You can buy Raiden RDN on Binance

Binance Review: Fees, Deposits / Withdrawals, Purchase Restrictions

Binance is the cryptocurrency exchange business of Binance Ltd. The company was founded in 2017 to give cryptocurrency enthusiasts the opportunity to purchase cryptocurrency tokens using Bitcoin, Ethereum, USDT and the in-house cryptocurrency BNB. Binance's CEO is Zhao Changpeng. Mr. Zhao Changpeng is a very popular face on financial news channels, where he regularly gives interviews about what the company is doing in the market.

The Binance Platform

There are two versions of the trading platform available.

1. Web-based Basic / Advanced Trader: The web-based platform, accessible on the Binance.com website, offers a two-in-one platform that is used to buy Altcoin tokens (Basic Trader) as well as speculatively trading cryptocurrency pairs (Advanced Trader) can be used.

The interface of the Advanced Trader is shown below. It offers interactive charts and other trading information such as the order history (below the chart), the market prices for various cryptocurrency values ​​(to the right of the chart) and the order placement buttons. The advanced trader also has several technical analysis tools such as indicators and line tools. It is also possible to change the chart type (bar chart, line chart, candlestick chart) and the time frame (from 1 minute to 1 week).

2. Binance Mobile App: There is also a mobile app that can be downloaded from the respective app stores. The iOS version is currently in BETA testing and can be downloaded here.

Assets traded

The list of assets on Binance.com is extensive. Every listed cryptocurrency is paired with Bitcoin or Ethereum. Trading on the Binance Exchange website is done in two ways.

1. For traders who only want to buy tokens in the long term through a “buy and hold” strategy, the Basic Trading tab is used.

The assets listed here are acquired in pairings against BTC, ETH, USDT or BNB.

2. Advanced trading is speculative short-term trading that is carried out on the Binance Advanced Trading Platform. The altcoins listed for advanced trading are paired against BTC, ETH, USDT and BNB.

Below are the most popular assets listed for trading.

  • TRX (TRON)
  • ETH (Ethereum)
  • RDN (Raiden Network Token)
  • BNB (Binance Coin)
  • LTC (Litecoin)
  • QTUMQtum
  • EOS (EOS)
  • SNT (status)
  • BNT (Bancor)
  • GAS (NeoGas)
  • BCC (Bitcoin Cash)
  • BTM (Bytom)
  • USDT (TetherUS)
  • HCC (HealthCare Chain)
  • HSR (Hshare)
  • OAX (openANX)
  • DNT (district0x)
  • MCO (MONACO)
  • OMG (OmiseGO)
  • ETC (Ethereum Classic)
  • MTL (metal)
  • MTH (Monetha)
  • ENG (Enigma)
  • AST (AirSwap)
  • DASH (Dash)
  • BTG (Bitcoin Gold
  • EVX (Everex)
  • REQ (Request Network)
  • VIB (Viberate)
  • POWR (PowerLedger)
  • ARK (Ark)
  • XRP (Ripple)
  • VEN (VeChain)
  • KMD (Komodo)
  • RCN (Ripio Credit Network)
  • NULS (nuls)
  • BTC (Bitcoin)
  • XMR (Monero)
  • DLT (Agrello)
  • AMB (Amber)
  • BAT (Basic Attention Token)
  • ZEC (Zcash)

A full list of assets can be found on the Binance.com website.

fees

Binance's fee structure is as follows:

  1. A fee is charged for trading activities on Binance. The flat rate for commercial transactions is 0.1% of the transaction amount. Using the BNB token for trading activities results in a 50% discount so the fees are 0.05%.
  2. Deposit transactions are free.
  3. A fee is charged for withdrawals, which depends on the token paid out and the amount. The table below shows the withdrawal fees for some of the tokens listed on the Binance exchange. For the withdrawal fees of all coins, please visit the Binance website here.

 

Deposits and withdrawals

Deposits and withdrawals can only be made on Binance with selected cryptocurrencies. These bail cryptocurrencies are Ethereum and Bitcoin. It is currently not possible to deposit fiat currencies on the Binance exchange.

The deposit process starts with securing your Ethereum or Bitcoin. To do this, you must already have a wallet that has your Ether or Bitcoin in it. For Ethereum users, it is important that you keep a lot of security in mind throughout the process. Once you've sent Ethereum or Bitcoin and confirmed, your account will be topped up in a few minutes. You can now click on the Ethereum-based cryptocurrency pairs of your choice to either buy tokens using the Basic Trade feature or buy CFDs to actively trade with Binance.

To withdraw purchased tokens, follow the instructions on the “Withdraw” tab under “Binance” to send the tokens to your wallet.

Please ensure that you enter the correct wallet for the tokens you have purchased. As soon as you send tokens to the wrong wallet, you cannot get them back! Deposits and withdrawals require the use of 2-factor authentication. Download the Google Authenticator app from the Play Store if you are using an Android phone to generate the necessary tokens for your transactions.

security

Given the spate of exchange hacking that has taken place over the past year and Hong Kong's proximity to North Korea, a country that has been implicated in some major cryptocurrency exchange heist, the Binance exchange has invested heavily in cutting edge security protocols to keep users and Protect traders on their platform. The following security features are in place:

  • Deposits and withdrawals are protected with 2FA, as are password changes.
  • Email notifications of registrations, deposits and withdrawals are provided.
  • Users who want to use HODL can store their tokens in cold wallets.

Limits

There are two tiers of limits for Binance that relate to how much cryptocurrency money can be withdrawn from an account. Accounts that are at level 1 can only withdraw a maximum of 2 BTC within 24 hours. Verified accounts are on Level 2 and can withdraw up to 100 BTC within 24 hours.

Supported Countries

Binance is available for all countries in the world, with the exception of countries that are on a sanctions list (Russia, Sudan, Iran, Syria and North Korea) or under official prohibitions (USA, China, Indonesia).

Customer support

The customer support desk on Binance is run by the company's CEO himself, who made sure that Binance had a very active Twitter handle.

  • Twitter handle: www.twitter.com/binance_2017
  • Facebook: www.facebook.com/binanceexchange
  • Telegram: https://t.me/binanceexchange

conclusion

The Binance Exchange website recently experienced 48 hour downtime that unsettled its investors and traders and fueled speculation about a hack. However, the CEO was able to communicate with regular updates about the situation, which in his opinion was just an upgrade of some components of the exchange. The site was eventually restored and trading resumed.

This incident, and the professional manner in which it was handled, helped increase the valuation and reputation of Binance in the cryptocurrency exchange community. The Binance exchange continues to see strong growth in the number of traders and revenue, and is expected to take the position as the top destination for those looking to participate in cryptocurrency trading.

Binance is therefore a very recommendable crypto exchange.