Review of Binance – Cryptocurrency exchange

Our 2018 review of Binance

Binance has created itself a name and reputation in an astoundingly short time. By offering a very sought-after service in a good way they have grown in one of the largest cryptocurrency exchanges in the world in under a year!

Binance is the perfect exchange for crypto-cryptocurrency trading and investing in altcoins. With over 100 different cryptocurrencies currently traded and new ones being frequently, much depending on what the community is interested in. Binance does not require you to download a wallet for each one of these currencies. This makes the process super-easy and convenient to purchase cryptocurrencies like Verge, Ripple and Bcash that you maybe don’t want to spend energy and time on securing yourself.

Originally a Chinese exchange, Binance is now a global international company with offices in for example Malta and Taiwan. Even though being founded only last year in 2017 by its current CEO Changpeng Zhao, in January of 2018 Binance was the biggest crypto exchange with a $1.3B market cap of their BNB token. This is much attributed to their trading platform that handles up to 1.4 million trades per second with a impressively high uptime.

Binance’s Trading View

The verdict

Binance is definitely one of the exchanges you should try out after getting used to handling cryptocurrencies like Bitcoin and Ethereum on an exchange such as Coinbase. It is an extremely good platform to start trading a wide range of altcoins and you will rarely need to visit another exchange to find a specific coin that you’re looking for. However, we do recommend that you have a Coinbase account or buy some Bitcoin in another way first. This is because you can’t yet deposit your fiat currency (dollar/euro) to Binance, so you will need to add another cryptocurrency to their platform to start trading. If you use Coinbase you can simply buy Bitcoin on their platform, and then withdraw it to Binance deposit address that you’ll find once you got an account there. Once you completed that step you are all set to start trading over 100 cryptocurrencies.

Binance is a custodial exchange, meaning that they keep your cryptocurrencies and private keys. This makes it very easy for the user to hold multiple cryptocurrencies since you don’t need to download a wallet for each one. Of course, this is not recommended for large sums since you need to trust the safety of Binance. But for a trader or someone making small investments, this is very handy.

Overall, Binance is a great pick for a cryptocurrency exchange to start trading on with high liquidity and a wide range of cryptocurrencies.  They also regularly hold fun competitions, with some prize pools in the past consisting of Lamborghinis which of course is a great plus and a dream-win for any crypto-trader.

Pros & Cons with Binance

✅ Low Fees
✅ Over 100 cryptocurrencies supported
✅ High security 

⛔ Don’t accept card payments or bank

Summary
Review Date
Reviewed Item
Binance
Author Rating
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