Test – Pros and Cons of Trading on BINANCE

4 stars based on 75 reviews

When the operations started, the initiative was apparently based in Shanghai, but later was moved to Hong Kong where still is today. The servers, on the other hand, are hosted in the Republic of Korea and, Japan. The platform used to be available worldwide, but they decided to restrict access from Chinese IPs after their government banned ICOs. As of December,Profit trading for binance review is consistently within the top 5 exchanges by trading volume on CoinMarketCap.

Trading on the platform requires a deposit, but given the large selection of supported altcoins, you can opt for a cheap coin to test out the profit trading for binance review.

Binance does not restrict any provider not even popular temporary email servicesmaking it extremely easy to register anonymously. There is an profit trading for binance review to upgrade, but a basic, unverified account will be enough for casual users. At the very beginning registering was complex because of a language barrier, when the site was only available in Chinese even though it already aimed an international audiencebut these days there is a good English translation in-place.

Can you imagine a westerner trying to solve a Chinese-only version of it? The only step required for setting up a functional account is clicking a confirmation email.

However, a basic user has a limit of 2 BTC in daily withdrawals, and identity verification is required to lift it up.

If the identity check goes as expected, the customer will see his limit raised to 50 BTC per day. Prior to trading, the balance must be topped up with at least a few coins.

Fiat deposits are not accepted, but the site takes Bitcoin and more than 50 other cryptocurrencies. A history of deposits and withdrawals is kept for reference. Accounts come in two different levels, depending on whether the identity of its owner has been verified or not: No additional benefits come with verification, besides reducing the chance of a future identity checkout if Binance ever considers your behavior as suspicious.

Only deposits are free, trading and withdrawals come at a cost. The trading fee is currently 0. Other incentives are from time to time offered to promote the adoption of BNB, but it is worth keeping an eye on the price index of the same which has been consistently profit trading for binance review in the last months.

Withdrawal charges depend on the currency, but have in profit trading for binance review being a fixed contribution. A frequently updated list of withdrawal fees by coin can be found here ; Bitcoin, for example, has had the same 0. In the trading page, you can find a list of trading pairs, profit trading for binance review chart with information about the currently select pair, a profit trading for binance review basic statistics and records such as open orders, or funds and a box to open orders.

There are more than a hundred trading pairs, with four major categories highlighted: The charts are interactive and profit trading for binance review be viewed in full screen mode with a single click.

Time is configurable, as well as it is possible to choose the kind of chart defaulting to candlesticks and to tune a couple of constraints. Opening an order is direct. First, you select the type of order only the three basic order types: Binance gave priority to having mobile support, and after roughly a month of having launched, apps for iOS and Android were made available.

The Android app has received many positive reviews, but the last update was heavily criticized. The reviews do not include information about what changed for bad, but it was enough to bring the overall rating down to just 3.

The iOS app is hosted on fir. A quick guide about how to install this app was posted here. On that very same page, a history of connections is presented, including date, IP address and profit trading for binance review location from where the login took place. The company profit trading for binance review claims to be concerned about security, as expressed on this reddit posthighlighting how their platform was built from the ground up with top-notch security in mind among other things.

However, on the very same thread they also seem to avoid talking about the fund insurance topic on purpose. The site has never been hacked, but an error of one support agent raised alarms between their users. An email asking people to refund IOTA was thought to be phishing, but later everything was clarified. PGP encrypted emails would have helped to bring calm earlier, but unfortunately communications are sent in plain text.

A public cold wallet address is not available either. A user asked about it on their official reddit channel, but after 10 days no answer has been given. There are no email or SMS notifications, but custom notifications can be configured using the API and third party services.

Besides the critique to the last rolled out actualization of their app, Binance users started to complain about problems with 2FA and order management on December, The first complain was about being locked out after playing around with two-factor authentication, for which an official announcement was made on their reddit channel, asking to the people affected to fill a ticket and optionally post it in a comment. The second issue prevented customers from cancelling open orders, with a lengthy thread devoted to it on reddit.

One of the users said that his account had been frozen due to a technical issue apparently caused by Binance itself. Reviews on TrustPilot are mixed, tending towards negative.

The average score is just 2. Customer support is slow to respond, as it can be noticed after a quick Internet search. The supposed fastest channel ticket system is said to take more than 24 hours to get back to the users. Other support alternatives offered include a telegram groupa reddit channel and a Twitter account.

Binance is a good choice for altcoin traders, the low fees are a great chance of a profit and the mobile apps allow to trade on the go essential for daily trading. It is still a fair alternative for other users, but there are better, more stable options out there. Their coding-from-scratch approach seems to be causing a couple of headaches, and their customer support is not efficient enough to sort things out. Advanced traders, looking for a solid company, will profit trading for binance review find their place anywhere else.

Current Top Broker Deals: A 30m chart in full-screen view. Advanced trading view Basic trading view.

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