Binance review

Ludvig
05.10.2022
37 Views

Binance is one of the world’s largest cryptocurrency exchange platforms. This platform has a daily volume with an average of 2.4 billion, which is absolutely wild. It is carried out approx. 1.4 million transactions every second.

Binance is a platform that both beginners and experienced traders can use. But Binance is a comprehensive platform that will take time to get used to, so it’s important that you have the time to do so.

This is our review of Binance, which will hopefully make it a little easier for you. Here you can read everything you need to know about Binance, for example general info about the platform, what you have to do to access the platform’s services and much more!

What is Binance?

Binance is one of the world’s largest trading platforms. Their goal is to become the leading blockchain ecosystem infrastructure service provider.

The world’s largest crypto exchange

The trading platform was established in 2017, and after a very short time it became clear that Binance was a trading platform that stood out from the crowd. Due to its large selection of cryptocurrencies and low fees, it couldn’t be anything but a huge success.

Today, Binance is often described as “the world’s largest crypto exchange measured by trading volume”. Namely, Binance has approx. a billion dollars in revenue per quarter, as well as 1.4 million transactions per second.

How Binance became a world-leading crypto exchange:

The company’s head office

Wondering where Binance headquarters is located? It is an aspect about which there is some uncertainty, because it is not so easy to say. The founder of Binance is called Changpeng Zhao , and he is a Canadian-Chinese man and according to him, the head office of Binance is where he is.

But that’s not how it works in practice – since Changpeng Zhao is from China. Yes, the company Binance had its headquarters in China when the company was established in 2017. But it wasn’t to stay that way. China is a country well known for strict regulation of crypto exchanges, which made it difficult to have the company’s headquarters there.

Due to the state of affairs in China, Changpeng Zhao and Binance decided that they did not want to have their company headquarters in China. The end result was that the head office was moved to Japan, but that was not to be so easy either. In the same year (2017), a ban on crypto exchanges was introduced in Japan.

This led to Changpeng Zhao and Binance being on the move again, because they could not operate from Japan either. Which other country could be a good alternative? Changpeng Zhao and Binance quickly found out, and the choice fell on Malta, where the headquarters are still located to this day.

Many conflicts

This may go without saying, but during its lifetime Binance has been in conflict with the authorities of many different countries . Despite that, Binance is a very popular crypto exchange among crypto investors.

Within the crypto community, there is broad agreement that the authorities are using “regulation” in an attempt to hold back the industry. There is no doubt that they believe that this has been exclusively negative for the industry. However, Binance’s jurisdictional gymnastics are described as both “positive” and “admirably creative”.

In practice, Binance’s jurisdictional gymnastics have given the company greater freedom to launch new products and services – without having to apply for permits and deal with regulations in different markets. It has made the process much easier than it could have been.

Leveraging and margin trading are two examples of services Binance offers, and this is something that has given Binance an edge compared to Coinbase. As most people know, Coinbase had to stop offering these services after enormous pressure from the authorities in the United States.

These products are offered by Binance

Due to its huge trading volume, Binance is considered the world’s largest crypto exchange. The platform has a trading volume of around 668 billion dollars a month.

But it’s not just the company’s trading volume that makes Binance unique. They also have a large selection of products and services that no one else in the crypto industry offers. Here is a small overview of what products and services Binance offers:

  • Brokerage services – In the beginning, Binance was a platform aimed at experienced traders , but eventually they started to cater to beginners as well. Among Binance’s services, you will therefore find a brokerage platform (called “Buy Crypto”) where you can buy and sell cryptocurrency without having to decide on the platform’s complicated functions.
  • Crypto exchange – The crypto exchange is an extension of the brokerage platform. You can move on to the professional part of Binance at any time.
  • Decentralized Crypto Exchange – Smart contracts and algorithms play an important role in buying and selling cryptocurrency in the market today. A decentralized crypto exchange is usually managed by the crypto exchange’s users and not an independent organization.
  • P2P trading platform – P2P transactions are carried out on a P2P trading platform, which are transactions that take place directly between buyer and seller. Potential buyers and sellers also get help to get in touch with each other.
  • Binance VISA Card – With the Binance VISA Card, your holdings at Binance will be as easy to use as regular fiat currency.
  • Crypto wallet – Binance also offers the Trust Wallet service, which is a crypto wallet that their customers can use. Trust Wallet is a very popular crypto wallet.

Cryptocurrencies available at Binance

Binance is a trading platform where you can trade cryptocurrencies. In addition, Binance has developed its own cryptocurrency. It has been named – not surprisingly – Binance Coin, and you can invest in this cryptocurrency as well if you want.

In addition to Binance Coin, Binance gives you the option to choose from more than 150 cryptocurrencies. Despite that, it is relatively easy to find the cryptocurrency you want, as long as you have some knowledge about it beforehand. At Binance, the cryptocurrencies are divided into the following categories:

  • Everything
  • Metaverse
  • Gaming
  • DeFi
  • Innovation
  • Layer 1 / Layer 2
  • Fan Token
  • NFT
  • Storage
  • Polkadot
  • BUCKET
  • POW
  • Launchpad
  • Launchpool
  • BNB Chain
  • ETF

It goes without saying that when Binance offers more than 150 cryptocurrencies, we cannot list every single option. However, we have made a small overview of some of the cryptocurrencies you can trade between on this trading platform. Here we have taken as a starting point some of the cryptocurrencies listed under “All”:

  • BTC – Bitcoin
  • ETH – Ethereum
  • USDT – TetherUS
  • USDC – USD Cash
  • BNB – BNB
  • BUSD – BUSD
  • XRP – Ripple
  • ADA – Cardano
  • SOL – Solana
  • DOGE – Dogecoin
  • DOT – Polka dot
  • TRX – THRONE
  • SHIB – SHIBA INU
  • WBTC – Wrapped Bitcoin
  • AVAX – Avalanche
  • MATIC – Polygon
  • UNI – Uniswap
  • LTC – Litecoin
  • FTT – FTX Token
  • LINK – ChainLink
  • XLM – Stellar Lumens
  • ATOM – Cosmos
  • NEAR – NEAR Protocol
  • XMR – Monero
  • ALGO – Algorand
  • ETC – Ethereum Classic
  • BCH – Bitcoin Cash
  • KNOW – VeChain
  • MANA – Decentraland
  • FLOW – Flow
  • SAND – The Sandbox
  • APE – ApeCoin
  • XTZ – Tezos
  • ICP – Internet Computer
  • HBAR – Hedera Hashgraph
  • FILE – Filecoin
  • EGLD – Elrond eGold
  • THUSD – TrueUSD
  • THETA – Theta Token
  • AXS – Axie Infinity
  • HNT – Helium
  • EOS – EOS
  • USDP – Pax Dollar
  • MKR – Maker
  • BTTC – BitTorrent
  • AAVE – Aave
  • ZEC – Zcash
  • XEC – eCash
  • LUNC – Terra Classic
  • IOTA – MIOTA

This is how Binance works

The platform of Binance is very easy to use, which will be the case regardless of whether you are new to the crypto business or have a few years under your belt. In addition, the platform has all the functions you need to carry out a good trade.

Below we will take a closer look at various acceptances at Binance that it may be good to have in mind before embarking on the crazy journey that this is.

Multiple versions of Binance

There are several versions of Binance. Here it is mainly your needs and wishes that set the standard, and this is what you should use as a starting point when choosing which Binance version you want to use.

We will also return to the different Binance versions a little further down in the article in connection with registration, but here is a small overview of the different versions of Binance:

  • Basic – If you are only going to carry out very simple trades, then Binance in its simplest form will be a good choice for you. This trading platform is called “Basic”.
  • Intermediate – If you want something in between simple and advanced traders, then you should check out the “Intermediate” trading platform.
  • Advanced – If you have many years of experience from trading and have the knowledge to understand the content of a technical analysis or an advanced graph, then the “Advanced” trading platform will be right in your sights.

Transfer money to Binance

Before you can invest in cryptocurrency through Binance, you need to transfer money to your account.

It is a prerequisite that you first create a user (you can read more about how to do this further down), and then you will find the “funds” button. Press this, and then press “deposits and withdrawals” under “wallet”.

Once you get here, the rest is more or less plain sailing. Because transferring money to Binance is very easy. You have many choices in connection with this. Here are some examples of what you can do:

  • Making a deposit using cash in some form, such as a debit card, credit card or using an electronic bank transfer service. Debit and credit cards.
  • Transferring cryptocurrency to Binance Wallet from another crypto wallet.
  • Directly buy cryptocurrency by entering your bank details on the Binance platform.
  • Buying cryptocurrency from another platform and transferring it to the Binance platform.

Before transferring money to Binance, you should have verified your account. This will naturally strengthen the security around your account, but that’s not the only reason you should do it. If you have chosen a version of Binance that requires you to do this in order to use the platform, then verifying your account will also be a time-saving measure.

Transfer money from Binance

Transferring money from Binance means making an internal transfer on the Binance platform. Then, for example, you exchange fiat money for Bitcoin.

You can do this by clicking on “deposit”, and then you will immediately see another button called “transfer”. Press this and follow the instructions that appear on the screen.

Transferring money from Binance is completely free, as the transfer is done internally within the platform. In addition, we can mention that the transactions in these cases take place on the day.

Withdraw money from Binance

As mentioned, transferring money to the platform is easy, but it is also just as easy to withdraw money from the platform. It is done in exactly the same way:

  • Go to your Binance Wallet .
  • Press “withdraw”.
  • Choose which currency you want to transfer the money to

At Binance, you cannot make withdrawals with british kroner, which is very unfortunate for their british customers. This means that you will have to choose another currency, such as Euros or US dollars. Here is a small overview of what you have to think about in connection with this:

  • For a withdrawal in euros, you will be charged a fee of 0.8%. In other words, the amount of fees is based on how much you withdraw. However, if you choose to withdraw money in US dollars you will be charged a fee of USD 30. This is the sum you have to pay regardless of how much or how little you withdraw, which can be practical if it is a large amount you are considering withdrawing.
  • The bank can also charge you various fees in connection with currency exchange, so you have to check this with your bank.
  • It is not unusual for such a transaction to take between 2 and 4 working days from the time you start the process until the money is in your account.

If you want, you can also withdraw cryptocurrency from your account. It is a slightly simpler process, because there is not so much information that you need to fill in. This is the information you must fill in if you want to withdraw cryptocurrency:

  • Which coin you want to withdraw
  • The address the cryptocurrency should be sent to (recipient’s address)

After this information has been filled in, you should go over the information one more time to make sure that you have filled in the correct information. If you are absolutely sure that it is correct, then just press “submit”. Then you can press your way out of the page!

Brokerage and fees

In connection with the trading of cryptocurrency, there are a number of terms that one has to decide on.

Fee is a simple term that most people have heard of before. But mediation can be useful for many people. Commissioning is a commission that one has to pay to the intermediary in a transaction, which in this case is Binance.

However, the size of the fees and brokerage will vary from trading platform to trading platform. Perhaps this is part of the reason why Binance became so popular so quickly, because the level here is actually not that bad.

In relation to this, Binance operates with a fixed commission of 0.1%, which is awesome. This is very low compared to the commission of other trading platforms, for example Coinbase which has a commission of at least 0.5%.

How to get started with Binance?

Binance makes buying (and selling) cryptocurrency a breeze for absolutely everyone.

The goal of Binance is to make buying (and selling) cryptocurrency a breeze for everyone. Generally speaking, we think that they have solved (and achieved) their goal in a good way.

But despite that, there’s no denying that we’re talking about cryptocurrency here, and that it can sometimes be a bit complicated.

Below you will therefore find a small guide that takes you through the registration process at Binance. This is also a guide that can also be used after you have registered and are going to invest in the desired cryptocurrency.

1) Registration

The first step is to start the registration process. You do this by pressing “Register now”. And yes, it is in English unless you have selected another language. British is not an option, but you can choose, for example, Swedish instead. In that case it will say “Register”, but we will stick to English.

Binance allows customers to register in two different ways, so once you have pressed “Register now” you have to decide whether you want to register by email or phone number.

You also have to choose a password. Here, of course, a strong password is preferable, as it minimizes the chance that others will be able to guess the password and hack your account.

To complete the registration process, Binance will ask you to complete a puzzle. The puzzle involves finding a code, which you must fill in a corresponding field.

2) Google Authenticator

After the registration process is complete, you will be sent back to Binance’s home page, or dashboard if you prefer to call it that. There you will be asked if you want to use Google Authenticator – which is an app you must download on your phone.

Google Authenticator is a form of two-factor authentication. As mentioned above, a strong password will minimize the chance of hacking as the password is hopefully too difficult for someone to guess. Google Authenticator, or two-factor authentication, will reinforce the wall around your account.

Naturally, you don’t have to use it if you don’t want to. The extent to which you should use two-factor authentication or not is entirely your decision. But we strongly recommend that you make use of this. In addition, it is very simple. Download the app, have a code sent to your email address and enter the code in the app.

Some may think that it’s unnecessary nonsense that you don’t need, but let’s clarify one thing: We’ve never heard of anyone who has used Google Authenticator or another form of two-factor authentication and been dissatisfied.

Very good video that shows you how to use Google 2FA :

3) Verification

Once you’ve created an account, you’re ready to move on to the next step, which is verifying your account.

Verification basically involves proving that you are actually the person you say you are to the actor, which in this case is Binance.

At this point, you must also choose which level you want to be, and the verification process will vary based on what you choose here.

At Binance you can choose between three different levels, and these are basic, intermediate and advanced.

Basic

If you choose basic, a very simple verification process awaits.

Basic requires very little from you as a user. All you have to do is fill in your personal information. After that is done, you are “good to go”!

Intermediate

If basic is too basic for you, you can choose intermediate.

At this level, you have the ability to withdraw up to $50,000 at once. However, the total cannot exceed $500,000 in a month.

The verification process for each level can in many ways be described as a continuation of the verification process of the previous level. It is as uncomplicated to verify an intermediate account as it is to verify a basic account, but Binance will, however, require a little more information about you.

Like basic, an intermediate customer must fill in personal information. But the customer also has to attach a photo of their ID card, as well as a selfie.

Advanced

The third and final option (and level) is advanced, which gives you the opportunity to withdraw a total of 2 million dollars during a whole month. Each withdrawal can be a maximum of $200,000, although the likelihood that you will need to withdraw that much is very small. The verification process for this level is slightly more complicated than for the other two levels.

If, however, you have been through a verification process elsewhere, then you know a little about what this entails anyway. At first it may seem a bit complicated, but it’s really not very difficult.

As for basic and intermediate, an advanced customer has to fill in personal information, as well as attach a photo of their ID card and a selfie. In addition to this, you will have to prove your identity by attaching some document that has your name on it. Several documents can be used here, for example an electricity bill.

However, there is one thing that is good to know, and that is that the verification process for advanced can take up to 10 days. The reason is naturally that Binance will check that the information you have provided is actually correct. Therefore, it may be a good idea to think carefully before choosing the advanced level. Do you really need it, or maybe intermediate will do?

4) Deposit

After your account is verified, it’s time to make a deposit to your Binance account. To start making the deposit, simply press “deposit” on the dashboard.

When you press “deposit”, you are automatically taken to a page where you can choose which deposit method you want to use. Here, for example, you can choose fiat currency, which is a decent currency to pay with. NOK is an example of fiat currency, so it suits british well.

You then have to choose which payment method you want to use. It is most practical if you have decided on this in advance, because then this part of the process will go a little faster. Here is a small overview of some of the options you have:

  • Bank transfer – it’s completely free, but here there is a small catch. It can take up to three working days from the time you make the payment (that the money goes out of your bank account) until it is in your account at Binance.

  • Bank card – if you choose to pay by bank card, the money will appear in your account at Binance immediately. But then you will be charged a fee of 1.8% of your deposit.

If you already have a holding of cryptocurrency, you can also transfer this to your account at Binance. Then press “crypto”, which you will find at the top of the page. Choose which cryptocurrency you want to transfer, enter the address of your crypto wallet and you’re ready!

5) Buy cryptocurrency

The next step is to buy cryptocurrency through Binance. As soon as your deposit has arrived in your account, you are ready to start with this.

In this process you will have to make a number of choices. You must find an exchange where you can exchange and decide which “trading pairs” you want to use. If you want to use euros to buy Ethereum, then “EUR/ETH” is your “trading pairs”.

Next, enter the amount of Ethereum you want to buy. Alternatively, you can state how many percent of your holdings you want to exchange (buy) in Ethereum, and then the information will be filled in automatically based on what you have in your account.

Feel free to go over the information to check that everything is correct, and if everything seems to be in order, then just press “buy”. Even buying cryptocurrency is easy when you do it through Binance!

6) Storage of cryptocurrency

Even if you have bought cryptocurrency, the process is not completely finished. Of course, you have to store your cryptocurrency in a safe place – and you have to send it to the safe place.

It is not possible to guarantee that the exchange you have traded with will never be hacked, and therefore it is important that you do not store your cryptocurrency there, even if it is naturally the easiest. Yes, simple is often best, but not in this context. Instead, we’d recommend you get a cryptocurrency wallet!

Through Binance, this is also a very easy process. Find your way to the dashboard, press “wallet”, then “overview” and finally “withdraw”. But by all means – double check that the wallet you have chosen accepts the storage of the type of coin you have. It is very important!

We would also recommend that you double check that you have entered the correct address (for your cryptocurrency wallet) a couple of times, because once you have pressed “withdraw” there is no going back. If you have entered the wrong address, you will lose your money. And no one likes to throw money out the window!

Customer service at Binance

As we saw above in “Pros and cons”, there is much about Binance that makes it possible not to have a positive attitude towards this service. It is no wonder that so many have this trading platform as their platform of choice.

Nor do we have any complaints about Binance’s customer service. The customer service thus joins the series of elements that are good at Binance. Binance’s customer service is divided into the following sections:

  • An FAQ page , which is one of the most comprehensive help pages we’ve seen. Here you will find answers to most “common problems” that you may encounter.
  • An automated bot, which makes the process even more efficient. If you don’t feel like looking for the answer yourself, you can just go there and the bot will find the answer for you in just a few seconds.
  • Customer Service, which you can contact if the automated bot is unable to find an answer to your question in the Binance Help Center.

If it’s a known issue and you’ve been in contact with customer service in the past, you probably have a “case ID” that you can use to contact the Binance Help Desk’s Twitter account or or create a thread on Reddit where you use your “case ID” as a reference point.

However, we will take this opportunity to ask you to be patient. Because it may take some time before you get an answer, and it may be good to keep that in mind so you don’t irritate yourself unnecessarily. Namely, Binance does not operate with “expected response time”, which we think they would have made a lot of money doing – for the sake of both parties.

Complaining about customer service

We have learned that Binance has received several complaints about, among other things, its verification methods and live chat function after they started mandatory identity verification. The mandatory identity verification has led to this in practice:

  • Response time of up to 12 hours
  • Not always that the problem is solved

It is currently unknown what is the cause of these problems. Is it a problem that is more or less temporary due to high traffic, or is it a problem that Binance’s customers will have to deal with for a long time to come?

Is it safe to trade on Binance?

Is it safe to trade with Binance? This is a very common question, which comes up again and again no matter how many times it is answered.

The answer to this question is always the same: Yes, it is safe to trade with Binance. Binance is actually one of the safest trading platforms out there.

However, there is no guarantee that Binance (and other trading platforms) will not be hacked. Binance was subjected to a hacker attack in 2018, but customers did not notice much about this attack. Binance had a big focus on security before the attack, but afterwards they have been even more concerned about exactly that!

As one of the world’s largest cryptocurrency trading platforms, it should go without saying that customers’ security is taken seriously, and it is at Binance. The purchase of Trust Wallet (a crypto wallet), which they integrated into their service, is a good example. That said, there are also a few things you can do yourself to make your account as secure as possible:

  • Take advantage of 2FA (two-factor authentication), which Binance will provide you with during the registration process. This will make it more or less impossible for potential hackers to get hold of your information, as you use login methods that only you have access to.
  • Set a password that is more or less impossible to guess. The password should consist of a wonderful mix of upper and lower case letters, numbers and possibly symbols. A lot of people choose passwords that are easy for them to remember, but it’s not really meant for you to go around remembering all your passwords on RAM at all times.

The hacker attack of 2018

In 2018, Binance was subjected to a hacking attempt , and this hacking attempt has been much discussed in the media afterwards. However, our impression is that Binance handled this very well.

Several months before the hacking attempt, the hackers had been lurking behind the scenes. They used a phishing website to collect people’s login details and installed API access on the accounts.

The hacker’s attempt was to convert altcoins to BTC. They used BTC to buy Viacoin and then they leveraged the coins so that the value became very high. They then tried to sell Viacoin, as well as withdraw BTC to their own wallets.

However, this was discovered, resulting in none of Binance’s customers losing their funds. It was only the hackers who lost out of this attempt. Binance chose to donate the funds used in the hacking attempt to charity. Binance has received a lot of praise for its handling of the hacker attempt afterwards .

Pros and cons of Binance

As we have mentioned several times in this review (but a good thing cannot be said too often), Binance is the market leader in its field due to its large selection of products and services.

There is no doubt that there are many positives that can be highlighted about this crypto exchange. Nevertheless, it cannot be understated that there is no one who is 100% perfect, and we will also highlight that in this part of the article. Let’s take a look at the pros and cons of Binance!

Benefits

Here is a small overview of the benefits of Binance:

  • In the beginning, Binance was a platform for advanced traders, who often had a few years of trading experience. Now, Binance has broadened its horizons and developed a platform that is equally suitable for advanced traders as well as beginners.
  • Binance offers a large selection of products and services, as well as a large selection of cryptocurrencies. Leverage and margin trading are among the company’s services.
  • Binance offers a large selection of payment methods. For example, one can buy cryptocurrency with a credit card.
  • Binance is a company with good liquidity

Disadvantages

Here is a small overview of some of the disadvantages of Binance:

  • Customer service can be a bit slow at times. It is unknown if this is a persistent problem or if it only occurs now and then.
  • It is not as easy to buy cryptocurrency or make withdrawals from Binance with british kroner as we would have hoped it would be. Then you have to exchange the money.
  • Binance is not available in british .

Conclusion

Now the time has finally come to conclude, and we conclude that Binance is a very good option. Both for beginners and advanced traders. But of course it depends on how “newbie” you are. If you are at the very bottom of the ladder, there is a lot that can seem incomprehensible. Remember that it can take time to get used to everything!

However, if we ignore that, Binance is a very nice and clear platform. They have a large selection of cryptocurrency, products and services, as well as a large selection of payment methods.

At Binance, you also get the opportunity to choose which level you want to trade at. Basic, intermediate or advanced? It’s entirely up to you, and we think Binance deserves an extra pat on the back for that. It is not a matter of course that everyone has the same starting point, and we think it is important to highlight this. We also note that the Binance platform is not available in british , which is a bit inconvenient. But we’re crossing our fingers that it’s just around the corner!

Author Ludvig

Ludvig har lang erfaring med kjøp og salg av kryptovaluta. De senere årene har han tatt det til et nytt nivå og prøver å leve av kryptovaluta trading. Han følger godt med på markedet og har opparbeidet seg god kompetanse på teknisk analyse mm. Vi er veldig glad for å ha Ludvig med på laget, og er det noe du lurer på angående kryptovaluta er dette mannen du spør!