In recent times, reports have been piling up that Bitcoin has reached new record values. Many small investors have already dealt with this topic and follow the cryptocurrency very closely. The Bitcoin marketplaces, where the currency can be exchanged for numerous other electronic currencies, are also becoming increasingly popular. It is also possible to purchase bitcoins in return for a “real” currency. We have dealt with the marketplace ofBinance and want to share our Binance experiences in the following.
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One important sentence must be said right at the beginning, because many investors are afraid of a scammer. This fear is not completely unfounded, because in the past there have been one or two questionable business models on the market. In the meantime, however, the industry has changed significantly and is also much more heavily regulated. In addition, Binance is one of the largest Bitcoin trading platforms. Fraud or rip-off can be ruled out, especially since there are a number of prominent investors behind Binance.
Our experience at a glance
The platform has its roots in Shanghai and is managed from here but users all over the world. According to our Binance experience, the Canadian-speaking area has only recently come into focus, which can be seen, among other things, in the missing Canadian translation of the website. This is available in English, Japanese, Korean, Chinese, Spanish, French and Russian. So it cannot be overlooked that the domestic market in Asia plays an important role. Binance has already been able to build up a strong reputation here and is one of the market leaders. A software download is not necessary to participate in trading, the company also provides its own mobile app, which can also be used to trade on the go.
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Despite the possible language barriers, trading is successful the website extremely easy. The various markets for the different cryptocurrencies can be easily controlled, trading is also quick and easy. Deposits are always free with the provider, Binance works with a flat fee of 0.1 percent for trading. If you want to pay out, you have to pay attention to various fees that vary from currency to currency. According to our Binance experience, a total of around 80 cryptocurrencies can be traded, and the platform is used by more than a million users.
Binance: Fraud or serious?
Trading with Bitcoin or others Of course, cryptocurrencies carry some risks. It is all the more important to be able to rely on a serious and secure framework, at least when it comes to your platform. At Binance, this secure framework can definitely be discovered. The provider has an impressive "selection" of investors behind it, who give the whole thing a serious touch.
In addition, Binance can boast a user group of more than one million users - and they would be with a dubious provider of course not to be found. Several encryption and security programs are used here, whereby SSL encryption can certainly be described as the most well-known protection. In our opinion, Binance fraud is impossible, especially since it is by no means a small or insignificant marketplace. Binance is a true giant in its Asian homeland and leaves no questions unanswered in terms of seriousness.
Binance's offering at a glance
The provider provides an in-house trading platform for trading with the various cryptocurrencies. No software has to be downloaded, instead trading in cryptocurrencies can be carried out directly in the browser. A distinction is made between a classic trading variant and a version for advanced users. However, if required, a download version is also available, which can currently only be used by users with a Windows device.
Who is searching If you are looking for a large trading platform for cryptocurrencies, you have definitely landed on the right page with Binance. The company from Shanghai not only focuses on Bitcoin, but also enables trading in numerous coins on its platform. Included are, for example, Ethereum, itcoin, Bitcoin Cash, Iconomi, Bitcoin Gold or Bitcoin Diamond. It is important to note that trading via Binance charges a fee of 0.1 percent of the trade value. The advantage for users with smaller trading sizes is obvious, because compared to a fixed fee, you always pay fairly according to your own size.
Binance trading platform
We trade according to our Binance experience on an in-house platform developed by the company itself. Trading on the platform is divided into two different types. Newcomers can fall back on the basic variant, which can be described as very clear. Processes 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 somewhat more visual. However, newcomers can also orientate themselves here.
It's a pity: A free demo account for getting started with trading is not available. By the way: The provider regularly presents the coin of the month. Anyone who trades this selected cryptocurrency can save the 0.1 percent fee for trading. The various features related to the trading platform are also helpful, such as specifying a specific period in the chart tool. In addition, the individual coins can be easily tracked down using the integrated search function. Even without much previous knowledge and despite the lack of a Canadian translation, trading is not really complicated.
In order to create their own trading account with the provider, users only have to click on the "Register" button on the start page. Only a few details are then required, so that the account opening can be completed within a few minutes. The required information includes your own e-mail address, a password and a possible referral ID. This is particularly interesting when users recruit other users, because a small fee can be earned with this.
Deposits and withdrawals
An important feature of Binance is noticeable when the payment portfolio of the provider should be scrutinized. A real variety of payment options cannot be found here. And why not? Very simple: The classic deposit of euros or other currencies is not possible here. Deposits and withdrawals can only be made with the different cryptocurrencies. How exactly the individual transactions are processed always depends on the respective coin. But a plus point, according to our Binance experience, is that there are no fees for the deposit.
|Binance payment options at a glance|
|Payment options:||All supported Cryptocurrencies|
|Minimum deposit :||–|
|Account management possible in:||All support cryptocurrencies|
|Payout options:||All support cryptocurrencies|
The provider only pays out with cryptocurrencies, which is generally not considered a big problem can. On the contrary, because the payouts are usually processed much faster than in comparison to well-known payment methods. However, it is important to note that withdrawals are not entirely without additional fees. If you want to make a payout with Bitcoin, you have to plan a fee of 0.0005 BTC. Litcoin has a fee of 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 only not yet been able to gain the desired popularity in Canadian-speaking countries. Nevertheless, the impressive background at home speaks for the fact that the traders are dealing with a reputable and reliable provider. After all, more than a million users are registered here and trust the platform with an enormous amount of currency.
The transactions are of course protected by the "in-house" encryption or security measures of the coins. In addition, however, Binance also uses additional protective mechanisms, which is why trading via the platform can be described as extremely secure.
In our Binance experience, the provider could still do a little with customer support help out However, this comment does not directly refer to the advice, but rather to the access to customer support. The support area is easy to find at first glance, but the possible contact methods are less so. You have to search a little here before the contact form appears from the depths of the homepage. The form is filled out in no time at all, but it can take a few hours for you to get a response. There is no real alternative to this contact method, the provider currently does not have a live chat or a telephone hotline.
However, a very extensive FAQ area can help. Here the provider answers all important questions about the different currencies or trading with the platform. There is a high probability that every user can already find the answer to their question here - at least if it is a general topic and not an account-specific matter. Of course, it is also important to note that support and the FAQ area unfortunately do not offer advice in Canadian. But: What isn't, can still be and given the "attack" on the Canadian-speaking market, it should certainly only be a matter of time.
Apart from the possibly smaller ones Problems due to the missing Canadian translation, the operation of the platform is very easy overall. The provider provides various aids that even beginners can use to quickly gain an overview of the peculiarities of this marketplace. In addition, three videos are offered directly on the start page, which also offer a brief insight into trading and crypto coins in general. Control and navigation are therefore completely quick-witted, the videos and the many smaller tutorials in the FA area give the provider another plus point.
With only one mobile app The provider is not satisfied with the app alone. Instead, the Binance app is offered in different variants, with which the platform wants to enable all users to trade while on the go. 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, the download should be completed within a few moments with a decent internet connection. Another option for use is the mobile web variant, which does not require an additional software download. In this case, trading is quite simple in the mobile browser. There are no disadvantages in terms of control, since Binance works mobile with an intuitive design. Even the newbies should be able to quickly find their way around the mobile offer.
Conclusion: Diverse trading offer
The bottom line is that our Binance experiences are extremely appealing. The platform has been able to steadily expand its own range in recent years and now allows trading in more than 80 different coins.Comparing the Bitcoin Exchanges this is a very strong value. The Bitcoin is certainly the best-known variant, but there are also numerous Asian currencies that underline the focus on the domestic market. In the Canadian-speaking area, the reputable and reliable provider will probably also be able to expand its influence over the next few years. Why not, after all, the users are offered a whole lot here and there are only minimal little things that have not yet been optimally solved.