"Kjøp Bitcoin. Det er aldri for sent å være ærlig."
- Arif Naseem
The digital currency is growing and as the days go by, it used to be just Bitcoin in the industry, but nowadays, there are plenty of options and there are several platforms where you can trade these digital currencies. One of the most popular platforms is Binance and we hope that this Binance review is going to help you make a sound decision about trading on the platform. Without further ado, let us get down to it.
What is Binance?
Binance is one of the most popular cryptocurrency exchange that was originally founded in China but currently has its headquarters on the Isle of Malta. It offers a couple of crypto services, as we will see in the next section. The platform has not been in the market for a long time, but according to this bitcoin trader article, in the short time it has been operating, it has managed to establish itself as one of the best cryptocurrency exchange platforms in the world. Binance offers some friendly rates and the good thing about this platform is that it offers its services worldwide, plus it has a very user-friendly website. Keep reading to know more about this platform.
Services offered by Binance
If you are looking for a platform for fiat currencies, then Binance should not be your choice, but if you are looking for a crypto-to-crypto exchange, then Binance is probably the best choice. When you visit Binance for the first time, you will notice that you can choose between basic and advanced versions. The basic version offers several graphs and some charts for your pairs of trading, but the advanced version offers more analysis for the digital currencies and it is probably the best option.
Both versions are nicely laid out and you get the information you need in a very clear manner making it easy for even new traders to trade on the platform and also using newest apps like bitcoin trader app, an automated trading app. It is worth to note that Binance recently partnered with Simplex and offers brokerage services which allow users to buy up to 6 cryptocurrencies (Bitcoin, Ripple, Litecoin, Ethereum, Bitcoin Cash, and Binance coin) using their credit cards. The fee for this service is a bit costly as it comes at a 3.5 percent fee compared to the flat fee they charge of 0.1 percent to trade.
Supported currencies and methods of payment
One major reason why Binance has grown fast is because of the wide variety of coins it supports. Most platforms support one to 3 cryptocurrencies, but with Binance, you can trade most of the cryptocurrencies that exist, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Ethereum, Ethereum classics, Zcash, Ripple, and Dash among others.
The platform also many tokens and as a user, you can trade them for profits. With these numbers, it makes it very easy for you to make good profits compared to the other platforms. All the digital currencies supported by Binance can be easily deposited and withdrawn.
Binance offers some of the most competitive rates. The flat rate of 0.1 percent to trade is another major reason why the platform has established itself as one of the best within a short time. They offer a discount of up to 50 percent to new users who wish to trade with Binance coin (BNB) for the first 3 months.
You don’t get charged for depositing coins in your account, but he withdraw fees do apply just like in any other platform. These fees keep on changing to offer the best rate for the users.
Binance supported countries
Services by Binance are not limited to several countries and there is practically nowhere they mention where they offer their services, which simply means that their services are available in most countries in the world.
Binance customer support
As a trader, one thing you must always check on a trading platform is customer support. You will always have some questions about the platform and it is important to know that the customer support has got your back. Well, it turns out the customer support by Binance is pretty good.
The customer support page allows you to send tickets and the response is made via your email within the shortest time. You can also get answers to some of your questions from the frequently asked questions.
However, the support page could use some improvements by adding a support number and live chat support like their competitors.
How to buy Bitcoins on Binance
Wondering how to buy bitcoins with Binance? Well, worry no more coz it is pretty simple. To buy your first Bitcoin, you will need to create a Binance account first. If you don’t have any bitcoin to deposit on your account, you can simply purchase the coins using your debit or credit card. If you want to buy using cryptocurrencies, then using Ethereum is the best option. Ethereum is quite flexible as it has a pair with most of the cryptocurrencies available on the platform.
To make deposits, visit the navigation page on top of the site and choose funds and then click deposits. A search bar will appear and all you will need is search for Ethereum and select it from the results. You will be provided with a deposit address for Ethereum and what you will need to do is copy the address and send the amount you want to deposit to the address. It will take up to 30 minutes and then the balance will be available on your wallet. You can then use the Ethereum to buy Bitcoin.
Is Binance safe to use?
Even though Binance has not been in the market for a long time like its competitors, it has managed to build a high level of trust with its customers. Two-Factor verification is available on the platform, which is a nice sight showing that they are pretty serious about the security of your funds. Some people don’t like the fact that you have to authenticate the account with the 2-factor verification as it makes it hard for some to withdraw their funds, but we believe it is necessary.
Binance is one of the best digital currency trading platforms and this can be seen from its rapid growth within a short time. It offers a wide variety of cryptocurrencies and the flat fee of 0.1 percent is very encouraging. The customer support still needs some improvement, but we cannot say it is that bad. The security of your funds is guaranteed and we can proudly say that Binance is a platform we can recommend.