This review of Binance is unbiased and based on our time trading and exchanging on the platform.
Binance launched in 2017 and since then it has grown to be the biggest exchange in the crypto industry. Having 350+ cryptocurrencies for trading, accompanied by high security the exchange is considered THE place to go for altcoin exchange. It was founded by Changpeng Zhao and co-founded by Yi He, both coming with experience from OKCoin. Binance gathered traction really fast thanks to its timing on the market and became one of the behemoths next to Bitmex.
Being one of the most diversified exchanges for the crypto industry with 350+ cryptocurrencies available, Binance is also one of the most full products on the market. They plan to launch soon a leverage trading option with 20x besides their available instruments:
Exchange/Academy/BCF/Info/Labs/Launchpad/research/Trust Wallet. Down below we will dig deeper into those options in this Binance review.Visit Binance
Binance Features Review
|KYC||Available as an option|
|Max. Withdrawal Limit||2 BTC per 24 with no KYC|
|Mobile app||Android and iOS|
Binance Security Review
With this review of Binance, you will understand that the security is at a high level.
Binance implies high security but nevertheless, even the highest protected platforms fall victim to hacks. Not so long ago Binance experienced its first breach in security but they managed to fix the situation no matter how hard it was.
For security, the exchange implies:
- 2FA which is the standard for every website
- KYC (not mandatory)
- Anti-phishing code
- Withdrawal whitelist
- SMS Authentication
- Device Management
With all of those security instruments, you can protect your self, but no matter how high security the exchange has on the front, the importance is on the back end. Being the biggest exchange out there, they are investing more into security on the back end as billions are at stake here.
Binance Deposit and Withdraws Review
Here you will find 350+ options for deposits and withdraws, for every listed cryptocurrency you have an option to deposit. As this is a pure crypto exchange this is a must-have option for depositing and withdrawing as the main function is exchanging.
You have the option to buy crypto with debit/credit cards VISA/Master card powered by simplex.
The available cryptocurrencies for buying with cards are:
Binance User Interface Review
The user interface of Binance comes in two variants – basic and advance. In the pictures above you can see the basic UI design on the platform. Overall the difference between the basic and the advanced interface is in the design with the advanced UI being better overall for longer trading sessions.
In the simple UI, you have the chart with the order tab in the middle with market/limit/stop-limit orders. On the trading tab, you have a Margin trading option, which if you want to use you need to pass account verification.
On the left, you have the order book while on the right you can find the cryptocurrencies which you can trade and trade history.
You can find the tabs for open orders and 24h order history on the bottom of the page. While on the advanced interface you don’t have to scroll and everything is much better designed for your trading sessions.
Here you have everything in one tab, which I think it is much better than the “simple” UI. Much better positioning on the tabs, better visibility and therefore effectiveness. Exchanging cryptocurrencies has never been so exciting, of course, Binance may be the biggest crypto exchange but it is not the only one having many options and good UI design.Visit Binance
Trading fees breakdown
Binance has one of the lowest fees on the market with a trading fee of 0.1%. The fees can become even lower if you use or hold your BNB (the native token of the exchange) on the exchange. You get an additional 25% discount on the trading fees thus the trading fee becoming 0.075%.
There is more to that system as it depends on how much BNB you hold.
Here in this review we dig deeper into the fees of Binance:
|<100 BTC||≥0 BNB||Maker: 0.100%||Taker: 0.100%||MakerBNB: 0.075%||TakerBNB: 0.075%|
|≥100 BTC||≥50 BNB||Maker: 0.090%||Taker: 0.100%||MakerBNB: 0.067%||TakerBNB: 0.075%|
|≥500 BTC||≥200 BNB||Maker: 0.080%||Taker: 0.100%||MakerBNB: 0.060%||TakerBNB: 0.075%|
|≥4500 BTC||≥1000 BNB||Maker: 0.070%||Taker: 0.090%||MakerBNB: 0.052%||TakerBNB: 0.067%|
|≥10 000 BTC||≥2000 BNB||Maker: 0.060%||Taker: 0.080%||MakerBNB: 0.045%||TakerBNB: 0.060%|
|≥20 000 BTC||≥3500 BNB||Maker: 0.050%||Taker: 0.070%||MakerBNB: 0.037%||TakerBNB: 0.052%|
|≥40 000 BTC||≥6000 BNB||Maker: 0.040%||Taker: 0.060%||MakerBNB: 0.030%||TakerBNB: 0.045%|
|≥80 000 BTC||≥9000 BNB||Maker: 0.030%||Taker: 0.050%||MakerBNB: 0.022%||TakerBNB: 0.037%|
|≥150 000 BTC||≥11000 BNB||Maker: 0.020%||Taker: 0.040%||MakerBNB: 0.015%||TakerBNB: 0.030%|
Binance Options and Order types review
With over 350+ cryptocurrencies for trading Binance one of the largest in terms of different coins. Including their own crypto in the mix which is working on its separate blockchain now with margin trading soon to be fully-added, you have quite the full product here. Margin trading is in Beta stages now and you can only access it with an invitation.
For the order types, Binance has all of the basic orders like Market/Limit and Stop-limit.
Binance has many other options that are not directly connected with trading and exchanging. Besides the exchange Binance has useful options for diving in like:
Academy – for Blockchain and crypto education
Info – a cryptocurrency information platform
Labs – Incubator for top blockchain projects
Launchpad – Token launch platform
Research – Institutional-grade analysis and reports
Trust wallet – Official Binance wallet for cryptocurrencies
And for those who are looking for a good cause, Binance also has BCF a blockchain charity foundation. You have the option to help children in need while trading and making investments on the platform. As I mentioned earlier in the review, Binance is really a good package. A lot of instruments create a lot of opportunities and this exchange is giving it.
Of course, you can always find the need for additional order types like OCO, or more instruments and options to trade. If you want to trade the traditional market here, you will not find it. Binance, for the time being, is a crypto exchange with the option to buy few cryptos with FIAT through debit/credit cards.Visit Binance
The affiliate program on Binance is also connected with its token and it can make you up to 40% commission on the trading fees. There is only one level and the initial level is set to 20%. You get the 40% rate for commissions if the account holds 500BNB or more.
Is Binance a scam?
The biggest crypto exchange in the industry is far from a scam, it is a reputable and reliable exchange. The CEO of Binance Changpeng Zhao is one of the ones that are very active on Twitter and has a connection with the people. Maybe that’s one of the reasons the exchange became so big, because of its transparency.
Binance Review Conclusion
If you search for many options for exchanging in the crypto industry and opportunities in the market you should definitely check Binance after reading this review. You will find the largest volume on the market with a transparent CEO, which made Binance successful in a very short period of time. Of course, we have other trading platforms and exchanges that gathered traction very fast like Bybit/PrimeXBT/Bitmex, of course, the difference here is that those are leverage trading platforms. Binance is entering the leverage trading industry now because this is the next step in the market as the exchange is aiming to become the one place to go in the crypto industry.
Pros / Cons
- 350+ Cryptocurrencies
- Debit/Credit cards accepted
- Wide variety of options
- Lack of advanced order types
- No FIAT options beside stable coins for trading