Binance is an upcoming cryptocurrency exchange that focuses on crypto-to-crypto trading. The platform has begun to gain popularity from the blockchain community as a result of its incredible coin offerings and remarkably reduced trading fee. Even though the company was established only a couple of months back (through ICO), the company is currently being referred as a great alternate to Bittrex.
How It Works
There are two choices available for trading platforms on Binance: Basic and Advanced. I will be mainly covering the simple trading choice within the following guide, however, you can have a look at the Advanced opinion below.
The basic view is rather complicated and not perfect if you are just beginning to make investments. It is evident that Binance wasn't made for the casual investor. The dashboard has many graphs and charts such as the purchase and sale options, a candlestick graph, in addition to the transaction history. There is also a depth graph of the requests which you're able to see in another tab in the candlestick graph.
To start trading, first you will need to add funds your accounts. I advise that you add funds to your account with either Bitcoin or Ethereum because these are the 2 coins having the most trading numbers. This gives you more flexibility in regards to trading.
Information regarding fund security isn't available on the Binance site, also that I was not able to find anything on some other forums. This isn't a good indication, and I advice you to move with care if you choose to utilize this market. I can assure that Binance lets you enable two-factor authentication or even Google Authenticator to your logins.
The customer care on the Binance website is lacking compared to other websites. There is a huge collection of FAQs but i failed to find answers to most of my queries in the FAQs section.
Since the site was initially started in Chinese and translated into English, you will find segments (particularly in the support section) which have confusing grammatical mistakes. I'm likely to provide Binance the benefit of the uncertainty of this, however, since the company is young, and it is important that they should support numerous languages. You are able to submit a support ticket through an support form and receive a response through email. The Official Binance Reddit page says your ticket will not be replied by an arbitrary service agent but instead by someone essential to this company who understands the system you are using.
How To Trade?
Trading instruments (cryptocurrencies)
Binance supplies a good number of coins, that can be traded largely against Bitcoin along with Ethereum. On the opposite side both big coins will also be paird using USDT (US Dollar Tether an electronic advantage, backed by US dollars, that intends to maintain a 1:1 cost ratio). BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX along with BQX.
Minimum initial deposit
Binance doesn't limit the minimum deposit sum. But there is a minimum fee on every trade you make and that depends on the coin you are trading on and the amount traded.
Margin trading isn't supported at Binance. For all those do not know about the margin trading — a platform which lets you trade with more cash than you actually have on your accounts. For instance, forex brokers need very little in security, so as to keep huge positions. The so-called leverage ratios may go as large as 1:500 or longer. Cryptocurrency is much more volatile, thus the margin ratios are much more lesser than forex.
The fee structure at Binance is easy to understand, however, sometimes quite difficult in the present case. There's a level 0.10% commission on each trade.Also, customers fee depends on their own trading volume and also how they enter/exit a trade.
As of now, binance is one of the top choices to choose for Crypto Trading. Moreover, there is a very low fee. Binance offers best customer support. There are Promotions On Various Coins and ICOs. Also, Binance supports Most Forks that enables users to invest more.