Binance

Binance Review – Introduction

Binance was launched in 2017, and quickly grew into the world’s largest exchange. It now services over 200 million users, and is available in nearly all countries. It has unparalleled user friendliness, high regulatory compliance and dozens of approvals by official governments and institutions in many countries it operates in.

There is no shortage of options and features on this exchange. Our Binance review will focus on highlighting some of the key features helpful to both new and seasoned crypto investors. If you don’t have a Binance account you’re doing crypto investing wrong. Our review will give you a rundown of why everyone should start their crypto journey on this centralized exchange (CEX).

Why Use Binance?

Binance has practically every conceivable feature you can think of. This can be overwhelming to new users, but having options is a good thing. This platform is not just a crypto exchange, it’s a full set of financial services that aims to transform and simplify the way we handle money.

Binance has zero or low fee deposits, and very cheap withdrawals. Regular Spot trading is available, but also Futures, Margin, and Options markets. You can use trading bots and copytrading. You can buy crypto fast with recurring buys or quick-convert. Participate in airdrops, launchpad, launchpool, or staking to earn more. Join the web3 with decentralized wallet, or browse through the NFT marketplace. You can even take out crypto loans.

All these options and more made Binance into the biggest exchange, and worthy of your consideration. It’s all wrapped in an easy to use interface, paired with high security and regulatory compliance for maximum safety and confidence.

Is Binance Good for Beginners?

Binance is one of the best exchanges to use for beginners who want to buy their first Bitcoin. It has cheap and easy deposits in many local currencies through bank transfers (ACH/SEPA), or bank cards. Over a hundred additional payment options are also available through the P2P marketplace.

Feature-wise, Binance has Quick Convert, letting you convert between any fiat or crypto with just a couple of clicks, without having to navigate through the complexities of typical spot trading interface. Recurring Buys feature also lets you set up regularly scheduled purchases, and it’s an excellent feature for long-term investors who want to ease their way into the market with small buys.

Other beginner-friendly features include Demo Trading, letting you practice trading crypto with mock funds and no risk to actual assets. Those who wish to trade with real funds can also use subaccounts to ensure no risk to main portfolio balances. Binance’s mobile app is one of the best in the industry, too.

As mentioned, sometimes the amount of options and services can seem overwhelming to new users. However, Binance has a great deal to offer, so this should not be considered a downside for most users. Binance’s interface is very intuitive, help center has articles and guides on every aspect of the exchange, and you will easily find comprehensive walkthroughs, explanations and answers to any questions. Support center is available 24/7 through live chat, email and other channels should you require immediate assistance.

Fiat Deposits: Buying First Bitcoin on Binance

You can deposit fiat (local currency) through bank transfers with either zero fees or $1/€1 fee charged by Binance. Fees this low are rare in the industry, and it makes this broker one of the best entry points into cryptocurrency investing. For credit or debit card deposits, fees are usually between 1% and 2% per transaction.

Any fiat to crypto purchases you make on Binance are nearly instantly credited to your account. Exchange will immediately credit you with the funds as soon as transaction is cleared by your bank or payment provider. All this without any exorbitant fees charged by Binance.

Those unable to use traditional banking services will find Binance’s P2P (peer-to-peer) marketplace immensely helpful. With thousands of reliable sellers and buyers, you will find practically every local currency accepted, and over 100 payment methods available.

Fiat Withdrawals: Withdrawing Money From Binance

Crypto and fiat withdrawals are also lightning-fast, processed by Binance nearly instantly. If you value access to your funds as quickly as possible, this exchange is probably the best one to use. You can withdraw local currency from Binance directly to your bank account, but their recent partnership with Paymonade also lets you withdraw money directly to credit or debit cards.

Fiat withdrawal fee is set to 0.12% of the amount, but are limited to $25/€25 maximum. Whether you are doing small or very large withdrawals to your bank, these fees will no doubt be acceptable. Binance has some of the cheapest withdrawal fees you will find.

Do keep in mind that some of the fees may be slightly different depending on your region or payment method, so always reference the exchange for live data. Your bank or other payment method or institution may charge additional fees.

Is Binance Good For Trading Crypto and Altcoins?

There is a reason why Binance grew into the world’s biggest exchange in just a few short years. It provides a top-notch user experience, excellent selection of reliable altcoins, and very high volume and liquidity on all trading pairs.

What can you trade on Binance?

Besides basic spot trading, Binance lets users trade Margin, allowing the use of leverage to increase profits. Perpetual Futures trading is fantastic in terms of volume and liquidity, and you will find no problems executing trades of any size. You can apply up to 125x leverage, letting you trade with large position sizes while only putting a small amount of your trading capital at risk.

Additionally, you can trade Options on Binance for additional exposure to cryptocurrency. Advanced traders can also make use of a variety of trading bots to automate their trades. Although we rarely recommend it, Copytrading is also available for enthusiasts who wish to let others handle their investments.

Trading interface

Despite numerous options, Binance has the best trading user interface in the industry. You can customize practically anything on it, turning options on or off as you please or resize elements to your liking. In our years of using Binance for trading, we never had any issues.

Altcoins

Binance doesn’t have the largest altcoin selection. There are exchanges out there such as Gate or MEXC which have over 2,000 altcoins listed. However, Binance’s 400+ altcoins is a more curated selection of safer, more reliable coins that have passed rigorous listing criteria.

Traders who are looking to invest into the most recent memecoin fad will likely not find it on this trading platform. Nevertheless, the altcoin selection on Binance is excellent for most users who simply want to diversify their investments.

Trading fees

Binance does not charge any crypto deposit fees, and fiat deposit fees are extremely low. So, getting your cash into crypto is either free or very inexpensive.

Converting your local currency into Bitcoin (for example) will be considered a Spot trade. Spot trading fees are set to 0.1% per transaction. This is in line with cheapest crypto exchanges. Futures fees range from 0.02% to 0.05%, depending on type of order you place.

All these fees can be further reduced by using BNB (Binance’s native crypto token) to pay for fees. In addition, you can use Cexfinder’s referral code during signup to receive a lifetime 10% trading fee discount at zero cost to you. We’re not kidding.

Best Binance Features

Here are just some of the highlights of the best features of Binance exchange.

Easy and cheap fiat deposits and withdrawals

Binance has all the tools an advanced or expert crypto trader needs. However, this doesn’t mean they are neglecting the new user experience. Binance wants to on-board new crypto investors through their user-friendly and cheap deposits and withdrawals. Alongside newbie-friendly features such as quick-convert, Binance will truly make your first crypto purchase very easy.

Low to average trading fees

Whether you are trading spot or derivatives, default trading fees on Binance are within industry standards. Just because they’re the biggest trading platform, doesn’t mean they charge their users any premiums.

Day traders who are doing large volume every day can also get additional fee discounts with VIP levels. Furthermore, using BNB reduces spot trading fees by 25%, and futures by 10%, respectively. Additionally, an extra 10% fee discount is also applied to all transactions if you use Cexfinder’s referral link or code during account registration.

Staking and earn opportunities

You can use staking for easy passive income. To stake, you only need to hold certain crypto coins or tokens on the exchange. Being a large and safe platform means holding crypto assets on Binance comes with far less risk compared to most other options.

Unfortunately this CEX doesn’t provide very high APY (annualized percentage yield – yearly returns) for staking, but you can get close to 10% yearly returns on some assets. You can even get 4-5% on USDT or USDC stablecoins (digital versions of US dollar).

Airdrops

Besides much cheaper trading fees, holding Binance’s native token BNB in your wallet has an added benefit of airdrops and launchpools. Participating in these events is easy, and all you need to do it temporarily commit your BNB (also often USDT) holdings to receive free crypto.

This can be an effortless way to further increase your portfolio at no risk to your assets. All the USDT, USDC or BNB committed will be returned to you after airdrop events finish, and you will get extra rewards on top. The events typically last a week.

Is Binance a safe exchange?

Over 200 million customers are trusting Binance with their finances. Anyone claiming Binance is scam or not trustworthy probably has a different agenda.

Regulatory compliance

Binance always aims to be compliant with all laws and regulations in countries it operates in. It currently holds registrations, licenses and permissions to operate crypto trading and asset custody services in over 20 countries. These countries include Abu Dhabi, Argentina, Australia, Bahrain, Cyprus, Dubai, El Salvador, France, India, Indonesia, Italy, Japan, Kazakhstan, Lithuania, Mexico, New Zealand, Poland, South Africa, Spain, Sweden, and Thailand. Full list is available on their website.

Binance is also available in the United States. However, in the US Binance operates as a different local entity and only offers spot trading services.

Overall, Binance is one of the most regulated centralized exchanges in the world.

Asset safety

As the biggest exchange, Binance also expectedly invests a great deal of time and effort into security. Like every other crypto business, Binance is a target for hackers, thus knowing their security is top-notch is very important.

For majority of customer funds, Binance uses secure multi-signature offline storage (cold wallets). Real-time monitoring systems are in place to vet withdrawal attempts, 2FA resets and and email address changes, and ensure they are legitimate requests. Any unusual activity immediately triggers a 24-48 freeze on asset withdrawals. User and other data is encrypted in storage, and end-to-end encrypted in transit.

More about security and user safety protocols is available on Binance’s website here.

Binance also has a $1 billion large Secure Asset Fund for Users (SAFU), established back in 2018. This emergency insurance fund ensures customers will be reimbursed for losses in the event of any large security breaches.

Publicly verifiable Proof of Reserves (PoR) reports are always available on Binance’s website too. These reports are an essential transparency tool to ensure the exchange has all customer balances accounted for. Through these open-source reports, public wallet addresses, and cryptographic tools called Merkle Tree, anyone can independently verify that all assets are safe.

User account security

Methods to keep user account safe from unauthorized access include standard 2-factor authentication (2FA) through different hardware devices, app-based such as Google Authenticator, and SMS and emails.

More advanced ways to keep user funds safe include Withdrawal Whitelist, ensuring funds can only be withdrawn to previously approved addresses. Anti-phishing codes make it easy to spot legitimate emails and communication from fake or scam ones. Login notifications will ensure you are always aware when your account is accessed, and you can put a temporary freeze on your account in case you notice any suspicious activity.

In short, through multiple methods you can ensure your Binance account is safe from unauthorized access. These easy to use security methods can ensure that even if your account login gets compromised, no assets can be withdrawn without your permission.

Final Verdict: Is Binance a Good Exchange?

Highest number of users across all exchanges, and highest trading volume in the market means both beginner and advanced crypto investors find Binance to be their top choice for crypto trading services. This CEX is number one for a reason, and it’s difficult to even imagine what it could do better.

Features Score: 95 / 100

4.8

Total Rating: Superb

Here are main highlights on why we think Binance is a good exchange:

• Lightning-fast and extremely cheap local currency deposits and withdrawals.
• Established in 2017, considered very safe and reliable trading platform.
• High regulatory compliance, user account safety and asset security.
• Trading options include Spot, Margin, Futures, and Options.
• Average to low trading fees, depending on your volume.
• Additional earning opportunities such as staking, airdrops, and crypto loans.
• Medium-sized selection, but excellent variety of altcoins.

Binance likely has every single feature you could possibly need, some of which we haven’t even mentioned here. Once you start exploring the platform, you will quickly realize why crypto exchanges like Binance are the future of financial services.

Those who do not want to deal with multiple trading platforms, and need just one exchange that has many options, low fees and high safety should primarily consider Binance.