Binance is a relatively new crypto exchange that has quickly become the largest exchange available. It sees a higher volume of trade than any other crypto platform.
This crypto exchange has a massive selection of mainstream coins and altcoins for investors of all experience levels to buy, sell, and trade. It even comes with its own wallet if you’re new to crypto and haven’t chosen a standalone option to hold your coins.
Binance may have quickly grown to become a crypto juggernaut since its inception in 2017, but let’s see how it stacks up against the other big players in the crypto world.
Our Binance review will help you to determine whether it’s the right trading platform for you. We’ll look at everything from how easy it is to use, to all the pros and cons that make it stand out for certain kinds of investors.
Here’s what you’ll learn about in this Binance review.
- Binance Ease of Use
- Cryptocurrencies on Binance
- Binance Supported Countries
- How to Open a Binance Account
- Binance Features
- Buy, Sell, and Trade Experience on Binance
- Binance Fees and Limits
- Is Binance Safe and Secure?
- Binance Wallet
- Binance Pro Version
- Is Binance Right for You?
Feel free to click the links above to jump ahead or continue to scroll through to learn everything you need to know before trading crypto on Binance. We’ve got a lot to cover, so let’s jump right into this Binance review.
Binance Ease of Use
Binance has a well-designed UI that makes finding the features you want an intuitive and simple process. Each menu, information layout, and option is given its own, clearly labeled button that makes sense for those experienced with modern application design.
However, it’s not the most user-friendly platform despite the amount of effort that went into designing it. That’s simply due to the sheer amount of options present.
In order to move around the site quickly, even a lot of seasoned pros report having to take some time to familiarize themselves with the platform. For beginners who don’t know all the terms, or have to learn what different features are in the first place, this can be extremely overwhelming.
Cryptocurrencies on Binance
Binance has a large selection of both crypto juggernauts and smaller altcoins for you to choose from, and the platform is constantly adding support for new coins.
Because of this, this list will likely become outdated shortly after publication, but it’s a sizeable chunk of Binance’s main offerings.
- Basic Attention Token
- Binance Coin
- Binance USD
- Bitcoin Cash
- Hedera Hashgraph
- Matic Network
- Paxos Standard
- Stellar’s LUMEN
- Synthetic Network Token
- Tron’s TRX
If you’re uncertain about new additions, Binance lists every new coin it adds on its site almost immediately after adding support.
Binance Supported Countries
As the largest and most prolific crypto exchange on the planet, Binance is available to almost everyone. However, in recent years, it has now dropped support for more than 29 countries after repeated investigations threatened its reputation.
Instead of listing the expansive list of countries where Binance can be used freely, we’ve created this list of countries that either can’t use Binance or are limited to the features they can use.
- Central African Republic
- Democratic Republic of Congo
- Democratic People’s Republic of Korea
- Cote D’Ivoire
- The Crimea region of Ukraine
- South Sudan
- United Kingdom
These states and provinces are also banned in the United States and Canada.
- New York
With these bans, Binance is missing out on significant potential traders. It is also worth noting that Binance has received two warnings from the Japanese government for operating without a license, and support for Japanese customers will likely cease in the future.
How to Open a Binance Account
Signing up for a Binance account is easier than signing up for most of its competitors, and you can get through the basics in a matter of seconds.
To start, head to the Binance website, and your preferred email, phone number, and basic information at the ready.
Step 1: Click “Register” to start the process. You’ll be redirected to a page with several blank fields you’ll need to fill out.
Step 2: Each blank field will be labeled with its required info. You’ll need to share your name, address, mobile phone number, and email address.
Step 3: Make your password. Your password should be as strong as you can make it, and it’s important to keep it safe without saving it to your computer. After all, it’ll be protecting some of your most sensitive financial information.
Step 4: Verify your email. You’ll be sent a link to the email address you provided. Simply click the link and follow the instructions to finish setting up your email.
Step 5: Choose your payment method. Before you can start buying and selling crypto, you’ll need a payment method on file with Binance. Binance offers a massive selection of payment options. It even accepts fiat!
However, you’ll have to follow the identity verification process to unlock all of them. You’ll be prompted to do this if you choose a locked option, and the instructions are provided in full.
Binance has some pretty notable features that set it apart from other platforms, and it’s constantly updating to provide more value to its users. Here’s a list of the best features it has right now.
- Large Selection: All of the biggest coins are available at Binance, and many altcoins are being added all the time. Once you make an account, it’s worth checking the company’s blog to see if they’ve added support for any new and exciting coins you can add to your portfolio.
- Payment Options: Binance sets itself apart by accepting nearly any kind of payment. Besides being able to take your existing crypto funds and use them to buy and sell different coins, you can also buy coins directly with fiat from a variety of countries, or use several types of third-party payment options such as Paxos.
- Peeer-to-Peer Trading: If you take the time to fill out the KYC verification form, you can begin using Binance’s highly praised P2P trading system.
- In-Depth Tracking and History Options: The entire of your transaction history, as well as the ability to track the value of your coins in real-time, are fully integrated into Binance’s interface.
- Binance Wallet: Binance offers its own crypto wallet to allow you to store your coins in the same place that you invest in.
- Order Options: If you want to make frequent, consistent orders, Binance allows you to schedule automatic purchases. It also allows you to make multi-coin purchases to streamline your trading experience.
Buy, Sell, and Trade Experience on Binance
The buying, selling, and trading experience is very similar to the general UI. It’s designed well and provides users with a ton of options, but it becomes overwhelming for a lot of users due to the sheer amount of options.
You can buy a ton of different crypto coins using a multitude of payment options, set up a large variety of ongoing order types, set up multi-coin orders, and so many other things that it can be hard to keep up with.
This is great for experienced users, but beginners will likely run into issues. Even pros typically have to put some time into learning about the platform to have the most efficient and enjoyable trading experience.
Binance Fees and Limits
|Spot trading fee||0.1% or less|
|Instant buy/sell fee||0.5%|
|USD debit card deposit||4.5%|
|USD ACH transfer withdrawal or deposit||Free|
|USD wire transfer deposit||Free|
|USD domestic wire transfer withdrawal||$15|
|USD international wire transfer withdrawal||$35|
Binance has some of the most reasonable fees in the crypto world, and it only gets better the more you buy. When you first make an account and place an order or two, you start on the lowest of its nine tiers.
As you trade more and increase your 30-day trade volume, you get lower and lower fees. However, none of the tiers have to pay as much as many other platforms charge.
|TRADE VOLUME||BNB BALANCE||MAKER/TAKER FEE|
|> $50,000 USD||> 50 BNB||0.1% / 0.1%|
|$50K – $99,999||50 – 99 BNB||0.09% / 0.09%|
|$100K – $499,999||100 – 199 BNB||0.08% / 0.09%|
|$500K – $999,999||200 – 399 BNB||0.07% / 0.08%|
|$1mm – $4,999,999||400 – 799 BNB||0.05% / 0.07%|
|$5mm – $9,999,999||800 – 1,499 BNB||0.04% / 0.06%|
|$10mm – $24,999,999||1,500 – 2,499 BNB||No maker fee / 0.06%|
|$25mm – $99,999,999||2,500 – 3,999 BNB||No maker fee / 0.05%|
|$100mm – $249,999,999||4,000 – 5,999 BNB||No maker fee / 0.04%|
|$250mm – $499,999,999||6,000+ BNB||No maker fee / 0.03%|
|$500mm+||6,000+ BNB||No maker fee / 0.02%|
Makers are charged a flat 0.01% starting fee across the board, and takers pay between 0.02% and 0.04% depending on what tier they fall into due to their 30-day trading volume.
However, it’s worth noting that you can gain a considerable discount by trading Binance’s proprietary coin: BNB.
When you use BNB for your transaction, you’ll get a massive 25% discount on your transaction fee. This is useful all the time, but it becomes a real money saver when you’re dealing in larger trades.
Is Binance Safe and Secure?
Binance is largely known as a safe platform. It has two-step verification to protect users, has some of the best encryption available, and practices high-security standards.
However, it isn’t without its controversies. Japan has given it two strikes for operating without proper registration. It also has had issues with several other countries such as the U.K. where authorities have banned it from operating in the country.
Besides getting banned for not following regulations or refusing to register before conducting business, Binance has also been caught hosting illegal Bitcoin transactions.
Now, this is not something that Binance would have willingly done, but it is concerning that the platform was used for illegal activities and they had no idea.
This is unlikely to ever affect you as a user, though. The controversy is a matter of ethics rather than security.
In order to get things right and keep your funds secure, Binance created the Crypto-Safe Alliance (CSA). It’s an anti-fraud platform dedicated to fighting fraud in the global crypto industry.
Binance does offer its own crypto wallet, and it’s simply known as Binance Wallet. Unlike other first-party wallets, Binance Wallet is widely regarded as one of the best wallets around; including third-party options by dedicated developers.
This is because of its unmatched safety and security, compatibility with a large variety of coins, and overall ease of use when using Binance as your crypto exchange.
However, if you like to use multiple exchanges, it may be worth looking into one of the top-tier third-party crypto wallets on the market.
Binance Pro Version
Binance is the professional-grade version of the platform. However, there is a different version that may be more suitable for certain users. Binance Lite is a slightly downgraded, highly streamlined version of Binance that resolves its cramped interfaces issues.
This is a great option for beginners who want to use Binance for their cryptocurrency needs but get overwhelmed by the multitude of in-depth charts and features that crowd the professional version.
Is Binance Right for You?
This is a complicated question due to the release of Binance Lite. Binance is one of the most comprehensive crypto exchanges you can get your hands on.
But it can be very overwhelming for beginners, and it can even confuse some pros. Binance Lite fixes this a bit and makes it a lot more beginner-friendly.
However, the legal problems Binance has been getting into due to not registering or not monitoring its transactions have made it impossible to use in some of the most affluent countries, and that makes investing with the platform difficult.
It can also be somewhat risky to enroll if you live in a country that is currently battling Binance over such issues, as the platform might suddenly become unavailable.
In these sorts of cases, it’s better to go with something such as Coinbase that doesn’t have as much controversy surrounding it at the moment.
Binance is a massive crypto exchange for a reason. It has consistently provided investors and traders with more value than most other platforms, and it continuously strives to make itself better.
At the time of this writing, it has run into a few issues, but none of them affect a user’s safety or experience. This consistent dedication to being the best has paid off for both the platform and its users.
And as long as you can deal with a bare-bones version or an overwhelming selection, Binance may be the best option for your crypto trades.