Binance Crypto Exchange Review:
In this post we give a non biased review of Binance Crypto Exchange, where we share details about features, fees and an overview of their site.
Disclaimer: Under NO circumstance should this review be interpreted as a recommendation to trade or an endorsement of a trading platform, supplier or of a specific cryptocurrency.
This post was last updated on:15 June 2020
Binance Crypto Exchange Review – QUICK NAVIGATION
QUICK FACTS – Binance Crypto Exchange
Type: Trading platform/crypto exchange
Founder: Changpeng Zhao
Binance Crypto Review:
Overview of Binance
Binance is probably the largest crypto exchange around and has what can be termed as the widest selection of markets and trading pairs. Founded by Changpeng Zhao in 2017, the exchange rapidly grew into one of the most powerful and influential. It is registered in Hong Kong although it has a number of representative offices around the world (including Malta). Latest volume in the past 24 hours for the top ten cryptocurrencies was 30,000 BTC
Crypto Exchange Bonuses: Sign up bonus
At present there are no offers or sign up bonuses on the site but Binance regularly does airdrops of its own coin, BNB
Trading on crypto exchange: Binance
There’s an impressive cryptocurrency selection available for trading in conjunction with the Bitcoin, Ether, BNB, XRP and Tether trading pairs with hundreds of these pairs available.
There are two Binance trading settings which are termed Basic and Advanced. Obviously, beginners should trade in the Basic mode.
The Basic trade setting has a simple layout that’s easy to understand. Only important information for making trades is displayed. The first thing to keep in mind is that Binance is a professional trading platform, so even the Basic trade setting might seem just that tad too complicated for some newbies to use.
The Advanced trade setting gives expert traders access to all the price charts and market data that they need to make complex trades.
How to place a Trade
To buy and trade cryptocurrency on Binance you just need to follow the next steps:
- Login to your Binance account
- Select trading pair
- Select coin you wish to exchange
- Choose trade type
- Enter Amount
- Confirm via the ‘BUY’ button.
This is one of the most positive things about Binance in that it has some of the lowest fees around. The main reason for this is that the exchange is cryptocurrency only so it bypasses the high fees that exchanges usually charge for fiat deposits and conversions.
Binance charges different withdrawal fees for different cryptocurrencies but they are all quite low. For example, if you withdraw Ethereum you’ll be charged 0.01 ETH and if you withdraw Ripple you’ll be charged 0.25 XRP.
Binance trading fees are capped at 0.1% of each purchase or sale users make. This fee is reduced by a whopping 50% if traders use Binance Coin to pay them which means that the final fee is just 0.05%.
Withdrawal on Binance
There’s a pretty straightforward limit for withdrawals on Binance. Non verified accounts can withdraw up to 2 BTC every 24 hours. Verified accounts can withdraw up to 100 BTC every 24 hours.
User Experience on Binance
Navigation around Binance is quite easy with a clear interface. The demo account is a good way to get started. As indicated previously it is always useful to start with basic market trades before getting into the big stuff.
Charts are relatively easy to use with dark and light options and are customisable. Mobile charts are almost exactly similar and are also very easy to use although they may seem a tad complex for the beginner.
Binance has a vast number of cryptocurrencies with well over 100 listed and hundreds of trading pairs for Bitcoin and Ethereum. They inevitably list some questionable coins but turnover is very low for these. Listings on Binance are quite transparent although there have been accusations of pumps just after a new coin goes public.
At present Binance only offers crypto to crypto trading and brokerage where one can buy cryptocurrencies with a credit card
The mobile experience is actually better than the main website with fast and seamless movement through the menus and screens
Normal login security and two factor authentication is used to logon to Binance
Binance is headquartered in Malta but this is slightly vague since there have recently been denials on this score. There is currently no employee headcount available. Binance does not trade on account but offers a brokerage service to buy cryptocurrencies. Security is top notch although there have been some hacks in the past. It is also in the process of acquiring a VFAA license in Malta. Binance does not disclose its governance model.
Support & Social
Binance provides excellent support and there are online tutorials on the site to guide you through the processes of buying and trading cryptocurrency. There are Telegram channels but they are mostly to do with pumping signals and are thus not official.
Crypto Exchange: Our Rating of Binance
After going through everything with a fine tooth comb, it looks like the pros outweigh the cons. One of the best things about Binance is its very low trading fees and adding that to the huge number of cryptocurrencies available, you do have a win-win situation.
There are some complaints that the withdrawal system is a little bit sketchy and there have also been reports of scams although to be fair, these have been few and far between on the whole.
Another downside is the lack of fiat support which may be problematic for the beginner although there is the brokerage option – that comes with a 3.5% fee though. However, Binance is already on the path for adding EUR and GBP trading pairs in the near future