What is the binance exchange?
The cryptocurrency exchange Binance, founded in 2017, is the exchange with the highest daily trading volume. It’s a straightforward and user friendly exchange platform where you can trade lots of cryptocurrencies. Originated in China, they moved to Malta in 2018. Here they were able to add the option to buy cryptocurrencies directly with fiat currencies (EUR, USD, AUD,…).
Binance gives its users a wide range of trading tools and charts, together with strong security features to keep their funds safe. They have both a basic and an advanced interface, making it easy for beginners as well as supporting the needs of the experienced traders.
Available countries for Binance?
Cryptocurrency Exchange Binance is available in every country.
Which payment methods does Binance accept?
Binance is a cryptocurrency exchange that only accepts cryptocurrencies. As of now there is no option to deposit or withdraw fiat currency, although they have plans to do this in the future. All cryptocurrencies supported by the Binance platform can be deposited or withdrawn.
What fees does Binance charge?
Depositing supported cryptocurrencies onto the platform is free, but you have to pay a fee when you want to withdraw cryptocurrencies to your personal wallet or to another exchange. The withdrawal fee depends on the cryptocurrency you want to withdraw. The fee is always calculated in that cryptocurrency.
Binance has a 0.1% transaction fee on all the trade that you make. However, they have issued their own token, called the Binance token (BNB), that reduce the fees for trading. There is a 50% fee reduction during the first year and a 25% reduction during the second year. The binance token is available to buy on their platform.
Which cryptocurrencies are available at binance?
Binance supports over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, NEO, Tron, EOS, NANO, Stellar, Bitcoin Cash, Ripple, Cardano,…
Does Binance have a customer support?
Customer support from Binance is a bit lacking compared to how professionally they run the rest of their platform. They offer email support but it takes a while before they answer. They also offer live support through chat which seems to be better. Phone support is only supported in specific countries.
Is binance safe to use?
Binance is a very safe platform to use. They have the option to verify your e-mail address and your phone so you can link a 2-factor authentication. It offers high liquidity on most of their trading pairs and low fees.
Pros and cons
Supports over 100 cryptocurrencies
Multi language support
User-friendly charts and interface
Low transaction fees
Offers BNB token which lowers trading fees
High withdrawal fees
Customer support might take some time depending on the method you use
Sometimes delays in withdrawals
Never forget that in the end you are responsible for your cryptocurrencies! Find out more by reading our guide on how to keep them safe!