Binance Review

Number two silver medal
Binance exchange

4.6

4.6/5
Min Deposit: €0

Pros & Cons

Pros

Cons

Binance In a Nutshell

Binance is a cryptocurrency exchange that offers some of the most competitive rates on the market. Whether you are a beginner or an experienced trader looking to switch over to crypto, this is probably one of the easiest and best ways to go.

The Binance platform is available to users globally and has also received great feedback from the cryptocurrency community. Furthermore, Binance has recently partnered with other companies such as Simplex to allow both wire transfers and credit card purchases on the platform. 

Read the full Binance review to get a better understanding of the platform’s pros and cons as well as its unique offering.

Binance Review: What is Binance?

Binance is a cryptocurrency exchange previously based in Hong Kong and is one of the biggest exchanges in the industry. The platform launched in July 2017 and has then grown into a market leader amongst cryptocurrency exchanges.

Since its move from Hong Kong, the company has shifted its business department to Malta, one of few counties in Europe that provide the licenses required to operate cryptocurrency exchanges legally.

Currently Binance is the biggest cryptocurrency exchange based on volume, and on the 9th of April 2021, Binance reported a 24-hour trading volume of $29 billion. This value has gradually increased over time as the platform has seen a meteoric rise of the back of the ever-growing community of cryptocurrency traders.

binance review

Binance Fees

Binance offers various unique services and benefits, with the most talked-about selling point being its cutting edge fee structure. Currently, the spot trading fee on Binance is 0.10%, and the instant buy/sell fee is 0.50%. However, since Binance has a native token called Binance Coin (BNB), it incentivizes users to hold its coin, as traders can receive a 25% discount on fees by paying directly in BNB.

Users intrested in Binance’s futures trading platform can also get even lower fees, ranging from 0.02% to 0.04% for markers or takers fees. In short, the fees on Binance are significantly lower compared to many other leading exchanges, a huge plus if you are worried about paying high fees.

Finally, if that was not enough, Binance also assigns its users with trading fee levels depending on the users 30-day trading volume, and the number of BNB Coins on the account, meaning that more frequent traders can enjoy the benefit of even lower fees.

Binance Deposit Fees

Deposits on Binance can range anywhere from free to 3.50%, depending on the method and currency used. On the flip side, cryptocurrency deposits are always free. Below are the fees for deposits made in € euro:

METHODDEPOSIT FEE
Sofort2.00%
Bank Transfer(SEPA)0.00%
P2P Bank Transfer0.00%
Advcash Account Balance0.00%
Etana Account Balance0.10%
Bank Card(Visa/MC)1.80%

Binance Withdrawal Fees

Withdrawal fees do apply, although they generally correlate with the blockchain transaction fees as well. However, as with deposits, the withdrawal fee will depend on the method and currency used. Below are the fees for withdrawals made in € euro:  

METHODWITHDRAWAL FEE
Bank Card (Visa)1.00%
P2P Bank Transfer€1.5
Advcash Account Balance0.00%
Etana Account Balance0.10%

Start trading on Binance today!

You can open an account with Binance in just a few minutes. Click on “Open Account” and fill in your information.

Min Deposit: €0

Binance Security

There is not a lot of details surrounding the security measures on Binance, with the most detailed information specified on the site stating, “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”

Based on the lack of openly available information, it is not possible to determine how many assets are held in cold vs hot storage. There is also no information regarding any form of insurance policy protecting users. However, in 2019 Binance did suffer from a hack, where the hackers stole $40 million worth of assets. Luckily, Binance decided to compensate the users affected, and the platform would likely do the same in case of any future issues.

Furthermore, Binance is partnered with the company Trust Wallet, a third-party hot wallet option available for its users. Users can also easily withdraw their cryptocurrency from the exchange and move it into safer cold storage at any time with no fees.

Binance Services

Binance offers a cryptocurrency exchange with plenty of services and features to go around. Users can easily choose a layout on the platform based on experience, with the options easy, classic, and advanced. This feature makes it a suitable platform for beginners just getting started to advanced traders. Now, let’s take a deeper look at the services offered on the Binance exchange:

Binance Exchange

The Binance Exchange allows users on the platform to exchange fiat currency for cryptocurrencies by using several different methods. These methods include, but are not limited to, P2P trading, credit and debit card, and wire transfers.

binance exchange

Binance Trading Platform

Getting started with trading on Binance is relatively straightforward. There is a broad selection of cryptocurrencies available on the platform, and the trading pairs used are Bitcoin, Ether, BNB, Tether and XRP. There are also Crypto/fiat trading pairs available on the Binance market.

Users can easily choose between three different interfaces, offering more advanced features like margins, peer-to-peer, and OTC, depending on the interface selected. We suggest that beginners stick with the “basic” interface as this is the best starter environment. As you gain more knowledge, you can then gradually move to the more advanced interfaces.

Binance Trading Platform​

Binance Futures & Derivatives

Binance Futures launched in 2019 and enables users to trade on price speculation of various cryptocurrencies such as BitcoinEthereum, Ripple and Litecoin.

Binance also offers leveraged trading, which can go as high as 125x, meaning that traders can increase their profits/losses by 125, a lot higher than what is allowed on the other major exchanges.

Furthermore, the balances of users using Binance Futures are always held separately from the regular trading balances and needs to be insured with Tether (USDT) as insurance. The profits/losses will also be paid/payable in Tether.

Now, the interface for trading Binance Futures looks nearly identical to the interface for Binance Spot trading, with a few extra features such as viewing open positions and the ability to control leverage.

The fees on Binance Futures are somewhat different from the spot markets, and the maximum trading fee is set at 0.04% on all trades. The fees are slightly lower on maker trades, as it adds liquidity to the order book, and also for users with high trading volumes.

Lastly, Binance does offer derivatives named “Leveraged Tokens”. Leveraged Tokens come in UP and DOWN contracts which allow for betting on the price of certain currencies. These contracts give users leveraged exposure to cryptocurrencies without the risk of liquidation.

Binance Futures

Binance Cryptocurrencies

Binance currently offers a list of around 50 different cryptocurrencies on the platform and is gradually expanding its offering. Binance also has strict requirements on which currencies can be listed on the platform to avoid listing malicious cryptocurrency projects.

Here is a list of 15 cryptocurrencies currently on Binance:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Bitcoin Cash (BCH)
  • ChainLink (LINK)
  • Stellar Lumens (XLM)
  • Ethereum Classic (ETC)
  • VeChain (VET)
  • EOS (EOS)
  • TetherUS (USDT)
  • NEO (NEO)

Binance Design

It is nearly impossible for any cryptocurrency exchange to look uncluttered and minimal, as it is in their nature not to be. All interfaces that require a lot of information and tools to work correctly for their users will most likely feel a little cluttered, but, Binance has successfully created one of the cleanest designs around.

binance design

The optional dark mode also earns Binance an extra point in our books, saving our eyes from staring at burning bright backgrounds for hours on end, and the main menu, while packed with options, has each category perfectly sorted into handy dropdown menus that are easy to follow. You can easily find what you want to access within seconds, and if you are new to the platform, you will most likely stick to the Wallet, Trade, and Account section – all quick and easy to find.

binance mobile app

The website itself offers a clean layout, modern responsive design and comes across as easy to use, and let us not forget that the app perfectly matches the websites polished designed. Overall, the platform has one of the best designs amongst all cryptocurrency exchanges and is what you would expect for the worlds number one exchange.

How to Use Binance?

If you have read the full Binance review, you should now have a better understanding of Binanaces offering, layout, design, and services. Now, let’s take a closer look at how to use Binance and its different features.

How to Open an Account at Binance?

  1. First visit the Binance homepage and then click on “Register” button.
  2. You will need to enter your email address and choose a strong password. Don’t forget the password!
  3. Finally, you need to confirm your email address. You now have a Binance account!
  4. When you log in for the first time, a notification will ask you if you want to set up two-factor authentication. IMPORTANT: Don’t forget to set this up!

Once you have finished setting up your two-factor authentication your account setup is complete.

How to Deposit Funds on Binance?

On Binance, users have the option to deposit either fiat currency using payment methods such as debit or credit cards or deposits can be made using cryptocurrencies. The easiest way if you are just getting started with cryptocurrency will be to either deposit or buy cryptocurrency directly with fiat.

1. Move your mouse over Buy Crypto and then click on Card Deposit.

How to Deposit Funds on Binance

2. Select the currency and payment method you want to use and then click “Continue”

deposit funds binance

3. Enter the amount you wish to deposit and click “Confirm“.

deposit with debit card binance

4. Congratulations! You have now deposited fiat to your Binance exchange account! Now lets take a look at how to make your first trade!

sucessful deposit binance

How to Trade on Binance?

Now that you know how to deposit funds to your Binance account, let’s make our first trade on the platform. Currently, there are over 100 cryptocurrencies available on the exchange, all with their unique features, value, and trading activity. In this example, we will walk you through the process of buying Bitcoin (BTC), but don’t worry, all trades will follow the same steps, no matter what currency you buy.

1. Move your mouse over “Trade” and then click on “Convert“. You can also trade using the Classic or Advanced tab, but Convert is the easiest way to trade on Binance.

how to trade on binance

2. Select the currency you want to convert from, and the currency you want to convert to, then select the amount.

convert fiat on Binance

3. Click “Preview Conversion” and then click “Convert” before the timer runs out.

convert cryptocurrency on binance

4. Congratulations! You have now converted your fiat into the cryptocurrency of your choice! The currency will now appear in your Binance wallet!

Who Should Use Binance?

Binance offers both an easy to use buy/sell interface and a more advanced trading interface for experienced traders. The exchange has some of the lowest fees available, and the fees can go even lower by using the platform native Binance Coin (BNB). The platform also offers some educational resources through its on-site blog.

Overall, Binance is a good platform for anyone looking to invest in cryptocurrencies, but keep in mind that all assets should be kept off the exchange in a safe cold wallet to ensure your investment is safe.

Binance Review: Final thoughts

Binance is seen as one of the best cryptocurrency exchanges and also is the worlds number one exchange. Its interface, while difficult to get used to, is comprehensive. The long list of currencies contains all the assets you will ever need, while the fees are some of the lowest around.

Despite all the positives, recent regulations and restrictions by states and banks have hindered the platform slightly, forcing the closure of certain features and leaving some features unavailable for some users. Currently, most users use Binance for cryptocurrency trading, but with other exchanges such as Coinbase catching up, Binance position as number one isn’t quite as secure as it once was.

Start trading on Binance today!

You can open an account with Binance in just a few minutes. Click on “Open Account” and fill in your information.

Min Deposit: €0

About the author

Gustav Eriksson

Gustav Eriksson

Gustav Eriksson is a cryptocurrency investor and founder of KrispCrypto. He has been a cryptocurrency investor for over ten years and loves personal finance.

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