BINANCE – Scam or Legit?
Binance is a crypto-crypto exchange company located in hong kong. It was launched in July 2017 by Zhao Changpeng. Recently this platform has gained popularity due to its method of service. The major point of attraction is that it has very low trading fees.
Just like other companies Binance came into existence through Initial Coin Offering (ICO) principles. It is a good competitor to Bittrex. In terms of 24 hours trading volume, this company now sits at the top ten position according to coinmarketcap.
Following the Chinese Regulations on Cryptocurrency, Zhao said that they were moving their IP from Hong Kong to a safer site preferable an offshore location. This is to ensure that countries regulations won’t affect their system.
What you Should Know about Binance
The table below shows a summary about its features
Is Bianance a Scam?
How to Sign Up on Binance
After you must have open the site. The next thing you should do is change the language to your preferred language. Basically the Default language is not English. Then you go straight to Register. A form pops up demanding for your email and password. Please fill accordingly and head to the purzle section. In the purzle section you are expected to fill the purzle as shown below.
It is expected that you drag the left side to fill up the picture image above. This will trigger a verification email. You simply go to your mail and verify your account. That will be all. Go to the login page and login
Principles of Binance
Binance is been design to accommodate two major trading options: Which is the basic option and the advanced option. I can tell you that Binance wasn’t design to accommodate amateurs or beginners. It is quite a complex platform. The difference between the Basic option and that of Advanced is that the advanced option encompasses detailed technical analysis. In our my next review I will talk about how to trade on Binance.
Transfer Limit in Binance
This encompasses the deposit and withdrawal section. This platform is strictly designed for cryptocurrencies. Presently Fiat currencies are not allowed, however there is a transfer limit for those trading on cryptocurrencies. Withdrawals are set at 2 BTC per day for those in Level one. Those in Level 2 can withdraw up to 100 BTC per day.
Please note that Level 2 services are only available to the Chinese. To be eligible for Level two services, you must provide the following:
- Last name
- First Name
- Passport Photograph
- International passport
- A picture of you with your international passport
Deposits are not limited. You can deposit as much as you wish to.
Trading Fees on Binance
This platform is considered to be one of the cheapest platforms in terms of trading fees. The charges are relatively low. About 0.1% is been charged for each trade. You stand a chance of getting 50% discount on trading fee if you use their own token (BNB) for payments. This will reduce the cost from 0.1% to 0.05%. You can compare with trading fees on Luno and Remitano
Security in Binance
The security status of this company is not made public. I couldn’t find much about it except the normal use of a two-factor authentication or Google authentication as a security measure when logging in.
There are still issues regarding this aspect, this could be attributed to the multiple language enhancement. In the FAQ section, some of the questions and answers were not clearly stated. Grammatical errors are quite common. You can simply submit a support ticket and expect a response via email. They tend to forward your questions to expert with respect to your language.
I can actually tell you that, at the rate of which this company is advancing, resolving this won’t be a problem.
This company is doing well and it’s quite cheap to do business with. Security measures are still something I can’t guarantee. I will advise you trade with caution until it’s a bit more established.