I came across Binance Exchange platform when i bought Enjin Coins once in October 2017. Before that I, was into other exchanges, both Indian and outsides one. Binance seems to be my favourite Exchange now. There are many features and aspects of it that i love the most. It has buy against BTC / ETH / BNB ./ USDT.
BNB is its own coin and if you possess it then the transaction cost per coin will fell down to 50%. That’s something else, we wont be talking today. Starting from registration to withdrawal, the whole website seems to be quiet simple.
Even after this blog if you find it difficult to operate on this platform, do seek help at our social channel of Altdecrypt: telegram and Whatsapp groups.
I personally cover 10 aspects of measurement in analysing an exchange and its workings. Before I move to such details, let us see what Binance says about itself.
Multi-tier & multi-cluster system architecture
capable for processing 1,400,000 orders / second
Abundant resources and partners
All Devices Covered
Support Web, Android, Html5, Wechat, PC
Chinese, English, Japanese, Korean
BTC, ETH, LTC, BNB
Well, understanding these terms, wont be difficult for you. Now, I would to add my personal views on some important facts and workings of the Binance Exchange:
It’s quiet simple like having email id and verifying the confirmation email. Other sets of operation for 100BTC per day needs further account clearance. For small or lower than that no major verification needed.
level 1 : 24h Withdrawal Limit：2BTC
level 2 : 24h Withdrawal Limit：100BTC
Higher Limit Lv.3 : Contact Binance Exchange
Note : For most people I think Level 1 and 2 are sufficient.
For level 1, simple mobile and email verification. For level 2 you can send your National ID proofs.
Yes, they have 2 factor authentication like SMS authentication and Google Authentication system. Just save the barcode and text somewhere for future purpose, in case you miss it.
Majority of Altcoins available like XRP, ENJ, IOTA, BTG and many more. And in coming days are being added on regular basis.
this part is very important in Binance Exchange that I love the most. The speed of sending altcoins and BTc is too fast to resist. and fees is very very very very very….. nominal in comparison to other exchanges. Not only inter exchange transfer fees but, buying and selling fees are also very nominal.
Note: If you transact using their own coin BNB, transaction fees will be 50% while buying and selling coins in exchange.
Well, they miss the LIVE chat support and Guidance. But, ticket system also very fast and you to be patient if you mess up with something.
Bounty and Bonus
Yes, they do run Bonus, Bounties and Airdrop time to time. In last 3 months from Sep’17 onwards they had 4 such programmes.
Yes, They do have and very easy to operate ones. I have tried Android app.
Ease of D / W
Deposits and withdrawals are always of major concern. Well, deposit depends on the exchange or website from where you sending your coins. Just take care of wallet codes. cross check them once before transferring.
Withdrawal process is quiet fast. I did transfer today on 13th December 2017, an amount of 0.12 BTC from Binance Exchange to other. Now a days people even complaint for 10 or 12 days, and if not at least 3-4 hrs on best to best exchange, but my transaction went across in 30 seconds……. wow ! Just amazing !. Just click on “funds tab” and deposit or withdraw at ease.
Yes and obviously they are widely present on Telegram, Facebook, Twitter etc. Just check Binance Exchange website at bottom for links.
Disclaimer: We are not responsible for anything related to Binance Exchange and your interpretation of this article.
Registration Process10.0 /10
Account Verification10.0 /10
Security Measures10.0 /10
AltCoins Availability7.5 /10
Transaction Fees9.5 /10
Support System6.0 /10
Bounty and Bonus10.0 /10
Mobile App10.0 /10
Ease of D / W10.0 /10
Social Presence9.5 /10
- Easy to operate
- Low Fees and Faster Transaction
- Rewards and Bounties
- Good Social Presence
- All Major Alt Coins Available
- Missing live chat