Binance User’s Review: Cryptocurrency Exchange & BNB Coin Trading?
About Binance Cryptocurrency Exchange
With the ever-increasing number of cryptocurrencies currently over 1545, and over 200 cryptocurrency exchanges, the plethora of choices of the market can be over whelming for both newbies and experienced crypto enthusiasts. It has been observed that in the last few years, over 55% of the total volume of cryptocurrency transactions are being done in Asia, especially, China, Japan, South Korea, and India. This has led to the tremendous success in trading volumes being experienced by the Asian crypto-exchanges. One of these exchanges, and the biggest of all is Binance.com.
Binance is a cryptocurrency exchange launched 11th of July, 2017. Unlike some other exchange platforms, that offers crypto – fiat / fiat – crypto transactions like Coinbase, Binance offers trading of only crypto -crypto transactions.
Located in Asia, and built with effective user experience in mind for both newbies and enthusiasts, Binance is the fastest growing cryptocurrency exchange with over 20,000 registrations per minute. Ultimately, Binance is the largest cryptocurrency exchange with an hourly trading volume of over $2,000,000,000.
Binance exchange operates in many countries around the globe. The surging popularity of Binance stems from multiple factors, ranging from the support for multiple languages, having a clean user interface and most notably, an extremely high throughput of certified matching engine capable of processing over 1,400,000 orders per second, and the extremely low transaction fees.
Table Of Contents
Binance is currently the only cryptocurrency exchange that releases futures of Bitcoin forks on the first day, just after the snapshot is taken.
Ease of Use
Binance is built with goal of simplicity for both newbies and professional traders. Users are provided with the option to switch between either a basic or advanced view when trading.
Currently, Binance has the ability to process 1.4 million trading orders simultaneously.
Varieties of Trading Pairs
Binance offers 116 BTC trading pairs, 133 ETH trading pairs, 45 BNB trading pairs, and 6 USDT trading pairs. This versatility in trading pairs give Binance an edge over other trading platforms.
Binance is known for its advanced level of security built by professionals from in industry. However, On 7th March 2018, the VIA / BTC market at Binance experienced abnormal trading activity, as a result, withdrawal of funds on the exchange was suspended. The hackers were reported to have accumulated user accounts with phishing attacks. They choose the VIA / BTC market because of the small volume, and then placed large orders for sale at high prices.
After that, they perform trades on their victims' accounts, selling their Altcoin for Bitcoin, then buying VIA at high prices (and, apparently, the hackers themselves were selling VIA tokens). Before this event, Binance has never experienced any security breaches or hacks, and have always stated that the platform was “engineered from the ground up with security, efficiency, speed and scalability taken into utmost consideration”.
Low Fee Structure
One of the reasons for the global adoption of Binance is her competitive fee structure compared to other exchange. All trades on Binance are subject to a 0.1% trading fee. Users can also use Binance tokens (BNB) to pay for trading fees with a significant discount of 50%, decreasing by half each year after 2017, till the 5th year, where no reward will be awarded to holders of BNB.
Binance offers zero charge for deposit. However, withdrawals are subject to the conditions of the blockchain at a point in time. Users can calculate withdrawal fee based on the predefined gauge set by Binance.
Responsive Customer Support
Binance offers one of the best customer support teams in the market. Like some other exchanges, Binance operates a ticketing system via an online form. At this point in time, there is no live chat option or phone support for Binance users. However, the support team is highly active on Reddit, and provides in-depth answers to community questions. Also, the social media team is super active, as they give quick updates on news as fast as possible.
The BNB Token
The Binance token is an ERC20 token. It is the native currency of the Binance platform. The total volume of BNB is circulation is 197,192,382. Binance token was launched through an ICO, which made 100 million BNB available for purchase to investors, generating $15 million USD equivalent in cryptocurrency. BNB is currently ranked 25th on the coinmarketcap with a marketcap of $850,283,715 USD.
Right now, BNB’s primary value is within the exchange. One reason why BNB is so popular is that it is used on the exchange as a way to reduce fees. Binance has an exchange fee of 0.1%. When using BNB, this fee is reduced by 50%. With every subsequent year of membership, the fee discount decreases by 50%. However, by the fifth year using BNB, the discout will be reduced to zero.
In this guide, we’ll walk you through the Binance exchange.
Binance Account Registration And Verification
Join & Verify
- Click here to get started with registration on Binance.
- Verify your email account by clicking on the confirmation link sent to your mail
Now, you are at the first stage of verification which is the level 1. Level 1 accounts are restricted to a 2BTC daily withdrawal limit. To increase your withdrawal limit, you’ll have to upgrade your account to level 2 by completing the KYC (Know Your Customer).
Complete the KYC
The KYC requires a government-issued photo identification, such as a driver’s license, international passport, or a voter’s registration card, as well as an active mobile phone number. Following that, you need to provide:
- First name
- Last name
- Passport ID
- Passport photo
- Selfie with passport
With Level 2 verification, your daily withdrawal limit increases to 100 BTC.
The next step is for you to enable either two-factor Authentication.
Set-up the 2 Factor Authentication (2FA)
The two recommended 2 factor authentication are:
- Google Authenticator, and
- SMS Authenticator (For mainland China only)
The google authenticator is the most common and most trusted authenticating application by the industry. However, it might be difficult sometimes to recover your account in case the device is lost. If you have an android phone go to the Google Play store or if you are on a mobile device click here to download Google authenticator.
If you have an IOS device go to the Appstore or if you are on a mobile device click here to download Google authenticator.
- Download Google Authenticator and install it on your mobile device.
- Login to Binance with your email and password.
- Once logged in you should see 2fa on the main screen.
- Click on Google Authenticator
Note: Once you are on this page it is REALLY IMPORTANT to save the 2FA Backup Key. Write it on a paper and keep it in a safe and secured cabinet for easy recovery of your account in case the 2- factor authentication is no more accessible.
- Once you installed Google Authenticator on your phone open the application.
- Press the + button and either scan the QR code or fill in the backup key.
- Google Authenticator now shows a 6-digit code that refreshes every 30 seconds.
- On the Binance website fill in your password and the google authenticator code that displays on your phone and press submit. You have to make sure that you fill in your password in the first box, and your google authenticator code in the second box.
- Check your email and click the confirm
Making Deposit On Binance
Binance supports only cryptocurrencies and does not support any fiat currency (like the USD) which means it’s not possible to deposit fiat currency. Like all other centralized exchanges, Binance provides users with a hosted wallet (also known as the HOT WALLET) meaning, it is not possible to sign any transaction made to the contract or address on the blockchain using the private key (since the user has no access to his/her private key).
The only advantage of using the exchange wallet is to temporarily hold the capital needed for trading. It should be noted that, it is not advisable to keep any fund other than the intended fund for trading.
Depositing cryptocurrency to the Binance exchange wallet is as simple as any everyday cryptocurrency transaction. You can deposit any cryptocurrency of your choice from the list of supported currencies by the exchange. Check the list of supported currencies on Binance here.
Sending funds from your wallet to the HOT wallet provided on the exchange (Binance wallet address)
- Go to your Binance account and go to Funds, then Deposits and Withdrawals.
- Search for the coin you are trying to deposit, click on it, and copy the generated address.
- From your (offline) wallet, Click on Send tab, and a textbox will be provided for you to put in your deposit address. This is where you’ll paste the address copied from your Binance account.
- Copy and paste the generated Deposit Address into the Recipient box from your offline wallet, and enter how much you want to send and click on the Send
- Wait for the transaction to be confirmed on the blockchain (depending on the blockchain of the fund you sent)
- Once the balance has been updated on your Binance account, you are good to go.
Now you can trade!!!
Trading On Binance
Like other exchange platforms, trading on Binance follows the same process as being done on other exchanges. Unlike others, Binance offers two different views:
Select the Exchange
To get started with trading, you’ll need to click “Exchange” at the left of the top menu bar and select either the Basic or the Advanced trading view.
Select a Trading Pair
To trade on Binance, you’ll need to select a trading pair from the top right panel. The available pairs are BTC, ETH, BNB or USDT:
In this example, we are selecting ETH
You’ll notice that the left-hand panel will now populate with the prices at which other traders are willing to trade at. The top half of this panel lists sell prices in red, while the bottom half lists buy prices in green.
Place a Buy Order
Click on the order box directly beneath the central chart in the trading view screen, you’ll be presented with both buy and sell options. It’s possible to use this panel to enter a price you’d like to buy at manually, but it’s generally easier to select the sell price in the left-hand panel.
You can either enter the amount of currency you wish to purchase manually, or choose to use the 25%, 50%, 75% or 100% buttons that immediately fills the order amount drawn from the available base currency
In this example, we are buying ADA with ETH
Once you’re satisfied with your order, click the green “Buy” button at the bottom of the order box. Your order can then be viewed in the “Open Orders” section below until it is filled.
Once your order has been filled, you’ll find the asset purchased under the “Deposits / Withdrawals”
Binance Funds Withdrawal
To withdraw any fund of your choice, Select “Funds” tab and click “Withdrawals”
Search for The Asset You Want to Withdraw
Find the token you want to withdraw by clicking on the drop-down list and type the asset label (for easy access rather than scrolling). In this example we are using the NEO token, so I clicked on NEO when it popped up.
Fill the withdrawal form
Fill in the the wallet address you wish to send to, and the amount of assets you are sending. Then click “Submit”.
Confirm the withdrawal from your inbox
An E-mail to confirm the transaction will be sent directly to your inbox, you must confirm the mail from the inbox before the withdrawal can be made. Once you click on the link sent to your inbox, you are good to go. Now, you should be expecting the fund in your wallet.
Bitcoin Volumes Finally Grow Again and Bitfinex/Tether Issues Spark Systemic Risks, New Diar Report Affirms
Diar has recently published its report of the crypto market for April. According to the company, Bitcoin volumes are finally growing again and the whole situation with Tether and Bitfinex showed the industry some of its systemic risks. DAI fee hikes and stablecoin projects were also highlighted in the report.
Bitcoin Goes Back To Growing Again
The main highlight of the month is, obviously, that Bitcoin is back on the action. After facing lows which started in 2018, the token has finally been able to effectively reverse the trends and have an actual price surge this month, going from less than $4,200 USD to over $5,200 USD during this short timeframe.
With this, the number of on-chain transactions has spiked for three months in a row, since prices started to get some of their value back in March and April. Now, transaction volumes are around their levels in June 2018 when the price of the asset was around $7,000 USD.
However, charts indicate that Bitcoin is yet to find more footing outside of speculative trading, so the bull market may not be as near as some think.
When looking at the volume of the whole quarters, Q1 2019 had lower volumes than Q4 2018, but Q2 2019 started considerably well.
Bitfinex and Tether Start Concerns of Systemic Risks
As you may have heard, Bitfinex was accused of using Tether funds to cover up its losses. According to Diar, there is a 26% shortfall of in-cash reserves to back Tether tokens (USDT). Tether loaned $850 million USD to Bitfinex to cover up losses and its general counsel Stuart Hoegner has affirmed that the company is operating with fewer reserves than the total market cap of the token.
This happened because Bitfinex had the $850 million USD “seized” by Crypto Capital, one of its payment processors. Unless Hoegner is lying, though, the company had the assets to back the stablecoin until recently.
While it is clear now that Tether simply does not have the money to back the funds, people simply keep buying the tokens. Now, instead of all cash, some shares of Bitfinex are being used to represent the rest of the value, which makes the stablecoin enter securities territory for the first time.
Curiously, the markets are all very tolerant now since the prices are still stable but the systemic risks are clear, especially if other companies are to follow Tether’s path.
DAI Hikes Fees Once More
Another situation highlighted by the reports is that DAI has decided to upgrade its stability fees once again as the community is desperately trying to make the prices of the so-called stablecoin go up again. DAI tokens are being sold for less than $1 USD, their official price, on secondary markets.
At the moment, the fees are 16.5%, after increasing three times in only one month. Before April, the fees were only 7.5%. This has resulted in a decrease of 4.9% in the circulation of DAI tokens.
Stablecoins Eye Wider Use Cases
Gemini and Harbor, a A16Z tokenized securities platform, have started a partnership in order to get more clients for the Harbor stablecoin. However, this was deemed “too soon” by Diar, as Harbor does not have any known token right now. The only one the company had was canceled.
TrustToken is also trying to get more stablecoins on its list, especially the ones that are not focused on USD, but on several other fiat currencies like HKD, CAD or GBP instead.
#DropGold Campaign to Hit Your TV, Here’s A Breakdown of the Underlying Bitcoin Message(s)
Grayscale, a leader in digital currency investing, launched an ad on Wednesday, May 1, telling investors that money should be contributed to Bitcoin holdings as opposed to gold. In a number of interviews, CEO of Grayscale’s parent company (Digital Currency Group), Barry Silbert and Managing Director of Grayscale, Michael Sonnenshein, have since expressed the underlying message of the ad.
The #DropGold Ad
According to news outlet, U Today, the ad starts off with a man holding gold bars in his arm, which he decides to drop. While doing so, a woman also does the same. Throughout the ad, people supposedly have their gold bars stacked in shopping carts, while “losing their gold coins.” Watching what’s about to unfold, the two individuals try to find their way out.
Advertising Bitcoin or Grayscale’s Services?
Despite being the one to have introduced this campaign, Silbert argues that it isn’t entirely about Grayscale services, but rather said services being a result of consumers’ decision. Yahoo Finance has since quoted the following comment made by Silbert himself:
“We do not see this as a Grayscale commercial. For us #DropGold is our ‘Got Milk’. This campaign is first and foremost focused on starting a conversation about bitcoin vs gold. If the ad makes people want to get into Bitcoin, we’re completely indifferent about how they go about doing it.”
Having said this, the commercial is evidently portraying Grayscale as an option, as towards the end, one is told, “Go Digital. Go Grayscale.”
Silbert’s and Sonnenshein’s Arguments Regarding Gold’s Limitations
Silbert believes that this campaign works towards addressing the fact that Bitcoin can serve as an equal asset class as gold, if not better. In particular, he was quoted saying, “But now you have Bitcoin, which, in our opinion, provides all the same attributes as gold – it’s fungible and scarce and you can’t counterfeit it – but the big difference is that Bitcoin has utility. Gold doesn’t have much utility beyond jewelry.”
He further argued that the goal here isn’t to replace fiat currency for shopping purposes, but rather to show the world that Bitcoin does a better job at doing gold’s job and this will be evident in the long run. Although he has acknowledged Bitcoin’s volatility as being concerning, he is hopeful that it will one day serve as both an ideal utility token and store of value.
As for Sonnenshein’s viewpoint, he sees this ad as revealing the “absurdity” associated with gold. More specifically, he said:
“We’re going after a narrative around gold being where investors should go when markets turn south or as a hedge against inflation […] we’re highlighting the absurdity of gold.”
As per The Block Crypto, Grayscale also tries to convince investors that the return earned from redistributing 5% of gold to Bitcoin will be greater than 5% yearly.
What are your overall thoughts on this ad? Did it leave you asking yourself, “Why did you invest in gold? Are you living in the past?” Share your thoughts below!
Huobi Pro Bitcoin Exchange: Cryptocurrency Asset Trading Platform?
Huobi Pro Cryptocurrency Exchange
Founded in 2013, Huobi Pro allows for a myriad digital currencies to be exchanged, at a 0.2 percent trading commission. Loyal users point to the low fees and stellar service that make the exchange stand out above others.
Although pitched at dedicated cryptocurrency enthusiasts since the site doesn’t accept fiat currencies many who enter the realm on the back of fiat end up at Huobi Pro, largely due to its diverse offering and favorable fee structure.
Huobi Pro in A Nutshell
A victim of China’s clampdown on digital currencies, the company might be registered in the Seychelles, but was originally founded in Beijing. As testament to the broad appeal of the platform, after the Chinese regime effectively banned all things crypto at the beginning of 2018, trading volumes have only grown.
While at first very much a Chinese company looking at the home market, Huobi Pro has been forced to find a wider marketplace on the international scene. Indeed, even prior to the official cessation of altcoins and their trading, the company heard the rumblings in 2017 and took its cryptocurrency interests abroad.
Huobi now provides exchange services to users in over 130 countries. Company offices are located in the USA, Korea, Japan, Singapore and Hong Kong. Although the Huobi Group also owns and manages the Huobi Autonomous Digital Asset Exchange (HADAX), Huobi Pro is more of a pure “login and trade” exchange.
Users can employ network tokens to cast votes on adding new altcoins on HADAX. On the Huobi Pro exchange, a simplified offer encompassing all of the mainstream altcoins greets visitors. Some more popular coins offered are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), NEM (XEM), NEO (NEO), Qtum (QTUM) and Ripple (XRP).
That said, when one actually tallies the number of altcoins available for exchange, it becomes apparent why loyal followers value the site. A marriage of both simple ease of use and diversity in trading, the platform is largely welcomed by newcomers and experienced enthusiasts alike. In the current melee of regulation being contemplated, implemented and tweaked all the while, some users may be precluded from trading on the exchange based on their country of residence.
Huobi Pro accepts the funding of accounts only in digital currencies, and accepts deposits in any of its listed altcoins. Unlike other exchanges that have opted for a midway between crypto and fiat, Huobi Pro traders deal strictly in digital coins at every point of a transaction. Funds need to be withdrawn to a wallet, and fiat users looking to buy in will have to establish a wallet first in order to fund their Huobi Pro trading account.
Traders pay a maker or taker fee of just 0.02 percent using the exchange. There are more detailed offers, worth looking at for daily traders with volume.
Huobi Pro Membership Levels
VIP users get preferential platform trading fees if they buy the privilege with Huobi tokens. The Huobi Token (HT) was never an ICO token, but rather a system token that users only obtain by buying “Point Cards” on the Huobi Pro platform. Point Card is essentially a pre-paid Huobi card that keeps users liquid on service fees. One HT = 1 USD, therefore one “point” = 1 USD. The more points purchased, the more free points are added, although savings on 1000 points, for example, means only 10 HT for free.
Huobi Global minted a fixed total of 500 million tokens, with 300 million employed to facilitate the in-house VIP structure. A mark of the business group behind the platform is seen in their practice of buying back-sold tokens from the open market each quarter. Not only that, but those funds go towards the Huobi Investor Protection Fund (HIPF).
This is a planned fund that will compensate investors who suffer platform disruption and subsequent losses. It’s a tool that minimizes risk, smooths out the market overall and also goes towards protecting investor interests. This transparent and pleasing aspect of the platform is one reason traders have confidence in the exchange, and its popularity is rising worldwide.
By way of example, in order to glean a VIP status, a trader will pay 120 HT a month for First Level membership. This enables a 20 percent discount on trading fees. Running through toward the top end, a pricier option of 6,000 HT a month secures a 50 percent discount on fees. Overall, a diligent trader can optimize the system and come out with a substantial discount on the already low 0.02 percent base offer.
The company charges no fees to deposit funds, but there are withdrawal fees. Although there are reviews online listing withdrawal fees, it appears that, especially within the membership structure, users are advised to ascertain exact fees when establishing their account. Likewise, transfer limits need to established upfront to avoid disappointment later. There exist order size limits on the platform too, again becoming more malleable as one moves up the ranks of the VIPs.
Security And UX On Huobi Pro
All of the standard protocols including two-step Google Authenticator verification are at play on the platform. Unlike many other exchanges that offer a simple crypto-exclusive platform, Huobi Pro will need your personal details in the form of a passport copy and chat room comments are not devoid of complaints, although almost all of them take issue with the structure of the platform and its potential pitfalls. There are few allegations of lost funds or other negligence on behalf of the company. On the whole, Huobi Pro seems to be rubbing off its decidedly corporate ethos onto the exchange – good news for traders overall.
Another serious boon for the cryptosphere as a whole is that over 98 percent of holdings are stored in an offline cold wallet or vault. Imbued with a strict customer service ethic, the platform probably sports the best customer service to date for crypto exchanges. Available 24/7 365, there is a live chat option onsite.
The platform intel is sufficient although newbies might have to scratch to paint a clear picture of how exactly everything works. The FAQs are thoughtful and, again, testament to a polished offering. Huobi used to be one of the biggest Chinese crypto exchanges, based in Beijing. Started by entrepreneur Leon Li in 2013, since the move there has been mutual appreciation of its value. Worldwide users have taken to the exchange, as it too realized that it had global appeal.
Huobi Pro Conclusion
Huobi claims to have exceeded BTC 500,000 in daily trading approaching 2014. Although only in its fifth year, that’s a long time in cryptocurrency. Although frequently accused of embellishing trading volumes, these allegations have never been proven. In comparison to other digital exchanges that have suffered persistent user complaints and even been shut down due to criminal activity, Huobi Pro shines.
As an offering, it has low fees, great diversity and an unbeatable crypto-energy. No trader on the platform feels like they’re missing out on something else somewhere else, by most accounts. Possibly due to their prior involvement in the fintech world, the platform got it right first time around and user numbers prove it. The company Huobi also owns another trading platform, BitYes, more focused on USD/BTC and USD/LTC pairs trading. Great customer service and minimal technical glitches have made it appear positively top-tier, again in comparison to less polished outfits.
With a detailed offering, great client liaison – very unusual for most digital exchanges so far – and no legitimate proof of anything even vaguely dark hanging about them, the Huobi Pro project is recommended. Users are advised to always ascertain costs prior to trading – not hard with the customer support in this case – and sample a platform with small trades before trading greater amounts. To learn more, you can head to their official website: huobi.pro