Binance is one of the leading trading platforms around, with over 200 coins supported for deposit and withdrawal.
The platform accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with 3rd party companies such as Simplex to allow credit card and wire transfer purchases of cryptocurrencies at a premium.
Binance is a Hong Kong–based cryptocurrency exchange launched by developer Changpeng Zhao (aka CZ) in July 2017. Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million. Investors who invested in the ICO got Binance Coin (BNB) in return which can be used to trade cryptocurrencies and pay for fees on Binance. BNB’s initial value was around $0.1, and as Binance got more and more popular the coin appreciated in price.
Binance’s core features
- Trade over 180 cryptocurrencies on Binance. Binance is one of the major altcoin exchanges with one of the best selection of tradable assets.
- Binance Fiat Gateway. Binance lets you instant buy bitcoin and other 15 top cryptocurrencies with 40 popular fiat currencies using bank cards, cash balance, and other payment methods. Besides, you can sell them for some of the supported national currencies, too.
- Low trading fees. Trading on Binance brings you some of the lowest in the industry.
- Multi-platform support. Binance is accessible via its web platform, mobile apps for Android (including Android APK) and iOS, and desktop clients for macOS and Windows. Besides, you can make use of Binance API.
- Binance Futures with up to 125x leverage and margin trading with up to 3x leverage. Trade cryptocurrency contracts and assets with leveraged positions for maximum returns.
- Around the clock customer support. Binance has a dedicated help center, where you can reach out to the support team or real beginner guides and explanations of all sorts of exchange functions.
- Binance Launchpad. All customers of Binance can participate in its initial exchange offerings (IEOs). Binance’s IEOs are among the most profitable in the industry.
- Binance Finance. Binance also supports staking, crypto lending, and other means of earning passive income from your crypto assets.
Security at Binance is generally sound, although the exchange has experienced a significant hack in May of 2019. The exchange lost over 7000 BTC due to a number of compromised user accounts and used its #SAFU fund (Secure Asset Fund for Users) for user compensations. Since then, the exchange has strengthened its security by introducing the Universal 2nd Factor (U2F) authentication method and enhancing its exchange monitoring capabilities.
Besides, Binance encourages users to enable two-factor authentication (2FA) using either Google Authenticator or SMS authentication. Also, traders have an option to whitelist addresses and set up an anti-phishing code. It also has a fairly extensive security FAQ in its support section, where it advises its users on how to guard against phishing attempts and personal security lapses. Every withdrawal from Binance must be confirmed by email.
As of 2020, Binance boasts of having state-of-the-art artificial intelligence (AI) risk control solutions that use identity and facial recognition, big data analytics, and cyber forensic investigations to monitor each movement that takes place on the exchange and identifies suspicious and irregular activities.
That said, recent events have shown that Binance can respond quickly to significant threats and protect customers’ funds. For example, in March 2018, criminals managed to use phishing to hack into the accounts of numerous users, whose funds were inexplicably sold off in order to purchase the Viacoin (VIA) cryptocurrency. However, despite this, Binance was able to systematically identify and reverse all irregular trades, meaning that the only people to lose money were the hackers.
In July 2018, Binance has started a Secure Asset Fund for Users (SAFU) and allocates 10% of all trading fee revenue there. In the case of a successful hack, it is used to cover user losses like it was done in the May 2019 security breach. Later in 2019, the exchange also had a KYC data leak, which hackers have allegedly obtained from a 3rd party vendor.
According to CryptoCompare Exchange Benchmark Q4 2019 report, Binance is a solid A grade exchange. It makes it in the top 20 exchanges in terms of security grade, too, scoring an above-average 11.5 out of 20 possible points.
All in all, Binance is a secure exchange, but security is not its hallmark, and there is some room for improvements
Binance offers multiple deposit options for users. These include:
- Crypto deposit: For users who already own cryptocurrencies supported by Binance, you may transfer these to the Binance compatible wallets.
- Bank Deposit: Binance supports bank deposits for the world’s fiat currencies.
- Credit/Debit Card: Visa and Mastercard.
- PTP Trading: By bank transfer and 60+ alternative options.
- 3rd Party Payment: Via Banxa and Simplex
All in all, the number of coins available to trade, deposit and withdraw on the exchange is nearly 200, including major altcoins such as: Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Ripple (XRP) Bitcoin Cash (BCH) Chainlink (LINK) Binance Coin (BNB) Binance USD (BUSD) Basic Attention Token (BAT) Cosmos (ATOM) Dash (DASH) EOS (EOS) Nano (NANO) Paxos Standard (PAX) TRON (TRX) TrueUSD (TUSD) Tether (USDT) Stellar Lumens (XLM)