralized exchange developed on Binance Chain.

Binance Exchange Platform

The trading platforms: The three primary platforms that Binance uses are: Website, Andoird, and IOS, which are popular and familiar to users.

Website Interface: The Binance website and trading pages have been revamped in 2019 and are now easy to understand and navigate for beginners and experienced users. It even offers the ability to move between basic, classic, and advanced trading screens, so that experienced traders can benefit from having more information on one page. In contrast, less professional traders can do token swaps without many windows and graphs.

* See more: The complete guide Binance from a to z

Binance Trading Activities

Binance exchange Fees and Liquidity

Trading Fees: Binance takes a 0.1% cut of every trade that takes place on its trading platform, making it one of the cheaper cryptocurrency exchanges. As such, a 0.1% transaction fee applies to both spot and margin trading. You can also get substantial trading fee discounts when you use Binance Coin (BNB) (up to 25%), refer friends (up to 25%).
Low transaction fees also apply to Binance Futures. At the most basic level (VIP 0), you will pay a 0.02% producer fee and 0.04% receiver fee. You can also get substantial trading fee discounts when you use Binance Coin (BNB) (up to 25%), refer friends (up to 25%). Together they make Binance one of the cheapest cryptocurrency networks in the industry.

 

Liquidity: One of the factors that help Binance to be at the top of reputable virtual currency exchanges is liquidity. The liquidity of this virtual currency exchange is high because the trading volume on Binance is enormous. You can buy and sell coins in large quantities at any time.

Transaction limit

The trading limit of Binance exchange is regulated based on the customer’s level, specifically as follows:
Level 1 (unverified): trade/withdraw 2 BTC every 24 hours
Level 2 (fully verified): 100 BTC every 24 hours trading/withdrawal
Level 3 (for “whales” ): Over 100 BTC every 24 hours
Therefore, if you are not trading or withdrawing more than 2 BTC every 24 hours, you can start with a level 1 account, and you do not need to go through the KYC procedure. For example, you want to withdraw 4 BTC, and you can spread this over 48 hours to still meet the limits.

Leverage Review

Binance says the exchange’s new leverage range will have lower fees, less risk, and a higher user protection level than other products. More specifically, the token’s leverage will change from 1.5x-3x depending on market conditions and not rebalance unless necessary. For comparison, all FTX leveraged tokens have fixed leverage and will rebalance daily to maintain that leverage.

Deposit and withdraw money on Binance

Deposit and withdrawal methods

Fiat currency: Binance supports many different forms of direct deposit and withdrawal of fiat money, so customers will have more options when participating in transactions on Binance exchange: Credit/debit card, transfer banks, Bank Transfer(SWIFT), P2P Bank Transfer, e-wallets like Payeer wallet, Advcash wallet…depending on the fiat currency you choose.

Fourteen fiat currencies are supported directly: GBP, TRY, EUR, KZT, AUD, BRL, HKD, PEN, RUB, UAH, UGX, PHP, USD.

Crypto: Various coins can be loaded via networks such as Ethereum(ERC20), Binance Chain (BEP2), Binance Smart Chain (BEP20), Solana, Tron (TRC20), BTC (SegWit)..depending on the type coin of your choice. Just make sure the network selected for deposit matches the withdrawal network. Otherwise, you will lose your assets.

Processing speed: On June 6, Binance announced a new version upgrade that makes the processing speed ten times faster and can handle 100 times larger volumes than the old versions.

Binance Customer Support

Supported languages

Binance exchange supports many different languages ​​such as Chinese, English, Japanese, Korean, Russian, Spanish, and especially Vietnamese.

Support when there is a problem

The troubleshooting speed of the Binance exchange is highly appreciated. As long as you contact Binance, a staff member will directly handle and fix it. That is also one of the big plus points that make investors choose the exchange.

Customer support forms

There is a section on the Binance exchange homepage that includes prepared answers to customer issues; you can search for the solution to your problem. If your case is not listed above, you can contact the support team by sending a question directly to customer support.

Conclusion

Above is the Binance review. Perhaps the factors that make Binance one of the most popular exchanges are its high liquidity with a total trading volume of more than 10 billion USD per day, low costs, fast transactions, and high-speed transactions simple and user-friendly deposit/withdrawal operations. Hopefully, through our detailed review, you can choose for yourself a reputable and suitable exchange.

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