Minimum Deposit Fiat
Cryptocurrencies for trading
BTC, XRP, ETH, BNB, LTC + over 100 more
Cryptocurrencies, Credit Card, P2P, Bank transfer
Worldwide, Not USA
Guarantee Stop Loss
Negative Balance Protection
- Deposits: none
- Withdrawals: variable
- Trade Costs: 0.1%
- Ticket System
- Binance Academy
Binance Review Introduction
The Binance review in front of you has an aim to bring forth advantages and disadvantages of trading in Binance.
Binance is one of the largest Bitcoin trading and Ethereum trading platforms. 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.
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.
Register with you email only on Binance. See the GIF animation below describing the few steps to register with Binance.
Binance ID Verification
Binance have two different types of verification and they are both connected to deposit limits. Also, Identity verification is connected to withdrawal limits.
Identity Verification with Personal Information
• Further increase deposit limits for some fiat channels
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.
Available Payment 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)
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 pay the fee with the Binance coin, BNB.
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
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
Binance Trading & Exchange
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.
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.
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
- Verification is not required for trade
- ICO labs great way for ICOs to present themselves
- Services are globally available
- Fiat currencies and payment options not available
- Less popular coins can get delisted anytime
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.