Binance.com Review: Scam or Legit?
Binance.com is a crypto to crypto exchange, (no fiat money) so before trading on Binance you need to have cryptocurrency which can be bought for fiat money on other exchanges.
Discovered in 2017 by Changpeng Zhao Yi He and found in Malta.
Binance has its own cryptocurrency which is called Binance Coin (BNB). The exchange used Binance Coin's initial coin offering to raise 15 million USD in funds in July 2017. A discount was offered to traders using BNB to pay trading fees.
Trading Levels on Binance
There are two levels of trading on Binance: Basic and Advanced levels.
The Basic Trading Level has a simple layout that is easy to understand. Only information essential for making a trade is displayed.
Advanced Trader Level gives expert traders access to all the price charts and market data they need to perform complex trades.
Binance lists hundreds of trading pairs. These are the coin pairs that Binance offers for exchange rates. Bitcoin can be traded / paired with nearly 145 different cryptos.
Binance offers three types of trading:
Limit order allows users to set the maximum price they are willing to pay for coins or the minimum price they are willing to sell.
The trader then has to wait until the buyer or seller accepts the price.
Market orders allow users to trade coins at the current market price. This type of trading is the fastest and simplest.
Stop-limit orders allow traders to buy or sell coins after reaching a certain price. Stop limit orders are often used by professional traders.
Deposit and Withdrawal Fees
All crypto deposits are free, but for withdrawal fees there are different fees for each crypto. as a withdrawal guide, the following is the withdrawal fee for:
Bitcoin Minimum withdrawal 0.001BTC fee 0.0004 BTC
BCH Minimum withdrawal 0.001BCH fee 0.0003
ETH Minimum withdrawal 0.01 ETH fee 0.005 ETH
Doge Minimum withdrawal 100 Doge fee 50 Doge
Binance trading fees are capped at 0.1% of every purchase or sale a user makes.
This fee is reduced by 50% if the trader uses Binance Coin to pay for it. So, that's a final fee of only 0.05%!
The lowest fees on the cryptocurrency market
The interface is very good and complete
Many cryptocurrencies are listed
Multi-device: IOS, Android, etc.
Process speed is very high
Cannot be sold to fiat money
Difficult to use for beginners (don't use advance trading)
Only provides Limit and Market Orders.
How to Create an account on Binance?
1. Go to the Binance website
Don't forget to always look at the green padlock logo on the top left side, this indicates that the website is official from Binance.
2. Register an account
Fill in the registration form completely and correctly,
Click register to create an account and you will be redirected to the register page
Fill in your email correctly because confirmation of account creation will be sent to that email.
3. Enable 2-factor authentication / 2fa