A Detailed Crypto Exchange Binance Review
Binance crypto exchange is the world’s 2nd exchange by turnover (2 billion dollars per day) cryptocurrency exchange in the world. At the moment, it is one of the best options for both active traders and investors.
This crypto exchange is very young. It started working in the summer of 2017 and, in a short period, has gained frenzied popularity in the crypto sphere. As you will see in this Binance crypto exchange review, there are good reasons for this.
It is registered in mainland China; however, the headquarters are in Hong Kong, and the servers, most importantly, are located in Korea and Japan (the friendliest country for crypto at the moment).
We strongly recommend crypto exchange Binance as your main exchange for making a serious crypto portfolio.
Advantages:
- huge selection of cryptocurrency pairs, new ones are constantly being added;
- excellent liquidity for a large number of pairs;
- low buy/sell commissions (0.1%);
- user-friendly interface;
- permanent promotions and sweepstakes;
There is its cryptocurrency (Binance coin-BNB), which allows you to reduce the commission in half (up to 0.05%).
Disadvantages:
- commission on withdrawal standard on the market;
Also, fractional units can not be sold (temporary problem; they promise to solve it).
How to exchange crypto on Binance: practical recommendations
To go to the main trading instrument, which is used to make transactions on the Binance exchange, you need to go to the “Exchange” tab in the upper menu, then select “Basic”.
Under the “Exchange” tab, there is also an “Advanced” option. It opens a more advanced interface of the Binance trading tool, which we will not consider now. The “Advanced” interface has the same functions as the “Basic,” but because it is expanded to the full screen, it displays more information. Having dealt with the “Basic” interface, you may want to learn “Advanced” option.
Once in the main trading interface of the Binance exchange, the first thing you need to do is choose the market where we are going to make a deal. In this example, we are going to buy Binance Coin for Ether, so we need to find the BNB/ETH market.
Let’s focus our attention on this block because it is responsible for searching and selecting the market (pairs of cryptocurrencies traded for each other).
Crypto Binance exchange rates may vary. They depend on the kind of currency being exchanged. Markets on Binance are divided into four groups: Bitcoin (BTC), Binance Coin (BNB), Altcoins, and fiat money. The BNB/ETH market is located under the Altcoins tab. Logically, it could be located under the BNB tab, but to avoid confusion, the BTC/BNB, ETH/BNB, and USDT/BNB markets are removed from the common BNB tab. Click on the Altcoins tab and choose ETH.
The table below shows a list of all cryptocurrency markets traded for Ethereum on Binance. You can scroll down to search the desired coin, or you can use the search field. Let’s put “BNB” in it, and the list of markets will be filtered to show the BNB/ETH pair we are looking for. Click on this line to choose this market.
After selecting the BNB/ETH market, the data in all elements of the trading interface will be reloaded to provide information about the progress of trading Binance Coin for Ethereum. Now, you know how to exchange crypto on Binance.
