Binance is one of the top cryptocurrency exchanges right now. It’s a Hongkong based company (soon relocating to Malta for its crypto-friendly approach) and since it launched a year ago it has been creating a lot of buzz in the crypto community. While the company is still fairly new on the market, it has managed to gain a lot of respect and draw interest from traders all over the world thanks to its impressive number of low-cap coins and Initial Coin Offering listings, but also due to its low trading fees.
The company raised around $15 million in an ICO this past July (2017) and immediately acquired 20,000 registered users as part of the raise. The CEO of Binance, Changpeng Zhao, has an impressive resume with years of experience in crypto. He was the Head of Development at Blockchain, Co-founder and CTO of OKCoin, and the Founder and CEO of BijieTech before working on Binance.
Binance has a vast selection of coins with pairings to Bitcoin, Ethereum, Tether and BNB (their native cryptocurrency available only to their customers with a double function – utility and staking benefits).
It is currently strictly a cryptocurrency exchange, so you’re not able to fund your account with fiat currency yet but this is an option that may become available after they move to Malta.
You can only deposit cryptocurrency funds, but there’s no limit on the amount that you can deposit. There are also no fees on any of your deposits.
The amount that you can withdraw each day is determined by your KYC verification tier. Without submitting any verification details, you’re placed at Level 1 and can withdraw up to 2 BTC worth of cryptocurrency a day. This is great for those who shy away from sharing their ID/passport scans and other sensitive data online.
With Level 2 verification, your daily withdrawal limit increases to 100 BTC. For this you will need full KYC documentation.
Binance currently charges a flat 0.1% fee on each trade which is one of the lowest fees I’ve seen. Furthermore, if you choose to pay fees using their own token (BNB), you receive a 50% discount on the trading fee – bringing it down to 0.05%. With this discount, Binance has the lowest fees in the industry.
Click HERE to sign up with Binance Exchange and take a look at my video tutorial on how to get started
I hope this video will make it easier to learn the interface and various tools on the website. Also, don’t forget to check out my tutorial for Kucoin Exchange which is similar to Binance with a different selection of new coins and also very attractive fees.