SummaryBinance is a centralized exchange with high liquidity through a large selection of cryptocurrencies, great UI, a stellar record and doesn't require ID verification for a 2 BTC withdrawal limit per day. Being centralized, we don't recommend storing assets on the exchange for long periods of time.
Binance is a relatively new centralized exchange that has gained immense popularity in a very short time due to its low fees, great UI, support and ease-of-use. The previous ‘golden child’ centralized exchange was Bittrex, however Binance had impeccable timing gaining major attention and thus a foothold at a time when Bittrex was first experiencing initial publicly-vented signs of growing pains. Since, Binance has gone from strength-to-strength, their platform got so busy last month that they had to pause new registrations and work on scaling it. The good news is that they recently announced they are now again accepting new users to Register a Binance Account.
Lowest Trading Fees
Binance charges a low 0.1% fee. Register through our link. Once you’re registered, purchase a small amount of Binance (BNB) tokens and your trading fees will be reduced by 50% to 0.05% (one of the lowest in the industry) paid with BNB held in your account.
Binance has a broad selection of coins and tokens with pairings to BTC, ETH and USDT. Every month new coins are voted for by the community to include on the exchange. Currently available coins and tokens include:
- Bitcoin Gold
- Ethereum Classic
- Power Ledger
- and more than 30 other cryptocurrencies
Many investors like Binance because they offer coins that often aren’t listed on other major exchanges such as Power Ledger, IOTA, Bitcoin Gold, and Walton Coin.
Transfer Limits & Verification
Binance is strictly a crypto-to-crypto exchange, offering no FIAT-to-crypto gateways, which helps avoid unnecessary red tape and compliance issues.
No ID verification is required for basic accounts that have a 2 BTC per day withdrawal limit. To access a larger withdrawal limit, you must send through your KYC ID documentation for verification.
Binance customer support is well above average and having a ticket responded to within a few hours during January’s growth of new traders was rather impressive.
PROS = Lowest fees, Great selection of coins/tokens, Great customer support & No verification required
CONS = No fiat payment options, no phone support, centralized point of failure
We use Binance and have no qualms recommending it to others, however like any centralized exchange, with centralized points of failure that are not immune to hacks we don’t recommend leaving your coins in their custody for long periods of time. Overall, Binance is one of the best centralized cryptocurrency exchanges on the market today, with exceptional customer sentiment thus far. It’s rather amazing how much they’ve achieved in such a short amount of time. Interestingly, Binance have plans to decentralize their exchange operations in the near future.
Please note: Binance, like most of the currently popular exchanges, is a centralized exchange and as such is not an ideal long-term wallet to hold your cryptocurrencies. Centralized exchanges are big targets for hackers and you could potentially one day loose the funds stored with them. Centralized exchange hacks do happen... Mt. Gox, Coincheck & BitGrail are some of the most famous exchange hacks. Therefore we don't recommend holding any substantial amount of digital assets on any single centralized exchange any longer than necessary. A better idea would be to deposit, make the trade, then withdraw your assets into compatible 'open-source' or 'source-available' wallets where you control the private keys such as Trezor, Ledger Nano, Eidoo, Coinomi and Jaxx.
Disclaimer: This is not financial or investment advice. Please always do your own independent research.