Binance Exchange Review

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About Binance

Binance market exchange is right now the leading crypto exchange if calculated by volume (via Coinmarketcap). And considering they just launched in 2017 it’s been a very impressive ride to take them to the 1st position.
They have been doing a lot of things right in the fairly short time they’ve been around. And at the forefront of all this is their well known and liked CEO Changpeng Zhao, or CZ.

What we like about Binance is the exchange itself which is very straightforward and somewhat easy to use, depending on your previous experience with trading platforms and crypto. Overall the focus on the UX, provide good updates and communication and they have proven to be secure and safe to use in a somewhat sometimes sketchy crypto market.

Binance is one of the world’s leading crypto exchanges, with an average daily trading volume of $1 billion (March 2019). It has made a name for itself in the crypto community for a quick rise to fame, CZ and its willingness to innovate in the space. Binance in 2018 moved to Malta, a country trying to position itself as the world’s most Blockchain friendly country in the world. Binance is not the only exchange doing so, seeing OKEx also making the move in 2018.

Binance officially launched their fiat to crypto earlier in January 2019, called Binance Jersey. Taking their next step to further (Binance announcement) label themselves as one of the leading crypto exchanges in the world. There have also been rumors flying around that Binance is going to launch a Fiat to Crypto platform in Argentina in the near future (News BTC).

Binance launched their first Fiat to Crypto platform in Uganda actually, the exchange was launched in October 2018 (Cointelegraph).

Join the most popular exchange in the world

Binance is the leading cryptocurrency exchange - start your crypto journey here

How to get started (registering)

If Binance market seems interesting and you wonder how to get started using the exchange, we’ve put together an easy to follow guide here below.

  1. Go to Binance’s website using this link HERE
  2. Put in your details to register an account
  3. Approve the confirmation email that gets sent to your account
  4. Enable 2-Factor Authentication (2FA). A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase the security of your account.

And your good to go. You need to deposit cryptocurrencies to make trades at the exchange.

How to get started with Binance Jersey & Binance US

The process is very similar and you register at www.binance.je with the same signup process.

So just follow the above steps for registering a new account at Binance Jersey and Binance US.

Create a new account with Binance

Trading on Binance

Binance is to me one of the best trading platforms. They offer most of the sought-after trading features that seasoned traders are looking for.

Such as:

  • Great trading volume and liquidity. One of the best around. This makes it easier to sell and buy when you want
  • All-round trading options. Margin trading with leverage, futures trading, OTC desk, spot trading and the option to set your trading views based on past experience
  • Fiat on-ramp and off-ramp. And the possibility to quickly buy cryptos using a card 

Trading on Binance fits both beginners and experts. It comes with an intuitive UI. 

Of course for complete beginners it is important to learn the ins and outs of a simple spot trade. When you trade one cryptocurrency for another there three main order types to be aware of.

  1. Limit orders – set a limit price and wait for that order to be taken by someone to activate your trade
  2. Market orders – Here you buy cryptos instantly at the current market price. This helps you buy instantly, but with bigger orders, you can drive the price upwards. Recommended for beginners.
  3. Stop-limit orders – Here you buy or sell cryptos when it has reached a specific set price. For example after a price drop or price increase. 
Trading view on Binance with different order types shown screenshot

Binance fees

So in this Binance exchange review, these are the current fees that we have seen for Binance. They might change over time so please always check the latest fees at their website

Binance market fees and tradings are listed below

For spot trading, these fees apply at Binance: 0.10% in maker and taker fees up to 50 BTC over a 30-day volume. And then it goes lower from there.

But you can minimise your trading fees at Binance by buying their Binance Coin and use it for trading fees.

Then you can earn reduced fees of 25%.

Binance has margin trading fees (interest rates) that apply on a daily or yearly level, it differs from crypto to crypto

 

Trading fees

Binance market has different trading fees depending on your account level. There is a general level and then there are 8 VIP levels. It’s all determined based on your trade volume at Binance. They have also added benefits to holders of their own coin, BNB – Binance Coin. If you have enough BNB in your account and you have selected BNB to be used for trading fees then you get a discount of about 25%, which is very handy for most traders, especially the bigger ones.

Withdrawals fees

Unique per coin, check the full list here.

Deposits fees

Free

For the full list of fees for both trading fees, deposit and withdrawal fees please click here.

Deposit & Withdrawal fees at Binance

Supported cryptocurrencies

Binance definitely supports most of the coins that you could want to trade out there. In total, during the time of writing this review they have 410 coins available for trading on their platform. Obviously, not all will have that much trading volume, that’s up to us the users to provide. Binance is often quite early on with adopting coins, but there might be instances when a new coin is not available on Binance but a smaller nische exchange.

Check coins and volume on Coinmarketcap.

  • BTC
  • XRP
  • VET
  • ETH
  • NEO
  • ETC
  • BNB
  • USDT
  • TRX
  • DASH

And many more

crypto trading

Withdrawals and deposits

Withdrawals and deposits to and from the Binance market work pretty much like any other exchange. When you have registered an account you go to the Deposits & Withdrawals section and there you have all the coins supported by Binance market. Each coin has an address connected to your account that’s unique just for you.

To Deposit

  1. Go to the Binance website (www.binance.com),  Click [Login] from the menu and enter your details to log in.
  2. Click on Funds in the menu and then deposits
  3. Select a coin/token to deposit from the drop-down menu
  4. For example Bitcoin – you’ll then see a Bitcoin address and an option to show a QR code to scan – copy this address
  5. Go to the wallet where you’re sending your Bitcoins from and paste the address you just copied in and send

To Withdraw

  1. Go to the Binance website (www.binance.com),  Click [Login] from the menu and enter your details to log in.
  2. Click on Funds in the menu and then withdrawals
  3. Select a coin/token to deposit from the drop-down menu – for example, Bitcoin
  4. If you don’t have a Bitcoin recipient address you need to add a new one
  5. You then need the address of course and name it something (the name is for your record only)
  6. After you have added an address you use it from the drop-down menu under Bitcoin withdrawal address
  7. And then when ready and selected an amount and address you can hit submit
  8. After that, you get sent an email to your account to verify this withdrawal – click on this email
  9. Done!

Deposit / Withdrawal for Binance Jersey – The Fiat trading exchange

The process is pretty much the same for Binance Jersey (www.binance.je). And you currently can withdraw and deposit EUR and GBP on the exchange. Connect a bank account and the process should take 1-2 days max for withdrawals and deposits between your account and Binance market.

Crypto security laptop

Security with innovations like SAFU fund

Binance market has proven to one of the more reliable and secure exchanges. They have like many other exchanges seen some unfortunate hacking attempts against them, and some have been successful. But so far none of those have affected user’ cryptocurrencies due to the innovative SAFU fund that Binance has put in place.

This is how the SAFU fund works

10% of all the trading fees that Binance earns goes to this SAFU fund, which works as a reserve fund in the case Binance market would have been attacked via a crypto hack. So that means that Binance will replace any stolen crypto funds with funds stored in their SAFU fund. We are very positive to this addition from Binance, and it further cements them as one of the leading cryptocurrency exchanges in the world. We hope that more will follow in their footsteps.

Go CryptoWise’s security tips for everyone to read and know!

  • Use 2F-Authentication – for example, Google 2F-A
  • Do not share your login details with anyone
  • Do never share your private keys with anyone
  • Create and store your backup passphrase for your 2F-A
  • Check the URL twice, hacks and phishing scams happen often
  • You need to be in control of your cryptocurrencies
    You can’t completely trust that an exchange will always protect your cryptocurrencies. This is an extremely important crypto-tips to be aware of. Remember it’s you that is in control of your cryptocurrencies, not the exchange, not a bank, or a government. Therefore you need to make sure that you also are storing your crypto somewhere safe. A hardware wallet is the way to to go, find a good wallet for you in our wallet comparisons.

Check out our guide on the best crypto tips here.

‘We recommend that you keep your Bitcoins or other cryptocurrencies on a hardware wallet. You can find a good option at our comparisons here.

We have put together this guide to help you keep yourself safe and avoid some of the common risks in the crypto space – find the guide on the 6 best tips to protect you crypto

Restrictions

Binance does not specify which countries are supported and which countries are not supported.

With regards to U.S traders, Binance restricted access to everyone from the US in 2019. But they opened up a new exchange for US users, called Binance US.

For additional information about restricted countries visit the Terms of Condition.

Pros and cons of Binance

Let have a look at the pros of Binance and the cons. Where does Binance excel? And what could it improve on?

Binance pros

  • One of the world’s most popular exchanges
  • Have one of the best selections of cryptos (BTC, LTC, XRP, ETH, etc)
  • Great trading liquidity and volume
  • Lots of payment options (card purchases, bank transfer)
  • Very safe exchange with a user reimbursement fund
  • Cheap trading fees, with additional BNB discounts

Binance cons

  • Reports of Binance wallets being offline for long times, delaying withdrawals
  • They have been hacked before (but reimbursed the users)
  • Their customer support has had some complaints in the past
8.6 Total Score
Binance

Binance is right now the leading exchange if calculated by volume (via Coinmarketcap). And considering they just launched in 2017 it's been a very impressive ride to take them to the 1st position. They have been doing a lot of things right in the fairly short time they've been around. And at the forefront of all this is their well known and liked CEO Changpeng Zhao, or CZ.

Usability
8.5
Cryptos available
9.2
Security
9
Support
7.8
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