Today the cryptocurrency industry is overwhelmed with various marketplaces and services. Thus, it is not easy to choose the right place to make money with your crypto coins. You have to double-check the platform and its policy and make 100% sure your funds are secure. This time BTCzilla reviews a popular and vast Bitcoin/Altcoin Exchange – Binance. In the given Binance Review we are going to outline all Binance Fees and Binance Policy. Binance Review will also guide you on trading process on the exchange.
Binance is a well-known Chinese cryptocurrency exchange that provides crypto to crypto exchange service. Binance has come to crypto market not so long time ago, but it has gained huge popularity because of its numerous ICO coins listed on the exchange. Also, Binance Exchange is fairly well-known for its low fees policy. Speaking in figures, Binance has 0.1% trading fee, 100% Free Deposit Fee and BNB deduction on top of that. This what makes Binance Exchange indeed outstanding on the cryptocurrency exchange market.
How Binance Works
Visit Binance Exchange and you will notice that the platforms offers two ways of crypto trading: basic and advanced. Honestly, both of the options are not easy for a complete beginner. It is highly recommended to read basic FAQ on the trading before you start operating on the exchange. Otherwise, you are at risk to lose your money. The major difference between the advanced and basic modes is more-in-depth technical analysis of digital currency value over time. Now, the dashboard for the basic version offers several graphs and charts for the pairs that you are trading, order books, and trade history.
This how the Binance Basic mode looks like.
The Basic mode on Binance has a user-friendly design and well laid out. The needed data is presented with prices on the left. It also has graphs in the center along with the buy and sell boxes. While the trade history is located on the right so you can quickly analyze all the recent trades.
Now, this is how looks the Binance advanced mode for a trader:
The advanced mode is represented in a dark theme and makes the trading charts bigger and the recent trade prices are displayed on the right with the buy sell boxes below.
Both options the advanced and the basic are just the question of your preferences.
Sing Up and Log in on Binance Exhcange
To start trading Binance Exchange, you will have to pass a quick sign up form. It is quite simple process: you do not have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 and up to 100BTC per day limit, you must transfer a photo ID and get the approve from their support. You can set up even higher trading limits, but in this case you must arrange a call.
Verification process may vary in time span, depending on the number of current requests to the support. So, it is recommended to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.
How to Trade on Binance
Trading on Binance is 100% intuitive if you have any cryptocurrency trading experience in your career. To begin operating on the exchange, make sure you have deposited some funds – there are options for trading pairs in BTC, ETH, BNB and USDT. Since you have funds on the balance, find the “Exchange” button on the top menu. Follow this directions: > “Basic” or “Advanced” to load the trading screen. We will be using the Basic mode.
Now go to the right side of the screen and select a tab from BTC, ETH, BNB or USDT. This is your chosen currency for trading. This menu allows you also to create a list of favorite currencies for trading on Binance.
Now, the selected currency has appeared. Go to the left column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price.Start a Buy order, hit the center box below the graphs and you will find the green buy button (on the right). You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have ( in this case BTC ).
Since your order is placed it will show up below in the “Open Orders”. At that point your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.
Currencies on Binance
Binance is well-known for its wide range of trading currencies. Users can trade multiple digital coins, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
They currently offer trading pairs in BTC, BNB, ETH and USDT.
Binance Fees & Limits
On the moment of April 2018, Binance charges an average fee of 0.1% for each trade you make on the platform. There is also an option to pay in Binance Token and get 50% discount on the trading fee, which is absolutely great opportunity. No doubt, this is the best fees policy on the crypto market right now.
Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals: