Binance exchange information and review

in #exchange6 years ago (edited)


I've been using this exchange for some time now and recommending it to other users in chats, here is some info about it and some things I like and dislike about it.

Binance is a new exchange focusing on coin to coin trades. It's one of the first in the world to target multi-language availability, starting with english and chinese and adding korean and japanese next.

Binance CEO Changpeng Zhao has recruited some of the best dev available for the exchange. They are one of the fastest exchanges as well making it possible for orders to match to a speed of up to 1.4 million per second.

They had an ICO on the Binance Coin which allows for discounts on exchange fees, withdraw fees and listing fees. You use the token for fees instead and get the discount rate as follows: 50% for the 1st year, 25% for the 2nd year and halving to the 5th year where the discount ends.

This is the chart of the Binance coin since it's been trading (taken from coinmarketcap):

The exchange recently surpassed Bittrex which has been one of the leading exchanges in volume for a long time after Poloniex difficulties during the summer. Needless to say it's quickly becoming very popular, the referral system they use might be a big reason to it. The user with most commission from referrals to this day has received over 40 BTC. You receive half of the fees users spend on their trades which consist of 0.05% if you use binance coin for them, which means the referrer earns 0.025% out of that. It also has lower withdrawal fees than many other exchanges, I've been able to withdraw BTC for only 0.0005 BTC.

They are also known to be fast at adding new currencies to their exchange for the right price. If the currencies are promising and show potential of being added to other exchanges later it has driven many investors to buy a lot of them. They also make possible marketing of currencies through certain contests such as "the account with most purchases of coin X gets a special prize of X tokens of X coin" which seem to be pretty popular and leading to a lot of volume.

I personally love the 0.05% fees, compared to other exchanges that offer 0.2% up to 0.5% this is a huge difference, especially if you are trading with bigger volumes.

One thing I am not much of a fan of right now compared to other exchanges, is that it doesn't let you trade certain coins in decimals, this simplicity might be due to allowing for the fast trade speeds but it leads to a lot of dust amount of different coins making your wallet look messy. I also don't like that I can't just click on the currency in my wallet to get to the exchange directly.

Another thing that slightly annoys me as a daytrader is that you can't easily check your history of certain trades if the trade occurred a day late, making you have to open up the history tab even though they could just leave it there on the exchange since it already has a tab available for it, not sure why the remove it so quickly but I guess it's something that can change over time:

Something that felt missing and they recently added was stop-losses which are very helpful for daytraders especially with fees only being 0.05%, it makes it pretty hard especially in a bull market as we are having lately to fail at trading over there. :)

If you liked this post and review, there is a link with my referral in the image below, I'd appreciate if you use it. As said earlier, you don't lose anything by doing this, I just gain a percentage from your trading fees.

Hope they will add Steem & SBD to it soon, if you want to help that process, check out this post by @razvanelulmarin


click here!


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Thanks a lot for sharing this information with us all, as you say, it has quickly became a giant in our sector of investment.

the referral system is very powerful and sure incentivize a huge portion of people to use it. Do you happen to know how it compares with the BitShares DEX referral system by any chance?

Thanks again for an excellent article, namaste :)

I have bought the lifetime membership for Bitshares DEX. I am not using it myself since the volumes are low and sometimes there is a large gap between bids and asks. For now I have pretty much shifted to Binance exchange as the default one. I will reconsider moving back to Bitshares or promoting it only once the volumes really pick up.

You are about to get back on BTS DEX as there a monumental load of people moving in the next few weeks... ;) Stay tuned!

Namaste :)

I haven't used the BTS DEX much myself unfortunately, will probably do that more in the future!

This is mainly for half of the trading fees as far as I know. There's also a notice that they may change the ref rewards at any point in the future or if abused.

its also having lowest fees in the industry i guess i.e. just 0.1 %

@eric-boucher @acidyo also Look at these commission stats

as of 18th-Dec

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I am quite enjoying it over at Binance. It is quite a different experience than Bittrex and a little harder to navigate as you mentioned but, it does have some different coins and it seems to have a little more volatility which is nice.

Actually, the "Advanced" market is a lot easier then the other one to be honest. Easier to navigate, also it automatically comes with dark mode which is a plus!

@acidyo I recently registered to Binance! I'm very satisfied with their services! Especially with their really low fees! That is a game changer! They respond really quickly and the same applies for the verification process. Upvoted for the quality information you provided once again,
Thank you!

Highest Regards
@lordneroo

Nice read.
Wish I had known about this a bit earlier as I've recently made some transactions and looking at the fees I paid hurts.

For now I'm still on Bittrex, when Binance adds the Steem & SBD pairs I might look into it :)

Thank you for sharing, but currently Bittrex still having the most user because of the pioneer and simplicity, I guess once Binnance have Steem and SBD pairs, we steemians will love to trade in Binance with such great low fees.

Wow, 40 BTC from referrals. You'd have to have a mass audience/following I'd assume to get that much, right? Christ, that's around 3 quarters of a million dollars. Just crazy to think about. Thanks for the heads up on the new exchange, if I sign up for it I'll use your referral link. Really considering it since Bittrex has been such shit lately.

What are your issues on Bittrex? I've had decent results for many months?

They randomly shut down my account out of the blue and requested I do verification. Okay, whatever, fine. I do the verification. Then, a day later they shut down my account again and say I've been flagged onto some strange list, and request that I do enhanced verification before I can get access to my account again. This is all while I have a few hundred dollars sitting in my account that I needed access to, but whatever. Okay, lets do the enhanced verification. That takes almost 10 days for them to finish verifying, and then for some reason my account still isn't activated properly. Then another 2-3 days of emails go by before they reactivate it entirely.

Now, my experience wasn't the worst thing ever. But, I've had several crypto friends lose access to their accounts on there for no reason, with support tickets sitting unresolved for well over a month without a response. It makes me really not feel all that comfortable with using them, and I'm really leaning towards going to another platform with all of the recent issues, including my own. Every time I transfer over funds to my Bittrex account, I can't help but get nervous since at any point they could freeze my account for no reason. YMMV and all that though, if it works for you without an issue that's great and I hope it stays that way. I just don't really think they have good customer service at all though.

I am using this exchange too. It is very fast, a very clear GUI and the fees are very low, when you use their own binance coin.

Do they also include verification like bittrex and from your review seems the transaction is a lot more faster and cheaper right?

Yes they are cheaper and trades are much faster!

I don't remember having had to verify my identity on there. They do require a 2fa to be able to withdraw funds though.

ok thanks for the information

Does binance require social security?
This exchange will explode in a couple months.
I will sign up using your link when it gets steem...

Does binance require social security?

Not that I'm aware, no!

They require kyc for withdrawal more than 2 btc per day .. max withdrawal limit per day is 100 btc .. after kyc

They have a 2 BTC weekly withdraw limit if you dont want to go through knnow your customer.

Thats kind of a major limiting factor

Only for those withdrawing 40k+ USD weekly who refuse KYC. I know it effects some, but untill the DEX's get more established its decent.

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