If you ask me to create a list of trusted Bitcoin exchange platforms as BitMEX and Bitlio then Binance is certainly going to feature among the top 10 companies. Set up in China, Binance has climbed the rungs of social acceptance faster than most exchanges owing to its incredibly low trading fee. It also allows one to trade in an extensive list of cryptocurrencies, thus, increasing the convenience for its users.
Limits and liquidity
Essential three levels of issuance limits distinguished by different levels of identity verification.
The first level doesn’t require one to verify their account. At this level, the user allowed a daily withdrawal of 2BTC.
The second level requires one to upload a legit photo ID. The user given a limit of 100 BTC in daily withdrawal. Also user can avail this only after his account has been accepted.
The third level has considerably higher limits. However, this level can be used only by contacting Binance directly.
Deposits are also limitless. These limits issued only upon withdrawals. The “Level 2” verification process requires customers not just to upload a valid photo ID. Also fill in their demographic details like name, gender, country and even a selfie clicked with their passport. This step then clears the initial withdrawal limit and gives them access to the level 2 benefits.
The processing speed of Binance is exceptionally efficient. It is fast in adding tokens and coins which is advantageous for its users.
- Simple and straightforward interface – trading is easy as the exchange interface is user-friendly and easy to understand
- Extensive listing of initial coin offerings – this exchange can be used for numerous digital currencies like Bitcoin, GAS, Dash, Zcash, Ripple, EOS, Litecoin, Ethereum, NEO and so on.
- Low trading fee – the standard charges levied on each trade conducted by a user is 0.1% at the time of writing. This gets further reduced to 50% if the customer used Binance tokens to make the payment. This is one of the lowest trading fee levied anywhere in the cryptocurrency market.
- Exciting competitions with fabulous prizes – the Binance exchange is well known for conducting various competitions that doles out prizes in cryptocurrency.
- No transparency in security – This particular exchange platform doesn’t give enough information to its users on how their funds secured and what firewalls it implements.
- Only limit and market orders – due to excess traffic, often only limit and market orders allowed.
- Predefined verification processes that have necessitated ID proof for the purchase and sale of Bitcoin reduces anonymity on every exchange.
Binance affiliate program
Binance has an alluring referral program for its users called the Binance Referral (R) program where one receives 50% of the referred customers trading fees in real time! The program can be used by downloading the Binance APP and then participating in the referral program. However, Binance reserves the right to make changes to this fees and commission in the future. All you need to do is share your referral code with your friends. You will receive a small percentage of discounts every time they buy BTC. This program works even on the mobile application version of Binance. Download the Binance App and register as an affiliate.
Binance Affiliate Review
These guys have been getting some negative reviews in the past few months but that’s mainly because of so much extra trading volume. That slows things down, not just for them but for every single Crypto company out there. Binance is a trustworthy, safe and reliable company that we stand behind fully.