Binance Review

There’s nothing better than a highly-secure crypto exchange platform to satisfy your crypto needs. This Binance review will give you all the insider information regarding Binance features. Continue reading to find out more.

What is Binance?

Binance is the world’s largest cryptocurrency exchange platform in terms of trading volume. It was created in 2017 by Changpeng Zhao, a developer who also designed the high-frequency trading systems Fusion Systems in 2005. 

Due to China’s strict regulations towards cryptocurrencies, Binance moved between Taiwan and Japan until establishing its headquarters in Malta. This newly established company recorded a surprisingly strong start, averaging more than $1 billion in daily trades in 2017.

How Does Binance Work?

Binance’s primary function is crypto-to-crypto trading. Its low transaction fees, liquidity, and additional discounts for paying in Binance’s native cryptocurrency (BNB) are what attracts many users from all across the globe.

Even though Binance isn’t challenging to use if you have previous experience with online crypto exchange platforms, the Binance Academy helps anyone new to the world of crypto trading.

Binance offers services based around trading, listing, fundraising, and delisting or withdrawing cryptocurrencies. It’s open to new cryptos as it provides the possibility to launch new tokens by raising funds through an Initial Coin Offering (ICO).

To start exchanging currencies with Binance, you have to complete the necessary KYC requirements. The platform supports limit, market, and stop-limit orders: Limit orders are executed at the trader’s limit price, market orders instantly at the best available price, and stop-limit orders become valid once the price reaches a specified level.

Currently, there are no Binance deposit fees. But keep in mind that transaction fees are applied to withdrawals, depending on the type of cryptocurrency.

Binance Features

With only three active years, Binance has already established itself as one of the leaders in the online crypto exchange world. This popularity is mainly due to its regularly updated and newly introduced features. Our Binance review will show you the details below.

Binance Brokerage Service

The company launched an updated brokerage service in September 2020, introducing margin trading and liquid swap. Thanks to this change, brokers can now create unlimited amounts of sub-accounts through the API.

The brokerage service also provides users with leveraged tokens, spot trading, futures trading, and saving.

Binance Wallet

Does Binance have a wallet? It does - Binance has one of the most secure and trusted crypto wallets out there. By downloading the wallet, users can start trading in just a few minutes without worrying about security issues. 

The wallet also allows users to track charts and prices, earn interest, and see collectibles and NFTs in one place.

P2P Trading

Trading on Binance is easy, especially with the peer-to-peer trading service. P2P connects buyers and users instantly, which facilitates fiat payments.

Launchpad

Launchpad is a platform for incubating and hosting IEOs, showing vetted projects ahead of time. Previously, investors had to research IEOs and Binance currencies independently. 

Many Available Currencies

Binance supports more than a hundred cryptocurrencies. You can find all available currencies on Binance’s website, but here are some of the best coins on Binance:

• BTC — Bitcoin
• BUSD — BitcoinUSD
• ETH — Ethereum
• XRP — Ripple
• TRX — TRON
• POT — PotCoin
• NMC — Namecoin
• USDT — Tether
• BCH — Bitcoin Cash
• BAT — Basic Attention Token
• LTC — Litecoin
• TIT — Titcoin
• DOGE — Dogecoin
• HBAR — Hedera Hashgraph
• XPM — Primecoin
• NEO — NEO

That concludes some of Binance’s best features, but this platform has a lot more to offer. Let’s take a look at some more details.

Binance Fees

The Binance fee structure is quite original as it allows users to pay at a discounted rate when using BNB. Binance’s success may even be due to these prices because even the regular fee is one of the most affordable on the market.

Binance trading fees amount to 0.1% per trade, while only 0.075% when using BNB. It’s unlikely that users will find lower costs. Plus, if you opt for USDT trading, you will be able to take advantage of a 10% discount rate.

The withdrawal fees vary per digital currency. Typically, Bitcoin has the lowest fee of only 0.0005%, while 0.005% is charged for ETH withdrawals.

Binance uses 20% of its quarterly profits to buy back BNB tokens. According to many Binance reviews, this happens to increase demand while maintaining the value. 

Binance Limits

Binance doesn’t impose any limits on deposits. The limits for your Binance cards differ on a daily and monthly level:

Daily spending limits: 

• Virtual Card — EUR 870
• Physical Card — EUR 8,000

Monthly spending limits:

• Virtual Card — EUR 2,000
• Physical Card — EUR 20,000

The monthly limit for ATM withdrawals is EUR 300, while a single ATM withdrawal limit is EUR 150. Binance withdrawal time is quick and typically only takes 30 minutes to be processed.

Restricted Countries

Binance supports users from more than 180 countries. There are a few restricted countries that won’t allow registry, including:

Supported Payment Methods

Binance supports various deposit payment methods, including:

• Crypto
• Bank fiat 
• Credit/debit card
• PTP trading
• Third-party payment

Security

Is Binance safe? Yes, Binance is 100% safe. The operator delivers high-level security to protect users’ information and assets. The security measures used on the website include:

• YubiKey 2-Factor Authentication: A hardware device used as a 2FA method to enhance account security.
• Anti-Phishing Code: Helps differentiate Binance emails and phishing attempts.
• Account Activity: Allows you to see your account activity as part of a security check.
• SMS, Email, and Google Authentication: Used for withdrawals and security modifications.
• Device Management: Allows users to see and delete devices permitted to use the account.
• Address Management: Allows users to save and write memos for each of the withdrawal addresses. The Whitelist option allows you to withdraw funds to specific addresses for additional protection.

Regarding phishing, keep in mind that platforms like Binance will never ask you to send your password. Always take time to check the details regarding your account or traction history, bookmark your frequently visited websites, and refer to the Binance official site to read more on the advanced frauds.

Customer Support

Based on our own experience and other user-written Binance reviews, we can conclude that customer support is relatively slow. Although there are many available ways to contact the support agents (live chat, submitting a request/ticket, search options, and an FAQ section), not all have proven effective.

Contacting the live chat support agents is not an issue as they are pretty quick to respond when traffic is slow. But, since the live chat is functional 24/7, we would expect a faster response time. Requests and tickets took even longer, as we had to wait a few days for a reply. 

Despite the long waiting times, the support staff is decently informed about the website and Binance features.

Binance vs. Coinbase

Many users compare Binance to Coinbase, but there are some significant differences between these two platforms. Coinbase is primarily a cryptocurrency brokerage, while Binance is an exchange platform.

Both platforms are highly secure and among the best in the industry. Whichever is best comes down to what features you need.

Binance withdrawal fees are much lower, but Coinbase is easier to use and has more responsive customer support. Binance has more than 180 different available cryptocurrencies, while Coinbase only offers 30.

Verdict - Is Binance Worth It? 

Binance is a world-leading crypto exchange platform. It has one of the most extensive crypto offerings with more than 180 available cryptocurrencies, and the platform accepts users from more than 100 countries.

The verification process and the site’s security are first-class, protecting you with Binance’s two-factor authentication security system. However, KYC compliance might be considered a negative for users wanting to buy Bitcoin on Binance and preserve their anonymity. 

If you’re looking for a highly-secure exchange platform with high-volume trading, Binance is the right choice for you. But if you’re a beginner needing extra help from the support staff, we recommend trying out other platforms and come back to Binance once more experienced.