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Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its impressive coin offerings and insanely low trading fees.Buy Litecoin on BinanceAlthough the company was launched just a few months ago (via ICO), the exchange is already being promoted as a good alternative to Bittrex.In this Binance review, I’ll be going over:Key InformationHow It WorksTrading FeesAvailable CryptocurrenciesTransfer LimitsCompany TrustFund SecurityCustomer SupportConclusionBinance Key InformationKey InformationSite Type Cryptocurrency ExchangeBeginner FriendlyMobile AppCompany Location Shibuya-ku, TokyoCompany Launch 2017Deposit Methods CryptocurrencyWithdrawal Methods CryptocurrencyAvailable Cryptocurrencies Bitcoin, Ethereum, Litecoin, +45 more coinsCommunity Trust GreatSecurity AverageFees Extremely lowCustomer Support GoodSite Visit BinanceHow It WorksThere are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.Binance Advanced ViewEven the Basic view is fairly complex and not ideal if you’re just starting to invest. It’s obvious that Binance was not created for the casual investor. The main dashboard has several charts and graphs including the order books, a candlestick chart, as well as the trade history. There’s also a depth chart of the orders that you can view in a separate tab from the candlestick chart.To begin trading, you first need to fund your account. To do so, click on the “Deposits Withdrawals” link under the “Funds” tab.On the “Deposits and Withdrawals” page, choose which cryptocurrency you’d like to fund your account with and click “Deposit”. Binance provides you with a public wallet address to send your funds. I recommend that you fund your account using either Bitcoin or Ethereum because those are the two coins with the most trading pairs. This gives you greater flexibility when trading.Once your account has some funds, you can start investing. Navigate back to the exchange dashboard by clicking “Basic” under the “Exchange” tab in the upper left-hand corner.On Binance, you’re only able to make limit and market orders. With the complexity of the interface, I would expect there to be more advanced trading options, but those things may be added as the company matures and grows.Trading FeesBinance currently charges a flat 0.1% fee on each trade. For an exchange that doesn’t use a fee schedule, this is one of the lowest fees I’ve seen.If you pay using their own token (BNB), you currently receive a 50% discount on the trading fee – bringing it down to 0.05%. With this discount, Binance easily has the lowest fees in the industry.Available CryptocurrenciesBinance has a vast selection of coins with pairings to Bitcoin, Ethereum, and Tether. Some of the available coins are:ArkBitcoinBitcoin CashBitcoin GoldDashEOSEthereumEthereum ClassicIOTA (Binance is one of only two major exchanges where you can buy IOTA)LitecoinNeoOmiseGo+36 more coinsMany investors like Binance because they offer coins that often aren’t listed on other exchanges such as Bitcoin Gold, IOTA, and Walton Coin.Transfer LimitsBinance is strictly a cryptocurrency exchange, so you’re not able to fund your account with fiat currency.You can only deposit cryptocurrency funds, but there’s no limit on the amount that you can deposit. There are also no fees on any of your deposits.The amount that you can withdraw each day is determined by your verification tier. Without submitting any verification details, you’re placed at Level 1 and can withdraw up to 2 BTC worth of cryptocurrency a day.To be classified as Level 2, you need to enable either two-factor authentication or Google Authenticator. Right now, only Chinese numbers are supported for two-factor authentication.Following that, you need to provide:First nameLast nameGenderCountryPassport IDPassport photoSelfie with passportWith Level 2 verification, your daily withdrawal limit increases to 100 BTC.Company TrustI’ve been increasingly interested in Binance recently after seeing it suggested time and time again on forums as a better alternative to Bittrex. Community members seem to love this exchange.Binance is one of the newest exchanges in the industry. The company raised around $15 million in an ICO this past July (2017) and immediately acquired 20,000 registered users as part of the raise.Changpeng Zhao, CEO of Binance, has an impressive resume with years of experience in cryptocurrency. He was the Head of Development at Blockchain, Co-founder and CTO of OKCoin, and the Founder and CEO of BijieTech before working on Binance.Fund SecurityInformation about fund security is not available on the Binance website, and I wasn’t able to find anything on any forums regarding it. This is not a good sign, and I advise you to proceed with caution if you decide to use this exchange.All I can confirm is that Binance allows you to enable two-factor authentication or Google Authenticator for your log-ins.Customer SupportThe customer support area on the Binance site is lacking in comparison to other exchanges. There’s a short list of FAQs that failed to answer a lot of the questions I had as I was using the platform.Because the website was originally written in Chinese and translated to English, there are sections (especially in the support section) that have confusing grammatical errors. I’m going to give Binance the benefit of the doubt of this, though, because the company is young, and it’s impressive that they support multiple languages this early.You can submit a support ticket through an online form and get a response via email. The official Binance Reddit page states that your ticket won’t be answered by a random support agent but rather by someone integral to the company who knows the system you’re using.Binance is a great choice. Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading- basic and advanced. Neither the basic, nor the advanced versions are bound to be seriously user-friendly. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.Binance Signup & LoginTo use the exchange, users will first have to create an account. The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.Now, that this is out of the way, users can go ahead and fund their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.To fund your account visit the “Funds” > “Deposits / Withdrawals” link at the top of the site and find the currency you wish to send, then click the “Deposit” button next to it which will then you give you the wallet address. You can then send your funds to this address to begin trading on the platform.Binance WalletsNow that your account is funded, you can simply start trading, exchanging and investing in various digital currency pairs. Binance offers plenty of choices, as they support all major digital currencies, but also numerous ICO listings and their respective tokens.At this time, the platform can only be used to generate limit and market orders. This has been considered a disadvantage by some, as many expected trading options that would be more advanced. Following the placement of your order, simply wait for it to be fulfilled according to the terms that have been set.Supported Crypto CurrenciesBinance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.Binance ICOAnother thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.Binance Fees & LimitsAt the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time. Withdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals.When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.Binance CompetitionsA unique feature of Binance you will notice is that they regularly hold competitions with some amazing prizes. At the time of writing there are two ongoing competitions, Waves and Tron. The waves competition is giving away 20,000 Waves to Traders based on how many trades they have made of this currency.The other competition is for Tron (TRX) and participants have the chance to win a Maserati car, Mercedes Benz car, a Macbook Pro or a iPhone X. Again, the winners are the people with the highest trading volume of this currency.The current rankings show that the person in first place has over 358 BTC in trades so you will need to be a whale to be in with a chance of winning first prize. There are other regular competitions though, so keep an eye on the site for your chance to enter.Binance SecurityWhile Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.Binance Customer SupportFor an exchange to be successful, it requires a great customer support team, capable of answering all user questions and requests in a timely manner. While the support area on Binance could use a little work, the team is responsive and capable of offering professional aid to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made via email. There is currently no live chat support, nor a phone number where customers can get in touch with the support team.Other than the CS team, Binance offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.Binance is a relatively new company, created by experienced professionals in the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used as a method of paying your trading fees, which will reduce them by 50%. Additionally a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next.That being said, whenever a new coin is added, Binance holds some kind of promotional distribution to existing clients. Usually it involves tracking the biggest holders of the new asset and rewarding them with extra coins. While these can not be taken as a guaranteed means of attaining more altcoins, they do raise attention towards the new tradign product.Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country.The English user reviews on Binance, while few, are fairly positive. Again, we must reiterate this is still a very new company, at the time of writing of this review.Trading conditionsBinance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since new ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX.Minimum initial depositBinance does not provide information on the minimum deposit amount. As we cover mostly forex brokers, we are used to companies stating this information openly. The need for a minimum deposit level is associated with the legal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too small. That being said several companies don’t have a required minimum, like the FCA-regulated industry leaders at IG.LeverageMargin trading is not available at Binance. For those of you who are not familiar with the trading world – this is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. As an example, forex brokers require very little in collateral, in order to maintain massive positions. The so called leverage ratios can go as high as 1:500 or more. For instance, XM offers 1:888 in leverage.That being said the cryptocurrency space is a lot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, rarely offer more than 1:20 in leverage.FeesThe fee structure at Binance is simple to understand, but more importantly very competitive in the current environment. There is a flat 0.10% fee on all trading. Other exchanges often separate clients based on their trading volume and the way they enter/exit a transaction (traders who provide liquidity to the exchange usually get some benefits).On the other hand forex brokers incorporate the costs of trading in the spread. While comparing them is a bit like comparing apples to oranges, we have made a side-by-side review of both services here.Trading platformBinance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Visually it reminds us a lot of the platform provided by Bitstamp.The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable.This reminds us a lot of Bitstamp’s platform. The positioning of the order book and tape is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it’s not even close to the forex industry standard which we have grown accustomed to, MetaTrader4 (MT4).Methods of paymentBinance is one of the exchanges which doesn't accepts fiat currency payments and focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.ConclusionBinance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly focuses on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges offering the more exotic ones. The major issue we have with Binance is that the project hasn’t been around long enough to actually prove itself.