Binance Exchange: Commission, Registration, Reviews

2 months ago
Binance
Binance

Binance is one of the largest international cryptocurrency trading platforms. Founded in 2017 by blockchain developer Changpeng Zhao, originally headquartered in Hong Kong (now based in Malta). 

Today, the Binance exchange is one of the market leaders in terms of liquidity, offering users almost 600 trading pairs, including fiat ones, to conduct transactions with a variety of popular crypto assets. In addition to standard exchange speculation, Binance has tools for margin and futures trading.

The main advantages of the site, which favorably distinguish it from competitors — low commissions, the ability to buy cryptocurrency for fiat, a multi-level account protection system and the absence of mandatory verification.

More details about all these points, as well as recommendations on how to quickly master and start trading on Binance — below.

Binance Official Website

Binance official website
Binance official website

Binance cryptocurrency exchange is located on www.binance.com

It was registered in early April 2017. Despite the large number of different functions, the use of the site is simple and intuitive even for a novice user. 

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Binance's interface is available in 16 languages — popular in Europe, English, Spanish, German, French, as well as Russian, Ukrainian, Chinese and some other less popular ones.

The functionality of the Binance exchange will satisfy the needs of both a beginner and an advanced trader, since the site offers two modes — Advanced and Basic.

There is no fundamental difference between them: the advanced interface is good only when you need to draw charts and use a lot of tools and indicators. 

Another difference is in the design - in Basic, you can choose a light or dark mode, in Advanced — only dark.

Binance Official Website

Binance Registration

How to register on Binance
How to register on Binance

As with most other cryptocurrency trading platforms, registering for Binance is very simple and consists of just a few steps:

  1. Specify mail and password.
  2. Complete the captcha task.
  3. Confirm your email address.

All these actions can be done intuitively, but just in case, we will describe the process of creating a new account in more detail.

First of all, you need to open the registration form using the "Register" button located on the right side of the exchange website header.

Registration on Binance
Registration on Binance

Then you will need to enter in the appropriate fields the email address, which is controlled by the user, and come up with a password. 

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Please note that the site will not allow you to make a password like qwerty. It must contain both uppercase and lowercase letters and numbers. 

In the third field "Referral ID" you can specify a unique code of your invitee to get a small discount on trading commissions (optional). A little below you need to put a "tick", confirming your age and agreement with the Binance Terms.

Binance registration form
Binance registration form

The next step is to prove that you are not a bot by passing the captcha test, presented in the form of a puzzle. Due to the unusual verification device, some users may experience difficulty with this task. 

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Although in reality everything is quite simple — you just need to move the slider until the puzzle element takes its intended place in the overall picture.
Binance captcha puzzle
Binance captcha puzzle

After that, the exchange robot will send you an email with a code that you will need to enter in the email confirmation window. At this, the process of registering a new account on Binance is considered complete and the Toolbar is loaded, from where you can already navigate between the instruments present on the site. 

When you first log into your account, the system shows the user a recommendation to improve security by enabling two-factor authentication. You can skip this step, but it's still better to complete it — this way the funds on the balance will be more protected and it will be possible to proceed to identity verification. 

Binance welcome recommendation
Binance welcome recommendation

Verification on Binance

Binance account verification
Binance account verification

Verification on Binance is optional, as for example on the same  Bitstamp. It will not be required if you do not intend to withdraw more than 2 BTC per day or when operating with fiat. However, if you still want to go through this procedure, then you need to be ready to provide detailed information about yourself. 

After clicking on the "Verify identity" button, the user must select the type of his account — personal or belonging to an organization.

Account verification
Account verification

In the case of a private person, then you will need to enter your full name, date of birth and address.

Entering personal information for verification on Binance
Entering personal information for verification on Binance

Then you will need to indicate the type of document that will be used for verification — passport, ID-card or driver's license.

Selecting the type of document for identity verification
Selecting the type of document for identity verification

After that, an interactive tool will start, with which you will need to upload photos of the necessary document pages and your selfie to the site. 

The last step is to install the Binance mobile app to complete the verification request process. With its help, you need to scan the code issued by the system and make a few simple movements in front of the smartphone camera (turn your head left / right, open your mouth, etc.). After that, your application will be sent for processing, and if it is successfully confirmed, you will receive an email about it.

The main plus of verification is that it allows you to withdraw a large number of coins, up to the equivalent of 100 BTC. In addition, verified users are able to buy cryptocurrency using fiat funds. 

Binance cryptocurrency exchange offers another level of verification if withdrawing 100 BTC per day is not enough for you. To complete it, you will need to conduct a conversation with a support representative.

Available Cryptocurrencies and Orders

Available cryptocurrencies and orders
Available cryptocurrencies and orders

The Binance exchange offers its users a very large selection of coins — this, of course, is not YoBit with its simply huge "arsenal" of shieldcoins, but even an experienced trader has plenty to choose from. At the moment, the site contains 594 trading pairs, which are distributed between the markets, where the main currency is:

Binance Coin (BNB).
Bitcoin (BTC).
Altcoins — Ethereum (ETH), Ripple (XRP) or TRON (TRX).
USDⓈ - Binance stablecoins USD (BUSD), Paxos Standard (PAX), Tether (USDT), USD Coin (USDC), StableUSD (USDS), TrueUSD (TUSD), as well as fiat currencies Euro (EUR), Ruble (RUB) , Nigerian Naira (NGN) and Turkish Lira (TRY).

If you are interested in trading with stablecoins, Binance is more than a suitable platform, as it offers almost all major stablecoins. 

The set of orders for Binance is quite extensive and is presented in four types:

  1. Market (market order) — allows you to instantly complete a transaction at the current price.
  2. Limit (limit order) — the user himself determines the price level, upon reaching which the transaction will be closed.
  3. Stop-Limit is a tool that minimizes risk, allowing you to avoid losses when selling or buying at the lowest profitable price. You need to specify two values in it: stop and limit prices. When the price of the coin exceeds the specified stop level, the order is “activated” and executed when the limit level is reached.
  4. OCO (One Cancels the Other, one cancels the other) — allows you to simultaneously place two types of orders: limit and stop-limit.When one of them is executed, the other is automatically canceled. A very convenient thing that allows you to create pending orders, for example, to sell an asset at a bargain price, without risking getting stuck in it due to a depreciation.

How to Deposit Binance

How to deposit your Binance account with cryptocurrencies
How to deposit your Binance account with cryptocurrencies

Trading on any cryptocurrency exchange begins with depositing funds. How to fund your Binance account:

  1. Go to the section of the exchange with the deposit functionality.
  2. Select the asset to be entered on the exchange.
  3. Get and copy the wallet address.
  4. Transfer funds to it.
  5. Wait until the coins are credited to the balance.

The details of some of the steps in this process may differ depending on the type of assets entered into Binance. 

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The Binance exchange itself does not charge any fees for depositing funds, but they can be with payment channels used to deposit fiat currencies or convert them into crypto assets.

Let's take a closer look at the available ways to replenish your Binance account balance.

Cryptocurrency

You can deposit your account balance with cryptocurrencies through the "Fiat and Spot" item in the "Wallet" drop-down menu (in the site header). In the displayed list, select the required cryptocurrency and click on the "Deposit" button.

Binance Cryptocurrency Deposit
Binance Cryptocurrency Deposit

After receiving the generated address, you need to send the desired number of coins to it from any external wallet.

Obtaining a wallet address for depositing funds to Binance
Obtaining a wallet address for depositing funds to Binance

Do not be alarmed if you see the status "order frozen" — this only means that the transaction has not yet passed the verification procedure in the blockchain.

The main thing is to indicate the deposit address without errors and send to it exactly the coins for which it is intended, because otherwise the funds will be irretrievably lost. In addition, to enter some coins, for example, Binance Coin (BNB) and Stellar (XLM), you need not only an address, but also a memo code, without which the funds will not reach their destination.

An example of entering a cryptocurrency with a wallet address and MEMO
An example of entering a cryptocurrency with a wallet address and MEMO

Fiat

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To deposit fiat funds, for which there are trading pairs on the exchange, the payment channels of Binance partners are used.

This is done through the same functionality as in the case of a cryptocurrency deposit — through the list of assets that opens through the "Fiat and Spot" menu or the "Deposit" tab in the "Wallet" section of the user account.

Entering fiat currencies on Binance
Entering fiat currencies on Binance

True, the method of deposit itself is significantly different. For example, AdvCash is used to enter rubles (RUB). Moreover, the transfer can be carried out both from Visa / Mastercard bank cards through the gateways of this payment system, and directly from its internal wallets. In the first case, AdvCash charges 3% on deposits, in the second case, the transfer to Binance is free. 

Choosing a way to deposit fiat on Binance
Choosing a way to deposit fiat on Binance

Euro (EUR) can be deposited on the exchange in the same way, as well as through Epay and Fasapay. Nigerian Naira (NGN) deposits are processed through bank payments, and Turkish Lira (TRY) can only be entered by Turkish citizens through the Papara payment network. 

Also, for these and 20 other fiat currencies (Ukraine, Czech Republic, Bulgaria, Romania, Poland, etc.), the function of buying BTC, ETH, XRP or BNB is available for them.In the case of the US dollar, you can also purchase LTC, BCH and some stablecoins. Thus, although in converted form, fiat is still entered on the exchange. This is done in the appropriate section of the exchange (Fiat / Buy Crypto), and also through partner payment channels. 

Buying cryptocurrency with fiat on Binance
Buying cryptocurrency with fiat on Binance

For example, in the case of hryvnia, it will be the same AdvCash under the conditions mentioned above. Also, for this and most other currencies, payment by bank cards through the Simplex system is available (commission — 2.5% of the amount).

Payment channels for buying cryptocurrency for fiat on Binance
Payment channels for buying cryptocurrency for fiat on Binance

In some cases, converting fiat into cryptocurrencies may be available through Paxful, Koinal, Banxa and other payment gateways.

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An important point is that in order to gain access to the purchase of cryptocurrency assets for fiat funds, the user account must be verified.

How to Trade on Binance

Trading on Binance
Trading on Binance

How to trade on Binance:

  1. Go to one of the sections of the trading platform (standard speculations or margin transactions).
  2. Choose a trading pair.
  3. Decide on the type of order.
  4. Specify the price, amount, limits and other available options.
  5. Confirm the order and wait for its execution.

The process of trading on Binance is described in more detail below.

Regular Trading (Spot Trading)

After crediting funds to your account balance, start trading by creating an order in the "Exchange" tab. Here you can also select the trading mode, which was mentioned above — Basic or Advanced.

Then decide on the type of order you want to create and indicate the number of coins. The system allows one click to select the transaction amount as a percentage of the available asset volume — 25%, 50%, 75%, 100%. Moreover, it is useful to first look at the order books on the exchange chart.

At the time of this writing, the main daily trading volume falls on the following pairs: 

  • ETH / BTC;
  • BNB / BTC;
  • BCHABC / BTC;
  • XRP / ВTC;
  • TRX / BTC.
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Interesting! Binance has good throughput and processes up to 1.4 million orders per second.

Binance Margin Trading

Binance Leverage
Binance Leverage

In July 2019, margin trading was launched on the platform. If you want to give it a try, follow these steps first:

  • In the "Wallet" drop-down menu located in the website header, select the "Margin wallet" item.
  • After reading the "Important Reminders" about the risks of this type of trading, click on the "Open a margin account" button and confirm your consent to this action with a tick.
  • Now transfer part of the funds from the main wallet to the margin wallet using the "Transfer" button in the list of available coins.
Transferring funds from an exchange wallet to a margin wallet
Transferring funds from an exchange wallet to a margin wallet
  • To start margin trading, you need to borrow additional funds from the exchange, the amount of which depends on the chosen leverage — 3x or 5x. For example, in the first case, you can borrow 2 more from the exchange for 1 of your coin. After the borrowed funds appear on the balance sheet, you can proceed to transactions. Please note that a certain interest rate is charged for each hour of their use.

The trading terminal when using margin looks the same as when using a normal one. The types of orders are the same. The only difference is in the presence of buttons for switching the trading mode — normal, borrowing or repayment. 

Further actions with available own and borrowed assets can lead to both profit and loss of the deposit.Therefore, it is preliminary recommended to study at least the initial basics of margin trading, as well as the exchange's guide on this topic.

Binance Futures Trading

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Starting from September 13, 2019, Binance users have the opportunity to trade futures contracts, that is, to place bets on the future change in the price of the cryptocurrency without having it available.

The number of assets in this section of the platform is still not very large — BTC, ETH, LTC, XRP, BCH and EOS. But the range of leverage is quite wide. For bitcoin, you can choose any value from 1x to 125x. For Ether and other altcoins — from 1x to 75x. This means that users have the opportunity to open large positions with small investments. However, when choosing a higher leverage, the risk of losing funds also increases.

To start trading crypto derivatives, you will need to open an account in the Binance Futures section, confirming your intention with a 2FA code.

Opening an account on Binance Futures
Opening an account on Binance Futures

Then, using the “Transfer” button, you need to transfer some amount of USDT from the user's main exchange wallet to the futures balance. 

Transfer of funds from the main balance to the futures account
Transfer of funds from the main balance to the futures account
Transfer of funds from the main balance to the futures account
Transfer of funds from the main balance to the futures account

After that, you can proceed directly to opening transactions for long / short in the Binance Futures trading terminal, which, by the way, looks the same as the advanced interface of the main exchange — with a dark background and technical indicators on an interactive chart. 

The only difference is in the presence of a panel with information about the margin (type, leverage, marking, funding, etc.), as well as in the number of order types — there are only three of them (no OCO).

Binance Futures Trading Terminal
Binance Futures Trading Terminal

When familiarizing with futures trading on Binance, it is recommended to use small leverage (from 1x to 20x) and allocate only a small part of the deposit for transactions in order to level the risks inherent in this type of trading.

How to Withdraw Funds From Binance

Withdrawing funds from Binance
Withdrawing funds from Binance

How to withdraw funds from Binance:

  1. Go to "Wallet".
  2. Select the required asset from the list and click the "Withdraw funds" button.
  3. Indicate the recipient's wallet address, amount and confirm the transfer.

In fact, withdrawing funds from the exchange is directly opposite to the methods of making a deposit described above and is carried out through similar channels.

In Cryptocurrency

The withdrawal of cryptoassets is made through the same section of the user account — "Wallet". Here, opposite one of the coins, you need to click the "Withdraw" button.

Initiating a withdrawal from Binance
Initiating a withdrawal from Binance

In the form that opens, you must specify the withdrawal amount, the address of the external wallet (in some cases, also a Memo) and confirm the transaction — first with a button and a 2FA code, and then also by clicking on the link in the letter from Binance about this.

Making an application for withdrawing funds from Binance
Making an application for withdrawing funds from Binance

The size of the commission for withdrawal of funds will depend on the specific cryptocurrency. Detailed information on this can be found here.

In Fiat

Withdrawal of fiat currencies present in the list of trading assets is initiated in the same way - with the "Withdraw funds" button. Next, a form opens for specifying the amount and payment channel.

For rubles, it will be the same AdvCash — to a wallet in this system or to a bank card. The commission in the latter case is equal to 1.5% plus 50 RUB. For the euro, there are additional options available through Okaypay, Perfect Money, Epay, and Payeer. For NGN and TRY, the channels are the same as for input — bank transfer and Papara. 

Withdrawing fiat from Binance
Withdrawing fiat from Binance

In addition, you can withdraw existing BTC, ETH, BNB, BCH, LTC, XRP, as well as stablecoins USDT, BUSD, PAX or TUSD, converting them into the mentioned four fiat currencies or hryvnia (UAH), Chinese yuan (CNY), Kazakh tenge (KZT) and Indian rupee (INR). This is done through the section for buying cryptocurrency for fiat (menu "Fiat / Buy Crypto") on the "Sell" tab.

Binance Fees

Trading commissions for Binance
Trading commissions for Binance

Binance attracts many traders precisely by its low trading commission, which is 0.1% for both the maker (the one who creates the order) and the taker (the one who buys the order). For traders of a particularly large scale, discounts are provided (up to 0.015% for the maker and 0.03% for the taker) — their size depends on the monthly trading volume, which is calculated in BTC.

Big Player Discounts on Binance
Big Player Discounts on Binance

Binance Coin (BNB) holders also have the opportunity to save on trading commissions (we will talk about the coin itself below). Now they are given an additional discount of 25% (off the standard values). But this will not always be the case, since since mid-2018, a system has been introduced at the site for an annual halving of the size of discounts:

1st year: 50%.
2nd year: 25% (current).
3nd year: 12.5%.
4th year: 6.75%.
5th year: 0%.
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Please note that by default the function of a lower commission when there is BNB on the balance is disabled — it can be enabled in the "Toolbar" section of your account settings. 
How to reduce fees with BNB
How to reduce fees with BNB

Binance API

Like many other exchanges, Binance gives its users the ability to use an API - a programming interface to provide access to an account to external applications. Most often, this tool is used to automate trading using bots or to connect third-party terminals, for example, TabTrader.

To use this feature, the user must necessarily enable two-factor authentication, and then create a unique API key in the appropriate section of your exchange profile.

Go to the API Management section on Binance
Go to the API Management section on Binance

Here you need to enter an arbitrary name for the new key and click the "Create" button. This action will have to be confirmed — first by entering the 2FA code, and then by pressing the "Confirm new API key" button in the letter that Binance will send. 

Creating a new API key for Binance
Creating a new API key for Binance
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Important! The QR code and secret key are displayed only once (they will be hidden the next time you visit the API Management section).

Binance Exchange Security

Binance security
Binance security

The Binance cryptocurrency exchange is also one of the few platforms that can be proud of a well-established security system. Until recently, there was only one known case in early spring 2018, when several users nearly lost their funds due to a phishing attack. Exchange employees reacted quickly and the funds remained intact. 

In early May 2019, Binance moved their truly first hack.

In short: a hacker was able to bypass the security system using key customer information, including API keys that are known to trading bots and third-party portfolio managers. The attackers managed to withdraw more than $ 40 million worth of cryptocurrency. The exchange made a decision to fully reimburse the losses of customers from its SAFU security fund. As they say, reputation comes first.

To protect users on the platform, such functions are applied:

  • Checking the coincidence of the login / password pair is a familiar standard procedure;
  • Unusual captcha puzzle — this "puzzle" must be solved every time you log into your account, confirming your "humanity";
  • Two-factor authentication (2FA) — entering a one-time code received via SMS or Google Authenticator. One of the most reliable ways to protect your account from hacking; 
  • Security Key — binding a physical key to your account (for example, Yubikey), which must be connected every time via USB or via NFC to confirm entry to the exchange. The most reliable option, but requires the purchase of additional equipment costing from $ 20-70 to $ 650;
  • Anti-phishing code — in the settings, the user can add any word (phrase) that will be displayed in each letter from Binance; 
  • "White" addresses — you can create a "white" list of wallet addresses to which funds will be withdrawn. If you try to use addresses that are not included in this list, the output will be blocked;
  • Login from a new device — when trying to access a user account from a gadget previously unknown to the exchange, a confirmation code is sent to his email. In the Security section, there is a List of devices that were thus allowed access to the account (indicating the device model, browser, OS, location, date and IP address).

Support Service

Binance Support
Binance Support

At the moment, you can contact the Binance support team only by filling out an online form on the exchange website and then waiting for an email response. Real-time customer support has not yet been implemented.

As with most major exchanges, tech support is slow to respond to requests. This is due to the constantly growing customer base and limited number of employees. 

Binance Coin Cryptocurrency and Binance ICO

Binance Coin
Binance Coin

Like some other exchanges like Huobi, Binance has its own coin called Binance Coin (BNB). It was launched in July 2017 through an ICO, which was quite successful — $ 15 million was raised. 

In total, 200 million tokens were issued, which the founders decided to distribute as follows:

  • 50% — to ICO investors;
  • 40% — to the "reserve" of the company;
  • 10% — to venture investors.

In turn, the $ 15 million raised at the ICO went to such tasks as:

  • 50% — "promotion" and advertising costs;
  • 35% — improvement of the exchange, improvement of security and functionality;
  • 15% — in the "reserves" of the company.

While some projects managed to raise as much as hundreds of millions of dollars, the amount of funds raised by Binance was much more modest. But the exchange and its coin managed to become popular in a short time. So, at the ICO, one Binance Coin (BNB) was sold at a price of $ 0.1, in August 2017 it already cost almost $ 3. In January 2018, the token showed a record of $ 22 per unit. At the time of this writing, the price of Binance Coin is $ 15. According to CoinMarketCap, the coin is in the TOP 10 cryptocurrencies, taking the honorable 9th position.

Binance Coin cryptocurrency price chart
Binance Coin cryptocurrency price chart

The creators of the platform support and even increase the value of their native coin by “burning” coins (you can read what it is in our article).

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A condition was spelled out in the WhitePaper according to which 20% of the quarterly income of the Binance exchange is used to buy back BNB tokens. Then the redeemed coins are "burned".

This will continue until the "reserves" of tokens are reduced by half, that is, up to 100 million coins, which must be fully transferred to the exchange's own network — Binance Chain (we will talk about it below).Initially, the token was created on the Ethereum blockchain according to the ERC20 standard. 

IEO on Binance

IEO on Binance
IEO on Binance

Initial Exchange Offers (IEOs) became a trend in 2019 just as there was a boom in Initial Coin Offers (ICOs) in 2017-2018. The difference between them is simple and at the same time essential:

  • Through ICO, the project team independently collects funds for its implementation;
  • With IEO, project financing is organized by a crypto platform, and users can purchase coins directly from their exchange wallet, and startups get instant listing of their tokens and, of course, quick liquidity. Convenient and safer for investors.

So, Binance became the first exchange to introduce the Binance Launchpad platform for IEO in January 2019. The example was picked up by other trading platforms — Bittrex, KuCoin, Huobi, BitMax … To date, over 180 startups have raised funds through IEOs. However, about 75% of projects soon lost half of the original coin value. With regards to Binance, it certainly has the highest average return in USD for IEO among exchanges.

The listing fee and investment in the new token is paid on Binance Launchpad in native BNB tokens. In fact, IEO allows the exchange to maintain demand for its own tokens while blurring the distinction between new crypto projects and the role of crypto exchanges as gatekeepers.

How to earn money

The first official token offering on Binance Launchpad opened in January 2019 with the debut of Bittorrent Token (BTT). We managed to raise ~ $ 7 million in BNB. Other projects followed, including Celer Network, which raised about $ 4 million, and Fetch, which raised about $ 6 million at BNB. The full list of IEOs conducted by the exchange can be found here.

IEO projects on Binance
IEO projects on Binance

Binance's merit in this endeavor is enormous, as this is another confident step towards the further adoption of cryptocurrencies.

The Popularity of the Binance Exchange

Popularity of Binance
Popularity of Binance

Binance cryptocurrency exchange does not need advertising; today it is one of the most popular platforms for cryptocurrency trading. It is difficult to find a crypto trader who has not been listed on the Binance exchange, and even fewer who have not heard anything about it at all.

Today, the Binance exchange ranks 3rd in terms of liquidity, according to the CoinMarketCap rating. And the average daily volume of this site at the time of publication of the article is more than $ 1.3 billion.

The popularity of the Binance cryptocurrency exchange
The popularity of the Binance cryptocurrency exchange

It is no secret that the cryptocurrency market is developing rapidly, and, accordingly, new trading platforms appear all the time. So, at the time of this writing, the list of exchanges on CoinMarketCap has 307 platforms.

The creation and development of Binance is a real success story, because, despite such competition, the service became popular within a few months after its launch. What is the secret of this crypto platform and how did the creators manage to "break through to the stars" in such a short period of time? 

Creation History and Team

Founder of Binance Exchange
Founder of Binance Exchange

Binance cryptocurrency exchange was created in Hong Kong mainly by Chinese developers, respectively, from the very beginning, residents of the PRC became its main target customers. The founder and CEO of Binance is Changpeng Zhao.

Before starting his own project, he worked as the head of the development team at Blockchain.com, one of the founders of another crypto startup OKCoin and BijieTech. In addition, he is an active Twitter user and spends a lot of time interacting with the Binance community and the crypto community in general.

“I got to know bitcoin and left my startup quite quickly. At that time, it was already clear to me that the future was behind cryptocurrencies. They have a huge number of advantages over fiat currencies. "

recalls Changpeng Zhao

When China began to restrict the circulation of cryptocurrencies in September 2017 and issued a demand to close crypto exchanges, Binance was forced to change its location to Japan. But the exchange did not "take root" in the land of cherry blossoms due to the lack of a license. After a warning from the Japanese regulator about the violation of the law, the exchange moved to Malta, having received an official invitation from the country's leadership. Almost immediately she managed to reach an agreement with local banks.

Attraction of Binance is beneficial for Malta: on the part of the authorities, this was the first step towards the implementation of the plan to turn the country into a "blockchain island".

Today Changpeng welcomes the actions of the Chinese authorities, which set a good pace for the implementation of the blockchain and the development of the national cryptocurrency. In his opinion, China has made a big step in the right direction and now everything depends on the further actions of the government.

“We have a great hard working team with a hard fork spirit that strives to deliver the best possible results. Over the past two years, Binance's team has grown to over 400 employees worldwide, all committed to providing industry-leading products and services. At Binance, we make users our top priority. ”

Changpeng Zhao said in a July interview

Partners

Binance partners
Binance partners

At the moment, information has been confirmed regarding the following companies that cooperate with Binance:

  • Chainalysis is a blockchain startup focused on digital identity and anti-money laundering issues. As part of the cooperation, the exchange has implemented software from Chainalysis to track suspicious transactions;
  • Qlink is a mobile network powered by blockchain technology. Within the framework of cooperation, the company and Binance made a "token exchange": QLC / BNB trading pair appeared on Binance, and Qlink introduced BNB coin to its mobile platform;
  • Simplex is a fintech company that checks payments for fraudulent intent and processes transactions. The conclusion of this partnership will allow you to buy some cryptocurrencies (BTC, ETH, LTC, XRP) using Visa and Mastercard;
  • TRON — a popular project collaborated with Binance to launch BitTorrent platform tokens; 
  • Neufund is a key partner of Binance to create a regulated and decentralized global stock exchange for listing and trading in securities along with crypto assets;
  •  Kakao Klaytn — blockchain system of the leading South Korean mobile technology developer Kakao and partner of Binance in the development of DApps (decentralized applications);
  • IdentityMind — an exchange partner to strengthen legal compliance for KYC;
  • CipherTrace and Elliptic Partner to Strengthen Anti-Money Laundering (AML) Program.

Scandals

Binance scandals
Binance scandals

In addition to hacker attacks, from which no exchange is immune, many people think that Binance is a site with a perfect reputation. But “there are spots on the sun” — if not “black”, then a few “gray” ones can definitely be found. Of some problems, the Binance cryptocurrency exchange was unable to emerge as a winner.

Everyone knows very well that listing fees are the main source of income for exchanges.

In August 2018, Christopher Franco, co-founder of blockchain startup Expance, posted a tweet in which he revealed an "insider" about the amount of payment for listing on Binance. According to this information, the latter was 400 BTC ($ 2.6 million at the time).

According to this information, the latter was 400 BTC ($ 2.6 million at the time). In addition, the exchange announced that all income from the listing will go to charity, and token holders will be able to offer their own "donation" amount. And what is important — individual coins will be added for free.

Another scandal is associated with the venture capital company Sequoia Capital, which sued Binance for violating the terms of the exclusive investment grant agreement.

The founders of the exchange said that the site was seriously undervalued at the time of the discussion of the deal.

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According to Changpeng Zhao, Binance is valued at $ 3 billion, but he refused to provide any financial documents confirming this fact. 

Development Prospects and Latest News From Binance

Binance team
Binance team

Binance is one of the most trusted crypto exchange platforms. The platform also has an unconditional plus — the authority of Changpeng Zhao, whose opinion is of great importance for the crypto industry. 

The exchange is developing on an incremental basis, regularly adding new functions. For example, a combined USDⓈ stablecoin market was created, which attracted even more traders. In addition, in April 2019, the team launched its own blockchain network Binance Chain and a decentralized exchange Binance DEX.

Now the Binance blockchain is an ecosystem consisting of parts integrated with each other: Binance.com exchanges, Binance Chain and Binance DEX networks, fiat crypto exchanges Binance Uganda, Binance Jersey and Binance Singapore, as well as services — divisions of Binance Labs, Binance Info, Binance Academy, Trust Wallet, Binance Research and Binance Charity Foundation. In fact, it is Changpeng Zhao's huge decentralized crypto empire with strong development potential.

It is no coincidence that the main attention of the platform coders is focused on building the basic architecture of the ecosystem and using blockchain technologies, including hardware wallets and decentralized transaction standards. The company has opened a dedicated department at Binance Labs to support promising blockchain startups.

So, at the end of 2018, 8 projects were launched, and in the first half of 2019 — 13 more. And by the way, there are results, for example: Cred, an encrypted lending platform invested by Binance Incubator, has its own mature and compatible products; or the same Terra project for creating stablecoins with a unique stability balance algorithm, already working on the main network.

As an investment institution in the blockchain industry, Binance Labs head Zhang Li said the company hopes to accelerate the adoption of new opportunities in the entrepreneurial environment. Interestingly, Binance Labs aims to support teams that have ideas but have yet to create mature products and services.

Prospects Binance
Prospects Binance

Above, we have already talked about one of the most promising exchange projects - the IEO platform Binance Launchpad, which, having carried out a kind of crypto correction in relation to investments in cryptocurrency startups, made them more transparent and secure compared to ICOs.

Three more areas actively developed on the platform are margin trading, futures trading and OTC trading:

  1. The launch of margin trading took place in July 2019 on the new version of the Binance 2.0 platform.
  2. The OTC trading service has opened the possibility of transactions from 10 BTC outside the main exchange platform since July 26 last year.
  3. In September, two platforms for trading cryptocurrency futures, derivatives and options — Binance Futures and Binance JEX — were launched at once.

Binance also plans to develop educational programs for developers and the public. To this end, the exchange recently introduced Binance X, which already funds more than 40 developers conducting research in the field of open source cryptographic software.

“The Binance X team will assist with learning, create collaboration opportunities, and accelerate the growth of these projects through the various programs and resources we have at Binance.”

Binance X CEO Tek Chia said in a statement.

And the last thing: Binance has been eyeing the Russian market for a long time and even appointed its official representative, but such a possibility is assumed only after the adoption of laws regulating the crypto market. In addition, the ruble became one of the first national currencies when it was added to the fiat trade support platform. And this means that the Russian market is really important for Binance.

As a reminder, the following platforms were launched: Binance Lite Australia, thanks to which Australian residents will be able to buy BTC at kiosks throughout the country; and Binance Jersey, for trading mainly in Europe in fiat currencies such as euros and pounds sterling. Against this background, the picture is somewhat darkened by the termination of services to users of Iran and Belarus without providing any alternative. The exchange simply announced that it has the right to change the terms of the agreement with users at will.

Advantages and Disadvantages of Binance

Pros and cons of Binance exchange
Pros and cons of Binance exchange

Binance is an excellent trading platform for both beginners and advanced users, however, like almost all other platforms, it has its advantages and disadvantages.

Let's start with the benefits:

Large "assortment" of trading pairs — on the platform you can trade a wide variety of cryptocurrencies, however, there are no frank "shieldcoins", as, for example, on YoBit. Each coin is carefully checked before listing. In addition, the Binance cryptocurrency exchange regularly lists new potentially promising coins and delisting illiquid coins.
Low Fees — Trading fees are as low as 0.1% and can be further reduced by enabling the payment option on Binance Coin. You can also further reduce fees by increasing your account level (VIP 0-9), fulfilling the conditions for reaching certain trading volumes in BTC or BNB balance per month.
No commission for depositing funds — Binance cryptocurrency exchange does not charge any additional commissions for depositing funds (but payment systems used for deposit may have them).
Several ways to protect your account — the developers pay special attention to security, as evidenced by the presence of several ways to protect the profile from hacking. In addition, the site has a reward program for providing information on bugs and vulnerabilities.
Lack of mandatory verification - the Binance cryptocurrency exchange does not put its clients in a narrow framework, forcing them to comply with the KYC conditions, like, for example, the same Bitstamp. However, those who want to buy cryptocurrency for fiat will still have to go through identity verification.
A huge stablecoin market - which is especially important given the high volatility of conventional cryptocurrencies in a bear market.
Profitable referral program - the ability to receive additional income in the amount of 20% to 40% from each referral's transaction, while the exchange does not set a limit on the number of users who can be invited.
The presence of a desktop version and a mobile application - both products work perfectly and users have no complaints regarding any malfunctions.

Among the shortcomings, until recently, the absence of a fiat currency market was considered the most significant. However, starting in October 2019, this negative factor has been systematically eliminated - now, transactions with some cryptocurrencies in pairs with the euro, ruble, Turkish lira, Ukrainian hryvnia and Nigerian naira are available on the site. Moreover, Binance plans to continue expanding this list in the future.

Binance Review

Reviews on Binance

Reviews about the Binance exchange
Reviews about the Binance exchange

Judging by the numerous reviews of Binance clients, the choice of this particular trading platform in most cases is determined by a wide range of crypto assets, along with its own discount token, competitive commissions, no excessive KYC zeal, an intuitive and beginner-friendly interface, and much more, making the service easy, fast and practical to use for trading. By the way, including the mobile version.

For example, the opinion of longtime user Richard Pease on Revain.org, who is very happy with the exchange and recommends its services to everyone.

With regards to criticism, as usual, there is much more of it, but not because everything is so bad on the platform — on the contrary, this crypto exchange is one of the best in the industry in many respects — but because the problems, especially the unresolved ones, are associated with the loss of crypto coins and are perceived very negatively.

So, such moments as:

  • Poor work of the support service, which drags on the answer, and sometimes does not answer at all; 
  • BTC deposits take 30 minutes, which customers regard as nonsense, although most likely the problem is in the Bitcoin network itself;
  • Sometimes Binance mobile apps crash and Windows clients are automatically logged out, so they have to re-authenticate;
  • Delays in the withdrawal of cryptocurrency.

So, trader Carlos Meyrepes points out the complexity of the leverage requirements:

Binance margin trading review
Binance margin trading review

And Leonid Taburokov complains about scams with the execution of orders:

Negative Review
Negative Review

There are also accusations that the exchange uses bots to manipulate the value of coins.

Feedback on manipulation by Binance
Feedback on manipulation by Binance

In addition, there are many complaints about the lack of privacy. Clients accuse the platform of collecting user data - information about devices, connection times, IP addresses … However, the platform deserves to be a favorite among novice and advanced traders.

Today, when the crypto exchange market is almost saturated to the limit, and finding a reliable trading platform is a headache for investors and traders, especially beginners, Binance may well be a worthy choice. Why not?

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