Binance is a Japan-based crypto currency exchange featuring a number of trading tools and charts in addition to security features. The exchange began live trading in July 2017 and offers users a basic as well as advanced interface. While novice traders have a range of basic tools, professional traders have access to a number of options such as margin trading. The platform is backed by an established team with a proven track record in crypto and finance.
The exchange platform supports close to 100 crypto currencies. This means if you happen to put your trust in any crypto currency under the sun, you can invest in it on Binance.
The platform also provides multi-language support and its high liquidity of assets means that it is reportedly capable of processing 1.4 million transactions per second.
Other than that, Binance not only incurs a low fee on transactions and withdrawals but also offers bounty and reward programs for the community in order to incentivize people into finding glitches in the platform. Also, you can avail its Binance in-house BNB token for a further reduction in the trading fees.
Ease of Use
Binance isn’t a platform that has been created for beginners in crypto currency exchange. There is no guide explaining the basics that can lead new traders in the right direction. Keeping that in mind it would be prudent to read more about exchange websites before even attempting to trade at Binance if you are new to the trading world.
The interface still leaves much to be desired although the website does well to steer clear of any issues such as delays and frequent disconnections l. Going from one tab to another is instant and users can expect a smooth trading experirence. It is guaranteed that you will find Binance’s web experience smooth, provided that you actually know what the graphs and numbers are for.
For exchange platforms, it is vital to have a solid customer care support base, which is vital to its progress and closes the gap between the company and its clients. At Binance, a registered customer can contact the platform through email support since it does not have a live chat system integrated into the website yet. The company can also be reached through it QQ Group, which is a messenger app that is widely used in China.
Binance has implemented the two-factor authentication and Google Authenticator to enhance account security. This helps in verifying withdrawals and security modifications. Users must activate one of these features to claim access.
Unfortunately, quite a few disadvantages await the users on this Chinese platform. Regardless of all the features that Binance provides for a satisfactory user experience, some traders have reported difficulty with the Android version of its mobile app. Needless to say, a robust mobile platform is a must for crypto exchanges in today’s world.
Users in some instances have reported delays when withdrawing certain coins from Binance. Also, the 2-factor authentication process is only valid on Chinese phone numbers, something that will not go down with a global clientele.
With the Chinese government undertaking recent regulatory actions, it is unclear how the exchange may be impacted by that, considering the hold the country’s government has on entities based within its boundaries. This makes it hard to assess Binance’s long-term viability.