Exchange

Reviewing Binance.com - detailed experience with the crypto-exchange

The IOTA alternative to Bitfinex! We elucidate the strengths and weaknesses of the exchange covering security as well as anonymity and including how-to-buy IOTA.


18.867x Views | 0 Comments


Reviewing Binance.com - detailed experience with the crypto-exchange (c): Binance.com screenshot

21.01.2018

Since Bitfinex stopped accepting new customers due to overload, many are wondering where to buy key crypto-currencies like IOTA, and whether the crypto-exchanges are secure providers. This is why Binance.com is worth a try: as one of the few international crypto-exchanges, the platform from Shanghai also has its European customers in mind. It already has over 6 million customers and the second highest trading volume in the world – more than Bitfinex.





Summary: Binance.com at a glance

  • on the market since 14.07.2017
  • low trading fee: 0.1 percent of the corresponding value
  • supported languages: English, German, Spanish, French, Russian, Chinese, Japanese, South Korean
  • high security through cold wallets and 2-factor authentication
  • complete anonymity, up to the 24-hour withdrawal limit of 2 Bitcoin, no verification is required
  • 93 different and interesting Altcoins besides Bitcoin
  • buying and selling only for crypto-currencies, not for FIAT (euros, US dollars)

The crypto-exchange Binance.com* is one of the latest exchanges on the market, but it was able to win 6 million customers only half a year after opening. The name is composed of the words "binary" and "finance" and is intended to refer to the connection between technology and finance.
According to coinmarketcap.com, Binance regularly ranks among the top 3 crypto-exchanges in terms of trading volume over the last 24 hours. So it is mainly favored by Chinese customers. This fact is extraordinary that fast after its foundation.

Binance is also very special because it is the world's first exchange founded by ICO (= Initial Coin Offering). The Binance token (BNB) was issued and in return approximately 15 million US dollars were earned for opening up the stock exchange.


Innovation 1: what is the purpose of the BNB token?

The BNB tokens are the cheapest way for their owners to pay the trading fees. The earlier you use them, the higher is the opportunity of savings:

Binance © "Binance.com screenshot"

As a result, Binance wants to take back the BNB which were offered for founding as soon as possible. Each quarter 20% of the profits will be used to buy additional BNBs back and then destroy them in order to complete the formation.

According to the website, Binance has recovered almost 10% of all BNB tokens in the first quarter after its foundation and made them useless.

Our evaluation:
It is a very interesting concept with which Binance has procured its foundation capital. If many other startups use ICOs, why not using them for a crypto exchange as well?
The current success seems to prove the founders right, at the same time, of course, the discounted trading fees and new customers are gained. First movers enjoy significant benefits!

Innovation 2: ICO support on Binance - the LaunchPad

Another special feature of Binance is the support of various ICOs. Users have the opportunity to participate in ICOs via Binance.
In the upper left corner, under "LaunchPad", you can see the current and upcoming ICOs that you can participate in. Of course, in order to acquire the new tokens, on Binance.com you need the corresponding value, e.g. in Bitcoin or Ethereum.
In the upper right corner under "orders" you can see the current status of ordering.

Binance © "Binance.com screenshot"

By the way, you can also participate in ICOs with the BNB coins described above.

Our evaluation:
With the ICO offer, Binance attracts two target groups: on one hand, the attention of start-ups is drawn to the stock market, start-ups, which want to start an ICO and want to rely on an existing and secure exchange. On the other hand, users have a direct opportunity to participate in an ICO without having to register on further - perhaps dubious - platforms.

Especially concerning the increasing and confusing number of ICOs on the crypto-market, we believe that it is important to have Binance as a trustworthy agent for suppliers and buyers.

Innovation 3: community coin of the month

with the idea of the community coin of the month Binance wants to be particularly close to the user by granting him co-determination: once a month, users can vote for the admission of a new Altcoins on Twitter, the trading couple with most votes is then implemented by Binance.

Of course you have to be a registered user on Binance. For the payment of 0.1 BNB (currently about 65 cents) you can then decide on a candidate among a number of Altcoins once a month.

Our evaluation:

this is also an excellent idea with win-win character: Binance keeps up-to-date by making the offer according to the will of the users and thus preventing an outflow, and in return users of the crypto- exchange can actively ensure the acceptance of their favorites, furthermore they feel respected and they eventually do not need  third exchanges for their trades any longer.

Innovation 4: with NEO to free NEOGas on Binance

As we have already written in our article (11) on NEO, there is also NEOGas besides the NEO Coin, which serves as fuel for the Chinese competitors of Ethereum and which each NEO owner can claim for free.
Binance offers those NEO owners among its users to claim NEOGas and distributing the claimed amount of NEOGas on the second working day of a month (until noon).

Our evaluation:
Any NEO user who could not have been convinced of claiming NEOGas with his NEO so far, has the easy and free opportunity to secure his share on Binance!
This is a great concept without any risks, because your NEO amount is not reduced when claiming. The more NEO you have, the more NEOGas can be generated per month.

Innovation 5: basic handling of hard forks on Binance

As it can be read in the FAQ of the page, all hard forks, e.g. Bitcoin, are supported without any exception. For this, a snapshot will be taken at the time of the fork and it will be made available to users when a stable Altcoin blockchain is active.
However, Binance will not automatically add stocked old coins to their own offer. Instead, the user has 7 days to withdraw the forked coins to a wallet of his choice.
Among others, they announce this promise for the prompt hard forks of Super Bitcoin (SBTC) as well as UBTC, EMO, BTX and EFT.

Our evaluation:
The support of hard forks by Binance is exemplary. In our opinion, the team behind the platform has decided to go through a reasonable process with the frequent hard forks: on one hand, they provide their customers with the coins they have forked, and on the other hand, they do not let the creators force them to include the new coins in their range.

Registration and first steps until you can buy
Step 1: enter your data
Registering on Binance.com*  is easy just entering your email address, password and confirming the terms of use. We would be very happy if you registered with our referral ID 16605017 and support our work!

Binance © "Binance.com screenshot"

Step 2: confirm your email
Binance.com then sends an e-mail with a confirmation link to the address you just selected. Click on the link to complete the registration.

Note:
Maybe the e-mail ends up in the spam filter! Check there, too, if you think you have not received the e-mail.

Step 3: sign in again
A message appears stating that the account is now activated. Now login with your username or your e-mail address and your password!
Then move a piece of the puzzle to the right place in order to continue.

Step 4: enable 2-factor authentication
Personal data in the context of the know-your-costumer principle are not required. The use of the website is completely anonymous!

Binance strongly recommends that you enable the 2-factor authentication.

Binance © "Binance.com screenshot"

We urge you to activate this important security feature!
Since the SMS authentication is intended only for the Chinese continent, you have to choose "Google Auth". This is an app by Google that can be downloaded from the Play Store.

On the smartphone, start the app and tip the red plus, then select "scan barcode" and scan the displayed QR code with the camera.

Important: immediately copy the security key framed in red in the picture below before proceeding.

Then enter the current password for confirmation and enter the currently valid 2FA key. Then click on "enable 2FA". That’s it.

Binance © "Binance.com screenshot"

Congratulations! The first steps are now completed!

Now you can start!
Without further verification, the 24 hour withdrawal limit is 2 Bitcoin.

Step 5 (optional): start verification
If you want to withdraw up to 100 Bitcoin per 24 hours, you have to verify your identity at level 2:

Binance © "Binance.com screenshot"

  • In addition to your first, last name and gender, the following information must be stated:
  • country of origin
  • passport number
  • front of the passport
  • personal page of the passport
  • selfie with unfolded passport and an extra note with the word "Binance" and today's date

Binance © "Binance.com screenshot"

If you need an even higher limit (= Level 3), you can also contact the English-speaking support.

Post-registration security settings: 2-factor authentication

Anyone who forgot to enable 2-factor authentication directly after your first login can also process it later:

Binance © "Binance.com screenshot"

 
Just follow the instructions above.

Further settings under "account"
Moreover, additional settings can be set up in the "account" section:

  • change password

You can also check distribution and login-history.

Our evaluation:
The activation of 2-factor authentication is by far the most important security feature and should definitely be activated!
As far as the other options are concerned, Binance could top it up. Competitors, such as Bitcoin.de (here to test) also offer:

  • read-only access
  • login restrictions: restriction to certain countries according to the IP address
  • automatic logout
  • PGP encryption for signing and encryption of emails

Is Binance.com safe?

Yes, we consider Binance to be a secure platform for crypto trade - as far as it can be checked from the outside.
Activation of 2-factor authentication is self-explanatory. In addition, on Binance we think that they are really trying to change the market with this amount of innovation. More than 6 million customers also speak for seriousness and represent confidence in the stock market.
Despite intensive research, we were unable to find any reports of security problems or specific incidents on Binance, i.e. no customer complaints, etc. We consider this to be particularly relevant because you would expect more security gaps precisely in this period of the first six months.

How-to-buy guide using IOTA as an example

Buying IOTA and other crypto-currencies is easy on Binance. The prerequisite is that Bitcoin, Ethereum, BNB tokens or Tether dollars have already been transferred to the account.

If this is the case, proceed as follows:
Step 1: go to the trading menu
Click on "Börse" in the upper left corner. Here you have the choice between "basic" and "advanced". Both variants lead to the same result.

Binance © "Binance.com screenshot"

Step 2: select desired trading pair
In the upper right corner BTC (Bitcoin) is preset. If you prefer using another crypto-currency, you can also choose between Ethereum, BNB Tokens or Tether-Dollar.

Then enter "IOTA" in the search field. The trading pair "IOTA / BTC" is automatically displayed. Click!

Binance © "Binance.com screenshot"

Step 3: enter desired quantity, confirm purchase
Now enter the desired amount of IOTA coins. Alternatively, you can trade 25%, 50%, 75% or 100% of your BTC stock for IOTA.
The total cost in Bitcoin will then be displayed in the slightly grayed box.

In order to exchange the entered amount of IOTA for Bitcoin, now click on "Buy IOTA":

Binance © "Binance.com screenshot"

Congratulations! The purchase of IOTA has worked out!

Important NOTE: the delimiter for decimals is a comma - not a dot!

How-to-sell guide for Binance

Selling crypto-currencies works the same way as purchasing. See instructions above.

Instead of clicking on the green "buy" button, you have to click on the red "sell" button here.

Deposits and withdrawals

Deposits and withdrawals are possible through the somewhat bulky term "medium". Here you can search the desired crypto-currency.
By clicking on "deposit" a corresponding address is generated automatically, which can be displayed as a QR code.

The payouts work alike: enter recipient address and amount. The fee is fixed (see next chapter).
Nice detail: the most recently used recipient addresses are displayed directly.

Binance © "Binance.com screenshot"

What are the fees of Binance.com?

First of all, there is no one-time or permanent registration fee for Binance! So there are no fees for registration or fees on a monthly basis!
Binance charges a fee of 0.1% of the trading volume instead.
So if you exchange, for example Bitcoin for 1 Ethereum, the fee is 0.001 Ethereum. If 1 Ethereum costs €650, the fee for this exchange is an acceptable 65 cents.
If you pay with the BNB token as described above, the fee is half of it - you get a discount of 50%. From July 2018, the discount will be reduced to 25% until it is completely eliminated in the 5th business year. See here:

Binance © "Binance.com screenshot"

Our evaluation:
The marketplace fee charged by Binance.com with 0.1% is far below the fees of other crypto-exchanges! Here you can have a brief overview:

Bitfinex.com Coinbase.com  Bittrex.com    Bitcoin.de
0,2 % (Taker) 1,49 % 0,25 %   0,4 %

       

Why are the fees so low?
Well, as a relatively fresh participant, Binance has to somehow win the clients of the major stock exchanges. From our point of view, it makes a lot of sense to keep the fees low and offer innovative services.
Maybe some people will not use the LaunchPad for new ICOs, but will be attracted by low trading fees instead.

Network fee for the transfer of crypto-currencies
The displayed fee per payout is based on the actual fees charged by the network of each crypto-currency. Since the fees change regularly, the payout fee for the customer is also regularly adjusted.
Currently the transfer fees (in part) are:

Binance © "Binance.com screenshot"

Binance just passes the network fee and does not earn the payment fee. The collected fees are paid to the corresponding miner, who processes the transactions and adds a new block to the blockchain of the respective crypto-currency.
The fees are pre-set and cannot be adjusted.

Is Binance.com reliable?

Yes, we think Binance is trustworthy.
The more than 6 million customers within the first 6 months represent this fact.  It also shows how huge the Chinese market is and how they react to innovative providers there.
The big amount of innovations in the stock market would probably not make scammers come up with that, but rather with simpler tricks. Binance could actually shake up the market.

A registration on Binance.com* is therefore worth it according to our opinion. Try it yourself!

Review of Binance.com: our conclusion

Finally there is an innovative stock exchange on the market!
Binance surprises us in many ways: although, or perhaps because, the platform is still relatively young, it has to fight from the rear of the field. And that seems to be successful with over 6 million customers!
The reason is the amount of innovations (we have listed and explained the 5 most important ones above), which obviously attract users.
There are also very favorable fees, which are usually lower than those of the competitors, and the ever-growing supply of new Altcoins! Currently, the competitors of Bitfinex, Poloniex and Kraken have been left far behind, only Bittrex.com has more Altcoins to offer.
In addition, the stock market is completely anonymous: no personal data is required.

The only disadvantage: you can only deal with crypto-currencies, currently it is not possible yet to pay with FIAT money (euro, US dollars, etc.).

We would be very happy if you supported our work with the registration via this link: Binance.com*

 



Your Name will be displayed next to your comment.

1 + 4 =



Bitcoin Altcoin Crypto Exchange binance IOTA Kraken Bitfinex

18.867x Views | 0 Comments

H

4 Stars

New, but already well thought out exchange with a few teething troubles - many coins on offer

Hulacoins



Advertisment

Interesting Articles

Investment

Reviewing CoinTracking: our experiences with detailed instructions

Reviewing CoinTracking: our experiences with detailed instructions

With this tool you can keep a clear overview of your own crypto-portfolio: current value, profit or loss of trades, balance sheets, realized and unrealized profits, tax returns and much more!

CoinTracking is an innovative management tool for over 5,400 existing crypto-currencies. With this you can check your own portfolio on the desktop as well as using the mobile app at any time. All data can be imported manually, via csv file or automatically via API. The basic version is free. If you intend to manage many trades, we recommend a lifetime account.

read more »

Cloud Mining

Investing in Bitcoin & crypto-currency cloud mining: is cloud mining worth it?

Investing in Bitcoin & crypto-currency cloud mining: is cloud mining worth it?

How can you make solid profit with digital currencies: what is cloud mining and should you invest in it?

Bitcoins have received a great attention all around the world due to its fantastically rising value in the crypto-currency industry. What wouldn’t if the price jumps three times in a matter of few months? With individuals and businesses interested become involved, it is only reasonable to question what options are available out there when bitcoin trade is concerned. 
This article investigates one of those options as it grew in popularity in recent times – Cloud mining. Join the ride as we take you through pros and cons of contracted mining operations, and whether it is worth your time or not.

read more »


Bitcoin Mining

Hashflare

Cloud Mining Provider for Bitcoin, Ethereum and other Altcoins

Genesis Mining

Genesis Mining - profitable Cloud Mining for everybody?



Bitcoin Exchanges

Bitcoin.de

German Bitcoin and Cryptocurrency Marketplace

LiteBit.eu

EU Crypto Currency exchange with over 40 crypto currencies for immediate purchase (SOFORT, Giropay, SEPA)

Bitpanda

Buy Bitcoin, Ethereum, Dash, Litecoin with Credit / Debit Card or SOFORT (only Europe)

Coinmama

Buy Bitcoin & Ethereum with Credit / Debit Card in Minutes



Bitcoin Wallets

MyEtherWallet

When it comes to security, ease of use and a user-friendly interface, My Ether Wallet (MEW) comes in.

Electrum Wallet

The Electrum wallet is fast, efficient and lightweight as well as safe to use. In fact, it's one of the safest wallets according to users.

Trezor Wallet

Secure hardware-based Bitcoin and Altcoin Wallet

Exodus Wallet

Desktop light wallet for various crypto currencies and Exchange service






Cryptocurrency Prices & Charts