Binance Review (September 2018)
Binance is a very popular crypto-to-crypto exchange in 2018, which at the time of writing this has more 24 hour trading volume than any other exchange in the world. It offers many hundreds of trading pairs with low trading fees, has its own coin called Binance Coin (BNB), and has a great reputation in the crypto space. But is it any good?
Below we provide a review of the Binance exchange, going through pros/cons and other aspects like their development team.
Pros & cons of Binance
Although Binance is very popular, it isn't perfect. Many new users have reported slow verification times and confusion when first using their trading interface. Below we list various positive and negative aspects to Binance.
- Very fast & high capacity trading functionality.
- Supports 13 different languages.
- Although Binance has experienced several attacks, such as manipulation of prices via their API, they've taken steps to resolve these very quickly and publically (some exchanges are very secretive in this scenario, which can lead to a loss of public trust).
- Not as easy to use as exchanges like CEX or Coinbase.
- Many users have reported slow proof of identity verification, some reporting this to take as long as 2 months.
- We've seen many reports of account funds being stolen from users, but not much proof of this. It may just be due to human error by accidentally sharing things like withdraw-access API keys.
If you want to try using Binance, we posted a getting started tutorial here.
Binance doesn't charge anything to deposit coins, they do charge withdrawal and trading fees though. For withdrawals see our Binance Fees Comparison here, the fee varies for each coin.
Binance's trading fees are more consistent between coins, where you pay a fixed fee of 0.1% each time you make a trade. If you hold Binance Coin (BNB) in your account you get a 50% reduction on this to 0.05% per trade (this process is automatic, you just need to hold the BNB in your account).
If you'd like more information on Binance Coin (BNB) and how it's integrated with the Binance exchange, see our guide on it here.
Binance is led by their CEO, Changpeng Zhao, who has years of experience in the space of blockchain and trading. He founded an 'exchange systems provider' called BijieTech in July 2017, and prior to that was the head of development at Blockchain between 2013-2014, a popular crypto wallet. Going further back he was even the head of 'tradebook futures development' at Bloomberg between 2001-2005.
As well as their CEO, Binance has a team consisting of hundreds of employees around the world. Notably, many of their employees opt-in to receive their salaries in BNB (as many as 90% of them), which raises the question that if employees with insider information would rather get BNB than cash, they must think their exchange has lots of potential to continue growing. This makes perfect sense if their employees planned to buy crypto with their paycheck anyway.
Looking at this more skeptically though, employees may be incentivised to be paid in BNB with the goal of boosting BNB's trading volume (as those employees would have to sell some of this to pay their day to day bills). This is purely speculation, and given as much as $20M BNB are traded each day on Binance, likely wouldn't have a big effect even if it were the case.
DISCLAIMER: This site cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. Bitcoin Kit is UK-based and not regulated by the FCA (Financial Conduct Authority). The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas presented are our analysis, learning & opinions on a range of cryptocurrency topics. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.
This website is monetised through affiliate links. Where used, we will disclose this and make no attempt to hide it. We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these. Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it.
September 5th, 2018
Kucoin Review (September 2018)
Never invest money you can't afford to lose.
All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. We encourage you to consult your own legal & financial advisors before making any cryptocurrency-related purchase.