Binance

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Specs

  • Rating:
  • Payments:
  • Entry on: 2017
  • Type of mining: Staking
  • Equipment market:
  • Supported coins: BTC, ETH, BCH, LTC, ZEC, DASH, Others
  • For users: Beginners
  • Language:
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The company

Binance, founded in 2017, is one of the most important exchanges in the crypto scene. Thanks to the fundraising through ICO (Initial Coin Offering) the team has raised 15 million dollars, in a few months it has become the number one exchange globally in terms of trading volume. Used daily by millions of users, Binance has a trading volume of over $1 billion a day.

Binance uses the SAFU (Secure Asset Fund for Users), an emergency security fund in which Binance deposits 10% of all commissions generated by the exchange to cover any losses incurred by clients in an emergency. These funds are kept in a separate cold wallet. It is no coincidence that in 2019 after suffering a major theft of Bitcoin (about 7,000), thanks to this fund all customers were paid regularly.

The company was founded in China but, following the government’s ban on trading in cryptocurrency, Binance decided to move its servers to Japan and its headquarters in Malta. Binance created its own token, BINANCE COIN (BNB), now in the top 10 of the CoinMarketCap.

BINANCE DEX is the decentralised exchange of Binance. Based on its own blockchain, it allows you to exchange altcoins at very low commissions, close to 0. Being decentralized, it allows users to access directly with their own wallet whose private keys they hold, so no registration or KYC is required.

Binance’s platform to date does not offer hashrate sales contracts or any other type of mining other than coins stakes, so here we only talk about POS mining for some of the successful altcoins that are increasingly being demanded by investors.

Our experience

The interface is very intuitive, it allows you to buy easily with various payment methods, so credit cards and bank transfer are accepted. As for this aspect, in order to operate and buy crypto directly by bank transfer or credit cards you need to verify your identity through the KYC imposed by Binance.

One of Binance’s strengths is the number of products available on the platforms, there are about 200 altcoins, 5 stablecoins (USDT, TUSD, USDC, BUSD and PAX) and over 500 trading pairs.

At Binance you can do POS mining for several coins, this makes the platform even more interesting because you can keep your coins, trade with the exchange and earn additional coins from staking those coins available in POS. The list of POS coins is constantly updated and this makes it clear how much the company is aiming for this service.

Payments are regular and Binance’s customer service is currently only available in English. You can contact support via email to or via live chat messaging. Support services are available 24 hours a day, 365 days a year.

At Binance you can store and manage your crypto in a very intuitive way and earn money with BINANCE LENDING, a service that allows you to lend your crypto to the exchange in exchange for a certain interest. It is available both from the website and as a mobile app and is a platform suitable even for inexperienced users.

Advantages

  • Decentralized Wallet
  • Possibility of undermining multiple POS coins.
  • Excellent fees for Exchange and Staking.
  • Different payment methods available
  • Company active since 2017.

Disadvantages

  • Customer service available only via live chat and email.
  • They do not offer other types of mining.
  • KYC for Wire Transfer and Credit Card Deposits

Conclusion

We’re definitely talking about one of the market’s leading exchanges.

Binance is definitely the reference in the exchange market and offers a wide choice of POS coins to mine, offers a POS mining at average conditions compared to the competition, unfortunately it does not offer other types of mining.

We are users of the platform from the beginning, it is an excellent product for POS mining given the guarantees offered by the platform and the variety of coins available.

Honestly we find the service offered by Binance excellent and we feel we can recommend it to those who want to make stakes of coins in a “guaranteed” environment with the ability to buy and sell on exchanges of the highest level.

On Binance you can do lending of some stable coins, BTC and their token BNB.

By doing KYC you can pay by bank transfer and credit cards.

Suitable for experienced and less experienced users who already know how to use Crypt and Wallet.

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The positioning is based on certain and objective criteria, not “conditionable”, it is not possible to buy a better position or review.