You have seen our ranking of the most used exchanges and you have difficulty choosing which exchange to buy cryptocurrencies on ?
So here is an analysis of Binance the exchange currently number 1.
Binance is an exchange launched in July 2017 by Changpeng Zhao. Its headquarters are now located in Malta. With a base of more than 10 million users, Binance has a daily trading volume of approximately $450 million.
This exchange has several advantages, the first being its low transaction rate (0.1%), which makes it very competitive in the market. In addition, by owning Binance Coin (BNB) (Available directly on Binance) the fees are divided by 2 and paid directly in BNB (0.05%).
The interface is intuitive, but still requires a slight adaptation time because it offers different tools much more complex than those on Coinbase.
The team is very active and the support very fast, which is not the case for all exchanges.
Hundreds of different cryptocurrencies are available.
And just like Coinbase, it is a very secure platform.
The scores are out of 20, they are subjective, you may not have the same appreciation for them.
User Interface 18/20: It includes the general opinion of the interface, its responsiveness, its consistency, its efficiency and its user-friendliness.
Means of protection 17/20: Exchange and connection on the platform are taken into consideration.
Customer Service 15/20: We deal here with the responsiveness of customer service.
Choice of currencies 19/20: We deal here with the number of cryptocurrencies present on the platform, as well as their volume of exchange.
Fees 18/20: Here we analyse the level of fees in comparison to other exchanges.
Its interface is intuitive, ergonomic, responsive, but still requires some time to adapt for beginners, unlike Coinbase which is really simple but offers much less possibilities.
Binance offers 2 trading interfaces:
You can familiarize yourself with the Basic interface, but I advise you to quickly turn to the Advanced interface, it is quite fast to understand and offers many more possibilities.
Choice of currencies
Binance is an exchange that offers more than 300 different cryptocurrencies, each offering a volume large enough to be able to trade (unlike other exchanges offering a wide choice of cryptocurrencies but with no volume, making their purchases/sales much more complicated). In this field, Binance is excellent, however, forget the unknown cryptocurrencies, the entry price on the Binance exchange being very high, only confirmed cryptocurrencies can afford to integrate it.
Deposits and withdrawals on the platform
Since January 30, 2019 it is possible to buy Bitcoins (BTC) or Ethereums (ETH) directly with your credit card, the fees are currently higher than on Coinbase.
For deposits, there is no limit to how much you can buy on Binance, but be careful if you send an altcoin, to check if it is accepted on the platform. Otherwise you may never receive the tokens.
For withdrawals, it is very easy: just enter the address of the wallet where you want to send your tokens, be sure to send your Ethereums for example on an Ethereums wallet address (otherwise you will never get your Ethereum back). See the tutorial made on this subject by clicking here.
Binance is excellent in this area, indeed, deposit fees are free of charge, while withdrawal fees average a low 0.1%.
In addition, by owning Binance Coin (BNB) (Available directly on Binance) the fees are divided by 2 and paid directly in BNB (0.05%). We therefore recommend that you acquire a few NBBs to be able to benefit from this advantage.
The means of protection
To connect to Binance, the platform has integrated the dual authentication function to make it very difficult to hack accounts. Indeed to connect to Binance, you must of course have an account but you must also enter the “Google Authentication” code which is an application available on your mobile that will allow optimal security, without this code a person will have your account IDs but he will not be able to connect to it without your mobile.
Same principle, you can also choose the “SMS Authentication” option to receive a confirmation SMS with a code each time you connect.
(Also note that an email is sent to you when you connect to a foreign computer).
As far as withdrawals are concerned, there are 3 different levels.
These are 24-hour limits:
The first level imposes a withdrawal limit of 2 BTC, which is quite sufficient for a beginner.
The second level is much more interesting if you are confirmed, which imposes a limit of 100 BTC.
And the third level allows for an upper limit but requires the approval of the Binance team.
Binance can count on a high quality customer service, it is quite responsive unlike many other exchanges.
Binance also has a very complete and comprehensive FAQ (more complete answers on the English FAQ), you can also check our various tutorials dedicated to Binance).
The English version: https://support.binance.com/hc/en-us
The French version: https://support.binance.com/hc/fr
The CIA’s opinion
Binance is now the number 1 exchange, a quite deserved ranking in sight of the quality of the offer, the service, the interface and the ergonomics of the platform.
Binance is for us the choice to make once you have familiarized yourself with other more accessible platforms such as Coinbase.
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