Are you in search of finding the perfect cryptocurrency exchange to trade on?
In this review, we’re going to break down one of the most popular crypto exchanges in the world: Binance.
What is Binance?
Binance is a crypto exchange that was originally founded in 2017.
It quickly took the cryptocurrency market by storm and years later, it holds the top spot as the worlds largest cryptocurrency exchange.
It maintains this top spot in terms of trading volume, trading pairs and how many Binance users it currently has on the trading platform.
Many people have flocked to the crypto exchange, because of its low trading fees, large amounts of trading pairs and ease of use.
Binance Exchange Review
- Low trading fees
- Wide variety of integrated trading tools
- Good security with “SAFU” fund to cover any losses
- Easy to use for beginner crypto traders and advanced traders
- Binance mobile app
- Margin trading with up to 20x leverage
- Over 500 trading pairs
- Lots of ways to deposit fiat currencies
- Safe place to store your crypto holdings
- Customer service can be slow when investigating issues
- Crypto withdrawal fees are relatively high compared to other exchanges
- Not available in the USA (have to use Binance.US)
- Tainted reputation due to regulatory issues and money laundering accusations
Binance has a variety of features to offer crypto traders.
The first and core feature that Binance offers is crypto trading.
It caters to the wide variety of traders, by offering three different ways to trade.
The first way you can trade crypto is through the Convert feature.
Convert is a way to simply exchange between different tokens.
It has no slippage and zero trading fees.
You can trade through either Market or Limit orders.
This provides a convenient way for inexperienced traders to easily buy or sell crypto and exchange between different coins.
The second way in which you can trade is by using the Basic or Classic platform.
This gives you a basic trading user interface that can be used to place Limit, Market and Stop orders.
On the left hand side you have the orderbook that shows you the bids and asks.
Along the bottom we can place our orders and customize the order type.
On the right hand side you have recently executed trades.
Just above that you have the list of pairs that you can pick from.
Using this is a great way for newer Binance customers that are not that familiar with the platform to easily trade.
It offers a simple trading chart and TradingView integration should you want to use that.
As the name suggests this method of trading is for experienced traders that are already familiar with the platform.
It offers a wide variety of trading tools, charting and customization compared to the basic option.
Most users that use legacy brokerage services for trading, will be most used to this platform.
It offers special order types such as Iceberg orders and more.
Binance also offers trading on margin alongside its standard trading.
To activate this, the pair you are trading needs to be compatible.
Not every trading pair on Binance has margin enabled.
Some pairs have 2x, 3x, 5x all the way up to 10x leverage allowed.
Cross levearage which is account wide, usually has a maximum of 3x.
Isolated positions have a maximum of 10x.
To access margin trading go to Trade and then Margin Trading.
On the top right of your screen, it will display all the pairs that are available for trading and the maximum leverage.
Binance also features an emergency insurance fund, to prevent clawbacks if a large order is liquidated. This keeps your trades protected.
Peer to Peer Trading
Binance offers a peer to peer platform for users to trade directly between each other.
For those looking to transfer their fiat currency onto Binance through a non official method such as Revolut, Transferwise, Skrill, Cash app and others, you can use P2P.
P2P provides tons of different payment methods to use.
You can also withdraw funds through the P2P system once you are done with trading.
Remember to check the rating of each user you want to trade with and their completion rate, before opening a trade with them.
Binance Visa Card
The Binance Visa card is a great way to spend your crypto holdings in the real world.
Binance charges no processing fees or administrative fees on any payments from your card.
When you spend crypto, it is automatically converted over to fiat currency.
You can also receive 8% cashback on any purchases you make.
All money spent through the card is subject to the same security features that Binance utilizes, so your funds are kept safe.
The debit card option from Binance is a great way to link your crypto wallet to the real world and spend Bitcoin, Ethereum or Binance coin balance in the real world.
Binance earn is a place for Binance users to earn interest for holding their cryptocurrency.
By utilizing the staking platform you are able to stake your cryptocurrencies that feature a proof of stake system.
Depending on the lockup duration and the cryptocurrency, you will receive a different amount in interest.
Some cryptocurrencies can offer very high APYs.
During the lockup duration, you will be unable to access your cryptocurrency holdings.
It’s therefore important that you do lots of research before making financial decisions.
Binance savings, uses a very similar system to Staking.
With savings your coins are loaned out to other users, who then utilize this for leverage trading and other activities within Binance.
Binance then pays you an interest rate for loaning your coins out.
You can pick between using “Flexible Savings” or “Locked Savings”.
With flexible, you will be able to access your assets at any time if you wish to remove them from your savings account.
With locked savings, you will not be able to access your coins for duration that you have locked them for. This could be 30, 60 or even 90 days.
Many coins in decentralized finance require liquidity for both buyers and sellers to access.
By adding liquidity to the pool, you can benefit from the fee structure of these pairs.
When users trade these coins, they will pay fees which are then distributed to the liquidity pool providers.
These transaction fees vary, depending on the pair used, but it’s another way to earn passive income for holding coins in your Binance account.
Binance allows you to trade NFTs (Non Fungible Tokens) on the Binance platform through their NFT marketplace.
On here you’ll find several NFT projects and different NFTs that you can buy and sell.
The volume on NFTs isn’t that high compared to dedicated marketplaces such as OpenSea.
Binance has low fees when comparing to other cryptocurrency exchanges.
The standard trading fee on Binance is 0.1%.
By using Binance Coin (BNB) as payment for your trading fee, you can get a 25% discount.
You also get a 20% rebate on your fees if you sign up with our link here.
Crypto deposits onto Binance are free.
When you deposit funds through Bank Transfer, Wire Transfer or your debit card, expect to pay a transaction fee of 1.8% or a flat fee of a few USD.
Deposit fees vary depending on your country and location. Your bank account may also charge fees, if your bank has fees for bank transfers.
To withdraw crypto, you will pay a withdrawal fee depending on the blockchain network you use.
Some blockchains such as Litecoin and Dogecoin have very low fees.
When withdrawing Ethereum, Bitcoin or ERC-20 tokens, your fees may be much higher to cover transaction costs.
Security is one of the most important features when it comes to cryptocurrency.
Choosing a crypto exchange that values security, is important for keeping your funds safe.
Binance implements some of the strictest security practices to keep your funds safe.
All withdrawals require you to complete both email verification and two factor authentication (2FA).
We recommend setting up 2FA with the Google Authenticator App.
Overall I feel that Binance is one of, if not the most secure exchange. As a cryptocurrency exchange it has had security issues in the past, but has redeemed them and made the exchange into one of the safest trading platforms for crypto.
Binance Customer Support
The customer support on Binance has improved over the last few years, but it’s still lacking.
In the “Help Center” they offer a variety of self-service options and a FAQ that helps Binance customers solve their own issues.
When contacting Binance support, the responses are often slow and it can take a few days for an issue to be resolved.
It’s easy to see why Binance has risen to become the worlds biggest trading platform and crypto exchange.
When opening a Binance account you can be assured that your funds are kept safe, you will pay low fees and you have a huge variety of coins to trade.
All the extra features and products that Binance offer are a bonus.
They have areas to improve on in terms of customer support and the fees Binance charges on withdrawals.
Overall for our Binance review, we think the exchange is excellent.
Is Binance Safe to use?
Binance is a safe exchange to use.
Funds are protected by the “SAFU” fund. This means any losses to hacks or breaches, will be covered.
The exchange pays out withdrawals quickly, if not instantly. The CEO has been extremely transparent and the trading platform has hundreds of millions of users.
Is Binance Legal in the US?
Binance.com is not legal to use in the US.
However you can use Binance.US which is Binance’s US facing exchange.
Can I Trust Binance with my ID?
Yes you can trust Binance with your ID for account verification.
All information you send to Binance for KYC and AML checks is encrypted.
Can Binance be Trusted?
Binance is the largest crypto exchange for a reason, millions of people trust it.
Even when Binance suffered a breach and hack for over $30 million, it reimbursed all affected users.
How do I get Lower Fees on Binance?
To get low fees on Binance, you can do three things:
- Use Binance Coin to pay for your fees for a 25% discount
- Use our sign up link to join Binance and get a 20% rebate
- Increase your trading volumes to qualify as a VIP and pay lower Binance fees