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.
Binance Company Review - Safety and Regulation
Binance Regulation Review
Binance have for a long time been in an uncertain regulatory landscape. Also, regulations are not 100% set in the crypto landscape. While Changpeng “CZ” Zhao thinks “regulation is essential for the crypto industry” he also states “it’s just as crucial for regulation to complement instead of hinder crypto’s growth”.
This kind of summarizes the Binance regulation strategy. They are not on the forefront to be regulated as Coinbase and Kraken but rather have the approach to wait and see what the crypto regulators actually regulate. In the meantime, they focus on to offer as many products as possible for their customers which have made them the largest crypto exchange in the world with most features.
It is important to pint out that Binance is working hard to comply with the regulators but still Binance have a hard time with regulators. They have also been asked to remove some products, like the Binance stock tokens and also did they stop accepting US customers on Binance.com.
Binance Trading Safety and Legitimacy Review
Binance can be consider as a safe legit crypto currency exchange. Of course, Binance doesn’t disclose very much about their security features but as the largest crypto exchange in the world you can be sure there are hacking attempts all the time.
Also, Binance was hacked for $40 million which might look like a large hack. However, it was only 2 percent of Binance’s overall bitcoin holdings and even lower % of the total holdings. Binance could easily replace the lost funds in this case.
In addition, Binance is building up a $1 billion insurance fund to help it´s users in a future hack.
Short Binance Review History
Binance was founded by the Chinese developer and entrepreneur, Changpeng Zhao. The website (and company) established operations in 2017 through an ICO.
Zhao had previously founded the high-frequency trading company, Fusion Systems in 2005 in Shanghai. Further, he has been working with Blockchain.info and at OKCoin.
Binance Review Registration and Referral ID Code
Register with you email only on Binance. See the GIF animation below describing the few steps to register with Binance.
Binance KYC and ID Verification Review 2022
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
- 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.
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.
Binance Customer Support Review
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 Earn and 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.
Binance ETH 2.0 Staking
It is now possible to stake ETH 2.0 with Binance.
Binance has a very competitive offer to stake ETH 2.0 and you dont need any knowledge. You can stake as little as 0.0001 ETH.
The staking APY is 5-20% and the current APY is around 17% (8th Dec 2020).
Read more about how to stake ETH 2.0 with Binance.
Payment Methods and Deposit Methods on Binance
Binance does offer the most common deposit methods like,
- Credit Card
- Bank transfer (From many different fiat options)
- P2P, peer-to-peer trading with over 100 different payment options
- Other third party payment options (Simplex, iDeal and Banxa)
Minimum Deposit Binance
There is virtually no minimum deposit for cryptocurrencies on Binance.
However, for depositing EURO via card there is a minimum of 15 EUR and via SEPA bank deposit minimum 1 EURO.
Binance Withdrawal Fees
For each crypto there is an individual withdrawal fee and you can follow the link above to see all crypto withdrawal fees on Binance.
For EURO withdrawal to a card there is 1% fee and withdrawal to bank account is 5EUR + 0.5% fee.
Can I withdraw crypto from an unverified Binance account?
Binance changed their withdrawal limits for unverified and basic verified accounts during August 2021.
Now, the daily withdrawal limits are 0.06 BTC for accounts which have completed only Basic Account Verification.
Complete identity verification to increase your daily withdrawal limits to up to 100 BTC.
Binance Referral Code: -20% on all commissions with our link
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.
- 25% off if you hold 500 BNB and additional 20% kickback with our referral code.
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.
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
Note: Leverage trading always involves higher risk than traditional spot market exchange.
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.
Can I Trade Crypto Options on Binance?
Yes, you can trade European-style crypto options on Binance. Binance is one of the best crypto option trading sites for Bitcoin BTC options.
To be able to trade crypto options on Binance, you will need to activate your Binance Futures account by answering a few questions related to the risks associated with crypto derivatives trading.
Once your Binance Futures account is created and activated, you will be able to transfer funds into the futures account.
After this, you can begin buying crypto options on Binance.
Read our step-by-step guide about how to buy long Bitcoin BTC options on Binance.
Binance Android and IOS App for Trading and Staking
Binance is offering a great mobile app for Android and IOS. Here, you can execute almost all the operations you can do from the desktop Binance version. You can do spot trading, margin trading, staking among many other things. Read more about the Binance Android and IOS app.
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 Trading
Binance is one of the best crypto leverage trading platforms. Here, you can trade futures available both as USDT and COIN-M futures(Inverse 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.
Binance Earn and ETH 2.0 Staking
Binance Earn is a feature on Binance where you can earn passive income on your holdings.
To get the best rewards you usually have to stake and lock your cryptocurrencies for 60 days. The returns are usually very good and are quite often the best returns you can find on the market. The disadvantage is of course that you need to lock your funds for a certain period to get the best yields.
Stake Ethereum ETH 2.0 on Binance
It´s possible to stake Ethereum ETH 2.0 on Binance Earn. This is a very convenient way even if Binance take a small fee to provide this service. Read more about how to stake ETH 2.0 on Binance.
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
- 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
- US traders are not allowed
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 unsure about what crypto trading platform is best for you, read our article about how to find the best crypto trading platform.
Binance Referral Code: -20% on all commissions with our link
What Crypto Trading Bots are compatible with Binance?
Binance is the largest crypto exchange and all third part services wants to integrate with Binance. Therefor, there are many software you can connect via an API with your Binance account.
Read about all the best crypto trading bots you can connect to your Binance account.
Track Binance trading with Coin Market Manager
There are numerous software compatible with Binance.
They all fulfill different purpose and in this Binance review we have chosen to mention Coin Market Manager.
Coin Market Manager is a tracking software that can track several crypto trading platforms in one software.
In addition, Crypto Market Manager can help to improve your trading by a lot of intuitive features which you can read more about in our article about crypto trading tools.
Best Crypto Trading Bot with Binance
We think Coinrule is the best crypto trading bot compatible with Binance. Coinrule is also able to connect with a numerous of other crypto exchanges like Binance US, Poloniex, Bitpanda Pro, Coinbase Pro, Bitstamp, HitBTC, Kraken, Liquid, OKex.
Best Crypto Trading Tax Software with Binance
We think Koinly is the best crypto tax software compatible with Binance.
Koinly helps you to extract all transactions from Binance via a read-only API and automatically calculate the tax report for you.
Koinly currently supports 20+ countries and increasing all the time.
Best Crypto Technical Analysis App with Binance
Tradingview is the best crypto technical analysis app out there.
● Best charting tool according to many influencers and traders
● Very good free plan
● Great community which also produce analysis
● Easy to learn
● Great backtesting tool
● Huge amount of functionality in one charting package