Binance Exchange Review,  Beginners Guide

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Binance is the number one largest cryptocurrency exchange in the world, according to coinmarketcap trading volume, at the time of writing of this article.

PROS

  • Liquidity, because of high volume
  • Fees are low especially if you use the BNB option for the fees
  • They add a lot of coins frequently

CONS

  • The website is sometimes slow
  • Support is slow handling customers issues

What is Binance ?

By the fusion of two words “Binary”&”Finance” was born Binance. The CEO is Changpeng Zhao.

Where is Binance Address location?

Binance started operating initially from Hong Kong then moved to Tokyo. Recently they moved to the Blockchain island, Malta.

How to Buy and Sell coins on Binance?

To trade on Binance you need to deposit crypto first and fiat deposits are not an option.

Once you make an account on Binance click on the person icon on the top right corner and you should see the balance which should be 0.

Click on the balance and you should see the list of coins available for trading on the exchange

On the right of every coin, you have 3  buttons (Deposit, Withdraw, Trade)

The best option is to deposit BTC or ETH  as they have most of the pairs with the booth.
So let say you want to deposit Bitcoin. Click on the Deposit button on the BTC row and get the Bitcoin address. Then go to your wallet or exchange and send the desired amount to this address. You have to wait for 2 confirmations which are about 20 minutes and then you can start trading on Binance. This is just an example as you can deposit any coin you want to start trading on Binance.

If you still are confused here it is a video which explains the process.

Which are the Countries Accepted by Binance?

Customers from any country are accepted to trade on Binance.

Are New Registrations Open On Binance?

Registrations where closed temporarily on January 2018 but now are open to anyone.

What is Required For The Verification?

Only Big players are required to verify their accounts.
For verification you have to provide
Full name
ID or passport Scan
And a Selfie of you holding your ID and a paper with a note of Binance with the present date.
Once you are verified you can withdraw up to 100 Bitcoins in 24 hours.

Are Credit or Debit Cards Accepted On Binance?

No, Credit or Debit cards are not accepted on Binance. The best thing you can do is to buy bitcoin with your credit card and then deposit on Binance. Here it is a Guide about How to buy Bitcoin with a credit card.

What Are The Limits on Deposits and Withdrawals?

There are no limits on deposits. For withdrawals, the limit is 2 BTC in 24 hours for unverified customers. If you are verified the limit is 100 BTC in 24 hours.

What are the Payment Methods accepted?

Binance is an only cryptocurrency exchange, so you can not connect your Bank account to your Binance account and make deposits or withdrawals. You need to buy cryptocurrency anywhere else to be able to deposit and trade on Binanace.

Binance Privacy?

The level of privacy is high on Binance as you just need an email to start trading on their platform.

How fast are Deposits and Withdrawal On Binance?

Deposits and withdrawals are automatic on Binance. You just need to wait for the transaction confirmation from the coin network you are depositing or withdrawing.

Binanace Reputation: Can Binance Be Trusted?

Yes, Biannce can be trusted as it is the biggest cryptocurrency exchange in the world and its CEO, CZ, is a well-known personality.

Are You Paying Too Much Fees on Binance?

Trading fees are 0.1% but if you chose to pay fees in BNB (Binance Coin) you get a 50% discount so fees became 0.05%.

Security: Can You Keep Coins on the Binance Exchange?

You can store coins on Binance but it is not advisable because everything online can get hacked. Or someone can guess your account password and steal your coins. It is better to store your crypto on a hardware wallet like the Ledger Nano S and only transfer your coins on Biannce when you want to trade.

Is Binance A Decentralized Exchange?

No, Binance is not a decentralized exchange. Binance controls all the private keys of the coins or tokens you deposit.

Are There ERC20 Coins Listed On Binance?

Yes, Binance has a big number of ERC20 Tokens listed in their exchange.

Are Funds On Binance FDIC Insured?

Binance is not a USA based company and has not FDIC insurance

Has Binance Been Hacked?

There were rumors in March 2018 that Binance was hacked but these rumors revealed to be not true. Basically what happened was that hackers triggered market buy orders with API stolen credentials, using a trading bot to pump Viacoin price.
Everything was reversed by Binance and nobody lost any funds.

Where To Find Binance IOS App?

You can find how to download and install Binance IOS app here download and set it up

Where To Find Binance Android App?

You can find how to download and install Binance Android app here Google Play Store.

Are Binance Stocks Publicly Traded?

No, Binance stocks are not traded publicly, even though it is a privately held company and has received millions in funding.

Is Binance Regulated By SEC?

Binance is not a company registered in the United States so it is not registered with SEC. SEC sent an inquiry to many exchanges including Binance, requesting info about the practices they use with their customers.

Is Your Binance Account Taxable?

Taxes depend on the residence you have. It is better to consult a professional about this matter.

Can I Sell My Binance Account?

No, you are not allowed to sell your Binance account.

What Is Binance Wallet: Is It a Smart Contract?

Binance wallet is not a smart contract. You do not have the Binance wallet private keys. The wallet is managed from Binance , so it is better to store your coins outside the exchange wallet.

Is Binance A Decentralised Exchange?

Binance is not a decentralized exchange but they announced that they are working to launch a decentralized exchange. That means that they just will build the platform and then they do not have any control.

How is the Customer Support?

Many people report that they do not get any answers. Maybe they should hire more people on the support desk because of their extra big user base.

Is Binance Safe To Use?

Binance domain name was created on 2017-04-01. It is the biggest exchange by volume and never got hacked. However, it is better to store your coins on a hardware wallet.

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