Fri. Dec 13th, 2019

Binance Review

Binance

9.4

Regulated

10.0/10

Security & Insurance

10.0/10

Reputable (tried and tested, reputable backers)

10.0/10

Intuitive User Experience

10.0/10

Coin Availability

10.0/10

Cost

8.0/10

Customer Support

8.0/10

Strengths

  • Reputation (tried, tested and established)
  • Security & Insurance (FDIC is a big plus)
  • Intuitive User Experience
  • Expanding services & Products

Weaknesses

  • Customer support

Updated: December 2019

Year EstablishedJuly 2017
Founder(s)Changpeng Zhao and Yi He
Reputable InvestorsYes, Click here
HeadquartersMalta
Available CountriesWorldwide
RegulatedYes
VerificationKYC Verification
Compensation SchemeYes: FDIC Insurance and SAFU
Margin Available
Built-In WalletAvailable
SupportsFiat to Crypto, Crypto to Crypto
Deposit MethodsCredit Card, Debit Card, Crypto
Deposit FeesFree
Minimum DepositNone
Trading FeesMaker @ 0.1% & Taker @ 0.1%
Withdrawal FeesVaries

Disclaimer: All of the content written on CoinMarketExpert is unbiased and based on objective analysis. The information provided on this page should not be construed as an endorsement of cryptocurrency, a service provider or offering and should neither be considered a solicitation to buy or trade cryptocurrency. Cryptocurrencies carry substantial risk and are not suitable for everyone. See further disclaimer at the bottom of the page.

Established in mid-2017, the Malta-based exchange has indeed fast risen to become the world’s biggest exchange by market volume. Today the exchange supports more than 150 cryptocurrencies and is open to customers worldwide, with a few exceptions. 

And riding on positive reviews from the crypto community and well-known developers, the exchange isn’t slowing down anytime soon. But apart from the rave reviews and shiny front, what does Binance really offer?

In this review, we break down Binance’ services in terms of fees, trading platform, customer support, and more.  

Table of contents

Fiat and cryptocurrencies supported by Binance
Binance Deposit Methods
How much does Binance charge?
Is Binance safe to use?
Binance Platform and Tools
Binance Customer Support
Countries Supported by Binance
How to Buy Bitcoin on Binance
Our Verdict on Binance

Fiat and cryptocurrencies supported by Binance 

Until 2019, Binance dealt in cryptos only. Since then, it has added Euro and British pound pairs to its application programming interface. Uganda, Jersey, Singapore, and US users can also exchange fiat to crypto directly. And in October, the exchange’s CEO announced upcoming support for the Russian ruble. 

All cryptocurrencies accepted by the exchange can be deposited, exchanged and withdrawn. 150+ cryptocurrencies are supported, including the following coins:

1. Bitcoin (BTC) 

2. Ethereum (ETH)

3. Ripple (XRP)

4. EOS 

5. MIOTA

6. Monero (XMR) 

7. VeChain (VET)

8. NANO

9. Bread (BRD)

10. Walton (WTC) 

Binance Deposit Methods

The exchange lets users buy crypto with crypto. In addition, as of November 2019, you can buy the following cryptos with a credit card: Bitcoin (BTC), Ripple (XRP), Binance Coin (BNB), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). 

How much does Binance charge?

One of the strongest points of Binance is its fair trading fees, which are relatively straightforward to understand.

Binance buying and selling fees

Binance charge a percentage of each trade you make.

Standard trading Fee of 0.10%

The standard trading fee is 0.1%. This will be charged every time you buy and sell a coin

But this percentage may be reduced further depending on two things – (1) whether you hold BNB token, and how much you hold and (2) the amount of your 30-day trading volume.

Discounts for holding BNB

If you buy and hold the native Binance cryptocurrency (BNB) in your account, then a 25% discount is applicable to the trading fee. This means your 0.1% trading fee becomes 0.075% if you hold BNB.

By default Binance will automatically deduct the BNB that you hold in your account to pay for the fees. However, you have the option of changing that setting.

Also, it is worth noting that Binance is planning to phase this discounted trading fee over the next few years, with the discount dropping to 12.5%, then 6.75%, and then zero.

Discounts based on trading volume

Binance rewards customers that have higher trading volumes with a bigger discount on fees. So if you’re a trader or planning to raise your trading volumes then Binance could definitely be a great option for you.

Binance offers eight levels of fee discounts (VIP 1-VIP 8), which depend on your 30-day trading volume (as measured in Bitcoin).

Each level also comes with a requirement that you hold a certain amount of BNB. For example, to qualify for the first level (VIP 1), you need to trade at least 100 BTC in volume over 30 days and hold at least 50 BNB. This drops your maker fee to 0.09%, and your taker fee remains at 0.1%.

Further details are available on Binance fee schedule.

Deposit and Withdrawal Fees

Deposits are free of charge. 

As for withdrawals, the fee is continuously being adjusted based on the current state of the cryptocurrency blockchain but is generally the equivalent to less than a dollar. 

Is Binance safe to use?

Binance takes security extremely seriously – so much so that it received an ISO/IEC 27001 accreditation in September 2019 by the International Security of Organization (ISO).

At this juncture it is worth mentioning Binance’s security history. The exchange was the target of a hacking attempt in 2018 but was able to shake it off thanks to in-place automated security systems. 

On May 7, 2019, the exchange announced that hackers had managed to get away with 7,000 Bitcoins by employing viruses and phishing attacks. However, the company stated that all losses would be compensated via its emergency insurance fund.

1. Secure Asset Fund for Users (‘SAFU’)

Introduced in 2018, Binance places 10% of all of its trading fees into a separate cold wallet. SAFU serves as a reserve fund or insurance, so in the event it is hacked, it has money to compensate customers.

To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.”

2. FDIC Insurance

If SAFU wasn’t enough, their USD Wallet is covered by the Federal Deposit Insurance Corporation up to a maximum of $250,000. More details may be found on their blog post .

3. Regulated

Binance is regulated by Malta’s Virtual Financial Assets (VFA) act. This means Binance is supervised and checked for its conduct to ensure it is implementing AML and KYC policies among many other stringent governance procedures. As a matter of fact, all customers of the exchange that plan to use fiat currencies to deposit and withdraw must adhere to a KYC process. Customers attempting to withdraw more than 2 BTC over a 24 hour period will be required to go through a verification process.

At Binance, you do not have to reveal your identity unless you want to withdraw more than 2 BTC per 24 hours. You will be required to submit the following information: country, first name, last name, gender, passport ID and photo, and selfie with passport.  

With Europe covered by the Malta license, Binance is also in the process of applying for regulatory approval in the United States.

4. Two-Factor Authentication

Binance has enabled a two-factor authentication system to allow users to generate two security codes before accessing the platform. There is also email verification when conducting basic transactions like logging in and transferring crypto. 

5. 24-hour withdrawal period

Also, for customers’ funds’ security, you can only withdraw funds after 24 hours if you change security settings, such as a password.

6. Whitelisting addresses

Further, Binance offers users the option of whitelisting addresses so that funds can only be withdrawn to trusted, pre-approved IP addresses.

7. Anti-phising code

As a further security measure, the platform allows users to set up an anti-phishing code so that every time you log in to its website, you’re sure it’s indeed the correct and legitimate Binance website.

Binance Platform and Tools 

Binance offers trading platforms for web, mobile, Windows, and Mac.

The platform’s layout leads you to the “basic” version, which has average trading charts with no indicators or drawing tools. It also has a simple watch list that’s more suited for beginner traders. The basic version allows users to manage their trades and view book orders. 

Apart from the basic version is an “Advanced” tab, which leads users to the more advanced version of the platform. Here, there are more trading tools and options. 16 indicators are available, and a dozen drawing tools. The charting feature is on constant display, and it helps traders identify support and resistance levels. This version also has a more robust watch list. 

Binance has also created an app for both iOS and Android. The app has a friendly interface with five main modules on a menu on the bottom of the app. The mobile app features seven indicators, including Bollinger Bands and StochRSI. The depth charts and trade tickets fit the same window allowing traders to conveniently view book prices while placing an order. 

Both web and mobile versions allow you to customize the decimal pricing and the layout of the order books.

Binance Customer Support

If you need to solve a problem, you can consult the platform’s extensive FAQ section.

If you can’t find what you’re looking for, you can submit an inquiry via the site’s email contact form. You could also try contacting a support staff through the site’s live chat option. We however felt the exchange was not doing enough and should include a telephone support.

A quick look at the internet shows mixed reviews of Binance’s customer service. Some report quick responses while others complain of automated replies, especially with the resetting of two-factor authentication.

It’s natural to assume that most inquiries will wait a while, considering this is the world’s biggest crypto exchange by volume. However, we hope the exchange will work to improve on the customer support function in the near future. Thankfully, the site supports 15 languages, breaking down the language barrier for most people.

Countries supported by Binance

Binance does not mention which countries it supports – which makes it available to users worldwide. It’s a user’s obligation to check if it’s legal to use Binance in their country or territory. 

As of September 2019, US residents can only trade on the American arm of Binance – Binance.US.

Binance.US is available in a majority of US States and Puerto Rico. It is however not available in the following 13 states: Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington. 

However, all US residents can still withdraw and have wallet access on the Binance platform. 

How to Buy Bitcoin on Binance 

Binance lets you acquire Bitcoin through three ways: 

1. Bank transfer –where you wire money to providers of stablecoins listed on the platform, purchase those stablecoins and then use them to buy Bitcoin on Binance

2.Trade BTC – you can exchange more than 150 cryptocurrencies available on the Binance platform for Bitcoin

3. Credit Card – you can directly purchase Bitcoin from the platform using a debit or credit card 

To buy Bitcoin, you will first need to create a Binance account on the web or app. To do so, follow the following steps:

  • Go to Binance’s website or download its trading app from Apple Store or Google play;
  • Click on Register on the right at the top of the website. On the app; navigate to the account  menu and tap Login or Register. Tap Register on the bottom of the app screen;
  • On the prompt, enter your email address and create a password
  • Agree to the terms of use and click Register;
  • Solve the puzzle piece and verify your account by entering the code sent to your email.

After your account is up and running, you can buy Bitcoin by following these steps: Let’s see how you can purchase BTC with your credit/ Debit card.

  • Log in to your Binance account;
  • Go to funds and choose “Buy with credit card”;
  • Enter the amount of Bitcoin you want to buy. Note, fees here are a bit high, standing at the higher of 3.5% and $10;
  • Check the disclaimer on the order details and click Go To Payment;
  • You will be directed to the Simplex website, where you will be asked to verify your information and enter your credit card details;
  • Once you’ve provided the info, your transaction is complete.

Our Verdict on Binance

Binance’s very competitive trading fees, its worldwide presence, and its support of many cryptocurrencies has made it a favorite for many in cryptoverse. Traders who are cutting their teeth in crypto trading will be pleased with the exchange’s basic platform, while the more seasoned trader will make use of the advanced trading platform. We believe Binance would do well to add phone support to its response channels, as well as improve on their response time but overall it is one of the best crypto exchanges in the market.

Still have Questions? Or want to share your feedback on Binance?

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Scroll down to the ‘Leave a reply‘ section of the website and submit any questions or feedback you may have to us.

We will do our best to promptly answer any questions you may have about the exchange and to point you in the right direction.

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