Binance is one of the leading cryptocurrency trading exchanges in Russia and the world. The number of traders is growing daily. Some people make money successfully and are satisfied, others tried it a couple of times and didn’t succeed. Before registering on the exchange, we definitely recommend reading reviews about Binance in 2021.
On this page we have collected exclusively real user reviews about withdrawals from Binance, p2p, mining and other sections of the exchange.
If you have any questions or have an opinion about the company’s work, write in the comments to this post. Share your reviews and you will help other users understand how Binance works.
10% bonus upon registration
Binance
Advantages and reviews of the Binance crypto exchange:
- Availability of a Russian-language version of the site
- No mandatory verification
- Wide selection of cryptocurrencies
- From 2022 to 2022, Binance is the undisputed leader in trading volume and number of users among all cryptocurrency exchanges in the world
- Since 2022, replenishment and withdrawal of funds from bank cards in rubles, dollars and euros have become available
Disadvantages and reviews of the Binance crypto exchange:
- No special
Cryptocurrency and blockchain can be called one of the most popular and developing areas. The market is growing and new projects are constantly appearing, which are created taking into account the shortcomings of their predecessors. In 2017, one of the most high-profile new products was the Binance crypto exchange. In a short time, just a few months, it has become one of the main platforms for exchanging cryptocurrencies. It is Binance that will be discussed in this article. We will talk about how to register and start working there, how to buy cryptocurrency and how to make money, and we will look in detail at other aspects of interaction with this project.
Withdrawal of funds
In order to withdraw funds from the Binance exchange , you need to: 1. In your personal account, select the “Funds” , and select the “Withdrawals” .
2. In the “Select coin/token to withdrawal” , select the cryptocurrency you want to withdraw.
3. Fill in the transaction details - the amount and address of the wallet to which you are withdrawing funds, and then click on the “Submit”
You can also deposit/withdraw funds from the “Balances” , which displays all your wallets. To do this, opposite each wallet there are buttons “Deposit” (deposit funds) and “Withdrawal” (withdraw funds).
Binance Exchange Review
As noted above, Binance entered the market only last year, in 2017. The project domain was registered in the spring. The company, whose exchange was able to attract so much attention in the cryptocurrency community, quickly took leading positions in many ratings and continues to expand its influence and presence in the market.
At the end of 2017, Binance management announced that the number of traders who registered on the exchange exceeded three million people.
The company's head office is located in China, Shanghai. However, the project attracts users from all continents and can be considered international. There are no restrictions on the registration of traders from other countries.
A set of functional APIs is offered to developers. Detailed information and source code are available on GitHub. Also in September, a mobile application for iOS and Android was presented.
Binance has its own BNB token, the purchase of which gives the user some advantages on the exchange. This will be written about below. Moreover, the platform features a separate market where cryptocurrencies are traded in pairs with Binance Coin. BNB itself is based on the Ethereum blockchain and is a standard ERC-20 token. To store it, in addition to the Binance exchange, you can use any Ethereum wallet that supports this standard.
The official website has a translated interface into eight major languages of the world. Among them are English, Russian, German, Spanish, French and some Asian languages.
It should be noted that the Russian translation still leaves much to be desired and it is often better to use the English interface. Some foreign users also complain about the quality of translations into other languages.
Liquidity supply in Liquid Swap
Earn money by supplying liquidity in Binance Liquid Swap
Liquid Swap is a tool that works on the principle of decentralized crypto exchanges with liquidity pools. Users can instantly exchange some assets for others through it with minimal commissions. But the main thing is that this is another way to make money on the Binance cryptocurrency exchange - by adding liquidity to the pools and receiving a reward for it. Depositing funds into certain pools marked with the “Additional Rewards” icon, accordingly, allows you to receive an increased level of income.
Register on Binance
Some users encounter difficulties in the process of creating a new account on Binance, despite the fact that it is quite simple. All you need to do is just fill out the registration form with the necessary data and prove that you are not a bot by completing the captcha. The latter sometimes confuses RuNet users, because the system they use is significantly different from the one they are used to. To complete it, you need to pull the slider until the puzzle element is in its place.
Futures
Binance Futures
Futures are contracts that involve the transfer of assets not instantly, but after a certain time and at a certain price. Binance users have access to perpetual futures contracts with leverage up to 125x. In order to trade on Binance Futures, you first need to transfer funds (USDT or BUSD) from your regular account to your futures account.
Futures market prices differ slightly from spot prices because they include storage costs. In order to bring the indicators as close as possible to the spot ones in the long term, financing is carried out every 8 hours.
- When the market price rises, the funding rate is positive and traders with Long positions pay out funding to traders with Short positions.
- Accordingly, if market prices fall, then the funding rate is negative, and participants with Short positions pay participants with Long positions.
On Binance Futures you can take part in battles (guess which way the price will go). Prize – points that may later be useful for receiving prizes in sweepstakes on the platform.
Tournaments
Tournaments between traders
In addition, you can earn money on Binance by participating in a tournament between traders. Tournaments are held on a regular basis. The total prize pool depends on the number of participants. Participants are divided into teams, and then each of them must actively trade in the futures market. The winners are those whose profit-to-loss ratio is the best.
Often there are also additional prizes, for example for team leaders or for those who vote for certain teams.
Verification on Binance
After completing the creation of a new trading account, the user can begin to use all the functionality of the platform. It should be noted, however, that withdrawals will then be limited to two and a half bitcoins per day. It can be increased to hundreds of bitcoins per day, but this will require passing standard verification. To do this, you will need to provide your full name, gender, country of residence and passport information. You can also use your driver's license for this.
A scan of the selected document will need to be uploaded into a special form on the website. Moreover, the user will have to take a selfie with a document in hand and a piece of paper with the current date and name of the exchange.
Additional features of the crypto exchange
The main function of Binance is to act as a platform where sellers and buyers of cryptocurrencies meet with a guarantee of fair execution of transactions. But besides this, it also has a number of noteworthy features:
- Binance Academy is an educational program for those who have just entered the cryptosphere. This is a series of materials explaining the principle of operation of cryptocurrencies. There are materials on the most popular indicators. Information is also provided in Russian;
- Blockchain Charity Foundation is a charitable foundation of the Binance exchange. The scheme is the same as for regular funds - you donate crypto to a special “charitable wallet”, and this money is then spent on good causes. Thanks to the blockchain, the issue of trust has been resolved, everything is extremely transparent and misuse of funds is excluded. On the same page there is detailed information about where and how much was donated;
- Labs is an incubator for promising projects. Specially formed team exchanges Binance evaluates applications from developers of new cryptocurrencies and helps the most promising ones. Moreover, the help can be not only financial, they can help with promotion, implementation of the technical part, and correction of documentation. The main thing is that the project is worthwhile. Anyone can submit an application, specify an email, attach project documentation and just wait for a response from the Binance team;
- LaunchPad – the most promising projects are selected here, for which all work has already been completed and developers now need to attract a larger audience in a short time. If a project is included in Binance’s LaunchPad, this almost 100% guarantees high crypto sales. This is also beneficial for traders, they can buy a new cryptocurrency at a favorable price;
- Binance Research is a research direction from the crypto exchange. Researchers working on the problem of improving existing blockchains and developing new ones, studying the issue of popularizing blockchain technology, can join the Binance research team.
As you can see, the matter is not limited to crypto trading. Binance tries to cover all possible areas, paying considerable attention to supporting new projects and research work.
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How to top up your account
The Binance exchange does not support fiat currencies and you can do without obtaining account verification if your planned trading amounts are low.
The platform supports more than 70 coins and tokens. One of the advantages of Binance is the cost of commissions. There are no replenishment fees. Go to the “Deposits & Withdrawals” section and open “Funds”. Here you can select the cryptocurrency you are interested in and click on “Deposit”. You will see an address generated for you to which you can make transfers and top up your balance. The amount you transferred receives the “order frozen” status until all confirmations are received on the blockchain. This inscription does not mean that something does not work or is not enrolled.
Reviews
I was able to find both positive and negative reviews about the Binance exchange.
In positive reviews, people most often praise the exchange for low commissions, high liquidity, convenience, simplicity and honesty. Here are some of these reviews:
In negative reviews, people most often complain about hacked accounts and problems communicating with technical support. Most likely, clients who suffered from hackers are themselves to blame for not taking care of the security of their accounts. It is likely that they entered exchange access data on phishing sites, or picked up viruses on some suspicious sites. You need to learn the basics of computer security so that later you don’t have to go to China and hire lawyers:
For the sake of objectivity, I would like to note that
people are more likely to leave negative reviews. After all, when services are provided with high quality, it is taken for granted. And when troubles happen, the person is overwhelmed by resentment, and he begins to feel strong negativity towards the service provider. That is why there are always more negative reviews about something than it deserves. You need to be aware of this when trying to evaluate something objectively.
How to trade on Binance
After replenishing the account on the exchange, the trader can proceed to the trading process. Binance supports over 200 currency pairs.
First you need to go to the section where trading takes place. It is located in the “Exchange” tab. Traders have a choice of “Basic” and “Advanced” modes. They differ in capabilities and design. “Advanced” mode offers an improved course chart, which is equipped with a set of tools for technical analysis.
In total, users are offered four markets:
- BTC
- BNB
- ETH
- USDT
On the page of each pair there is detailed information about the exchange rate, daily indicators, trading volumes and order books from other traders. Stop limit orders are also available to improve trading efficiency. The exchange has excellent throughput and can process up to 1.4 million transactions per second.
Competitions
Almost at any given time, there is some kind of competition or tournament going on on Binance. This is a good opportunity to earn income by trading, participating in AMA sessions, educational activities, etc.
Information about current competitions can be found:
- In our article.
- On the company's blog https://www.binance.com/ru/blog.
- In the official group https://vk.com/binance or other social networks.
Trading volume
Binance is one of the market leaders and surprises with the scale it has achieved in just six months. If you believe data from the Crosslytics service, the trading volume per day reaches 1.7 billion dollars. The most popular trading pair is BTC/USDT. Its turnover is 15% of the total.
Safety and reliability
Transaction security is another important point. Therefore, using third-party services is an additional risk. Even reputable monitoring systems, such as BestChange, cannot guarantee 100% reliability of the exchange service, since their activities are not regulated by anyone.
The security of the Binance exchange does not raise any questions. The site has a high level of protection and has not been hacked. For added security, enable two-factor authentication.
The entire risk comes from third-party services, intermediaries.
Use the services of exchangers that have been operating on the market for at least 2-3 years and have several thousand positive reviews on various monitoring sites. The most reliable, top exchangers almost always have a worse rate than those of newcomers to the industry.
You have to pay for security.
When withdrawing cryptocurrency and then exchanging it for BTC through an exchanger, there is a risk of receiving dirty bitcoin. Therefore, it is better to convert funds directly through the exchange as it is the most reliable option. Not all exchange services have licenses, therefore, when making regular transfers to a bank card, there is a risk of it being blocked due to suspicious transactions. The exchange uses only certified payment gateways and, if necessary, will provide documentation confirming the legal origin of income.
Binance Help Desk
To provide technical support to users, the developers have allocated a separate board. Here you can find the answer to one of the frequently asked questions or contact a specialist yourself if something is not working as it should. Reviews about technical support are mixed. Among them there are descriptions of positive work experience and dissatisfaction.
| Advantages |
| 1. Many supported currencies. The developers focused on quantity without sacrificing quality. All the most popular cryptocurrencies and many lesser-known projects are traded on Binance. Having multiple markets also expands trading opportunities. 2. One of the largest trading volumes on the market. The trading volume on Binance amounts to billions of dollars and allows for transactions of any scale. This also helps to bring the exchange rate as close as possible to the market rate. 3. Good level of security. The developers always focus on providing a secure service and have even announced rewards for information about planned attacks. 4. Constant development. The creators support their platform and its performance is constantly growing. It is planned to open new divisions, add functionality, etc. |
To summarize, it must be said that Binance is one of the best options for trading and investing. This is evidenced by its popularity, trading volume, and the number of supported currencies. The exchange is suitable for both professionals and beginners, thanks to the availability of appropriate modes. In addition, it is not necessary to verify on the platform and withdraw not the smallest amounts. The project continues to develop actively and recently announced the opening of a unit on the European island of Malta. What do our readers think about Binance? Have you used this trading platform? We invite you to share your opinion in the comments to the review.
Information updated 01/01/2022
Spot trading
Spot trading on Binance
Spot trading refers to a method of trading in which settlements are carried out instantly at the time of transactions, without delays. The essence of making money is to sell assets for more than they were purchased for. For this purpose, trading instruments are used - orders.
Binance supports Market, Limit and Stop-Limit trading orders. The market allows you to instantly buy or sell a specified number of assets at the best price offered. Limit – creates an order in the order book indicating a specific price, and is executed only if an opposing market order appears at that price. Stop Limit – allows you to schedule the creation of a limit order when a certain price level is reached.
The exchange also supports margin trading with leverage, which allows you to create orders for more funds that you have, and if you are lucky, make a profit many times greater than possible.
Automated trading
Making money on Binance using automated trading
Automated trading on Binance is possible using trading bots - special software. The bot connects to the exchange via API and creates buy/sell transactions on behalf of the user. The bot acts in accordance with a strategy predetermined either by the developers or by the user himself. Bots are usually not free, but payment methods vary - either a percentage of profits or a fixed cost per month/year.
Examples of bots that allow you to make money on Binance: RevenueBot, 3Commas, Cryptorg.
About taxes
Withdrawals are subject to taxation, although cryptocurrency still has a semi-legal status in many countries. To avoid fines, experts recommend still paying a profit tax of 13%. Please note that we are talking about deductions from profits, and not from the size of the transaction. You need to submit a report to the tax service by filling out the Personal Income Tax Form-3.
Lawyers recommend attaching checks confirming the real amount of income to the declaration, although there is no such requirement in the law. By law, it is enough to simply indicate the amount of profit. Of course, the tax authorities will be interested in the origin of your income (provided it is regular). Tax authorities do not monitor small transactions. Large payouts are of interest – from $5,000 and above. If you have just started working with crypto and earn $200-300, then rest assured that the tax office is unlikely to conduct an investigation into your type of activity.
Where to begin
Only registered users can withdraw btc to the card. Be sure to pass verification, at least the first level, to expand your cashout limits. Think carefully about how you plan to receive payments. If you want to convert cryptocurrency to fiat, then choose a suitable electronic payment system. For example, rubles can only be directly transferred to Advanced Cash electronic wallets.
If you plan to use electronic payment systems to receive funds, you need to create a Bitcoin wallet with withdrawal to a card. Read the user agreement, some services also require identification to use funds without restrictions. This applies to all electronic systems, without exception, popular in the CIS countries: QIWI, Yandex, Webmoney. Therefore, get verified in advance.
