Binance Review 2020

Binance began, as a popular cryptocurrency exchange in China and is committed to providing online and mobile traders with a transparent and secure one-stop service. Founded in 2017 by Changpeng Zhao, a CEO highly experienced in high-frequency trading, he was also the founder of Fusion Systems years before in 2005 and by 2013, became the third member in the Blockchain’s cryptocurrency team.

Binance originally started in China and moved both its headquarters and servers to Japan well in advance of the Government of China’s ban in 2017 on all cryptocurrency trading, the company also established offices in Taiwan by 2018. Binance became the biggest crypto-exchange at the start of 2018 with a capital of $1.3 million. The company was one of three that raised $32 million in the stable coin project and in September 2018 became one of four virtual currency exchange companies refusing to provide the New York Attorney Office with information regarding business practices, anti-hacking measures or security practices.

With its title combined from the words Binary and Finance, Binance remains one of the most preferred by online traders for its services offering safety and stability via a multi-cluster and multi-tier system architecture, high performance in being capable to processing over 1,400,000 orders every second and high liquidity. Furthermore, the company is also known for its excellent support offered in multi-languages and trading in BNB, LTC, ETH and BTC across all platforms including MacOS, Windows, iOS and Android Mobile and the Web.

After stabling its Jersey offices, Binance received an exchange license from the (FCA) Financial Conduct Authority. Binance implemented several different security measures to protect trader’s information including pseudonymisation, Secure Sockets Layered encryption, PCI scanning, strict physical access controls to files and buildings, internal data access restrictions and guarantees clients that all transmission and data exchanged via the internet is protected and safely stored. Users are also reminded to take safety precaution on their side to ensure privacy.

Binance offers a bouquet of advantages to online and mobile traders, the reliable and highly experienced team led by Changpeng Zhao is eager to assist new traders, while the platform offers over 30 exchanges and supports all mobile devices while trading is available in several languages to ensure a convenience service and easy user experience. Mobile devices covered include all iOS, Windows and Android-powered platforms.

Trading on the go is offered via several Binance apps downloadable from the App Store as well as Google Play, and Android users can also download the APK, to enjoy completed access to manage and track trades from anywhere. Both the Android and iOS apps enjoy regular updates to ensure traders enjoy complete safety and security. Currently, Binance trading is favoured for its transparent services, and a wide variety of cryptocurrencies, swift deposits as well as withdrawal system by millions from across the globe and used by traders in more than 200 countries.

Binance is the biggest cryptocurrency exchange and recently purchased the decentralised wallet service Trust Wallet, acquired to provide the company traders with a decentralised way to store cryptocurrencies. Trust Wallet continues to trade under its current title and will allow virtual traders to hold over 20,000 digital tokens while it utilises the coding standards of Ethereum. The company founded by Zhao, Binance emerged in 2017 and became almost instantly the industry leader with reported profits in the first year of upward of $500 million, guessed at a billion in its first year.

The Academy section offers online traders new and experienced, the change to learn more about cryptocurrency and blockchain via an array of guidelines and articles placed by trading experts. These include the Game Theory & Cryptocurrencies, explanations of what exactly DoS attacks are, information regarding Fiat currency, Ethereum as well as Ethereum Plasma. The tutorial section offers information regarding withdrawals, how to stop limit orders and explain the basic interface, which ensures all traders get to use the website and mobile information to their advantage.

Registering with Binance starts by providing your email address as well a password, a pop-up screen appears, requiring you to fit a puzzle piece correctly. Apart from choosing a unique password, the registration form also offers an optional section, enabling new traders to provide a referral ID, while the terms of use should be read and once agreed upon, registration confirmation is sent to your email address. The verification email includes a link that verifies the account and includes five security tips warning new traders to protect their passwords and to be careful when depositing money. The company also suggests that new traders should enable two-factor authentications.

By clicking on the emailed link, account activation takes place and allows new traders immediate account access. The first log in also entails a list of safety risk options that can be enabled, and 2FA code is again strongly suggested via SMS authentication or Google authentication. Account setting adjustment is offered immediately thereby allowing users to change their login password and block phishing attempts from fake Binance websites or email addresses. By creating an API private key, traders gain access to real-time trading and markets services via a third-party application or site and coupled with instant Google, or SMS authentication users receive enhanced security login at all times. By enabling the withdrawal address management option, traders get to write memos on each withdrawal address, save it and with Whitelist optional function assist in protecting funds. Important information displayed on the user profile page also includes devices used by the trader, location, the IP address and the date of the last log in, as well as a trading history.

The fund’s section on the Binance website features traders balance, transaction history and an extensive list of deposit and withdrawal options. These include, but are not limited to Aeron, Bitcoin Diamond, AION, Blox, BRD, AppCoins, Cindicator, Bitcoin, CyberMiles, Ardor, CVC – Civic, Ambrosus, BitShares, Ark, Bitcoin Cash ABC, AirSwap, Bitcoin Cash SV, CloakCoin, DATAcoin, AtidiumSuspend, Basic Attention Token, Decred, BlockMason Credit Protocol, Bluzelle, Binance Coin, Bancor, ETHOS, Bitcoin Gold, Dash, Ripple, DENT, DigixDAO, Agrello, district0x, DOCK, Stellar Lumens, Eidoo, aelf, Monero, Enigma, Enjin Coin, EOS, Ethereum, EVX – Everex, Etherparty, FunFair, NeoGas, Golem, GoChain and Groestlcoin.

The process of depositing is straightforward. However, withdrawal amounts are dependent on verification tier with the lowest being 2BTC per day. Upon account verification, the withdrawal maximum increases to 100BTC per day.

By registering with Binance online cryptocurrency traders gain instant access to the top one-hundred cryptocurrency markets listed at the top, although trading is offered across 1,207 global markets. The trading list features the cryptocurrency, its current price, any changes that occurred in the past 24 hours, market cap, 24-hour Binance Vol, Global Vol in last 24 hours and the circulating supply. Top trading markets include Bitcoin, Ripple, Ethereum, Litecoin, TRON, Bitcoin Cash SV, NEO, Binance Coin, MIOTA, Cardano, Ontology, Maker, Zcash, KuCoin, Ark, Nexo, Mixin, Walton, Huobi Token, MaidSafeCoin, Pundi X and Ardor to list only a few.

Traders are also offered data-driven and in-depth analysis insights into digital assets that ensure traders get all the information required to make informative decisions. Binance Labs is a fund that empowers, invest and incubate cryptocurrency and blockchain projects, entrepreneurs and projects, which provide entrepreneurs with funding, go-to-market BD and strategies, token distributions and models as well as technical reviews.

Before any withdrawals can be made the website requires users to enable 2FA authentication. Once enabled, traders get to select the token or coin preferred for the withdrawal as well as the amount. The system automatically sent a confirmation address and requires confirmation. By logging in after confirmation, the withdrawal process can be tracked on the deposit and withdrawal history page.

The highly informative FAQ offers answers on most questions, although additional support is available via the “submit a request” option. Binance can also be followed via a wide variety of online communities including Instagram, Medium, Steemit, Weibo, Twitter, Facebook, Reddit and Telegram.

Binance offers online and mobile traders one of the most comprehensive trading services and is currently the largest online cryptocurrency exchange. The company is unbeatable when it comes to multi-coin support, high liquidity, number of devices covered, stability, safety and high performance. The advantages of trading include superior technology, proven products and the strong team managing services at Binance led by Zhao.