Binance Review 2022

What Is Binance?

Crypto exchange Binance is the world's largest exchange for trading cryptocurrencies. It is relatively young: it has existed since the spring of 2017. In such a short period of time, the exchange managed to increase its turnover many times over.

The creator of the Binance exchange is Changpeng Zhao (a public figure, often writes posts on Twitter). Formerly Lead Developer at Blockchain and CTO of OKCoin. Binance is owned by Beiji Technology. It is considered a Chinese exchange.

The name Binance comes from the merger of two English words: "Binary" + Finance". The binance.com domain was registered only on April 1, 2017.

Funds for the creation of the exchange were collected as a result of the ICO. In the first week, more than 20 thousand users were registered, and in December 2017 the number of users already amounted to 3.5 million.

What Are Binance Key Features? 

The daily turnover of the exchange is more than $1-10 billion.

More than 1000 pairs and 100 cryptocurrencies are available (they are constantly replenished).

8 language interfaces. 

Two trading interfaces (regular and professional).

Availability of apps for Android and iOS. 

Exchange has its own native cryptocurrency Binance Coin (BNB). 

It can process over 1 million orders per second. 

The specific feature of Binance was the complete absence of fiat money (dollars, rubles, euros). You could only trade cryptocurrencies on this crypto exchange. As an alternative to fiat, there were stablecoins: USDT (Tether), TUSD, USDC, PAX. Since 2020, fiat pairs have begun to appear. 

How Binance Works? 

Registration on Binance is very simple. Anyone can create an account without any additional conditions. You must enter your email and password. Next, solve the captcha. It is necessary to move the puzzle to the missing place (original and unusual captcha).

After that, confirmation will come to the mail (click on "Verify Email" in the sent letter). Next, you can install an SMS confirmation feature to protect your account (two-factor authentication, 2fa). When you log into your account, a one-time code will be sent to your phone, which makes your account secure.

Until 2fa is enabled, all actions on the exchange will be unavailable. There are two options: either via SMS or via Google Authenticator. As soon as you register on Binance, you can start trading. Verification for trading is not required. There is no minimum amount to start trading. You can start with any amount. 

Should I verify my account? For verification, you must fill in all the data about yourself: passport data, residence. You also need to attach a scan of your passport, a personal photo with a passport and a photo with paper, where it will be written "Binance" with the current date.

An unverified user can withdraw no more than 2 BTC per day, and verified 100 BTC. If you plan to quickly withdraw large amounts of cryptocurrency, then it makes sense to confirm your account.

What cryptocurrencies are available on Binance? The Binance exchange has all the promising cryptocurrencies. There are almost all coins from the top 100 by capitalization:

Any cryptocurrency is introduced to the exchange without commission. There is no minimum replenishment amount.To check all your balances on Binance, go to the "Asset" -> "Balance" tab. Click on the deposit button of the desired cryptocurrency. Now you can see the wallet address for replenishment. In order to replenish the cryptocurrency balance, you need to buy it somewhere. There are two ways to buy cryptocurrency: through special cryptocurrency exchangers and through cryptocurrency exchanges.

Be careful when entering! Deposit Bitcoins to a BTC address, Ethereum to an ETH address, Litecoin to an LTC address, etc. In no case do not confuse wallet addresses. Each cryptocurrency has its own address. You cannot deposit Bitcoin to an ETH address, etc.

How to Trade on the Binance Exchange? 

To trade on Binance, you must have funds on your balance. The exchange interface offers a choice of two possible trading options: Basic and Advanced. You can trade through both interfaces, the only difference is in the information that is placed on the tab.

There are standard options to set a limit order and take on the market. A limit order means that you set your own price at which you are willing to buy or sell. For its execution, it is necessary that the market price reaches it.

If you buy on the market, it turns out a little more expensive, but purchase is instant.

It is possible to set a stop-limit (stop-loss) for orders. This is the price at which you need to close the order in order to limit your losses. You can set a take profit – this is the price at which you can fix your profit.

How to Withdraw Money From Binance?

You can withdraw money from the Binance exchange to any external cryptocurrency wallet. A fixed fee will be charged for the withdrawal. It is lower than on other exchanges. To withdraw, go to the tab "Asset" -> "Balance" -> "Withdrawal".

What Are Binance Fees?

Commission for trading is 0.1%, but it can be reduced to 0.075%. For example, the commission on Binance for withdrawing Bitcoin is 0.0004, Ethereum 0.01, Litecoin 0.001. This is the smallest commission among all cryptocurrency exchanges. For example, Bitfinex has 0.15%, smaller exchanges have 0.20%.To pay fees, it is necessary to buy BNB (Binance Coin) and activate the option in the profile "pay commissions with BNB”.

What Is a Binance Wallet?

Trust Wallet is the official wallet of the platform. It supports the leading blockchains of the Ethereum ecosystem and gives users full access to private keys via a seed phrase.

What Are Binance Pros and Cons?

Benefits of the Binance Exchange

Binance benefits include:

Small turnover fees (0.075% when paying with BNB).

There is no need to pass verification for trading.

A huge number of cryptocurrencies and trading pairs are available. New ones are added regularly.

The largest trading volume among all exchanges.

Two trading interfaces.

There are advanced options for technical analysis.

Mobile applications for IOS and Android.

Disadvantages of the Binance Exchange

The disadvantages of Binance include:

The site "slows down" during periods of high volatility.

What Is a Binance Coin (BNB)?

The exchange has its own cryptocurrency Binance Coin (BNB). It appeared as a result of ICO. It cannot be mined and serves as an "investment" for the exchange. BNB holders receive bonuses for paying commissions when trading, which creates an eternal interest in it from users. BNB has excellent growth prospects. Many large funds have invested in it. 

Is Binance Safe?

The exchange has problems with the number of users growing too fast. It is often exposed to DDoS attacks, but this does not make it worse, but rather only better.

Also, the exchange does not cope well during the period of "super" activity in the market, when the cryptocurrency drops or rises sharply. It is impossible to send a quick order to buy or sell, because the real balance is updated for a long time and there is no understanding whether you bought or not. During periods of calm trading, there are no questions about quality.

Is Binance Legit? 

Reviews of Binance are good. Not for nothing, this exchange attracted so many traders and became the largest cryptocurrency trading platform in less than a year of its existence.

Answers to Frequently Asked Questions on Binance

Is there an API on Binance?

Binance maintains an API for trading with bots. You can also extract all trading data for further analysis.

What to do, if Binance is down? 

If Binance does not open, then do not worry. Most likely, this is a DDoS attack or a very strong order flow. Check back a little later.

What is the purpose of stop loss on Binance? 

Stop loss on Binance is needed in order to close a position when a certain price is reached. This is the best way to limit losses.

 

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Author
Maxim Katrich
18.08.2022
Crypto enthusiast, editor of BitOnfeed, expert on the NFT industry.
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