Binance Review: 1.4 million transactions per second
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Binance is the fastest growing and biggest crypto currency trading platform in the world. As they say on their website, “Binance spans an entire ecosystem”. In this review we will organize all there is to understand from the vast information available online and present it to you in an orderly structure.
Read all about Binance and what it has to offer, from bonuses to security, extensive trading options and their attractively low fees.
What is Binance?
Launched in 2017, Binance has positioned itself as one of the planet’s leading crypto currency exchange platforms with an average of 1,400,000 transactions per second. According to Forbes, it became the largest cryptocurrency exchange in the world in only about 180 days. Because of the expansion of the company, they have made the website available in 16 different languages.
On February 21st, 2020, the CEO of Binance, known as CZ, posted on his twitter account that “Binance.com is not headquartered or operated in Malta”. He also referred to them not receiving a licence from Malta yet, but specifying that “nothing has changed”.
Their website offers two trading screens where you can choose either basic or advanced features.
Presentation and team review
There isn’t a Team section on the Binance website nor a specific executive department on Linkedin, but the founder himself has an account where you can see some of his experience.
Changpeng Zhao: Known as CZ, Zhao has been the CEO at Binance since its founding in 2017. His education is not available on the site, but his work experience includes being the founder of BijieTech, Head of Development at Blockchain for only a year, Partner at Fusion System for a bit over eight years, and Head of Tradebook Futures Development at Bloomberg for four years.
Is Binance legit?
Binance works with an ID verification system in order to confirm and protect identity. They offer both hot and cold wallets, but in order to protect the funds, they only allow a small percentage in the hot wallets. They have an automated risk management system which will automatically freeze any account where it might sense suspicious activity.
Only the owner of the account would be able to unfreeze it by passing the verification process. Their system passed the security test in a very crucial moment: a hacker attack. Luckily, it perceived strange movements and there were no losses.
On their news announcements they explained the following about that day: “On Mar 7, UTC 14:58-14:59, within this 2 minute period, the VIA/BTC market experienced abnormal trading activity (…) This was part of a large scale phishing and stealing attempt”.
Binance has a two factor authentication with SMS services, and the option to add a YubiKey to the two factor authentication. Their website offers a multitier architecture.
According to Blockonomi, Binance does not have fast responses due to their high demand and the long term training that is necessary to prepare future customer support employees. They are on different social media platforms such as Facebook, Twitter, Instagram, Youtube, Telegram, Linkedin, VK, Reddit and Weibo.
On their website you can find six different emails so you can direct your questions or comments to the correct area. There is also an FAQ section available at the bottom of the webpage or while chatting with the bot.
At the bottom right of the webpage there is a chat that is answered by a bot at first. If it cannot solve your questions it transfers you to a live agent, and you can then choose between 5 different languages: Turkish, Chinese, Korean, English and Spanish.
Upon writing this review and communicating with the live support system available on the chat box, the employee clarified that they “only answer questions regarding Binance production” and that the information about their licence is not on the website either.
Although Binance’s headquarters are commonly said to be located in Malta, CZ and the Maltese regulatory body have denied this. According to Cointelegraph, Malta’s Junior Minister for Financial Services and Digital Economy, Bartolo Clayton, said “until the time of writing, Binance has never been in possession of an official license by MFSA.”
Supported / restricted countries
The website does not have a list of the supported and restricted countries, but employees are willing to check for you if you ask about a specific country.
Deposits and withdrawals
The company supports over 150 crypto currencies for deposits. You may buy cryptocurrency with a credit card, which will usually have a minimum of 50 USD although it will depend on the payment processor. Minimum withdrawals are well listed in a chart, but there are no minimum deposits.
Binance does not charge a fee for deposits, and each withdrawal fee varies on the currency. To clarify this for the user, they have set up a table with all the withdrawal fee information on their website. Furthermore, there is no minimum amount for crypto deposits or withdrawals.
How to trade on Binance?
Binance’s customer support confirmed 591 trading pairs, including tokens and their own coin known as BNB or Binance Coin.
Go short and long while trading with Binance
The company allows you to trade either short or long trade without having to open sub-accounts.
Binance offers from 20x up to 125x on futures, and 3x and 5x on margin. The leverage amount varies depending on the position. The larger the position, the lower the leverage. The system allows the client to calculate, as shown underneath.
Type of contracts
Binance offers perpetual futures, which means the contract has no expiry date. You can also buy real cryptocurrencies and hold them in your or Binance wallets.
There is a 0,1% trading fee, and if you have Binance Coin you can choose this currency to pay for the trading fee and it will add a 25% discount. Another kind-of-fee that traders should face is the taker/maker condition where either they would pay or get money for their positions. It is calculated at 1 AM daily.
The company has a testnet that assimilates both advanced and beginner versions. It works with real-time prices, and you can test the platform with or without an account.
Binance Bonus and promotions
Binance referral bonus
The Binance bonus information is available on their blog. Here, they specify the conditions to access either of the two options.
The referral bonus is for users that refer Binance to a friend who creates an account with the link the first client provides. The percentage of the bonus is split between the two users as an incentive for both. The amount of the bonus depends on your average daily balance of Binance Coin (BNB).
If you have an average daily balance of 500 BNB or above, a total of 30% is divided between you and your friend. If you have an average daily balance of less than 500 BNB a 20% is shared.
Binance affiliate bonus
There is a second bonus available since the 1st of april, 2020. If you have referred a friend you have the chance, by default, to receive a bonus in USDT depending on the fees paid by the referred person during a “period of 1 calendar month”. Below, there is a table specifying the amounts where you can earn up to 72,000 USDT.
Binance is the worldwide leading crypto exchange platform with 1.4 million transactions per second. This large platform offers various services for clients with different needs and strategies. You are incentivized to use their BNB coin, refer the site to friends, and by their interestingly low fees.
Their support is not too fast, but they offer a live chat and many different social media, all of these available in various languages. Although the executive team is not on the website or at plain site, the CEO known as CZ is very active on Twitter.
Binance is a good platform for both beginner and experienced investors in cryptocurrencies. They also offer educational support and a powerful testnet to learn and try new strategies.