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Binance Exchange Review – The best altcoin exchange available?

Binance Exchange Review – The best altcoin exchange available?

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What you will find in this review and guide

  • General information
  • Pros and Cons
  • What is Binance Coin (BNB)?
  • Is  Binance available in your country?
  • Binance Buy/sell limits and fees
  • Summary

General information

Binance is a Chinese exchange that went live in July of 2017. They focus only on coin to coin markets and have a large variety of altcoins to exchange. Binance has built an incredibly fast platform as it can handle as much as 1.4 million transactions per second, which probably is the reason it has such great uptime even when a ton of people are buying and selling. That have been a large problem for other exchanges in the past.

Binance has created a name in a very short amount of time. They have through offering a very great service for altcoins become one of the biggest exchange in the world in just a couple of months.

Binance is a perfect exchange for buying altcoins. They have as many as 80 different coins to exchange, and you are not required to have your own wallet for any of them. In addition, if you want to stake NEO you don’t even need to have them in your wallet, as Binance distributes the GAS for the NEO’s are staking. Having wallet already available for coins means that you very easily can own currencies like Verge, Ripple, RaiBlocks, Monero, VeChain and more.

If that was not great enough, you don’t even need to verify your identity on the exchange as long as you are not withdrawing more than 2 BTC per day.

Pros

  • Low Fees
  • Many currencies to choose from
  • Does not require verification

Cons

  • Does not accept credit cards or bank transfers (Only Coin to Coin markets)

 

What is Binance Coin (BNB)?

Binance had an ICO where they together with the exchange released their own currency. Binance Coin is BNB for short and comes with several great features for users of the Binance Exchange. The Binance Coin gives a discount on the fees on Binance which incentivizes the use of the currency. During the first year of use the Binance Coin gives 50% lower fees, the second year its 25%, the third year it’s 12.5%  and in the fourth year it’s 6.75%. This can make a great deal for people that are doing many trades in a year. The Binance Coin will also be used in the up and coming decentralized exchange that Binance is working on for the time being. But that will be at a much later time.

Is Binance available in your country?

Binance is not limited in any country as the exchange is only handling coin to coin markets. This means it’s not possible to withdraw fiat money (money like Dollar and Euro) from the exchange. This also means that the exchange does not need to be regulated and thus does not need to ban any country.

 

Binance buy/sell limits and fees

Buy/sell limits

There is no buy or sell limits on Binance, you can deposit as much cryptocurrency you want and trade with that as much as you want.

Binance Withdrawal limit

There is a limit of 2 BTC per day on Binance for withdrawals. However, if you verify your identity, it is possible for you to withdraw as much as 100 BTC per day. There is also a third level, but that requires you to contact the Binance support team.

Binance withdrawal limits

Binance Fees

The fees on Binance are low to average for a cryptocurrency exchange. If you use the Binance Coin (BNB) to pay for your fees you get a discount. For the first year the fee discount is as much as 50% when using Binance Coin (BNB). You can choose to use BNB to pay for fees in Binance account page. So be sure to buy some BNB before you start trading heavy!

Summary

Binance is definitely the exchange you should register on after Coinbase. It’s a great exchange to go to when you want to broaden your portfolio with altcoins. But we do recommend you get a Coinbase account beforehand. Since you need to be able to invest in cryptocurrencies with fiat money (Money as in Dollars or Euros) to get started on Binance.

 

On your Binance account, you need to send some cryptocurrencies from another wallet (Like a Coinbase wallet) to get started. If you already have a Coinbase account or similar you can simply send funds from there to a Binance wallet that is of the same currency. After that, you need to sell your currency to either Bitcoin, BNB or Ethereum as those are the cryptocurrencies that you trade with on Binance.

Summarised Binance is a great exchange, with tons of funny competitions where you can win Lamborghinis, cryptocurrencies and more.

We highly recommend you use Binance for you cryptocurrency purchases!

Get started on Binance now!