Binance Cryptocurrency Exchange Review

The Binance platform for the exchange of virtual currency was launched in 2017.
In a couple months of work, it gained good popularity all over the world and
became one of the top exchanges. The creator of the service is a Chinese
cryptomillionaire - Changpen Zhao. He was helped by Yi Hye, who today is the
main financier of the company. The main office is located in Shanghai. New users
are constantly arriving. At the end of 2017, it was announced that the site has
already registered more than 3000000 people from different countries. The manual
allows to conduct transactions for any person, regardless of region of residence. As
of 2018, the Binance cryptocurrency exchange is in the top 3 most popular sites for
exchanging virtual coins. For processing orders a patented technology is used that
allows to serve 1.4 million transactions per second. According to this indicator, it
is ahead of its closest competitors. Developers are provided with functional APIs.
Binance exchange is powered by open source code, which is available on GitHub.

An Ethereum based BNB inner coin (ERC-20) has been released. When you
purchase it, you can get a slight advantage in crypto exchange. The site has an
English interface, but there are also translations into other languages. It is best to
work on the English version, since users mark incorrect names of some sections of
the exchange in other languages.

How to work on the Binance cryptocurrency exchange

Traders can immediately proceed to trade after registration. In this regard, there are
no restrictions. New users have access to all the tools at a monent to create
transactions, but they can withdraw only 2.5 Bitcoins per day. To increase this
value, it is necessary to go through the standard verification procedure, during
which scan-copies of official documents (passport) of the user are sent. It is
important to correctly enter personal data so that there are no problems with the
confirmation of identity. The peculiarity of this process is that the trader should be
photographed with a passport and a leaf, which shows the date and name of the
site. Only in this case it is possible to display 100 Bitcoins per day.

System Commission

For all trading operations, a fee of 0.1% of the amount of the order from new
traders is charged. It is possible to reduce the commission by 25%, for this it is
necessary to keep the internal token BNB on the account balance. At the Binance
cryptocurrency exchange, the amount of transaction fees depends on the monthly
trading volumes and the amount of the internal coin. After making a certain
number of orders, the trader is assigned an account level. Detailed values of the
commission are given in the table.

Level / Trade volume for 30 days & BNB amount / Maker’s commission (+ with
discount) / Taker’s commission (+ with discount)

The initial: <100 BTC & ≥ 0 BNB / 0.1% (0.075%) / 0.1% (0.075%)
VIP 1: ≥ 100 BTC & ≥ 50 BNB / 0.09% (0.0675%) / 0.1% (0.075%)
VIP 2: ≥ 500 BTC & ≥ 200 BNB / 0.08% (0.06%) / 0.1% (0.075%)
VIP 3: ≥ 4500 BTC & ≥ 1000 BNB / 0.07% (0.0525%) / 0.09% (0.675%)
VIP 4: ≥ 10000 BTC & ≥ 2000 BNB / 0.06% (0.045%) / 0.08% (0.06%)
VIP 5: ≥ 20,000 BTC & ≥ 3,500 BNB / 0.05% (0.0375%) / 0.07% (0.0525%)
VIP 6: ≥ 40000 BTC & ≥ 6000 BNB / 0.04% (0.03%) / 0.06 (0.045%)
VIP 7: ≥ 80000 BTC & ≥ 9000 BNB / 0.03% (0.0225%) / 0.05% (0.0375%)
VIP 8: ≥ 150000 BTC & ≥ 11000 BNB / 0.02% (0.015%) / 0.04% (0.03%).

Replenishment and withdrawal

Account replenishment is free. Fiat funds are not supported, so this procedure is
performed only by virtual tokens. To derive a cryptocurrency, you must pay a fixed
value, while there is a minimum amount of transfer to the wallet. Details for all
coins are available on the Binance website. Below are the most popular coins.

Coin / Minimum withdrawal amount / Commission

LTC: 0.002 / 0.001 LTC

BTC: 0.002 / 0.0005 BTC
BNB: 0.24 / 0.12 BNB
NEO: 1 /0 NEO
ETH: 0.02 / 0.01ETH
EOS: 0.2 / 0.1 EOS
XRP: 22 / 0.25 XRP
XMR: 0.01 / 0.0001 XMR
QTUM: 0.02 / 0.01 QTUM
USDT: 4 / 2 USDT

It’s worth to mention, there are 170 different coins on the exchange, with which
you can carry out deals and withdraw them on wallets.

Binance Cryptocurrency Exchange Interface

Users are provided with two types of workspace for making transactions.
In the “Exchange” tab, there is an opportunity to select right kind of interface –
“Advanced” or “Basic”.

Screenshot 1
In terms of opportunities to create orders, between them there is no difference. The
difference lies in the fact that the basic version has fewer analytical units, which
will be useful only to traders with extensive experience and possessing serious
assets. Going to the section “Exchange” – “Basic” the user needs to select the
currency pair of interest. The unit located at the top right is responsible for this.
There is a search bar in which you can type the name of the token for exchange or
purchase.

Screenshot 2

The block on the left displays transactions created by users of the system. If you
are satisfied with the course, you can make a quick purchase or sale of a coin. The
central part of the screen is reserved for a graph reflecting the price change for a
currency pair in real time. For the convenience of traders, it can be customized
(change the appearance, scale, period of time). Below are the basic controls that
allow you to create your own deal to buy or sell crypto coins. The necessary
parameters are entered and the “Buy” or “Sell” button is pressed. The “Trade
History” section displays information about all successfully completed orders on
the site. At the very bottom of the page, the trader can see his open orders and
trading history for the last 24 hours.

Mobile application

Owners of smartphones or tablets based on the Android or iOS have the

opportunity to make transactions using their gadget. The functionality of the
program allows to assess the current situation on the market, manage account
balance and settings. The mobile application has a user-friendly interface that
allows to switch easily between tabs. Developers guarantee a high degree of
account security.