Binance Review - Top 5 Things to Know Before Trading in 2020

Anisa Batabyal
| 28 July, 2020 | 2 min

What is Binance?

Binance is a Tokyo based world's leading cryptocurrency exchange platform, where digital assets can be traded. Interestingly, the name Binance is coined using two words binary and finance. The platform provides a crypto wallet to its traders where they can easily store their digital funds. Currently, Binance supports three types of trade orders – limit, market and stop-limit orders.

 In 2018 Binance developed and launched its own blockchain ecosystem called the Binance chain. Binance chain enables start up's to have a centralized place to conduct ICO's reducing the risk involved in ICO (Initial Coin Offering). It is a method of fundraising in which buyers purchase tokens that will pan out to be performing units of currency in the future. The same process helped ethereum turn into what it is today. 

Click here to buy Ethereum (ETH) at the best rate. Instantly!

Binance Review:

  1. User Interface:

The platform has two interfaces - classic and advanced. Users can choose to view the data in either classic or advanced view. The classic view gives a quick tour of the market and trading pairs, whereas the advanced view offers users access to advanced charting tools. Depending on the user's requirement, they can switch between the interfaces.

  1. Fees:

  • Trading fees:

Binance charges a trade fee of 0.1 % on each trade that a user makes. However, this cost can be reduced by 50% if the user decides to pay using a Binance token. 

  • Withdrawal fees:

Withdrawal fees tend to vary depending upon the digital currency; for instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Binance's fees structure is quite competitive.

  1. Payment methods:

Binance has partnered with simplex to allow users to make payments via Debit and Credit cards while buying a cryptocurrency. Using a debit or credit card facilitates swift transfers with fees as low as 3.5% or $10 per transaction, whichever is higher.

  1. Buying limit: 

 The platform does not impose any limitation on the no. of coins you can deposit in your Binance account. However, the platform imposes a restriction on the no. of coins that can be withdrawn. 

There are two levels of verification in Binance account; the first level verified user could withdraw up to 2 Bitcoins every 24 hrs and a level 2 authenticated user can withdraw 100 Bitcoins every 24 hours. 

The verification process requires you to fill a basic KYC document and submit it along with proof of identity and other materials.

  1. Binance Security:

Binance offers a 2FA (2-factor authentication) to protect the data of its users. 2FA makes your account much more secure. However, in May 2019 Binance experienced their first hacking where cryptocurrencies worth $40million was withdrawn. Binance decided to take responsibility and cover those losses using their security fund, which helped in building trust among its users.

However, securing your device and imposing 2FA is essential to avoid instances like these.

Binance is an Indian crypto exchange platform similar to Coin Switch, who has also launched its own crypto trading platform called Coinswitch Kuber on June 1, 2020. 

This platform is a mobile application which is user friendly. CoinSwitch Kuber is the first-ever mobile application to pool liquidity from other Indian and global exchanges and provide the best rates to the Indian market.

Coinswitch Kuber promises to give the best rates by aggregating liquidity across all Indian exchanges. The platform will support 100 cryptocurrencies for Indian users to trade easily using INR.

About CoinSwitch is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!