About the Binance Exchange
Binance is a Chinese cryptocurrency exchange that launched in March of 2018 by Changpeng Zhao. At the time of writing, the exchange is one of the largest when it comes to transaction volumes per day.
Changpeng Zhao, the founder & CEO was the development section manager at Blockchain.com and the co-founder and technical manager of OKCoin.
• The offices are located in Hong Kong and Tokyo.
• There are almost 400 coins available to trade on the Exchange.
• During ICO, the exchange raised around $15 million (USD).
• They have their own coin (BNB) which is an Ethereum-based coin
How Does It Work?
Binance lets you trade BitCoin and other cryptocurrencies.
To begin you will need to register an account. Sign up with your email address, choose a secure password, you can even set up 2FA (Two Factor Authentication) for extra security. Once you have signed up, you will receive a verification email.
One the exchange itself, you will see a chart showing information about the coin including the latest price of the coin, the 24hr high and low and the trading volume. The chart will also show the markets in real time from one-minute trades and the coins trade history up to one month.
The exchange has two trading platforms, the basic and the advanced. The Basic view has all you need to perform simple trades.
While the advanced view is for the more technically advanced traders and allows for a more detailed analysis of the markets.
Depositing and Trading Fees
The exchange does not let you deposit using regular currencies such as USD, GBP and Yen. Using Bitfinex or Coinbase as examples, you can purchase BTC or ETH and then using your wallet address, you can transfer the coins into your account.
Once you have funds in your account, you can start trading using the exchange and there are no fees for depositing.
You can use Binance Coin (BNB) to pay your trading fees, as you are using their own coin to pay fees then you are entitled to a discounted rate.
• 1st year 50%
• 2nd year 25%
• 3rd year 12.5%
• 4th year 6.75%
There is no discount after year four and if you are not using BNB to pay the fees, then trades will have a minimum charge of 0.1%, although depending on the coin and the price at the time, fees can regularly change. All trading fees are deducted automatically.
Withdrawal and Transfer Limits
If you have not submitted any verification details, you will be classified as level one and can withdraw up to 2 BTC worth of cryptocurrency a day.
To be classified as level two, you must provide your KYC (know your customer) information, which includes your first and surname names, address and a photo ID such as a passport or a driving license. You will also need to have 2FA (two-factor authentication) or Google Authenticator enabled. At level two you are able to withdraw up to a maximum of 100 BTC.
What Cryptocurrencies Are Available?
• Bitcoin Cash
• Ethereum Classic
Plus there are over 350 more coins available to trade.
Trust and Fund Security
The CEO Changpeng Zhao has years of experience in the cryptocurrencies and has helped the exchange grow to have over 9million active users. The company recently acquired Trust Wallet in their first ever acquisition. It is a safe, secure, open source; decentralised mobile wallet that supports Ethereum (ETH) and over 20 thousand Ethereum based crypto coins.
• Never reveal your username and password to anyone
• Enable 2FA (two-factor authentication)
• Never give details over the telephone or email to someone claiming to represent Binance.
Binance has a support page with their latest announcements and FAQ (frequently asked questions). These pages should help you resolve any problems you have.
If you can't find an answer to your query, then you can 'submit a request' relating to anything from deposits and withdrawals, setting up Google Authenticator, and security or API issues.