In this Binance review we will go through the complete trading and exchange platform.
In addition, we will summarize this with pros and cons for Binance.
Binance is one of the largest Bitcoin trading and Ethereum trading platforms, in terms of crypto trading volume. The platform’s investigation includes its brief history, customer support, privacy, fees, and security.
Bringing it all together, we conclude with pros and cons that you should be aware of from this Binance exchange review.
Binance does not allow US traders, otherwise it is probably the best crypto bitcoin trading site. However, if you still is interested to compare other trading platforms you should browse to our page, top Bitcoin trading sites.
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Brief History of Binance
Binance is a best cryptocurrency trading platform, led by a Chinese entrepreneur, Changpeng Zhao. The website (and company) established operations in 2017 through an ICO.
The result is a platform that offers several services and its own coin called Binance Coin (BNB). In the span of several months, the company gradually gained recognition within the cryptocurrency industry.
The reason for such success lays in the fact that platform introduced numerous trading pairs.
As for the development, the company announced in March 2018 that it plans on to create a decentralized exchange.
Binance Registration
Register with you email only on Binance. See the GIF animation below describing the few steps to register with Binance.
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Binance ID Verification
There are have two different verification procedures on Binance. Also, you can acheive higher limits by completing both of them.
Binance Basic Info:
- This verification requires user’s name
- address
- date of birth
Identity & Face Verification:
Binance users must complete identity and face verification to get a limit of 5.000 EUR/daily.
This verification level will require
- a copy of a valid photo ID
- taking a selfie to prove identity by face verification. This step will require a smartphone with Binance App installed or a PC/Mac with a webcam.
Address Verification:
Binance users must complete address verification to get a limit of 10.000 EUR/daily
- In order to have this limit, you will need to complete your identity verification and address verification.
It is possible to increase the daily limit to be higher than 10.000 EUR/daily. In order to do so, contact Binance support as we describe in the next section.
Customer Support on Binance
Although based in Hong Kong, the exchange offers its services globally with the exception for the US.
As for the customer support, the platform offers
- Support Center (In the footer menu)
- Submit a request (In the footer menu)
More importantly, Binance offers frequent announcements and updates on the marketplace. Although new, the exchange still does not offer live chat, as it is the case with Kraken.
What is Binance Staking?
Staking with Binance is possible through their platform. Binance offers locked staking, flexible staking and Defi staking. You can earn up to 25% per year on your cryptocurrency holdings which is a great passive income. With Binance you can stake with two different features
Locked Staking where you hold you cryptocurrency funds in a wallet to support the operations of the blockchain.
DeFi Staking helps users to participate in different DeFi products via the Binance exchange.
Available Payment Methods on Binance
Binance does offer the most common deposit methods like,
- Credit Card
- Bank transfer (From many different fiat options)
- Cryptocurrency
- P2P, peer-to-peer trading with over 100 different payment options
- Other third party payment options (Simplex, iDeal and Banxa)
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Binance Trading Fees Review
Binance charge very low trading fees as you will see in this review section.
First, you must understand that there are always two different trading fees. These two are called maker and taker trading fees.
You pay maker fee if you add an order to the order book (Limit order).
You pay taker fee if you remove liquidity from the order book (Market order).
In the table below you can see the difference between maker and taker fee. On top of this, Binance also charges a different fee if you hold their native token, Binance coin(BNB). There are actually three levels of Binance fees.
- Ordinary fees (most expensive, but still low fees in comparison to other platforms)
- 25% off if you hold 500 BNB.
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In addition, you can see that there are different trading fees for different crypto trading instruments.
The trading Binance trading fees are also dependent on you VIP level. You achieve different VIP levels (0-9) dependent on your trading volume the last 30 days. This information you also find in the table below.
Another fee Binance charges are withdrawal fees, which vary from coin to coin and on daily basis. Take bitcoin for example.
The crypto’s network fees, as they are called, change depending on blockchain’s traffic and a number of needed confirmations. However, Binance does not offer the last option, meaning you get the lowest fee but also the slowest transfer as well.
Compare Binance fees with Bitfinex fees in our Bitfinex review.
Binance Security Review
Can Binance be considered as a safe trading site?
As mentioned in the earlier section, you have an anti-bot application, protecting you from spam attacks. As for the account itself, you also have several security options, them being:
- password manager
- Anti-Phishing Code
- API safety tools
- two-factor authentication (2FA)
- withdraw access manager
What makes Binance different from other platforms like Bittrex and Poloniex is that 2FA can be set by several factors.
You have Google and phone authenticators, though we would recommend phone as a more secure option. Address manager, on the other hand, provides you with complete control over your withdrawal codes.
You get to set notes on each address, prioritizing how and when withdrawals can take place.
We also noted that platform was hacked through phishing attacks, though losses were not (relatively) high. This incident serves as a reminder that keeping coins inside an online platform can be quite risky
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Binance Margin Trading
Binance offers simple exchange services and many trading features, including crypto margin trading.
The first is pretty straightforward, as you swap altcoins with other currencies of your desire. As for the trading, you have the standard set of function, them being Limit, Market, and Stop-Limit.
You can see the purchase and sell forms in Binance review picture below.
Read our full article about Binance margin trading.
At this point, Binance does not offer any other sub-functions or leveraging for its clients. On the other hand, it does offer two additional platforms. One is called Labs, which offer a space for ICOs to offer and sell their tokens. Other is LaunchPad, which is a platform where you can fund new projects and improvements to the blockchain.
Binance offers both cross margin and isolated margin. Read more about what cross margin and isolated margin is in our BitMEX review.
Can I short Bitcoin on Binance?
Yes, Binance offers you several different opportunities to short Bitcoin. They have margin trading, futures and leveraged tokens. We have a dedicated article on how to short Bitcoin on Binance. Also, we explain the difference between cross margin and isolated margin in the article.
Binance Futures
Binance futures are available both as USDT and COIN futures. Binance is offering the lowest fee on the market for crypto futures trading. Also, they have many different cryptocurrencies to trade. Read about how to trade Binance futures.
What is Binance Coin BNB?
Binance Coin, BNB, is a cryptocurrency created by Binance. It´s the native coin of the Binance Chain. There are several use cases for the Binance coin, such as, fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more. See our price prediction list for Binance Coin BNB 2020.
Binance Review Pros & Cons
Pros
- A large number of cryptos and trading pairs available
- Adequate security features
- Services are globally available (Not US)
- Great liquidity
- Many trading features
- Very low fees
Cons
- Slow support
Why Should I Trade on Binance?
In this Binance review, we went over the platform’s ability to provide secure and profitable exchange services. Binance, although strictly crypto-to-crypto, does offer some unique features for its clients. You have exchange and trading services, alongside with IOC lab marketplace. You also have several security tools protecting your assets, though we would recommend to not keep a large number of coins.
If you are interested in the Binance app, see our dedicated article about Binance android app and IOS app.
