Is Binance Safe to Buy Bitcoin and Other Cryptocurrencies?
Binance is a relatively new Bitcoin exchange that was launched through ICO with a strict focus on crypto-to-crypto trading. This means that Binance doesn’t accept fiat money payment and funding. The exchange has been favored by traders due to its remarkable coin offerings and extremely low fees considering the industry standards. Binance currently applies a fixed 0.1% fee on every trade which is one of the lowest that I’ve seen amongst the Bitcoin exchanges.
Some remarkable features of Binance:
- Multi-language customer support
- Mobile app available.
- Offers 2-factor account authentication.
- Offers Bitcoin, Ethereum, Litecoin and +40 more coins
- Low trading fees
- Sophisticated trading platform
- Generous reward programs
Binance Buying Limits
Binance only lets you fund your account through cryptocurrencies and there is no limit and fees for the amount that you can fund. However the amount that you can withdraw depends on the trader’s verification tier.
If you don’t submit any verification document, you are given Tier 1 status by default. Tier 1 traders are allowed to withdraw up to 2 Bitcoins or equivalent cryptocurrency a day. Enabling two factor authentication puts you on Tier 2 and traders at this verification level can withdraw up to 100 Bitcoins and equivalent cryptocurrencies every day.
Binance is one of the few Bitcoin exchanges that doesn’t discriminate traders based on their country. The exchange welcomes users worldwide.
Binance Bitcoin Exchange – My Thoughts
The most important feature that distinguishes Binance from other cryptocurrency exchanges is the cutting edge trading platform that it offers. The platform gives traders ability to use a wide range of technical analysis tools and charting options.
The trading interface comes in two different versions; Basic which is designed for beginners to execute simple trades and Advanced which provides sophisticated tools and margin trading for experienced traders. Binance platform doesn’t only allow you to buy and sell Bitcoins but also to trade Bitcoins and other cryptocurrencies in literal meaning via technical analysis indicators such as MACD, Moving Averages, Relative Strength Index.
0.1% fee on each trade is very attractive and really low compared to industry standards. Binance has created its own coin, BNB, which you can use to pay the trading fees. I recommend you to use the BNB because it drastically reduces transaction cost on trades; by 50% for the first year and 25% for the second year.
State of the art trading platform and low transaction fees are the two important advantages of trading on Binance. On the other hand, there are few disadvantages to be mentioned; availability of 2FA only for Chinese numbers, delays upon transaction for certain coins and unpredictable future due to the Chinese government’s unfavorable approach to Bitcoin trading.
It is a newborn however Binance has already become many traders’ preferred Bitcoin exchange. Whereas most of the other exchange platforms just simply let traders sell and buy Bitcoins, Binance platform brings various market analysis tools and sophisticated charting techniques for traders’ use. In addition to their breakthrough platform, low transaction fees make Binance one of the most reasonable exchanges out there to trade Bitcoin and +40 other cryptocurrencies.
Do you already have an account with Binance? How has your experience been? Please let other people know in the comments section below.