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  Binance - Cryptocurrency Exchange

Submitter: Limitless
Category: News / Articles - Business / Economy
exhibition Date: 2018-02-11 10:18:23
Last Update: 2018-02-13 05:00:50
Views: 67
Score: 5.00 / 5.00 (Based on 2 votes.)
 
Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its impressive coin offerings and insanely low trading fees.

In this Binance review, I’ll be going over:

Key Information
How It Works
Trading Fees
Available Cryptocurrencies
Transfer Limits
Company Trust
Fund Security
Customer Support
Conclusion

Binance Key Information
Key Information
Site Type Cryptocurrency Exchange
Beginner Friendly
Mobile App
Company Location Shibuya-ku, Tokyo
Company Launch 2017
Deposit Methods Cryptocurrency
Withdrawal Methods Cryptocurrency
Available Cryptocurrencies Bitcoin, Ethereum, Litecoin, +45 more coins
Community Trust Great
Security Average
Fees Extremely low
Customer Support Good

Available Cryptocurrencies

Binance has a vast selection of coins with pairings to Bitcoin, Ethereum, and Tether. Some of the available coins are:

Ark
Bitcoin
Bitcoin Cash
Bitcoin Gold
Dash
EOS
Ethereum
Ethereum Classic
IOTA (Binance is one of only two major exchanges where you can buy IOTA)
Litecoin
Neo
OmiseGo
+36 more coins

Many investors like Binance because they offer coins that often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton Coin.
Transfer Limits

Binance is strictly a cryptocurrency exchange, so you’re not able to fund your account with fiat currency.

You can only deposit cryptocurrency funds, but there’s no limit on the amount that you can deposit. There are also no fees on any of your deposits.

The amount that you can withdraw each day is determined by your verification tier. Without submitting any verification details, you’re placed at Level 1 and can withdraw up to 2 BTC worth of cryptocurrency a day.

To be classified as Level 2, you need to enable either two-factor authentication or Google Authenticator. Following that, you need to provide:

First name
Last name
Gender
Country
Passport ID
Passport photo
Selfie with passport

With Level 2 verification, your daily withdrawal limit increases to 100 BTC. Although personally I've never felt a need to go beyond level 1 verification, since the withdrawal limit is still plenty. The fee for withdrawing xlm is only .01 for example, so very cheap trading fees and withdrawal.