Binance Crypto Exchange Review 2018 - Is It Safe?

There is no doubt the Binance cryptocurrency exchange is one of the most popular in the world. Our Binance Exchange review 2018 is based on our experience in dealing with them and the top 5 cryptocurrency exchanges. We always strive to be as unbiased when reviewing crypto exchanges.

Let’s jump straight into it.

Binance crypto exchange review

Who is behind the Binance Crypto Exchange?

Binance started originally in China in 2017. When China banned cryptocurrencies later that year Binance moved to Japan. They now have offices in Taiwan, Malta and Jersey.  They recently obtained an exchange license in Jersey to focus on the European market.

Security of the Binance crypto exchange

Unfortunately, there seems to be no information available on how Binance stores its funds and coins.

Many exchanges openly state the proportion of funds they have in hot and cold wallets, Binance does not.

Binance was recently semi hacked.

The perpetrators did not get away with any funds as they were detected early. They had obtained a large number of clients Login details through phishing via a false Binance Login page.

If you use Binance now you will note there is a serious lag before sign-in access is given, this is to make sure users verify the site.

Additionally, the first page you are met once signed in is the current safety risk notices. 

Like most secure exchanges Binance provides Two-factor authentication for Login.

Verification when applying for a Binance account

There are 2 verification levels of clients at Binance:

  1. Tier1  Sign up with Email Address   Daily Withdraw Limit 2 BTC
  2. Tier2  Photo ID Verification              Daily  Withdraw Limit  100 BTC

NOTE: Larger limits are available through a personal request to the Binance support team.

Currencies on offer with Binance

All the majors including:

Plus an ever-increasing list of other cryptocurrency coins.

At the time of this review, there were 146 other coins on Binance available to trade. So you can buy Bitcoin, buy Ethereum, buy Ripple, buy Iota and a plethora of other coins.

Binance is constantly adding new coins to the exchange and we'll look to update this as and when the number of coins available on binance changes.

Binance does not accept any fiat deposits or withdrawals, it does, however, support Tether if the user wishes to park funds in the USD equivalent.

The Binance Trading Platform

The platform is very new and very clean. After the initial security risk notices on the opening page you can go to trading or use one of the account features.

Deposit and withdrawals

Deposits to fund your account and withdrawals are easy to do and the menus are intuitive. The history of trades, orders and transactions are excellent.

Binance has 2 exchange options basic and advanced. The major difference is in the sophistication of the charting and technical analysis features.

BASIC Charting and Trading on your Binance trading account

I really like the Basic exchange platform.

Everything you need is in front of you and you get access to a wide variety of trading pairs.

If you would like to watch a live Binance Exchange Review and placing live trades on a real account, click play on the video below.

There are 4 major currencies which you can trade the multitude of coins against.

The 4 major currencies are:

  1. Bitcoin BTC
  2. Ethereum ETH
  3. Tether USDT
  4. BNB. BNB is Binance’s own in-house coin from there original ICO.

There are advantages to having BNB coins, this will be discussed in the fees section of this review.

Once the major coin is selected then a list of pairs with all the other coins is presented. You can select any number of these and enter them into a favourites table.

When you select a currency pair the trade and charting sets up for that pair.

binance exchange review trading platform

The charting in the Basic Exchange is clear and simple, there is a candlestick chart ranging in periods from 1 minute to weekly.

There is a fast and slow moving average, a volume reading and a MACD. There is also a market depth chart and a full-screen option.

On the left-hand side of the page are the current close market orders and in the centre of these in larger font is the price of the last trade.

To make trade enter the price into either the buy or sell table along with the amount and hit the BUY or SELL tab.

You can see limit orders in the queue or market once executed will appear in your order history.

Order types supported are the usual Market or Limit Orders and easy to use Stop loss and Stop entry orders.

ADVANCED  Charting and Trading on Binance

binance review advanced charting

The Advanced exchange has the same trading and order system as the Basic exchange, Limit, Market and Stop loss orders.

The layout is different, there is more detail in recent past trades. The last 50 trades are displayed on the right-hand side of the screen.

The big difference between the 2 exchanges is the Charting and Technical analysis.

The features provided on the Advanced exchange are comprehensive and professional, they compare well with the quality Charting packages found in major financial markets. 

All the popular technical indicators are available supported by all the necessary drawing tools.

I don’t think it will be long before crypto exchanges start providing backtesting solutions to their users, although data history could be an issue.

Binance Fees on their digital currency exchange

The trading fee structure is pretty simple. There are no deposit fees and withdrawal fees to your bank account are .0005 BTC. They accept both credit card and debit cards.

The trading commission is 0.1%, however, if you pay for your commission in BNB, the Binance coin or Binance token, trading commissions drop to 0.05%. Binance does have low fees.

Concluding the Binance Crypto Exchange Review

Binance is a fabulous addition to crypto trading. This is an excellent platform for the novice or serious trader. Everything is clear, obvious and easy to use. 

You will love the simplicity of the Basic exchange and the way all the information is right in front of you. When you execute an order you know it has been done the details appear in front of you immediately, unlike some exchanges. The Kraken exchange and Bittrex spring to mind.

The charting in the Advanced exchange is as good as it gets and combined with the order system it is perfect for the professional trader.

Rewards from forks and airdrops

A great feature of Binance is it provides the holders with the rewards from forks and airdrops immediately.

For example, Coinbase did not allow Bitcoin holders access to Bitcoin Cash for a long time after the fork. Most exchanges don’t allow their NEO holders to earn NEO GAS rewards, Binance does.

Very impressive exchange. We rate it highly. If you're thinking it might be for you, you can visit Binance here.

 

Affiliate Disclaimer: Digital Currency Markets may be compensated by agents and exchanges through affiliate links on this site. We only link to exchanges or agents that we ourselves have used on our travels in trading and investing in Cryptocurrency.

Use Digital Currency – How it works

How our Bitcoin Gift Card works

What is a Bitcoin Gift Card?

A Bitcoin Gift Card is the perfect way for the newcomer to get their first Bitcoin. It comes with a paper wallet and simple instructions to set up a software wallet so that you can transact with Bitcoin over the internet. Bitcoin Gift Cards are available in AU$25, $50, $100 and $500 denominations.

Who should buy a Bitcoin Gift Card?

Anyone new to Bitcoin will find no easier way to get their first Bitcoin.

They can be gifted by an existing cryptocurrency enthusiast, or bought by anyone wanting to get involved for the first time themselves.

How can I pay for my Bitcoin Gift Card?

You can pay with either cryptocurrency through our coinpayments.net payment gateway, or you can use Australian Dollars through our POLI Pay facility.

Can I use a Bitcoin Gift Card to top up an existing software wallet?

Yes. When you receive your additional Bitcoin Gift Card, you can simply import the "Secret" wallet identifier from your Bitcoin Gift Card into your existing software wallet. This will move your Bitcoin from your Bitcoin Gift Card into your existing software wallet. 

What does my Bitcoin Gift Card include?

Your Bitcoin Deposit, wallet and key generation and network transfer.

How long does it take to receive my Bitcoin Gift Card?

Going through to checkout takes about 2 minutes. You won't find an easier process anywhere. Once you've placed your order, it can take between 10 and 60 minutes to receive your Bitcoin Gift Card depending on the speed of the Bitcoin network at time of purchase.

How our Flexi eGift Cards work

We have partnered with GiftPay, an aggregator of online deliverable eGift Cards in Australia.

Through our agreement with GiftPay, you are able to purchase a Flexi eGift Card from us, redeemable at a broad range of retailers in Australia.

Watch the Video to see how it works

What is a Flexi eGift Card?

A Flexi eGift Card is an electronic gift card that lets you choose where you'd like to shop! In the past if you were given a gift card for a particular shop but didn't want to buy anything from that shop, you were stuck. But now with a Flexi eGift Card, you get to choose at which shop you spend your gift. 

What's more, you may be able to split your Flexi eGift Card and spend it at different shops! For example, if you have a $30 Flexi eGift Card, you could choose to split it up into a $20 Myer eGift Card and a $10 iTunes eGift Card. 

Where can I spend it?

You can spend your eGift Card at a broad range of Australian retailers. For a full list of our retailers, click here. (page showing full list of retailer logos)

How do I redeem it?

Your Flexi eGift Card will be emailed to you. Click the link in the email to open your Flexi eGift Card.

Then convert your Flexi eGift Card into any combination of gift cards or vouchers up to the total available balance. How you redeem your chosen gift card depends on the card or voucher chosen.

Pay a BPay Bill

What Bills can I pay?

You can pay any bill that has the BPAY logo and Biller Code including credit cards.

Are there any payment limits?

Yes. You can pay a maximum of $1000 per transaction based on regulatory limits. You can however break up a bill into multiple $1000 tranches and enter the same biller and customer reference code.

How does the transaction work?

When you enter the amount you wish to pay, the BPAY biller code and your bill’s customer reference number, you will click through to our checkout.

At checkout, you will be asked to leave your details, which enables us to satisfy our legal requirements under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017. This sounds ominous, but takes about 2 minutes.

When you proceed to payment, you will be shown the digital currency amount payable and the wallet address to send your digital currency to.

Once you have sent your digital currency to our payment gateway wallet, you will receive an email notifying you that your payment has been received. We then convert your digital currency to AUD and pay your BPAY bill on your behalf.

Are there any fees?

Yes. At checkout you will notice our 3% fee added to your bill amount. This is to help us manage the currency risk of a volatile digital currency market when converting to AUD for us to pay your bill. We use a third party payment gateway to enable the digital currency transaction. Our considerations when choosing a gateway was security, pricing (spread) and speed. You’ll note when at checkout (before proceeding to payment) that the price you receive on your digital currency is very competitive. Other digital currency BPAY facilitators charge up to 6% per transaction on the currency alone, which in our view is akin to highway robbery.

 

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