- Trading with Binance
- General Information
- Key Features of Binance
- About Basic Binance Trading
- Why Choose Basic Binance Trading?
- Advanced Trading
- Supported Cryptocurrencies
- Binance US Investments
- Futures Trading
- Pros & Cons
- Binance Fees
- Deposit Methods
- Credit Card Payments
- Binance Security
- Binance vs. Coinbase
Over the years, the trade of financial instruments and assets has evolved tremendously. Besides company stocks, people are getting involved in the trade of precious metals, commodities, and indices. Trading with various instruments has enabled people to earn profits from more than one source of investment. Of late, there has been a growing interest in the trade of cryptocurrency. Investing in digital money has helped millions of traders earn huge profits from a single source in a matter of weeks. The prices of top cryptocurrencies such as Bitcoin, BNB, and Bitcoin Cash have soared multifold in 2020. However, the market for cryptocurrencies is also highly volatile. Some crypto assets fall drastically, and people lose money to a great extent. Therefore, to tackle such challenges, traders adopt a trading platform and use their services for accurate and profitable investments.
Binance Exchange Summary
|Supported Fiat Currencies||19|
|Withdrawal Fees||Withdrawal fees are dynamic|
|Customer Support||Online Support Form|
Trading with Binance
Binance is a renowned name in the cryptocurrency trading sphere. The Binance platform has been promoted globally through mainstream advertisements resulting in more people entering the crypto trading landscape. However, there are several other platforms offering services similar to Binance.
Hence, a comprehensive review is what a trader needs to make the right adoption. This Binance review navigates different aspects of the platform and puts forth an unbiased analysis of its features. In this review, Binance’s contribution in helping the trade of CFDs on cryptocurrencies has been evaluated. Let’s discover how and why Binance is considered one of the world’s popular trading platforms for cryptocurrencies.
Binance Review Overview about the Platform
Binance – General Information
Like every other trading platform, Binance is a company that operates as the best cryptocurrency exchange for all its users. While it offers trading systems and services to its customers, Binance is primarily a trading exchange that works in cryptocurrency markets. Based in Hong Kong, Binance is, if not the biggest crypto exchange in the world today. It was launched in the industry a few years back, in July 2017. Within a year, Binance rose to global popularity with its highly effective services and advanced trading tools as a market leader in cryptocurrency exchanges.
During our review, it is best known as the leading exchange to register maximum trading volumes every day. Binance is always at the top in trading volume and has not failed to support its traders in managing or executing high trades. It is also ranked high for being a trusted exchange in the crypto world.
Binance – Recent Developments
In 2019, Binance suffered a large-scale security breach, where 7,000 Bitcoins ($40 million at the time) were stolen. The company halted its withdrawals and deposits but continued its trading services. Soon, it reimbursed its customers with the help of its secured asset fund. In 2020, the company shifted its base of operations to Malta due to the growing regulatory constraints for cryptocurrency in China and Hong Kong. The same year, Binance also acquired WazirX, India’s largest cryptocurrency exchange (check out the complete WazirX review here.). Binance runs its business globally and has a presence with registered offices in a few other European countries, including Gibraltar and Estonia. Based on the country, Binance has also developed explicit license agreements for its cryptocurrency exchanges.
Binance Review – Recent Developments
Binance During COVID-19
In 2020, during the COVID-19 crisis, Binance reported a $4 billion worth of 24-hour trading volume, which is globally the highest number for an exchange during such times. The 30-day trading volume from Binance reached $140 billion in April, becoming the most traded exchange in the world. Today, Binance is considered a behemoth in the domain of cryptocurrency exchanges and trading.
Binance Review – Key Features
During this review, the exchange has been assessed for its multiple features. The following features are the best offerings that Binance has in store for its traders. From its trading platform features to its crypto exchange features, let’s take a look at what Binance has to offer:
- eWallets: Binance runs its operations digitally, where real money can be deposited or withdrawn but gets stored in electronic wallets. Almost every leading eWallet app is available at Binance. The exchange also offers its traders a comprehensive selection of wallet features that can not only store their wealth in cryptos or fiat currencies but also help them earn interest rates from their long-term deposits.
- Mobile Trading: Traders can use Binance mobile application and stay invested in the cryptocurrency market even during their travel time. The Binance app is compatible with all hand-held mobile platforms and devices. Android users can find the Binance app on Google Play, while iOS users can go to the Apple App Store to download the app. Binance is also available in APK file formats for other mobile platforms such as Tizen or Windows Mobile.
Binance Review – Mobile Trading
- Trading Account: To capture the needs of every trader, Binance has a wide range of trading account types. The two main types of a Binance account include Basic and Advanced. The account has options for customizations based on user requirements. For professional traders, Binance has the Margin, P2P, and OTC trading account.
Binance Review – Trading Trading
- Customer Support: Users get access to a large library of research articles that can resolve every investment problem and help them navigate the trading platforms smoothly. These articles also share first-hand information on excelling in crypto trading. One can directly chat with the Binance customer support team and procure solutions tailored to their queries. A Learn section on the Binance trading system guides every beginner on the process of buying cryptos.
- Analytical Charts: As per our reviews on binance, the trading experience at Binance is quite interactive. The exchange uses TradingView to provide its users access to technical market indicators, charts, and graphs that analyze the market in real-time. These tools help users in finding the next trading opportunity at the earliest possible.
Binance Review – Easiest way to trade
Additional Features of Binance
- Trading Derivatives: Besides cryptocurrency, one can be a part of different markets, particularly for USDT futures, leveraged coin products (BNB), and coin futures. Trading these derivatives is a lot more efficient with Binance.
- In-Depth Research: To upskill its users, Binance is a source of a wide range of research material on the market. Expert advice, trading strategies, and troubleshooting content gets delivered to its users. This market research content helps traders with their day trading and margin trading activities. As a source of institutional-grade analysis and dynamic research reports, Binance makes a significant difference in the outcomes of its traders.
- Financing: Binance users are not solely earning from the profits they make through their trades. The exchange rewards its high-performing traders with a range of bonuses. Every user is rewarded for staking and depositing cryptos. Binance also helps its traders with financing options through loans. The cryptocurrency market also secures these crypto loans. In terms of rewards, Binance offers referral bonuses to its users. By introducing new traders to the exchange, every user gets rewarded with crypto wealth as a referral bonus.
- Launch: With Binance, traders get access to the market at every moment of the day. The launch of a new cryptocurrency is the best investment opportunity for small business traders. Binance captures these launches and notifies the traders. It also provides launch whitepapers and specifies the timelines for the traders to start staking with new cryptocurrencies.
- Deposits and Withdrawals: Binance has very few constraints concerning the payment methods. Almost every payment gateway is integrated with the exchange. It also supports high-volume deposits and withdrawals of traders in fiat currency and cryptocurrencies such as BNB, Litecoin (LTC), and Bitcoin Cash.
Binance Review – Deposits and Withdrawals
- Binance Credit Cards: For instant trading, Binance allows its users to link their credit card and crypto-friendly bank account. Credit cards can be used to convert their crypto earnings into fiat currencies. They can be used to pay with cryptos as well.
Binance Review – Buy Crypto
The exchange offers all these features, and hence Binance is one of the most competitive crypto exchanges and trading platforms for modern-day investors. The company continues to upgrade its offerings from time to time, providing an advanced user experience to its traders.
Binance Review – Basic Trading
While reviewing the trading alternatives that Binance offers, its users access two types – Basic and Advanced. In basic trading, Binance allows its users to stick to a primary format of trading. In this category, users do not indulge in different trading alternatives. Instead, they stick to crypto trading as their primary activity. However, when it comes to Binance basic, it is only designed to cater to a beginner in trading. Sooner or later, traders may get less interested in the basic trading functions. If they need more detailed technical analysis, then they have to switch to the advanced trading version.
Why Choose Basic Binance Trading?
Binance Review – Trading view platform chart
Basic trading at Binance is quite easy to learn. It is not extremely complicated like its advanced version. The basic trading view of the Binance platform is quite straightforward. It is inherently easy to operate and displays all the crucial information on a single page. The prices are in the left panel, while the graphs are displayed in the middle. The information on what to buy or sell and the market’s history is showcased on the right side.
Binance Review for Advanced Trading
In the advanced trading version, Binance provides charts and other technical indicators, which take up more space on the page. Compared to the basic version, there is a lot more data that needs to be processed in advanced trading. This data comprises trading history information, market developments, and upcoming events. The buy and sell boxes on this page keep reflecting the changes arising from these factors.
Binance Review – Advanced Trading
Advanced trading has all the features of basic trading. Binance also offers an exclusive training course to its traders. Each user gets to decide the level of margin trading to be pursued.
Binance covers several cryptocurrencies, including its own BNB coins, and is designed to help users with every aspect of crypto trading. In addition to Bitcoin (BTC) and Etherum (ETH), Binance also has more than a hundred cryptocurrencies. These digital currency tokens are a part of its exchange and are displayed in the Binance Cryptocurrency Exchange List. These trading pairs get updated regularly. Binance is also the world’s most supported exchange for cryptocurrencies.
Binance Review – Supported Cryptocurrencies
Binance QA System
There is a quality assurance system in its platform that ensures every new decentralized finance fiat-to-crypto project can get qualified to be listed. If the project fails to meet Binance’s qualification requirements, it gets delisted. In 2019, Binance delisted five cryptocurrencies: Modum, CloakCoin, Wings, Substratum, and SALT.
Binance OTC Trading Portal
Binance Review – OTC Trading Portal
Binance users recently got access to the OTC trading portal. The launch of this portal was announced by Binance in April 2020, offering an over-the-counter (OTC) trading desk for its users. With the Binance OTC Trading Portal, one can avoid the risks of “slippage” while executing larger trades. They can trade according to the price movements and conduct large transactions informedly. In this OTC Trading Portal, Binance does not charge additional trading fees. Users get a quick settlement when they execute with a minimum trade size of $10,000. The OTC Trading Portal by Binance also accepts trades in 25 different crypto coins. These tokens are available as trading pairs when the users complete level 2 of KYC verification and account registration at the Binance (com) website.
Binance Review – Crypto OTC and Bitcoin OTC
Binance US Investments
Binance Lending Products
Binance Review – Lending Products
Binance offers a series of crypto products through financing. These Binance Lending Products are used to lock certain digital money assets for a certain time. One can procure an interest in these locked assets and earn monthly through Binance. In September 2019, Binance also released a two-week fixed term for its lending products. One can now receive interest by locking in their assets for only 14 days. The return figures on locking in cryptocurrencies such as Binance coin (BNB), BTC, and USDT-tokens for 14 days are quite impressive. The Binance exchange has a strong team responsible for generating these interests and share its forefront figures with its users from the entire cryptocurrency industry.
From 2019, Binance has opened doors to futures trading. One can trade futures and options contracts to expand their trading portfolio. With Binance futures trading, the users get to trade an option contract that gives them an option to call (buy option) or put (sell option) a certain financial asset at a certain price point. These options provide users with an exclusive right to exercise trading the futures of an asset under the set expiration period of the contract. There are more options than Binance offers, allowing its users to exercise these trades during a specific date. Binance also offers American options and European options to its future trading users. These trades can be made under Perpetual Binance Futures or as Quarterly Binance Futures.
Binance Review – Futures Trading
Futures Trading Fees
The trading fees Binance charges for each contract category depend on the specifications, price changes, and the VIP level of the user. For futures trading, Binance charges average trading fees to its traders. Binance fees are below the industry average, with the standard taker fee starting at 0.075% and the standard maker fee at 0.025%. One can also save 10% of their future trading fees through sign-ups.
Pros & Cons
Here’s a quick overview of the benefits and shortcomings of the Binance crypto trading platform.
|Binance has the widest range of cryptocurrencies to offer in the market. It also has a comprehensive range of cryptocurrency pairings available for trading, including BNB, BTC, ETH, and Bitcoin Cash.||The KYC compliance may be positive for some, but it can be a roadblock to traders seeking anonymity. The platform does not offer its services without KYC compliance. Hence, several users are unable to trade on Binance before completing the verification process.|
|It is an easy-to-use platform. Binance has dozens of tutorials that can help users with different features of the platform. It also supports the users in technical assistance when the platform faces a complex computing problem.||Advanced trading platforms by Binance are quite complicated for new traders. Their operations are designed only for professional traders.|
|Binance holds a strong emphasis on its data security. With the Binance chain blockchain technologies, it protects the transactional data at every endpoint of the transactions. An array of security measures is used to safeguard investor assets from cyberattacks.||A Binance demo account is only available in the Binance Futures Trading segment.|
|Binance supports various methods for deposits and withdrawals of funds and crypto money.|
|One can earn an interest in their crypto holdings. They can be good rewards for staking cryptocurrencies.|
|It can smoothly execute a high trading volume. Binance delivers greater liquidity to its traders.|
|Binance Launchpad is a unique platform that gives users exclusive access to the newly launched coins and tokens.|
|Multiple trading platforms are available on Binance. The exchange also caters to different levels of trading experiences, including margin trading.|
|There is a comprehensive customer support center run by Binance experts offering 24/7 phone support.|
Binance Review – Binance now on Android
In this Binance review, the exchange has more pros than cons. Hence, it is considered far more beneficial and reliable for traders. The KYC verification compliance is also an added advantage that allows Binance to deliver additional protection for its users. The mobile compatibility of Binance platforms on Android and iOS devices is also a major plus point.
Binance Review – Fees
This Binance review has also assessed the costs that users have to bear while trading with this. Binance fees are charged at multiple levels of the process. As a trading platform, Binance does not charge variable fees. It is important to note that every trade executed between the user and Binance is recorded in the order book, and brokerage fees are charged on those trades. Binance provides better liquidity in the market. One can benefit from this liquidity by matching their orders with the makers’ orders. This maker-taker model encourages Binance users to leverage market liquidity at a small fee. The fees are discounted further when the number of tradable assets increases. Top crypto exchanges that do not charge different fees between takers and makers implement “flat” fees.
Binance Review – Fees
Spot Trading Fees
Binance Review – Spot Trading Fees
For spot trading, Binance charges a flat trading fee of 0.10%. Accordingly, Binance also does not profile the users under the taker or maker categories. Its investors can prefer picking up existing orders from the order book and make money from this attractive trading fee model. Binance’s spot trading fees are extremely below the fees charged by its competitors. The industry average is around 0.25%, which makes Binance an affordable option. It can also reduce the trading fees on high trading volumes and huge holdings of the Binance coin (BNB).
Binance Withdrawal Fees
Binance Review – Withdrawal Fees
In this Binance review, the withdrawal process has been analyzed to check its impact on the traders’ income source. The withdrawal fee charged by Binance is not fixed. They can vary from crypto to crypto and based on the trading volumes. If the user wants to withdraw money in the form of a Binance coin (BNB), a very small amount of the withdrawal is paid to the platform. This pattern follows with all other cryptocurrencies. The BTC-withdrawal fees at Binance are average compared to its competitors in the crypto exchange market. In other words, a 0.0006 BTC per BTC withdrawal is approximately charged to the users. Binance also charges a flat 0.0004 BTC on BTC withdrawals, making its withdrawal fees more competitive.
Binance Deposit Methods
In its initial years, Binance only accepted deposits in the form of cryptocurrencies. Today, Binance accepts different currencies and modes of deposits. It accepts real money deposits and fiat currency funding. Today’s crypto investors can now trade at the Binance exchange through debit card or credit card deposits as well. Since 2019, Binance has added numerous deposit methods to accept new users possible under different circumstances. The exchange has partnered with an Israel-based payment services firm, Simplex, which allows Binance users to buy and sell Bitcoin (BTC), Ethereum (ETH), and other cryptos such as Litecoin (LTC) or Ripple through VISA and MasterCard credit cards.
Binance Review – Deposit Methods
This Binance review observed that Binance deposit methods via a debit card or a credit card are limited to countries on the Sanctions lists, including North Korea, Iraq, Syria, Afghanistan, and Libya. It is not available to US states, namely, New York, Washington, Connecticut, Washington, Georgia, New Mexico, and Hawaii. Simplex charges deposit fees at 3.5% per trade. To buy Bitcoin for $10,000, Simplex charges $350 and an additional flat fee of a minimum of $10.
Binance Review – Credit Card Payments
The review noticed that an announcement made by Binance in December 2019 allowed its users to bind their VISA credit cards to the Binance trading account. This helps them purchase cryptos directly by using a credit card. The Binance platform no longer compels its users to deposit through Simplex. It saves them the 3.5% Simplex fee and lets them deposit through VISA cards issued in the EEA.
Simplex Supported Countries
This option is available for users from the United Kingdom, France, Germany, Netherlands, Sweden, Poland, Austria, Bulgaria, Belgium, Croatia, Czech Republic, Republic of Cyprus, Denmark, Finland, Estonia, Greece, Ireland, Hungary, Italy, Lithuania, Latvia, Luxembourg, Portugal, Malta, Romania, Slovenia, Slovakia, Spain, Norway, Iceland, and Liechtenstein.
Binance Review – Simplex Supported
In 2020, Binance also announced that it now supports wire transfers. Deposits from bank fund transfers are now available for Binance users through their partnership with Clear Junction that accepts direct bank transfers in Euros (EUR) through SEPA and in Pounds (GBP) through Faster Payments.
This review also uncovers the most factor driving the success of Binance – security. According to user Binance reviews, Binance is a top-rated secure crypto exchange. It is a safe trading platform that implements end-to-end security for its features and services. Compared to different top crypto exchanges, Binance has an advanced data protection environment called Binance chain.
Binance Review – Security
Two-factor authentication is executed on every trade made with Binance. The platform adds this extra layer of protection to ensure the security of its online trading account. The two-factor authentication not only protects the username and password but also secures credible information. The two-fold exchange store established by Binance contains a massive amount of valuable information that is personally identifiable. From addresses to names, this information is protected to ensure the users do not get mistreated from their government identification details or their taxpayer identification number.
Binance Review – 2FA
Binance Security Score
Binance exchange handles a lot of cash or coin deposits and withdrawals every day. There are countless hacks attempted on the Binance (com) website. However, Binance does not permit these malpractices and even goes ahead in suspending its service temporarily to protect its users’ money. Other exchanges face similar outcomes and may get looted in millions of dollars. The security score of Binance is tested periodically, and Mozilla system administrators and security professionals run its webpage. They configure Binance sites securely and help them achieve a B+ security score far above the average. Top crypto exchanges fail to match the security levels Binance offers, making the safest cryptocurrency exchange website for all.
Binance Review – Security Score
Binance vs. Coinbase
In this review, Binance is observed to compete with CoinBase as its main alternative. There have been dozens of “Binance vs. Coinbase” comparisons online, explaining which one’s better. This review discusses the key differentiators in these two crypto exchanges, which are also the biggest market. Concerning the services they offer, Binance provides an advanced set of trading services. It has more complicated trading processes. CoinBase is designed for ease of use and helps new traders enter the market. While CoinBase is simpler than Binance, it lacks the opportunity to trade high volumes, which is a milestone every trader wants to reach.
Binance or CoinBase – Which is More Secure?
Comparing the safety of these platforms, Binance has better security than CoinBase. In the earlier sections of the review, the security rank of Binance was mentioned, which is B+. CoinBase, on the other hand, has a B- rating, which is the average rating for a crypto exchange in the market. For small business traders, Binance is a highly secured cryptocurrency exchange in the market. It has transacted over $320 billion to date. All its transactions in Ethereum, Bitcoin and other cryptos have been safely executed. In the industry, Binance has created the safest environment possible for people to buy and sell cryptocurrencies.
Binance Review – CoinBase or Binance
In terms of trading volumes, online Binance reviews reveal the exchange to have better capabilities while CoinBase is relatively less affordable. The per-trade fee charged by CoinBase is above 0.25%. Binance has a flat fee of 0.10% charged on its trades. For beginners, CoinBase is a great option. But, when these novice traders decide to go pro and evolve, they need the services provided by Binance. Hence, it is arguably correct if someone starts with Coinbase and then moves on to Binance. But, this transition can become a hurdle in learning a new platform from scratch all over again. Hence, one can invest more of their efforts and time to learn the complex trading process of Binance and avoid switching from Coinbase. Trading cryptocurrency for new traders is scary, expensive, and also frustrating. Binance can be the right exchange for them by being professional, easy-to-use, and reliable.
Binance Review – Features
Here is some additional information on Binance for new cryptocurrency users. This review of binance provides answers to some of the key concerns that can help them make accurate investment decisions. The answers to the following questions can guide them in navigating the exchange in a better way. Existing users get more answers to their issues in the Support link on the Binance (com) website. New traders can also scroll down to the bottom of the website and access the Customer Support Center for more FAQs. A Binance Academy is also available for users interested in getting trained professionally for the world of crypto.
Binance review – how we can help
What is the identity verification process?
The process of identity verification is important for using a Binance account. After signing up on the Binance (com) website, there is a section for “user-center” and “identification.” Here, the user needs to click on “Verify” after submitting the necessary documents. In this identity verification section, a few steps need to be followed, including submitting the photocopies of ID proof and address proof. After uploading these documents, the KYC process gets initiated. It takes a couple of working days for the completion of identity verification. For European users, this process may get completed in a few business hours on the same day.
Can I buy crypto on Binance P2P?
Buying cryptocurrencies is easy on Binance. Multiple payment methods can deposit the funds that help users buy their preferred cryptocurrency on Binance. For multiple fiat currencies, crypto coins can be purchased at zero transaction fees on Binance P2P. A comprehensive guide is available on the website that illustrates buying and selling cryptocurrency on the Binance P2P platform.
What is the minimum qualification for a user to get a Binance Loan?
The user must be a registered trader of Binance. The user must sign up for the financial assistance programs offered by Binance. However, the loan amount depends on the trading experience of the respective user.
What is Flexible Savings?
Flexible Savings is a unique crypto savings account offered by Binance. When the user subscribes to Flexible Savings at Binance, interest on the holding and staking of cryptocurrency is deposited to the Binance account. The interest rate has flexibility and allows the users to redeem their funds at any time.
To conclude this Binance review, several online reviews declare Binance as the world leader in the crypto space. These reviews provide information on how Binance delivers a next-level user experience to crypto traders. Concurring to those reviews, this review also observes the benefits of trading with this platform. Binance provide a range of services to capture every tradable asset, from cryptocurrencies such as BTC and BNB to their futures. Binance allows its users to deep dive into the crypto market. The low Binance fees imposed by this exchange help new traders stay profitable during their initial months. The exchange is capable of handling huge trading volumes. It can execute large trades and even offer discounted rates for its services.
Binance review – Card Benefits and Perks
Binance has earned its global presence from being recognized for its platform offerings. Not many exchanges can compete with Binance. Its liquidity is unmatched, and the users get complete investor protection. A wide range of security protocols is implemented throughout the trading process at Binance. The multi-layered security delivers a safe trading environment impressing professional traders who consider switching from competitors. An easy verification process fastens the onboarding of novice and advanced traders. The recent rollout of the Binance Visa Card and Binance Launchpad is an additional boon to traders. Going forward, Binance will continue to evolve as an ideal platform for trading cryptocurrencies on a global scale.