- Trading Fees : .05-.1%
- US Customers Accepted? : Yes
- Institutional Accounts? : No
- Between .05-.1% fees
- Two bitcoin daily withdrawal limit on new accounts
- 100s of cryptos
- iphone app not out of beta
Binance, multicoin exchange developed by former OKCoin CTO Changpeng Zhao, launched close to four years after Poloniex and Bittrex, but has still managed to emerge as the dominant player in the market from a liquidity perspective.
1. Fees are 50% less than competition;
2. They offer an immediate two bitcoin withdrawal limit per day to new non-verified users compared to $0 on Bittrex and $2,000 on Poloniex;
3. They offer stable trading platforms on web, desktop, and mobile app.
With hundreds of cryptoasset crosses available for trading, we view Binance as the best multicoin exchange in the market.
Opening an Account
An email provides sets users up with a limit of two bitcoin equivalent withdrawal daily; want a 100 bitcoin daily withdrawal limit? You will need to set up two factor authentication and submit photocopies of your passport, as well as a picture of you holding the passport.
So a big point for Binance: unverified accounts get a two bitcoin daily withdrawal limit.
The Binance Trading Platform
Binance has a well organized platform allowing the intuitive trading of hundreds of different cryptoasset pairs, with adequate technical analysis features integrated into embedded charting.
There are four main markets available - BTC, ETH, BNB (the Binance token) and Tether. Binance is an Ethereum-God, as both ether and btc have around 90 crosses. You can trade Tether against six different cryptos, and BNB trades in about 30 different pairs.
Volumes and spreads are excellent for many of the most sought after pairs, with eth/btc probably the best in the market.
Binance is a true multi-platform exchange. There is the standard web client, an android app, an iphone app (currently beta but working), and a downloadable PC client. Full trading history, functionalities, and balances are available from all platforms, and so you can switch between them at your convenience.
Two different exchange platforms are offered - basic and advanced. Basic squeezes the chart (and it's functionality) in order to make space for the menu of cryptoassets, which are displayed on the left hand side of the screen.
Once a particular pair is selected, the advanced exchange will display the appropriate pair, and you can take advantage of the additional technical analysis tools if so inclined.
There are no differences in the trade slips between the two platform types. Toggle between limit and market orders, and place your stop loss /take profit orders from the third tab.
We find desktop clients more comfortable to use when circumstances permit. Generally they seem faster and, as is the case with Binance, administrative tasks - like depositing, withdrawing, etc - are done on the web interface, meaning the desktop client is entirely devoted to trading. Aside from very good performance, the desktop client displays all the different crypto assets on the same screen as the advanced charting integration, and so traders needn't toggle back and forth.
Binance has a fully developed Android application and an iphone app that currently is available only via a link on Binance.
The Android app has a markets and trading screen. The markets tab displays all the assets available for trade, a click opening up more detailed analysis on the pair, including candle charting with different time intervals and the order book. The trade screen offers an optimized trade slip with all the Binance order types.
When we tried to download the iphone app, our device would not allow us to open it, as it was downloaded from an "untrusted enterprise developer". We assume this will quickly be sorted and the functionality will be the same as with the Android app.
Binance offers the lowest fees amongst any multicoin exchange - and actually beats a lot of the top mainstream exchanges as well. .1% flat, both taker and maker.
If you are a big time trader, you can buy some Binance tokens which can be used to pay trading fees at a 50% discount. So if you are really into minimizing your fee charges, simply buy some BNB and use it to pay your fees at an effective rate of .05%.
Binance offers the lowest multicoin fees in the market by a large margin, an email is all that is required for two bitcoin daily deposit and withdrawal limits, and you can access Binance from web, mobile application, or a downloadable client. Binance is the go-to exchange for trading cryptoasset crosses as far as we are concerned.
Exchange Articles of Interest
Bitcoin Price (USD): 853.48