Review of the Binance cryptocurrency exchange. Reviews

Despite its recent appearance (officially launched in 2017), the Binance exchange is considered one of the most popular platforms for trading cryptocurrencies. In terms of average daily volume, the resource is among the top five. At the same time, as with other similar sites, users have doubts whether Binance is a fraudulent site.

Registration

Additional Information

• Exchange commission: yes
• Trading volume: more than 300,000 BTC/day
• Communication channels: online chat, email Telegram, Facebook, Twitter, Reddit, steemit, medium, weibo
• Availability of Russian language: yes
• Possibility of exchange for fiat currencies: yes
• Types of cryptocurrencies: Bitcoin, Ethereum, Litecoin, BinanceCoin, NEO, Qtum, Status, Bantam, Gas, Tether, district0x, Iconomi, Walton, Loopring, YOYO, OmiseGO, BQX, KhanCOIN, FunFair, SONM, ChainLink, Centra, SALT, Enigma , Zcash, Agrello, DigixDAO, GenesisVision, Komodo, BitcoinGold, RaidenNetworkToken, Ripple, EthereumClassic, Dash, Everex, Decentraland, Cardano, Populous, BitcoinDiamond, CoinDash, Monero, etc.
• Auto trading: yes
• Training: no
• Analytics: yes
• Affiliate programs: yes
• Binance API: yes

Features of the site

The sharp rise in popularity of Binance is largely due to the actions of the exchange developers. The latter managed to attract major enthusiasts of the crypto world to their side, thanks to which they immediately managed to raise about $15 million for the development of the site. A number of financial organizations such as Morgan Stanley or SBI Group are also showing interest in Binance.

The site is officially registered in China, and the headquarters is located in Shanghai. The head of Binance is Changpeng Zhao, who during his career worked as the head of the technical department of Boomberg and took part in the creation of the Blockchain.info and OKCoin platforms.

The Binance exchange has the following features:

• low commissions (0.1% for each completed transaction);
• instant transaction processing (about 1.4 million transactions are processed per second);
• availability of an expanded list of tools for technical analysis;
• user verification is not required (withdrawal restrictions are 2 BTC per day).

You can trade on Binance through a special application developed for Android and iOS. After passing verification, users have the opportunity to withdraw up to 100 bitcoins daily. Each cryptocurrency on the exchange is stored in a separate wallet, which can be accessed through your personal account.

Binance also has two features that are rarely found in other similar platforms: its own cryptocoin (BNB) and access to trading of rare digital coins. For traders with BNB on their balance, the exchange halves the commission charged for the transaction.

Binance supports 7 common languages, including Russian and English. To make transactions on the exchange, you must register your own account. In the trading window, traders are provided with:

• actual news;
• order book;
• currency chart;
• stop losses;
• statistics of completed transactions;
• list of currency pairs.

A basic trading terminal is provided for beginner traders, and an advanced one for experienced traders. The latter contains many technical tools (indicators and others) necessary for market analysis.

Input Output

All trading operations on Binance are carried out using cryptocoins. Deposits and withdrawals of real money on the exchange are not provided. To deposit or withdraw funds, you need to go to your personal account and select a wallet with the desired currency. Next, you need to click on “Withdraw cash” and select the type of operation (deposit or withdraw).

The exchange does not charge fees for replenishing your balance. For withdrawal of funds, one of the lowest fees is provided among all similar platforms.

User Opinion about Binance

Users note the following advantages of the cryptocurrency exchange:

• stable work;
• large volume of transactions;
• a wide range of trading assets;
• clear interface;
• high-quality support service;
• high performance;
• fast execution of orders;
• minimum commissions;
• fast withdrawal of funds.

The advantages of the site also include a convenient application for mobile devices and holding various drawings among users. The main disadvantage of the resource is that Binance does not support transactions with fiat currencies. Users pay attention to poor translation into Russian and periodic blocking of accounts.

How is the activity of the exchange regulated?

The Binance exchange is owned by a company of the same name registered in China. The activities of the site are regulated by the laws of the People's Republic of China. Binance, like other cryptocurrency exchanges, does not have licenses to carry out such activities (cryptocurrency trading is not licensed). At the same time, the site developers make every effort to ensure a high level of security.

In particular, the exchange guarantees non-disclosure of clients’ personal data to third parties, except in cases provided for by the laws of the People’s Republic of China.

Is it worth investing in Binance?

The attractiveness of the Binance exchange for investors consists of several factors:

• the platform quickly became a leader and attracted the attention of major participants in the global financial market;
• the resource operates stably and ensures fast execution of placed orders;
• the exchange website is convenient and informative, supports several languages;
• the exchange offers advanced trading opportunities (many assets, technical analysis tools, etc.);
• Suitable for both beginners and experienced traders.

The results of research on thematic forums show that the majority of traders speak positively about Binance, noting the high professionalism of the support service. This site should be considered for investment, as the developers are serious about developing the exchange. This is supported, in particular, by the fact that Binance is among the top five such resources. It is also worth noting the constant growth in the number of registered users and the availability of support from large financial companies with a worldwide reputation.

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