Binance Review - Everything You Need to Know About Binance

Binance Review - Everything You Need to Know About Binance

Binance is one of the fastest growing cryptocurrency exchanges in the world, despite operating since only 2017. 

That’s because Binance has several advantages over other exchanges, such as lower fees and higher security (decentralized exchange). In this Binance review, you’ll learn about these advantages and more!

What is Binance?

Binance is a crypto-to-crypto exchange where you can trade cryptocurrencies for other cryptocurrencies. 

It’s also one of the largest exchanges in terms of trading volume, so it's an excellent choice if you want to make large trades or follow an altcoin before it hits major exchanges. 

They have their coin called BNB that you can use as a trading pair for any coins on their platform (see next section for more details on that). You can only deposit crypto into your account but there are lots of sites out there that will help you do that.

Binance Marketplace

The biggest draw for new users is likely going to be Binance’s huge selection of coins. Unlike other exchanges, which often only offer one or two dozen coins (there are now more than 300 different coins available on Binance), Binance offers thousands. 

This includes Bitcoin, Ethereum, EOS, Litecoin, Ripple and other top-tier cryptocurrencies. It also provides access to several pink sheet coins: smaller cryptocurrencies that have become popular enough with traders that they get their dedicated market on a major exchange like Binance. 

These include popular options like DragonChain (DRGN), Spectrecoin (XSPEC) and Augur’s REP token (REP).

Which Cryptocurrencies Can I Trade On Binance?

While there are a variety of cryptocurrencies you can purchase and trade on Binance, they only allow certain coins and tokens. 

For example, you cannot exchange Ethereum Classic (ETC) for TRON (TRX). Similarly, if you own Verge (XVG), you cannot sell it for NEO (NEO). To get started on your crypto journey, head over to their page and select Funds. 

Once there, click Deposits Withdrawals. Next, click Basic next to BTC/USDT or ETH/USDT. Depending on which one you choose will depend on what coins can be exchanged for those cryptos.

Is Binance Free to Use?

Well, it sure seems that way. There are a few different things that you can do on Binance. The first is to use their site as a cryptocurrency exchange where you can buy and sell crypto coins. 

It is relatively easy for beginners to do and allows for trading in just about every major crypto coin out there today such as bitcoin, Ethereum, litecoin, ripple and hundreds of others. The second thing that you can do on Binance is utilized their cryptocurrency trading platform where you trade your crypto coins in return for other types of digital currency or fiat money depending on what pairs are available. 

This option requires a small amount of technical knowledge how but there is support available if needed.

How Do I Deposit Funds Into My Account On Binance?

Next, you'll need a digital wallet. You can either deposit coins into a wallet on an exchange or use a separate wallet. Coins deposited into an exchange are inherently vulnerable to theft through hacks and also take up precious space on your hard drive. 

Wallets that exist outside of exchanges offer more security than those within exchanges, but they can be difficult to set up, although they're much safer than directly depositing money into an exchange and less expensive as well. 

Read our guide on Bitcoin wallets for some good suggestions on which wallets are the safest and easiest to use.

How Do I Buy Cryptocurrency on Binance?

To buy cryptocurrency on Binance, you first need a few things. First, you’ll need an ERC-20 compatible wallet that supports your desired coin. If you’re buying one of the more popular coins like Ethereum or Bitcoin, there are plenty of options for wallets. 

However, if you’re looking for a newer option like IOTA or Zcash, your options will be more limited. Either way, it’s always smart to do your research when picking out which crypto wallet is right for you.

How Do I Transfer Cryptocurrency From Coinbase to Binance?

If you want to move cryptocurrencies from Coinbase over to Binance, you can use GDAX (the trading platform owned by Coinbase) as a middleman. Simply log into your GDAX account and transfer your coins from Coinbase into GDAX. 

Then, head back over to Binance where you should be able to then trade your coins for whichever ones you wanted. The whole process shouldn’t take more than a few minutes in total.

What's the Best Cryptocurrency to Invest in Binance?

Investing in cryptocurrency is risky, and many people have already lost a lot of money. But if you do your homework and choose carefully, it can be very rewarding. Let's look at what you need to know about Binance before investing.

Where does that leave us? We've taken a look at some of the ways we can invest in cryptocurrency on Binance and have come up with three good options: If you're looking for high-risk/high-reward investments, ICOs are a great way to go because they offer you huge returns on tiny investments. 

However, you must weigh out all of your options before buying into any ICOs so that you avoid losing money by accident.

Binance Futures

The first thing you need to know about Binance Futures is that they’re not for gambling. That said, futures are worth a look for new traders because of how easy it is to buy them (no ID required, in some cases) and sell them (you can do so from your wallet). 

A key difference between buying and selling regular tokens on an exchange like Coinbase or GDAX and trading on a futures exchange like BitMEX is that you don’t own any cryptocurrency until you sell it. 

So if there’s a crash, you could end up getting cut off from your coins. With Futures, you can use leverage trades, which help amplify your profits or losses.

Binance Demo Account

To start trading cryptocurrency, you'll need a place to keep your tokens safe, and an easy way to exchange them. Some exchanges are designed specifically for trading cryptocurrency, but not all of them have well-developed mobile apps that make it easy for you to do business on the go. 

For example, if you want a secure place where you can store multiple types of coins, including BTC and EOS, Coinbase is an excellent option—but it doesn't offer native desktop access or a user-friendly mobile app. 

The same goes for GDAX and Kraken: Both platforms will give you a certain amount of crypto exposure without charging fees or requiring purchase minimums; however, other features are lacking (like margin trading) unless you pay higher transaction fees.

Binance Futures Calculator

Want to know how much one Bitcoin (BTC) will be worth in a month? Or maybe you're interested in Ethereum or Litecoin. Using our cryptocurrency calculator is a quick and easy way to get an estimate of your potential profits. The values are based on current market prices, so they should be relatively accurate. 

Futures Calculator: To use our futures calculator, simply input your expected purchase date and select a cryptocurrency from the drop-down menu. Alternatively, you can choose from a list of coins featured on CoinMarketCap's home page.

Binance App

The Binance mobile app is user-friendly and easy to navigate, especially for new users. With their white papers, useful FAQs, and step-by-step instructions, you’ll quickly learn how to use all of its tools. Keep in mind that they offer both a basic and advanced trading interface. 

Though an experienced trader might appreciate having all of those additional tools at his or her disposal, beginners may find themselves a bit confused. 

And since there’s no live customer support like what you’d find on Coinbase or Kraken, if you have any issues with your account you won’t be able to reach out to anyone right away—that can be nerve-wracking.

Binance Smart Chain

In addition to supporting p2p transactions between users, Binance also plans on launching its blockchain. Dubbed Binance Chain, this system will let tokens built off other blockchains—such as Ethereum and NEO—be transferred onto a native Binance-created blockchain. 

This gives them full support for p2p trades on their native blockchains, which means that even if you don't hold these currencies in your wallet, you'll still be able to trade them over Binance's platform. 

They’re calling it Smart Chain technology because of how it combines and connects smart contracts with native chains into one seamless system.

Binance Trading

Find out about their trading features, which are a bit hidden from beginner traders. While their regular trading interface is decent, I didn’t find it appealing enough. The coins that aren’t traded on top of the Binance Market have a separate exchange for them (which is also very hard to use for beginners). 

If you are new to crypto trading, make sure you check out other exchanges as well (Kucoin and HitBTC come to mind first) and see what kind of features they offer there! 

Other than that, it’s pretty easy to use even if you don’t know much about crypto. I got my first Bitcoins there without any hassle at all!

Binance NFT's

How are these different from ERC-20 tokens? Although there are several similarities between NFTs and ERC-20 tokens, there is one big difference: All NFTs are non-fungible. 

This means each token has its distinct qualities and characteristics. As an example, take CryptoKitties. Each cat you buy on CryptoKitties is unique, whether it be in its fur colour or its breed (as indicated by its name). 

Because each NFT is non-fungible, it can’t be traded with other tokens. In other words, while many cryptocurrencies have similar properties and use (like ether), each token isn’t interchangeable with another because they have different features that make them unique.

P2P Transactions

The world’s first cryptocurrency exchange, Binance allows users to trade securely and straightforwardly. But, before getting started with Binance, you have to go through some compliance processes. 

The first is creating an account on their platform by entering your email address. Second, set up two-factor authentication and thirdly add your name (or company name). Once you’ve completed all these steps you can start trading on their platform.

Conclusions

The possibility of trade pairs in other blockchain projects such as EOS, NEO, TRON and ONT has not been ruled out. This could be an interesting development for traders who want to diversify their portfolios by swapping assets from one type of blockchain project with another. 

For example, traders will be able to swap their holdings of EOS coins for IOTA tokens or BitTorrent (BTT) – which is a cryptocurrency built on top of Tron’s protocol. 

The addition of NFT trading pairs is going to be particularly useful because they represent crypto-tokens which are unique and can’t easily be substituted by any other digital asset. NFTs represent real-world assets, but with advantages that are hard to replicate through traditional financial means.