The digital currency exchange market is full of options at this time. There are plenty of exchanges that are willing to offer you their services. Therefore, choosing the right exchange could cause a lot of headache for both beginners and veteran cryptocurrency users. One of the most popular cryptocurrency exchanges that exist nowadays is Binance. It was started in China, but its headquarters were later moved to Malta in the European Union, which was more cryptocurrency-friendly. It has become a leading crypto to crypto exchange in the world and provides support for more than 160 coins.
Binance was launched in July 2017 in Hong-Kong by developer Changpeng Zhao. The exchange was created by his company Bejie Technology and they were able to raise $15 million through a successful ICO. Those who invested in the ICO were given Binance Coin (BNB), which could be used for trading cryptocurrencies or for fee payment on the exchange. Due to struggles with the Chinese government and their views on cryptocurrency, Binance chose to move its headquarters. Since its launch, the trading exchange has experienced astounding success and is now enjoying the top spot in regard to 24-hours trading volumes.
Binance is essentially a crypto to crypto exchange, which means that it doesn’t support any fiat currencies. This enables the platform to work freely and they can steer clear of any regulation or red tape. Users are given the option of choosing from basic and advanced interfaces. With the basic interface, users can enjoy a quick view of trading pairs and the market, which makes it easier to switch pairs. With the advanced interface, traders can have access to advanced charting tools.
You will find an impressive crypto selection available when you want to trade in conjunction with the Ether, Bitcoin, XRP, BNB and Tether trading pairs. Binance has also partnered with Simplex for providing brokerage services. Thanks to this, you can use a credit card for buying six different cryptocurrencies. However, there is a fee of 3.5% associated with this service.
You can only make crypto deposits on Binance. It is possible to deposit and withdraw all coins that are supported on the exchange. You can use a credit card for buying the following cryptocurrencies on Binance:
All in all, Binance supports a wide variety of coins for trading, depositing and withdrawing. It supports more than 160 cryptocurrencies like Cardano, Dash, Dogecoin, Bitcoin Gold, EOS, Ethereum Classic, ICON, IOTA, Komodo, Nano, NEO, Stellar, Tron, Waves and Zcash amongst others.
In this competitive market, Binance offers a cutting edge fee structure. Any trader who doesn’t want immediate fiat liquidation will certainly be enticed by the flat fee of 0.1%. The incredible thing is that it is able to undercut most of the other big exchanges, some of which are charging more than 0.2%. This can be a big difference when you are working with large orders. Furthermore, the native Binance token, BNB, comes with an additional discount of 25% on the trade fee. There are no charges on deposits, but withdrawal fees are applicable.
The limit structure at Binance is very simple. They only have withdrawal limits. Even if you have a non-verified account, it is possible to withdraw about 2 BTC in every 24 hours. If you have verified your account, you can withdraw 100 BTC every 24 hours. To verify your account, you have to fill out a basic KYC (Know Your Customer) form and provide proof of address and identity amongst other documents.
The cryptocurrency exchange has provided an email contact form on their website that can be used for dealing with most support inquiries. You can also reach out to a customer service bot. The good thing about the website is that it is multilingual, which reduces the issues you have to deal with.
The low fees of the exchange, its responsiveness and its team with a strong track record are all excellent reasons to use Binance for your crypto trading needs. For safety, Binanceoffers 2-Factor authentication and they are offering a wide variety of cryptocurrencies to cater to global traders.