Binance is a Hong-Kong based crypto-to-crypto exchange launched and developed by Changpeng Zhao in July 2017. Beijie Technology, Zhao’s company, created the exchange after a successful $15 million ICO, which also led to the creation of the BNB token. Even though the exchange had been launched not too long ago, it had already become one of the biggest in the world, in terms of daily volumes.
That happens because both Beijie Technology and its founder have a long track record in the industry. Zhao is a former director at blockchain.com and his company is now providing trading systems for over 30 different platforms.
Services and Cryptocurrencies Supported
Binance is a crypto-to-crypto exchange, which means it does not facilitate any transaction that involves fiat money, mainly because it can operate freely, steering clear on any red tape or regulation. The Binance interface currently has two modes: basic and advanced. The first one allows a quick view of market and trading pairs, while the other gives users access to advanced charting tools.
The number of coins available to trade, deposit, and withdraw on Binance is around 100, and includes all large-cap tokens and many less-known altcoins. In addition, Binance’s brokerage service allows clients to buy with credit card Bitcoin, Ripple, Binance Coin, Ethereum, Litecoin, Bitcoin Cash.
Payment Methods and Fees
Clients working with Binance can deposit funds in any of the cryptocurrencies supported by the exchange. On top of that, we’ve seen that they can buy a few cryptocurrencies with credit/debit cards.
Binance excels when it comes to the fee structure and thus far the exchange managed to keep a strong competitive advantage. A flat rate of 0.1% is a real bargain for any cryptocurrency trader who does not need to be able to exchange in fiat money at any time. Clients who work with the native Binance Coin (BNB) get an additional 25% discount on the trading fee.
Deposits are free (this does not include the blockchain fees) and although withdrawal fees do apply, they generally correlate with the blockchain transaction fees, as well. Based on the information available on Binance’s website, withdrawal fees are updated on a regular basis, in order to offer a fair price.
Clients must also be aware of the withdrawal limits. Non-verified accounts can withdraw up to 2 BTC every 24 hours. Verified accounts, on the other hand, can withdraw a maximum of 100 BTC every day.
The verification process requires the filing of a basic KYC form and providing proof of identity, among other documents.
Same as other exchanges, customer support is mainly conducted via email, while there’s also a customer service bot on the website, providing automated answers to your questions. However, the website is multilingual, and clients can find most of the information they need.
Binance does not provide any mentions on which countries are supported or not. There’s also nothing regarding US citizens, which means they can trade freely, although this comes in violation of New York’s virtual currency regulation.
We can conclude that Binance is one of the leading crypto-to-crypto exchanges. If you don’t mind dealing without fiat money, this is one of the best choices for you, when it comes to the number of cryptocurrencies supported and the fee structure.