Binance exchange - a giant among cryptocurrency exchanges

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Tokeneo
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5 min reading

Find out more about the Binance cryptocurrency exchange - what registration looks like and what are the pros and cons of the world-famous platform.

Binance Exchange

In terms of the volume generated, it is the largest cryptocurrency exchange in the world, whose services are used by millions of users. Its founder is Changpeng Zhao, who has extensive knowledge related to cryptocurrencies. As a result, a few months after its inception in September 2017, Biance caught up with its biggest competitors. The platform is still thriving and developing, employing nearly 500 people. In addition, the company's headquarters is located in Malta, which obliges it to comply with the rules of the European Union.

Registration on Binance?

The very opening of an account is extremely simple and usually the entire activity takes from several to several minutes. Just enter your details, e-mail address and create a strong password. The next step is to receive an e-mail with a link authorizing registration. After verifying the data, you can start trading immediately. It is also possible to log in via a Google or Facebook account.

What does the deposit payment look like?

To be able to fund your account, you must first log in. After clicking the "Wallet" button, then "Deposits" and entering the short name of the cryptocurrency, search for it and copy its address for the payment. The next step is to paste the address into the wallet or into the interface of the exchange from which you are going to deposit funds on Binance. Pay special attention to the correct cryptocurrency address. If by accident you ever send funds from one cryptocurrency to the address of another - you will lose them irretrievably. That is why it is extremely important to make sure that the transaction you are making is correct. If you've already approved your deposit, you can check it in the "Deposit and Withdrawal History" section. As soon as your transaction is confirmed, the credit will be credited to your Binance account.

Binance Advantages

The trading system is easy and the transactions themselves are carried out very quickly. Thanks to the huge volume, we will almost always find a counterpart to complete the transaction. Trading on less popular tokens is also possible thanks to the high liquidity of trading. The Binance exchange also has a certified algorithm that connects two sides of a transaction, and their number per second can be as high as 1.4 million.

The exchange supports nearly 170 cryptocurrencies, including Binance Coin, Bitcoin, Cash ABC, Ripple, Dash, Ethereum, MIOTA, Stellar Lumens, Zcash and NEO.
The hidden costs will not surprise you. The creation of an account is completely free, as is storing cryptocurrencies. However, a commission of 0.1% is charged for trading on the transaction amount. On the website you can also find an up-to-date, detailed overview of the current fees, so you are able to easily and quickly verify the costs associated with using the website. For this reason, the opinions on Binance are very favorable.
Biance strongly focuses on safety. The platform uses SSL encryption as standard and uses the best security protocols in this industry. This minimizes any fraud and attempted theft.

Binance Coins

Euro cannot be exchanged directly for cryptocurrencies. To do this, you need to convert fiat currencies into Tether, Ethereum, Bitcoin or a Binance Coin. For some, this will be a big minus as, without hiding it, it is a cumbersome procedure. Unfortunately, most other exchanges work the same, so it will not be a surprise to those who are knowledgeable in the field.
Contact with the customer department. In case of questions or problems, it is possible only via the form, despite the fact that advisors are available to the client 24 hours a day. As a result, getting an answer to a question that bothers us often takes many hours.

Possible deposit and withdrawal options on Binance

It is possible to recharge with a credit card. In this way, you can exchange, for example, zlotys or euros for one of the cryptocurrencies. To withdraw a cryptocurrency, select it from the list of available funds in the wallet, then indicate the wallet address to which it is to be transferred.

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