is Binance exchange 100% legit?
Binance is a cryptocurrency exchange that focuses on the Asian market, but also supports English users. Company Location is in Shibuya-ku, Tokyo and it was Launched in 2017.
Binance has a multi-language support: Chinese, English, Korean, and Japanese and has all the major coins available: BTC, ETH, LTC, BNB etc.
Trading fee is very low at around 0.1%. Binance is considered a very user friendly / beginner friendly cryptocurrency exchange.
Binance exchange Facts
Deposit Methods & Withdrawal: Cryptocurrency only.
Available Cryptocurrencies: Bitc
Binance has a wide range of coins with pairings to Bitcoin, Ethereum, and Tether: Ark, Dash, EOS, IOTA, Litecoin, Neo and more. They are one of the few that offer coins that aren’t listed on other exchanges, such as Bitcoin Gold and IOTA.
Trading Fees: 0.1%
Deposit Fees: Free
Withdrawal Fees: Binance Coin – 1 BNB / Bitcoin – 0.0005 BTC / Ethereum – 0.005 ETH / Litcoin – 0.001 LTC / Neo – Free / Qtum – 0.1 QTUM / Status – 1 SNT / Eos – 0.1 EOS / Bitcoin Cash – To be confirmed / Gas – Free / Bytom – 1 BTM / USDT – 5 USDT / HealthCareChain – 0.005 HCC / Hcash – Free / openANX – 0.1 OAX / district0x – 1 DNT / Monaco – 0.1 MCO / Iconomi – 0.1 ICN / ElectionChain – 0.1 ELC / Walton – 0.1 WTC / LLToken – 1 LLT
Basic and advanced trading platforms
There are two options for trading platforms on Binance: Basic and Advanced. The main difference between the two options is a more detailed technical analysis in the advanced view. To begin trading, you first need to register and then fund your account.
So first lets open an account.
How to Register and Deposit on Binance
this is a complete Binance exchange registration guide:
On Binance home page click “Register” in the upper right.
Enter your email address & password and register. check the terms check box.
A small popup with a slider will appear on the screen – “Please side to verify”. so simply slide to the right.
Swipe twice, first to the right and then swipe again – right or left – in order to complete the puzzle.
Wait for the success massage to appear on a small popup window.
A confirmation email in English will be sent to your email form Binance. Confirm your registration by opening the mail and clicking on “Verify Email”.
On the login page login by entering your email address and password.
Again a popup with a slider will appear on the screen. Swipe to the right, and then swipe again right-or-left to complete the puzzle.
You will be redirected to your account page, but Binance will pop a 2FA massage, requesting for a 2-step Binance authentication. You can complete it now or later from your account page.
You can choose “Google Verification” using Google Authenticator and just follow the steps, or a simple smartphone SMS Authentication.
How to enable the 2FA authentication.
before you can verify your Binance account you need to enable the 2FA authentication.
choose if you want to enable SMS or Google authentication.
If you chose SMS authentication, on the next screen you will be asked to enter your cellular phone number. wait a few seconds to receive an SMS with your authentication code.
After submitting it successfully go to your account page and check that in the SMS authentication box the left button states “Disable”.
How to verify your Binance account
In order to ensure your account safety on Binance.com you mast be verified. you can go to account settings or click on the gray “unverified” button on the upper left part of your account page.
Upload a good quality photo of your Passport Cover and Personal page.
Take a good quality Selfie of you holding an ID document or Driver’s License and upload it. In the same picture, make a reference to Binance and today’s date displayed.
submit all the above and wait for a confirmation email.
Depositing on Binance
go to the Funds tab and click on Deposits.
On the Deposits and Withdrawals page choose which cryptocurrency you’d like to fund and click Deposit.
The page will load a public wallet address to send your funds to. Copy the address or scan the QR code if you are sending from mobile Bitcoin wallet.
It’s recommended to fund your account with Bitcoin or Ethereum because those are the coins with the most trading pairs.
Once your account is funded you can start trading. Go back to the exchange dashboard, click on the Exchange tab and then Basic, in the upper left hand corner.
Binance Exchange trading
The main dashboard has several charts and graphs, including trade history, order books and candlestick chart.
On Binance order form you can make limit and market orders.
You can only deposit cryptocurrency funds, but there’s no limit on the amount that you can deposit and there are no fees on your deposits.
The amount that you can withdraw is determined by your 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.
To be classified as Level 2, you need to enable either two-factor authentication or Google Authenticator. Following that, you need to provide First name, Last name, Gender, Country, Passport ID, Passport photo, Selfie with passport. Go back to the registration part of the article for more info.
With Level 2 verification, your daily withdrawal limit increases to 100 BTC.
The customer support area on the Binance is lacking in comparison to other exchanges. You can submit a support ticket through an online form and get a response via email. The FAQ page is very general and the website that was originally written in Chinese has confusing grammatical errors.
The diversity of coin pairs and low trading fees found on Binance are unrivaled, and you may find that it’s worth the risk to use the exchange.
Note it’s not safe to leave large sums of money on any cryptocurrency exchange. That means you are leaving your money in someone else’s wallet. The best choice is a hardware wallet such as Trezor or Ledger. Click here to read a full review of Ledger Nano S Bitcoin wallet.