Most people ask how to buy cryptocurrencies in a safe way. On this occasion I will share information and reviews about the best and most popular exchange sites, including the types of coins / cryptocurrencies that can be purchased on these exchanges, as well as the payment methods. The first thing to look for when looking for a bitcoin exchange is how secure the website and servers are. Location usually gives an idea of what is on offer. On this occasion I will review in full the cryptocurrency exchange trading place on binance.com, along with the binance.com review:
Binance.com Review - Cryptocurrency Exchange Trading
Binance comes from the words "Binary" + "Finance". One of the negative things people have found about this site is that it is operated by a Chinese company operating out of Tokyo, Japan. Before they actually operated in China, however due to the recent problems with crypto in Iraq, the company decided to shift operations to a friendly country while carrying out crypto operations.
On their site, it says that they are capable of processing 1,400,000 orders per second! An impressive number when you consider the number of people who visit their site every day. The company had an initial ICO in July 2017 and after a few months, released their exchange site where their BNB coin can be used to pay transaction fees. This is a website that recently entered online cryptocurrency trading.
Verify with Binance.com
Verification level is a security feature that can help monitor trading levels and keep it manual to help control unwanted trades. What is the verification level? Account levels exist to keep users safe from exceeding their regular trading capacity. Most websites now have manual activation which requires information from the user which is submitted to the company for review. There is also a level of verification that is not connected with trading, but with deposits / withdrawals.
There are three verification levels available on Binance.com and these verification levels are for withdrawal limits.
The first level has a 24 hour withdrawal limit of 2 BTC
The second level allows withdrawing 100 BTC
The last tier will be at level 3 and it will have a higher limit of 100 BTC (exact amount not disclosed).
How do we level up the account to increase its withdrawal limit?
In order to upgrade the regular level (LVL 1) to Level 2, SMS Authentication / SMS Authentication needs to be enabled. Which is great if you ask us because it's a huge increase in account limits. Once this is enabled, additional verification documents need to be submitted for the account to be upgraded to level 2. Level 3 accounts need to go through a manual verification process which requires the user to contact the developer and request them.
To create an account with Binance.com , simply go to their website and click register. It can be found in the upper right corner of the homepage. A separate tab will be provided which will ask for your active email, password (for Binance accounts), and referral ID if you have one. After all the information has been provided, read the terms of use and click Register. To complete the registration, click on the confirmation link sent to the email provided.
After logging in to the account for the first time, the user will be asked to enable Two-Factor Authentication under the account. There are two options, one will be Google Authenticator and the second will only work for Mainland China users which is SMS Authentication. What we found particularly impressive is that the first time you log into your account you are not immediately thrown into the sharks, we mean you are not immediately thrown into the live trading board and they will redirect you to the safety tab. Instead, everything needs to be taken care of before moving into trading.
Binance.com features
There are several features that these websites must have in order for users to feel comfortable with their registration. We've already mentioned some of the security features including the ability to add 2FA to your account. They also have verification levels for withdrawal limits which allows users to add layers of levels if they have passed the requirement to upgrade one's account to a different level.
You can also add a private API key where you can access all of Binance.com's trading services from a third-party website or mobile App, making it easier to transfer from one device to another. One of their notable features which will be talked about later in this review, this is the ability of registered users to turn ON/OFF fee payments using BNB coins.
Binance.com fees
We have talked about account creation, their website features; This is a great time to talk about how much they pay per trade. So how much is it? At current rates, Binance charges only 0.1% for each trade.
Compared to other websites out there today, they probably have the cheapest trading fees to date! What's even better is that they have their own BNB coin that can be used on their exchange site. As mentioned before, one of their features is enabling/disabling the ability to pay fees with their own coins.
If you pay for using BNB, you will immediately get 50% OFF of trading fees. This means trading fees of 0.1% are cheap, in fact it will drop to 0.05% with the added discount.
Trade on Binance.com
Now comes the fun part! The Binance.com exchange is divided into two parts. One will be the Basic tab and the other will be the advanced tab. We'll look at both of these tabs but focus more on the basic ones as they are basically the same, with "advanced" having a lot more to look at and confuse.
To reach the basic exchange platform, login to your account. Remember earlier that we talked about being redirected to the security account tab after logging in? On the same page, go to the top left corner of the screen and click on the "Exchange" tab. This will open up two options to choose from as mentioned - select basic.
Seen in the image above, the selected BNB / BTC (of course, they should show their own coin by default) can be seen in the upper left corner of the basic trading screen. Found alongside the exchanges, what is calculated is the last price for the exchange between BNB and BTC, next to that is the 24 hour exchange rate and further down the right hand side will be the highest and lowest prices recorded in twenty four hours. period. The displayed chart can be changed between "Candlesticks" and "Depth" depending on what you like to see.
Since this is a BTC exclusive site, all coins will be paired with BTC. These can be found on the right side panel of the basic trading window. The list of available coins that can be traded will be discussed later in this review.
To Buy or Sell an order you just need to head to the center area where you can order. BTC price can be freely changed to whatever value you find profitable. After changing or maintaining the price, select the amount of BNB or any number of pairs for your BTC and click BUY / SELL. Successful orders will then be placed on the left side of the trading page. All Open Orders can also be seen at the bottom of the trading page. To access it, scroll down and the lowest part of the page should be.
Now moving on to the advanced trading page, everything changes to night mode and the difference is the optimal location of the important tabs found on the trading page. The indicators have been moved to the top left side of the trading page, on the right side are the candlesticks and depth charts; This is also where you can change the view from normal screen or full screen mode.
Down on the right side panel are the recently filled buy and sell orders. Below is the order tab where everything related to the order can be found. On the lower right side are the respective Open Orders, Trade History and Funds tabs.
One thing that this website does not have in terms of their trading, is educational material which can be very useful for new traders looking to get into the world of trading. If they are thinking about adding features to their website, adding educational materials is a good thing to do.
Available Coins for Trading on Binance.com
Bitcoin, Ether, Ethereum Classic, Zcash, Ripple, BNB, ARK, AST, BNT, BQX, BTG, CTR, DASH, DNT, ENG, ENJ, EOS, Monero, Litecoin and more! To get a complete list of available coins, please go to their website and create an account.
Ease of use of Binance.com
This site is not made for new players on world exchanges. They don't have a guide that says what's which and directs new traders on the right path! With that said, it would be wise to read more about exchange websites before even trying to trade on Binance.com if you are new to the world of trading.
Apart from the non-user-friendly interface, we have noticed that their website has absolutely no lag issues. This means that when we switch from one tab to another, everything happens in an instant and you are not forced to wait in awkward silence to get to the next page.
When it comes to ease of use we give them a good 7/10 experience as everything works smooth the only advantage we have is that we know like charts and numbers.
Binance.com Customer Support
After all exploring with the features and how to trade, it is time to see what kind of support they have for their customers. One of the important things in looking at an exchange/trading platform is knowing their customer service. We have emphasized in so many reviews that when it comes to money handling websites, customer service is very important to its progress because it bridges the gap between the company and the customer.
Here at Binance.com, registered customers can contact them via email support as they do not yet have a live chat system integrated into their website, possibly a feature that will be added in the future. Apart from email support which can be reached via support@binance.zendesk.com they can also be contacted via the QQ Group: 344615861. QQ is a messenger App that is widely used in China. They can also be followed via their Facebook , Twitter, Weibo and Wechat accounts.
The Binance.com user experience
The features they provide are good despite the fact that they are new to the world of trading. The little time spent driving around the website and browsing tabs leads us to believe that it only took time to get used to their use and feel satisfied with what they have. As mentioned before, their site has no lag issues so this is great. The security features provided are sufficient to keep your account secure. The only thing missing is that they fail to mention a safety net for their trading compared to other websites which is always mentioned and transparent for registered users to view.
What are people saying about the website? Most of the negative claims could be just opinions of what people say about them and that's it, there is no evidence whatsoever of the negative claims they have on the website. You can read a bit about how they say the website is a pump and drain schematic you should be aware of.
Binance.com pros and cons
Pros
Bitcoin centered exchange
Very low cost
Tons of coins to exchange
Do not lag behind other websites
Cons
Does not accept bank payment methods
Telephone customer support is not available
The website is not for beginners
Binance.com Conclusion
We had fun as we went through the website and explored their features and what their exchange platform was. We didn't expect much from Binance.com as they are just a website that is completely new to the exchange market and the negative reviews some websites are posting at the moment. If you were to ask us if this is a safe place to do business, we would suggest waiting a few more months and seeing where this website leads. It looks good now, but like any other scam site, they looked good at first but will suddenly disappear.
We recommend creating an account with them with great care and always remember that when it comes to a new website only time can tell if it is good or not. Negative comments and reviews are there to help us decide whether to trust a particular website or not. But at the end of the day, it is still your decision as a trader to trade with this website or not.
source: blog.kincaimedia.net/2018/03/review-tempat-trading-exchange-cryptocurrency-di-binance.com.html