Binance Exchange Review
If you have traded cryptos for any period of time, it goes without saying you've likely heard of the Binance Exchange. It's currently one of the biggest trading platforms in the world by volume. Their popularity has allowed them to dethrone older exchanges and made it one of the most desirable platforms for coins to list with.
Pivotal to their success was the launch of their exchange token, BNB. These tokens are used for trading cryptos at reduced fees. and are periodically burned through a buyback process. Therefore, BNB tokens have an inflationary affect driving the value of the coin higher.
KYC and AML requirements generally take a few days to complete. Once all of the necessary info is submitted, you will need to send crypto from another exchange to fund your account. This is because they do not yet accept fiat bank wires. However, Binance is currently in a reconstruction phase consisting of several positive goals. They are relocating their headquarters to Malta, which is a crypto friendly jurisdiction. Binance Labs was launched to act as an investment and research arm of the company to allow them to branch out into other blockchain projects. They are also revamping their systems to accept bank wires. We believe this last point will escalate their user base quite significantly.
User Experience
Regarding the user experience, there is nothing apparent that requires any significant improvements. Once your cryptos have been sent to your Binance account, you can either hold them or trade them for alt coins. Binance simplifies the buying and selling process through providing quick allotment options for 25%, 50%, 75% or 100% of available funds. While this feature is nice for smaller purchases, it is not prudent to use when purchasing larger amounts of coins. Using allotments triggers a buy/sell at the market price, which will result in higher buy prices and lower sell prices. Limit orders are also allowed and recommended when feasible.
Binance offers a reasonable fee structure for all transactions that is in line with industry standards.
Customer service is something Binance is not known for. Dealing with hundreds of thousands of users can be time-intensive. However, they have not improved their game in any significant way according to the most recent user reviews. Bottom line - be prepared to wait when trouble shooting or asking questions.
Overall Binance is known for high security standards and to their credit are quick to catch online attacks. Reportedly. their stringent security protocols have successfully thwarted several hacking attempts. In our opinion, these points make it worthwhile to hold an account at Binance.