Binance Review

Was doing research again, and had wandered into NEO territory. Checking Coinmarketcap.com, there was Bittrex. So I signed up with them. Had to wait for them to process my application, ID verification so on and so forth. Then an online friend, Jim, suggested Binance.

Had a look at their page. Then decided to register as well. Turns out, they have a very minimalist, quick, efficient system. The verification was rather fast. Passport or ID. It caters for every nation, though default settings was for China, Hong Kong, Taiwan, Macao. Just select International, then select your country. Was upgraded to Level 2 after that.

Immediately, I could fund and trade in their system. The pairs I was interested was BTC/NEO. So at the same time, I could do a test on moving BTC from cold storage directly onto Binance using Mycelium’s Sweep and Send function. Just one hop. Instead of sweeping into Mycelium, then sending to Binance. With two hops, we would be paying two fees. Now that Bitcoin fees are relatively high, this learning phase was vital to my accumulation of knowledge and testing my theories, verifying them.

There was no QTUM/BTC pair. So in order to buy QTUM, I had instead had to transfer Ethereum.

Buying was lightning fast.

Another big decision for using Binance, is that they will help you calculate the amount of NEO-Gas and do the payout directly to you. With that, I transferred all NEO coins from Bittrex to Binance.

They have 2FA functionality that pairs with Google Authenticator for complete security.

Fee free trading until 24th August. https://binance.zendesk.com/hc/en-us/articles/115000773732–Free-Trade-Fee

Lastly, they have their own token Binance Coin, that is currently ranked within the Top 100. It is quite an innovative experiment for an exchange to do so.

binanec

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