Binance: A Review of the Purest Cryptocurrency Exchange
Fewer cryptocurrency exchanges are as pure as Binance. Why? That’s because Binance only lets you exchange a particular cryptocurrency for another cryptocurrency; it’s a crypto exchange in the truest sense of the word. So, what exactly is Binance, and how great is it?
What Is Binance?
A relatively newer bitcoin exchange, Binance was founded in 2017 by Changpeng Zhao in China. By January 2018, the Binance exchange was already the largest cryptocurrency exchange in the world.
The name “Binance” came about through a combination of the words “Binary + Finance”. The Binance website offers a safe and reliable way to exchange bitcoin and altcoins, offering support for multiple coins including Ether (ETH), Litecoin (LTC), and Binance Coin (BNB).
Binance appears to be available to users all over the world, except for a few countries and offers support in multiple languages. Additionally, you can use Binance on all devices, including Android, iOS, Windows, and macOS, with the platform being capable of processing over 1,400,000 orders per second, making it one of the fastest, most secure, and highly user-friendly crypto exchanges on the internet.
Here is a list of restricted countries on Binance:
- Afghanistan
- China
- Congo (Brazzaville)
- Congo (Kinshasa)
- Cuba
- Democratic People’s Republic of Korea
- Eritrea
- Iran
- Iraq
- Ivory Coast
- Kyrgyzstan
- Lebanon
- Libya
- South Sudan
- Sudan
In addition to these countries, the following states in the US aren’t supported as well:
- New York (NY)
- Georgia (GA)
- Connecticut (CT)
- New Mexico (NM)
- Hawaii (HI)
- Washington (WA)
How to Use Binance?
Before you start using the Binance exchange, you have to register on the platform. Once you visit the website, click on Login, then on Register. Enter your email, your desired password, and verify your email address. The Binance login process also offers 2-Factor Authentication (2FA) to secure your account even further.
How to Buy on Binance?
Now comes the small matter of buying and trading crypto on the Binance exchange. Once you’re logged into your account, hover over the account icon in the top right section of the website, and the drop-down menu will display your balance.
Let’s assume your balance is 0.00000000 BTC. Click on it, and you’ll be directed to a page with a comprehensive list of cryptocurrencies and altcoins, from Cardano to 0x and more. Almost every cryptocurrency entry will have 3 action buttons beside it – Deposit, Withdrawal, and Trade.
Clicking on Deposit next to a specific coin takes you to the corresponding page which would have the wallet address you need to send coins to. Once you send crypto to this address, your Binance wallet will show the corresponding balance after the deposit is completed after a few network confirmations.
Withdrawal is easy too. In your dashboard, click on Withdraw, choose the crypto you’d like to withdraw, enter the address of the wallet you want to withdraw to, enter the amount and confirm. Binance will perform 2FA to confirm the transaction and the coins will be withdrawn to your wallet. The Binance withdrawal fee is zero.
You can exchange cryptocurrencies for other cryptocurrencies on Binance. Clicking on trade takes you to Binance’s trading platform which allows you to buy cryptocurrencies in exchange for your deposited crypto, which is mostly BTC, ETH, or BNB (Binance Coin).
Binance Fees: The Lowest in the World?
Binance trading fees are some of the lowest in the world. They charge 0.1% on all trades, but if you’re trading crypto against the Binance Coin (BNB) as opposed to BTC or ETH, you’ll be charged only 0.05% on all trades.
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