In recent times there have been more and more reports that Bitcoin is reaching new record levels. Many small investors have already dealt with this topic and are following the cryptocurrency very closely. Increasingly popular are the Bitcoin marketplaces where the currency can be exchanged for numerous other electronic currencies.
There is also the possibility of purchasing Bitcoins in exchange for a „real“ currency. We have looked into the Binance marketplace and would like to share our Binance experience in the following.
An important sentence has to fall right at the beginning, because many investors are accompanied by the fear of a fraudster. This fear is not completely unfounded, because in the past there were one or two questionable business models on the market.
In the meantime, however, the industry has changed considerably and is also subject to much stricter regulation. Furthermore, Binance is one of the largest Bitcoin trading sites of all. Fraud or rip-offs can be ruled out, especially since a whole range of prominent investors stand behind Binance.
Our Experience at a Glance
The platform has its roots in Shanghai, but serves users all over the world from here. According to our experience in Binance, the German-speaking region has only recently become a focus of attention, which can be seen among other things in the lack of a German translation of the website. The website is available in English, Japanese, Korean, Chinese, Spanish, French and Russian.
It is therefore clear that the domestic market in Asia plays a particularly important role. Here, Binance has already built up a strong reputation and is one of the market leaders. A software download is not necessary to participate in trading; in addition, the company provides its own mobile app, which can also be used to trade on the move.
Despite the possible language barriers, trading on the website is extremely easy. The various markets for the different crypto currencies can be easily accessed, and trading is also quick and easy. Inpayments are free of charge at the provider at all times, while Binance works with a flat fee of 0.1 percent for trading.
Anyone wishing to withdraw must take account of various fees that vary from currency to currency. Based on our experience with Binance, a total of around 80 cryptocurrencies can be traded and the platform is used by more than one million users.
Binance: Fraud or Serious?
Trading Bitcoin or other cryptocurrencies naturally involves a few risks. It is therefore all the more important to be able to rely on a serious and secure framework, at least for your platform. With Binance, this secure framework can definitely be discovered. The provider thus has an impressive „selection“ of investors behind it, which lends a serious touch to the whole thing.
In addition, Binance has a user base of more than one million users – and of course you wouldn’t find them with a dubious provider. We work with several encryption and security programs, whereby SSL encryption can certainly be described as the best known protection. In our opinion, Binance fraud is impossible, especially as this is by no means a small or insignificant marketplace. In its Asian home market, Binance is a true giant and therefore leaves no question unanswered as to its seriousness.
An Overview of what Binance Offers
For trading with the various cryptocurrencies, the provider provides a trading platform of its own. No software has to be downloaded, instead trading with the cryptocurrencies can be carried out directly in the browser. A distinction is made between a classic trading version and a version for advanced users. However, a download version is also available if required, but this is currently only available to users with a Windows device.
If you are looking for a large trading place for crypto currencies, you have definitely landed on the right side with Binance. The company from Shangai does not only focus on Bitcoin, but also enables trading with numerous coins on its platform.
Among them are Ethereum, Litecoin, Iconomi, Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond. It is important to note that a fee of 0.1 percent of the trade value is charged when trading via Binance. The advantage for users with smaller trading sizes is obvious, as compared to a fixed fee, this means that users always pay fairly according to their own size.
Trading Platform of Binance
Based on our experience in finance, we use an in-house platform developed by the company itself. Trading via the platform is divided into two different types. Newcomers can use the basic version, which is very clearly arranged. For example, progressions are displayed in a chart board, for which users can set various filters. The alternative to this is the Advanced variant, which can generally be described as more visual. However, newcomers can also orient themselves here.
A little pity: A free demo account for the entry into trading is not provided. By the way: The provider regularly presents the coin of the month. Whoever trades this selected crypto currency can save the fees of 0.1 percent for trading.
Helpful in relation to the trading platform are also the various features, such as the definition of a certain period in the chart tool. In addition, the individual coins can be conveniently tracked down using the integrated search function. So even without a lot of previous knowledge and despite the lack of a German translation, trading is not really complicated.
To create their own trading account with the provider, users simply have to click on the „Register“ button on the start page. Afterwards only a few details are required, so that the account opening can be completed within a few minutes. The required information includes your email address, password and a possible referral ID. This is especially interesting when users refer other users, because you can earn a small „contribution“.
Deposits and Withdrawals
An important feature of Binance stands out when the provider’s payment portfolio is to be scrutinized. A real variety of payment options is not to be found here. And why not? Quite simply: the classic deposit of USD or other fiat currencies is not possible here.
Deposits and withdrawals can only be made using the different crypto currencies. How exactly the individual transactions are processed therefore always depends on the respective coin. However, according to our experience in Binance, one of the advantages is that there are no fees for the top ups.
The provider also only pays out cryptocurrencies, which generally cannot be described as a big problem. Quite the opposite, because as a rule, the payouts are processed much faster than in comparison to well-known payment methods.
However, it is important to note that withdrawals are not completely free of additional fees. If you want to make a withdrawal using Bitcoin, you will have to allow for a fee of 0.0005 BTC. For Litcoin, the fee is 0.001 LTC, Ethereum can be withdrawn from a fee of 0.01 ETH.
Security and Regulation
Binance is an enormously well-known Asian company, which has not yet achieved the desired popularity in many western countries. Nevertheless, the impressive background at home speaks for the fact that the traders are dealing with a serious and reliable provider. After all, more than one million users are registered here and entrust the platform with an enormous amount of currencies.
The transactions are of course protected by the „in-house“ encryptions or security measures of the coins. But Binance also uses additional protection mechanisms, which is why trading via the platform can be described as extremely secure.
According to our experience in Binance, the provider could still help a little with customer support. However, this remark does not directly relate to advice, but rather to access to customer support. At first glance, the support area is easy to find, but the possible contact methods are not. Here you have to search a little before the contact form appears from the depths of the homepage.
The form can be filled out in no time at all, but it can take several hours before feedback is received. There is no real alternative to this contact method, a live chat or a telephone hotline is currently still completely dispensed with by the provider.
However, a very extensive FAQ section provides a remedy. Here the provider answers all important questions about the different currencies or trading with the platform. It is highly likely that every user can find the answer to his question here – at least if it is a general topic and not an account-specific matter.
However, it is also important to note in the support and FAQ area that the advice is unfortunately not offered in German. But: What is not, can still be and should be, in view of the „attack“ on the German-speaking market, only a matter of time.
The platform is generally very easy to use. The broker provides various aids to help even beginners to get a quick overview of the peculiarities of this marketplace.
In addition, three videos are offered directly on the start page, which also provide a brief insight into the trade and crypto coins in general. Control and navigation are thus completely quick-witted, through the videos and the many smaller tutorials in the FA area there is another plus point for the provider.
The provider is not satisfied with just one mobile app alone. Instead, the Binance app is offered in different versions, with which the platform wants to enable all users to trade while on the move. A download version of the platform is offered for users with Android, iOS or Windows devices. The respective software can be downloaded free of charge, but should be completed within a few moments with a decent Internet connection.
Another possibility for use is the mobile web version, which does not require an additional software download. In this case, you simply trade in the mobile browser. There are no disadvantages in terms of control, as Binance mobile works with an intuitive design. So even newcomers should be able to find their way around the mobile offering quickly.
Conclusion: Diverse Trading Offer
The bottom line is that our experience in finance is extremely appealing. The platform has been able to expand its own range of services over the last few years and now enables the trading of more than 80 different coins. In comparison to the Bitcoin Exchanges this is a very strong value.
Bitcoin is certainly the best known, but there are also numerous Asian currencies, which underline the focus on the domestic market. In the German-speaking countries, however, the serious and reliable provider will probably also be able to expand its influence in the next few years. Why not, after all, users are offered quite a lot here, and there are only minimal trivialities that have not yet been optimally solved.