Is Binance worthwhile as an exchange?
We consider Binance to be a good address for all those who want to trade crypto currencies. The features that particularly convinced us in this review are summarised below.
Moderate transaction costs: Binance charges commissions amounting to 0.10 percent of the transaction volume and grants discounts of up to 50 % on these fees. The spreads are moderate due to the high liquidity in the order book. For many coins, Binance is the exchange with the highest turnover. High turnover is a prerequisite for narrow spreads and thus favourable costs. There are no account management fees, no flat-rate fees for the Binance Wallet (regardless of the coin) and no inactivity fees.
Professional trading platform: A good trading platform is clear and user-friendly, but does not forgo important functions and features. Limit and stop limit orders are possible with Binance. Charts can be displayed as candlestick charts and combined with indicators. The Binance app provides a mobile access option. Up to 1.4 million orders per second can be processed via the platform. A plus point for the Binance evaluation is the division of the platform into the "Basic" and "Advanced" versions.
Successful business performance: Binance is one of the largest crypto exchanges worldwide and has been active since 2017. Just 143 days after its foundation, Binance was already among the three largest exchanges worldwide. In July 2017, 15 million dollars were raised with an ICO. The Binance Coin NBB is an ERC-20 token, the use of which enables discounts on transaction costs, among other things.
In the largely unregulated crypto market, size and familiarity are essential security guarantees. We searched the Internet for opinions about the stock market and researched in forums and social networks, for example. The result: we are convinced that Binance works seriously.
Inpayments possible in numerous crypto currencies: Binance offers inpayments in more than 100 different coins. A free Binance Wallet is available for each coin. The large number of crypto currencies accepted is a positive aspect of the Binance test: if you have a portfolio with different coins, you can transfer them very easily. However, USD and other established currencies are not accepted: You cannot make inpayments with credit card or bank transfer.
If you are just starting with crypto currencies, this is a weak point for the Binance evaluation. In this case you have to take a detour and buy Bitcoin, ETH or other coins elsewhere (e.g. at Coinbase) and then transfer them to Binance.
Binance fees: What is due when?
Binance fees are a key criterion for this review. The decisive factors are explicit transaction costs, spreads, financing costs, account management fees, fees for deposits and withdrawals as well as inactivity fees. An overview of trading and other costs at Binance:
Commissions: 0.10 % of trading volume
Spreads: Variable; sample BTCETH: 0.09 %.
Deposit fees: None
Payout fees: BTC 0.0005, ETH 0.01
A special feature of the fee structure is the discounts you are granted when you use the Binance Coin NBB to pay transaction fees. In the first year after opening an account, the discount is 50%. Thereafter, the percentage is halved each year up to 6.75 % in the fourth year; in the fifth year there are no more discounts.
If you want to give Binance a try click Here.
Visit our Passive Income Hub to never miss useful information about Passive Income Methods in the cryptocurrency ecosystem.