Our experience with Binance exchange is extremely positive. It is a well respected and very large Chinese based crypto exchange with competitive fees and further discounts on these if you use their proprietary coin (BNB) to settle trading fees.
The signup process is very simple and straightforward and you have immediate access to trade up to 2 BTC daily with a level 1 account which needs no verification. Higher limits can be approved – level 2 allows up to 200 BTC a day and a photo ID needs to be uploaded.
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To open an account with Binance new users will find the process simple and straight-forward, for a level 1 account you don’t even need verification and it allows a 2BTC daily withdrawal limit. For level 2, which allows up to 100BTC per day, you need to upload a photo ID and wait until you are approved. Higher limits can be set but you will need to contact Binance directly.
2FA is available and is highly recommended. We use google authenticator for this purpose, it is available to download on the Play Store and App Store from Apple.
Now you have an account you will need to add some currency. Unfortunately, Binance does not accept FIAT deposits so you will need to deposit coins from elsewhere to fund your account. Our exchange reviews list a number of services which allow the purchase of cryptocurrency using fiat options.
For complete beginners, it is in a similar position to Kraken in that it is slightly daunting at first. The list of coins offered by Binance is one of their strong points. Below is a shot of some that are available with the actions of ‘withdraw’, ‘deposit’ or ‘trade’ clearly shown.
Using DASH as an example if you click on deposit you will be shown a wallet address. Use this to instruct the deposit of DASH into Binance from wherever you are holding your DASH.
There is a similar window for withdrawing DASH. Finally, if you want to buy or sell DASH within Binance then click ‘trade’. You will then access the trading part of the site and by default be taken to the basic trading area. You can also select ‘advanced’ which will take you to a much more feature rich area to trade your DASH. Below are screens of the 2 options.
Binance exchange fees are amongst the most competitive available at 0.1%. This fee becomes even better value if you purchase some BNB coins (Binances’ proprietary token) and use these to pay your trading fees. An option to switch this on is available from your account page. If you decide to take this option fees are reduced by 50%.
Withdrawal fees, as with many exchanges, varies depending on the coin. Some examples are shown below for the more popular ones but it is best to check on the site for the exact fees applicable at any given time.
It is never a good idea to hold your currency on any exchange and Binance is no different. We would hope they take security very seriously and unfortunately, in March 2018 they did come under attack. Luckily this was caught by the automated systems in place at the exchange. For months the hackers had been accumulating people’s logins via a phishing website and secretly installing API access on the affected accounts. They then struck, converting all the victim’s altcoins to BTC and purchasing Viacoin. They then pumped Viacoin to a huge price and sold their own supply of Viacoin at the high point, before trying to withdraw the BTC to their own wallets. Luckily no one lost funds as the hack was caught and the only people to lose out were the hackers. Their funds are to be donated to charity!
This hack was made possible by people entering their site logins and 2FA details into a fake website, similar to the recent MyEtherWallet hack. You should always make sure you are on the correct Binance URL before logging in. We recommend you bookmark the site and only use that to access it. This event has helped to instill confidence in Binance, not only did their automated processes catch the attempted hack before anyone lost any funds, they have since offered a $250,000 bounty to anyone who can help catch the hackers.
Customer support was a little slow to react to the one issue we needed to submit to them. The issue wasn’t critical but none the less they took some days to respond. They do have a very comprehensive FAQ section should you need basic assistance. To receive an answer to a specific problem you will have to submit a request through the site. There is no telephone support.
Binance and Malta. In March 2018, due to various circumstances, Binance announced it would move operations to the crypto friendly island of Malta. For the full report please see our news item. This move should also assist in them being able to offer fiat transactions in the not too distant future.
In addition, a recently announced partnership with Changelly maybe another option for them to access a way to facilitate fiat transactions onto the exchange. News of this can be found on our Twitter page.
- Low fees (50% reduced with BNB)
- Lots of coin options
- 2FA authentication
- ICO listings
- No verification for Level 1 accounts (2BTC)
- Good security (for an exchange)
- No FIAT option
- Support could be improved
- Slightly daunting for newbies