With so many uncertainties in the crypto market, one must opt for a trusted and well-reputed exchange for trading. Another thing to consider before choosing an exchange is to look for the features that suit your trading style and need.
Binance is, however, a relatively new crypto-exchange platform than its competitors, Coinbase and LocalBitcoins. But it has gained more popularity. It was launched in 2017 and has become the most popular exchange in the world in just 7 months.
Another good feature of this platform is that it includes an impressive list of Initial Coin Offerings. ICOs are best suited to veteran traders because they highly rewarding when the token prices are cheapest. Beginners can also use Binance because it offers great credibility and trust. However, there is just one thing that you should be concerned about. the user interface is not friendly and not easy to navigate on the website.
This article is a comprehensive Binance review to highlight all its pros and cons.
Is Binance Safe?
Safety is the first question that pops up in traders' mind and they tend to opt for a platform which offers their funds a great deal of security. Binance is lucky to gain the trust of the traders even though they have not mentioned any information describing how to secure your funds. Binance has two-factor authentication which makes it technically securer than many others competitors.
Binance Trading Information
The first thing that distinguishes Binance from others is that it offers the widest range of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, GAS, Ripple and various others. However, fiat currencies are not supported here.
Click here to know about BTC crypto pairs supported on the exchange and buy them as required.
The fee is as low as 0.1%. You get further 50% discount upon using Binance's coin (BNB) for paying the transaction fee.
Limits
There are two verification levels and so are the limit restrictions. With Tier 1 verification, which is easy to get registered, you have a limit of withdrawing 2 BTC per day. This type of verification is for the beginners and it does not require giving much information to get started.
With Tier 2 authentication, you can withdraw up to 100 BTC per day. This verification is a hefty process since you have to submit relevant government documents to get registered.
Binance Compared
Let us have a look at some of the prominent features offered by Binance and other alternative exchanges.
| Exchange | Review | Fees | Security | Support | Purchase |
|---|---|---|---|---|---|
 Coinbase | Coinbase Review | 3.75% | Great | Email+ Coinbase “Community” | Buy |
 Binance | Binance Review | 0.1% | Great | Buy | |
 LocalBitcoins | LocalBitcoins Review | 1.0% | Good | Quick responses to online support tickets | Buy |
 Paxful | Paxful Review | 0% from buyer, 1% from seller | Good | Forum,live chat and email. | Buy |
 BitPanda | BitPanda Review | 1.0% to 4.0% | Good | Buy | |
 CEX.IO | CEX.IO Review | 0.5% to 2.0% | Great | Buy | |
 Coinmama | Coinmama Review | 6.0% | Good | Buy | |
 Bitbond | Bitbond Review | 1.0% to 2.5% | Good | Buy |
How to create an Account on Binance
It is very simple to create an account on Binance for a withdrawal limit of 2 BTC. There is no verification needed, you just have to go through three simple steps to get started.
- Simply go to the Binance website
- Click the Register button
- Put your email and password and proceed by clicking on the verification link in your inbox.
Now proceed with funding your account by clicking the Deposit/Withdrawal button and start trading.
For an even detailed article on Binance, please click here
Conclusion
This article is a comprehensive Binance review to show all its striking features for new traders. It is favorable for beginners because of its lowest fees and a wide range of cryptocurrencies to trade with. But there are few cons as well, such as it is only supports crypto to crypto transactions.