Last update: Jun 9, 2021
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Binance Review – Is It the Exchange for You?

Our Binance exchange review rating
4.6/5

Choosing the right cryptocurrency exchange can be challenging. Some are too complex. Some charge too much. Some don’t support the coin you want. But what if there was a platform that could address all these problems while giving you the features and functionality you want and need? You’ll get to know more in this Binance review.

  • Binance


    1. Operating Since 2017
    2. Currencies Supported 300 different cryptocurrencies
    3. Fees 0.1% flat fee
    4. Deposit methods Wire and SWIFT
    5. Fiat currencies Yes
    6. Verification methods KYC, AML
    7. Margin trading Yes
    8. Futures trading Yes

While Binance may no address all those problems for you, it’s a solid exchange that supports a wide range of coins and offers low fees.

But is it the right exchange for you?

Join me as I dig down into what this cryptocurrency exchange has to offer in the review below.

History

Binance and it's history

Many people aren’t aware that Binance hasn’t been around all that long. The world’s leading cryptocurrency platform launched in 2017 in Shanghai, China.

However, due to crypto restrictions put in place by the Chinese government, the exchange chose to relocate to Japan.

Unfortunately, this would prove to provide even more challenges, so the company moved once again.

The trading platform chose Malta, which is open to cryptocurrency and offers sensible laws and regulations for buying, selling, and trading digital coins.

Binance complies with these laws, particularly with the Virtual Financial Assets Acts (VFA).

This law requires that the exchange follow all Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines, which Binance does.

Since its launch, the exchange has grown significantly, even surpassing more well-known platforms.

Binance is at the top of the industry in both total users and daily trading volume, which is pretty impressive considering it’s only been around for a few years.

Is Binance safe?

Biance Security Is It Safe?

As cryptocurrency becomes a more significant part of our society, it’s normal to use a safe and secure platform.

The good news is that Binance has used its resources to create an exchange that protects user data and funds.

For example, the crypto trading platform has started using artificial intelligence to mitigate and control risks.

Plus, the exchange uses cyber forensic and big data analytics to track and monitor every transaction that takes place on its platform.

All of these features help target and identify malicious or suspicious activities happening on the exchange.

However, Binance wasn’t always as secure as it is today. In 2019, the exchange was successfully breached when hackers used a phishing attack to break through the 2FA (two-factor authentication) encryption.

As a result, nearly $40 million in Bitcoin (at the time) was taken from the platform. The 2019 breach is a big reason why Binance focuses so heavily on security today.

Fortunately, the exchange was able to reimburse lost monies to its users.

Thanks to a Secure Asset Fund for Users (SAFU), the platform launched in 2018, Binance already had the cash on hand to replace the lost funds.

Overall, Binance is a secure exchange, but security isn’t what it’s known for. Still, the platform has done its due diligence and fixed its security problems, making it a safe exchange to use for buying, selling, and trading crypto assets.

Exchange
Binance

Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.

When it comes to buying and selling crypto, there are few exchanges better than Binance.

4.6/5
Visit Binance

Fees

When you’re ready to deposit funds into your Binance account, you won’t be charged.

Unfortunately, the same isn’t true for withdrawals or trades. Still, Binance has some of the lowest fees in the industry, and that’s without using its BNB coin, which can lower the price even further.

For every trade you make on the crypto trading platform, you’ll pay a 0.1% fee.

Biance Fee

This is actually a pretty fair price when compared with other exchanges on the market.

For example, Coinbase (read our review) charges users 0.5% per trade, so you’re saving quite a bit when you use Binance.

To make trades even more appealing, Binance exchange offers a way to get an even bigger discount. If you use its Binance Coin (BNB) to pay for your trading fees, you can get up to 25% off.

That means you can bring the 0.1% trading fee down to 0.075% just by using the platform’s coin. You’ll be hard-pressed to find an exchange that offers better rates than that.

Then we come to withdrawal fees. You’re going to be hard-pressed to find a platform that doesn’t charge a fee when you go to withdraw your funds, but Binance is a pretty good value.

Keep in mind that the fee you’re charged will vary based on the cryptocurrency you’re withdrawing.

Overall, Binance fees are among the lowest in the industry.

While it’s not the only reason people flock to the platform, it probably ranks pretty high.

I mean, I don’t know about you, but if I don’t have to pay extra in fees, I’m not going to. It just makes sense, right?

Trading on Binance

One of the nice things about Binance is that it offers users a clean, intuitive, and simple platform.

It’s easy to get started trading on the exchange.

Plus, you’ll find plenty of trading pairs and cryptocurrencies to buy, sell, and trade.

The exchange offers more than just ETH and BTC trading pairs. Users can trade in BUSD, TRX, USDT, and XRP.

Additionally, users who reside in Europe also have the option to use EUR, GBP, and TRY as trading pairs on their favorite digital coins.

Binance provides multiple trading options, allowing users to select the one that makes the most sense for them.

These trading choices range from simple and easy to complex and complicated.

For example, the most straightforward part of the Binance trading platform is its “Convert” feature.

With this tool, you simply select the cryptocurrency you want to use and the digital coin you want, then make the trade. That’s all there is to it. No fees, no order books, no charts. Short, sweet, and to the point.

Binance also offers an over-the-counter marketplace.

You’ll notice a spread between the selling and buying prices, but it’s usually pretty close, especially if the pair you’re trading has a decent amount of trading volume.

There is also the exchange’s “Classic” trading option, which is the original volume and charting display screen.

On this screen, you’ll see plenty of information about the pair you want to trade and the activity of each cryptocurrency.

The Classic option also gives you all the information you need to make an educated decision on your favorite cryptocurrencies or trading pairs.

If you’re new to cryptocurrency trading, Binance might be a little overwhelming at first, but don’t worry.

Once you’ve used the crypto exchange a few times, you’ll recognize the information presented when you see it. It’ll become second nature.

When that happens, you’ll know how to use the exchange quickly and efficiently.

Additionally, the exchange offers an “Advanced” option. If I’m honest, I actually like this trading interface better than the Classic choice.

The Advanced screen interface is much sleeker and cleaner and isn’t as cluttered as the Classic one.

You’ll see an Order Book, which you will discover is indispensable as you gain more experience.

The Advanced screen also offers a wide range of technical indicators and tools that you can use in tandem with trading charts.

Exchange
Binance

Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.

When it comes to buying and selling crypto, there are few exchanges better than Binance.

4.6/5
Visit Binance

Futures trading

Binance

If spot trading or standard ordering just isn’t exciting enough for you, Binance offers derivative and futures trading as well.

With the futures markets, the exchange offers users access to various digital assets in a more sophisticated manner.

Experienced traders can select from contracts that don’t expire.

These are available on a wide range of tokens and coins, so you can trade the ones you like.

The Binance futures trading platform launched in August 2020.

It was immediately apparent that providing this feature to users was a good addition as it has shown significant signs of growth since that time.

This is primarily due to the option to leverage up to 125x on futures contracts.

All futures contracts come in one of two options: COIN-M futures or USDT-M futures.

If you’re familiar with futures trading, then you’ll have an easier time with USDT-margined trades.

These are settled using a fiat currency in exchange for an asset or commodity like gold.

Coin-M futures, on the other hand, are resolved with assets like an altcoin or Bitcoin. These are designed as inverse contracts, which are counterintuitive to what you would experience with traditional finance trading.

Margin trading

Margin trading Binance

Binance also offers margin trading, which you’ll find in the “Trade” section of the platform.

When you select this option, the platform filters out trading pairs so that only those you can trade on margin show as available.

You can still see trading pairs that you can trade on margin if you don’t choose this filter, it’s just easier to sort them out when the filter is on.

Keep in mind that digital coins are very volatile assets capable of experiencing significant highs and lows in a 24-hour period.

When using margin, you’re increasing your chance of both returns and losses dramatically.

This isn’t financial advice, but instead a word of caution to only trade what you’re comfortable losing.

Supported cryptocurrencies

Binance Crypto Supports

The sheer number of cryptocurrencies supported by Binance is one of the features that attract people to the platform.

The exchange supports roughly 1,000 trading pairs and almost 300 different cryptocurrencies.

That means you can trade more than just Bitcoin against other digital coins.

You can use USD, GBP, Euro, BNB, and Tether if you so choose.

Here are some of the more popular supported cryptocurrencies on the Binance platform:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • Nano (NANO)
  • Stellar (XLM)
  • Cosmos (ATOM)

New coin support

Binance also supports many new tokens reasonably soon after they hit the market.

Whether they originate on an IEO (Initial Exchange Offering) like Launchpad or from an ICO (Initial Coin Offering), the exchange likes to add exciting new projects and their tokens as quickly as possible.

As a result, traders have access to new tokens at low prices, which often means easy profits.

Trading volume

While the exchange doesn’t provide Binance user information, it has been suggested by the platform’s founder, Changpeng Zhao, that there are more than 15 million users from countries around the world.

These users make Binance the most popular exchange in terms of volume – and it’s not close. The exchange does well over $40 billion in trading volume in a 24-hour period.

Fiat currencies

Fiat currencies and Crypto

If you want to purchase cryptocurrencies with fiat, you may run into problems as certain areas restrict this possibility.

However, the number of countries that allow it is constantly growing.

Binance offers two platforms that can purchase crypto using fiat currencies – Binance Jersey, for the UK and EU, and a Binance Fiat-to-Crypto gateway for many other countries.

Users have access to purchase various cryptocurrencies on the Binance platform.

On the main page, users will see a “Buy Crypto” link. Selecting this link will allow you to choose the fiat you want to use to pay for your Crypto.

On Binance, these include:

  • US Dollars (USD)
  • Euro (EUR)
  • Russian Ruble (RUB)
  • Vietnamese Dong (VND)
  • Turkish Lira (TRY)
  • Malaysian Ringgit (MYR)
  • Thai Baht (BHT)
  • Indian Rupee (INR)

Supported countries

Binance has offices in more than 40 countries worldwide, but the platform also supports more than 180 countries.

There are only a handful of countries the exchange doesn’t support, which are more likely than not restricted due to economic sanctions or “Denied Persons” of the United States Commerce Department.

U.S. citizens can’t use the Binance.com site, however, they do have access to Binance.us.

There are several jurisdictions that Binance has created localized versions to support. These include the aforementioned Binance Jersey, Binance Uganda, Binance Singapore, and many others.

How does binance compare?

The real question, of course, is how does the exchange compare with its competitors? Here’s a quick rundown of how Binance fares when lined up against some of the more popular cryptocurrency platforms in the industry.

Binance vs. Coinbase

Binance vs. Coinbase

Coinbase is a crypto platform that launched in San Francisco, California, in 2012. Since the exchange operates within the USA, it is subject to all US regulations and laws.

This includes meeting the necessary requirements for the Patriot Act and the Bank Secrecy Act. Coinbase is registered as a Money Service Business with FinCEN.

Binance is the clear winner when it comes to fees, as Coinbase charges roughly 3.99% for all debit card and credit card purchases.

Bank transfer and wire transfer purchases will cost you 1.49%. Maker fees on Coinbase range from 0.00% to 0.50%, while taker fees vary between 0.04% and 0.50%.

Similarly, the two exchanges are worlds apart when it comes to coin support.

As I mentioned, Binance supports roughly 300 coins, while Coinbase currently only offers around 30. Both platforms support all major large-cap cryptocurrencies.

The difference here is that Coinbase vets its coins for legitimacy, while Binance gives the trader the freedom to buy, sell, and trade as they wish.

Coinbase is a solid substitute for Binance if you’re new to the world of digital assets. The most significant advantage Coinbase has is its regulatory support. Because it adheres to US laws, users know they are using a secured and safe platform. Coinbase has never been breached, something Binance simply can’t state.

Binance vs. Kraken

Binance vs Kraken

Another popular San Francisco-based platform is Kraken, which operates in the US and in the EU, Canada, and Japan. In regards to Euro liquidity and volume, Kraken is the world’s largest Bitcoin exchange.

If you need an exchange that supports fiat currencies, Kraken is an excellent choice.

The platform offers the following: US dollars, Euros, Canadian dollars, and Japanese yen. Kraken is no slouch in the cryptocurrency department either, offering support for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Stellar, Monero, Dash, and many, many other coins.

Like Binance, Kraken is known for offering reasonable fees. If you want to deposit fiat into your account, you’ll be charged $5 for wires from your bank account.

SWIFT deposits are free. Other fiat currencies have a similar fee structure, so it’s not a big deal if you’re in a different country.

Trading fees are also in line with industry standards. Of course, there are different fees applied whether you’re a maker or taker in the trade.

Maker’s fees fall between 0.00% and 0.16%, depending on your trading volume.

Under $50,000 is charged the largest percentage, while anything about $10 million doesn’t pay anything. Similarly, taker’s fees range from 0.10% and 0.26% with the same criteria.

Kraken is a solid alternative to Binance if you’re looking for a platform that offers a wide variety of cryptocurrencies and is still under US jurisdiction.

It is completely licensed and regulated by all US governing authorities, so you know the exchange isn’t going anywhere. Additionally, Kraken is one of the few exchanges on the market that can compete with the low fees Binance offers.

Exchange
Binance

Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.

When it comes to buying and selling crypto, there are few exchanges better than Binance.

4.6/5
Visit Binance

Additional features

ICO launchpad

Binance is at the forefront of the crypto industry when it comes to listing new coins.

As soon as an ICO finishes, the exchange is ready to add it to its already lengthy list of offerings.

That doesn’t mean Binance will list anything that comes down the pipe.

The platform has a vetting process a project must pass before the site lists the coin.

Mobile apps

Binance iOS

If you want to use Binance on the go, the platform offers mobile apps.

You can download and install a mobile version of the exchange on either Android or ioS devices.

This is great if you need to track the status of your trades or the price of your favorite crypto, no matter where you are.

Binance earn

Binance Earn is a lot like staking, but there is no relationship between trading and this product.

Instead, there are many products users can access that offer fixed and variable APYs.

These products act a lot like savings accounts, where users earn interest by leaving their assets on Binance.

Conclusion

There aren’t many downsides to using Binance as your exchange of choice.

The platform offers so many features that it’s challenging to list them all in a single post.

With Binance, you can learn all about buying, selling, and trading your favorite cryptocurrencies while getting some of the lowest fees on the market. Plus, there is no shortage of coins listed for you to trade.

If you have the time, I highly recommend you take a few hours and explore the entire Binance platform.

It offers plenty of features that other platforms simply can’t or don’t have. It’s probably safe to say that if it’s blockchain-related, Binance has it somewhere in its ecosystem.

And if it doesn’t, the exchange probably already has something in the works.

This is evidenced by the fact that the exchange wasted no time in joining the DeFi ecosystem with its release of the Binance Smart Chain.

Additionally, users can stake popular coins like Polkadot, Algorand, Cosmos, and many others.

With the addition of decentralized finance features, a crypto debit card, an exciting staking platform, and a long list of supported cryptocurrencies, it’s easy to see that Binance is going to be at the forefront of the blockchain industry for the foreseeable future.

Binance vs the rest

Check out our comparison articles below:

Avatar of andrejilisin
author Andrej Ilisin

A serial entrepreneur working primarily with digital assets. He's the CEO of Sharp Capital, a company that focuses on growing online businesses. Andrej is also huge crypto, chess, and CrossFit enthusiast.