Binance Review
If you are familiar with the crypto world, you have undoubtedly heard about Binance.
Binance is the largest cryptocurrency exchange in the world when it comes to daily trading volume. Quite impressive when you consider that the exchange was only founded in 2017 by the flamboyant Changpeng Zhao, a developer who worked on flash trading software before the creation of Binance. In this sense, the move into the crypto industry is not unexpected for Zhao, who, with the success of Binance, has become one of the richest individuals on earth in a short period. Binance was originally founded in China, but in September 2017, its headquarters moved to Japan due to the Chinese trade ban on cryptocurrencies.
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Are you looking for a new home to buy and sell cryptocurrency? Then Binance is an interesting option. On the Binance trading platform, you can find a wide range of cryptocurrencies, and if new interesting projects pop up, you can be sure that Binance will add them quickly. At Binance, ease of use, speed, support, reliability and accessibility are paramount. The exchange has extensive options for beginners, but experienced traders can also turn to Binance for more advanced options. The spot market is the best place to start if you’re creating. Here you can buy and sell crypto. Are you a more experienced trader? Then you can also go to Binance for futures and margin trading.
Binance fees
Regarding transaction fees, Binance uses a fee structure that changes based on your activity. The more you trade on the platform, the lower the transaction fees. In principle, you pay 0.1 per cent for each transaction until you reach a trading volume of more than 1 million dollars in 30 days. After that, the transaction costs go down in steps. An interesting option to reduce your transaction costs on the platform is via Binance Coin (BNB). If you choose to pay your transaction fees with BNB, you get a 25 per cent discount on every trade.
For comparison, at the Dutch Bitvavo, the cheapest exchange in the Netherlands, you pay a transaction fee of 0.25 per cent on “taker” transactions and 0.15 per cent on “maker” transactions. In a taker transaction, you accept an existing offer on the exchange, and in a maker transaction, you are the one who places a bid. Everything becomes cheaper at trade fairs if you are a maker and therefore put an offer in the order book. Read more about Bitvavo here.
Binance payment methods
It is possible to top up your funds at Binance with SEPA transactions (an international bank transfer) or with a Visa or Mastercard. For the latter option, you pay a 1.8 per cent transaction fee processed directly in the transaction. Therefore, SEPA is the simplest, cheap and simple method to top up your funds at Binance.
Binance verification
Until recently, Binance only asked for identity verification with large users. That is, with users who traded for relatively large volumes on the exchange. In the meantime, identity verification is mandatory for everyone, and existing users had to retroactively provide an ID card, driver’s license or passport to the exchange. It would help to meet the same verification obligations as big competitors like Coinbase and Kraken.
In total, provided everything goes well, you will be verified within 15 minutes and can get started on Binance’s platform. For this, you get a maximum of 10 attempts in 24 hours.
Is Binance reliable?
For years, Binance has been proving itself as a reliable post within the crypto industry. The only question marks you can put on the exchange are legal. Regulators often complain about Binance’s non-transparent structure, which makes it difficult to find a central point of contact for the company. They are everywhere and nowhere, both a strength and a weakness. For that reason, you see that Binance has recently had many problems with European regulators and, for example, has had to let go of iDEAL as a payment option. It has had to take similar measures in the UK, and they have even had to build a separate platform for the US market. However, this does not pose a big danger to your crypto assets; you can be sure that Binance will not just fall over; if it gets into big trouble in Europe, your assets will remain.
Although the chances of it coming to that are very small, Binance has a large legal team with which they have found a solution to all problems.
Binance support
Binance has a true “Support Center” on the website to answer all questions from customers and visitors. Do you need help with your account? Do you want to change information in your account or need help figuring it out for other reasons? Then you can find the answer in the Support Center or ask your question to the support staff of Binance. The company makes every effort to help customers as quickly as possible and solve any problems.
Sign up for Binance
Signing up for Binance is a breeze. The process starts with filling in your data and completing the necessary verification steps. As of November 2021, Binance has introduced mandatory ID verification. With this, they comply with the rules in the Netherlands to run a crypto exchange. Binance is a large party, meaning the verification is well-arranged and relatively efficient. If everything goes well, you can get started in no time and take your first steps into the wonderful world of cryptocurrencies at Binance.
