Binance Review

Binance
20% fee rebate trough our links
Visit Broker

Overview

As crypto trader you’re looking for a safe, secure and reliable broker or exchange to to trade at. Binance is one of the most popular and fastest growing cryptocurrency exchanges… more

Read Full Review

Details

Broker Binance
Website URL ww.binance.com
Founded 2017
Headquarters Hong Kong, Tokyo
Support Number None
Support Types Email: [email protected] & QQ: 199906605
Languages English, French, German, Spanish, Russian, Korean, Japanese and Mandarin Chinese
Trading Platform Basic and Advanced
Minimum 1st Deposit $1
Minimum Account Size $1
Minimum Trade Amount $1
Maximum Trade Amount none
Bonus 20% fee rebate trough our links
Payout direct
Leverage 1:1 up to 1:5
Free Demo Account No
Fees Yes
Fee Info 0.10%, which can be lowered by holding BNB coin(s)
Commissions Yes
Commission Info 0.10%, which can be lowered by holding BNB coin(s)
Account Types Trading Account, Sub-Account, Corporate Account
Deposit Methods Deposit in USD, ARS, AUD, BGN, BRL, CAD, CNY, COP, CZK, EUR, HRK, GBP, HKD, NOK, IDR, INR, JPY, KZT, MXN, NGN, PLN, RON, RUB, SEK, THB, TRY, UAH, VND. and over 150 different cryptocurrencies
Withdrawal Methods You can withdraw any cryptocurrency supported on Binance to any matching coin's wallet.
Number of Assets 150+
Expiry Times Binance doesn't offer options yet so doesn't have any expiry times.
Types of Assets Over 150 different cryptocurrencies
Option Types Binance doesn't offer options yet.
Trading Currency USD, ARS, AUD, BGN, BRL, CAD, CNY, COP, CZK, EUR, HRK, GBP, HKD, NOK, IDR, INR, JPY, KZT, MXN, NGN, PLN, RON, RUB, SEK, THB, TRY, UAH, VND. And over 150 cryptocurrencies
Account Currency USD, ARS, AUD, BGN, BRL, CAD, CNY, COP, CZK, EUR, HRK, GBP, HKD, NOK, IDR, INR, JPY, KZT, MXN, NGN, PLN, RON, RUB, SEK, THB, TRY, UAH, VND. And over 150 cryptocurrencies
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes
Overall Score 10

Full Review

As crypto trader you’re looking for a safe, secure and reliable broker or exchange to to trade at. Binance is one of the most popular and fastest growing cryptocurrency exchanges at the moment. What does Binance have to offer you? Find out in this comprehensive Binance review.

Sign up via this link and receive 20% commission kick back on transaction fees

You’ll receive a 20% discount on every transaction! Exclusive offer by Choosebroker.com!

What is Binance?

In this Binance we start off by looking at the trading platform. Binance is a famous cryptocurrency exchange that’s most known for it’s low transaction fees. The transaction fees at Binance never exceed 0.10%, whereas competitors like Bitfinex and Poloniex charge between 0.15 and 0.25% in fees per transaction. Every second Binance processes 1.4 million transactions, which make Binance the #1 cryptocurrency exchange worldwide in volume.

Bitcoin is and always has been since launch, one of the 3 fastest growing cryptocurrency exchanges. Apart from their low transaction fees and fast order execution, Binance probably grows so fast because of it’s partner program. Binance users that refer other (new) users to the Binance platform, receive 20% of the commissions the new users pay to Binance. We have a special promotion at the moment where we give 20% of this fee back to you guys (we get 40%). If you register for an account at Binance using this link, you will see directly that you receive 20% of your paid commission in kickback, paid back back into your account.

Some of the most notable tradable cryptocurrencies at Binance are BTC, ETH, IOTA, XRP, NEO, TRX, ADA, XVG, EOS and LSK.

Binance has it’s own cryptocurrency, the Binance Coin. This coin can be seen as either a share in Binance or a cost-reducer. In our article about Binance Coin (BnB) you’ll find everything you need to know about this digital currency.

Creating a Binance Account

Signing up and creating a Binance account is very easy and straight forward. In the upper right corner of their official website, you find the ‘sign up‘ button. Binance will ask you for your email address, a desired username and to choose a password. Because real money and cryptocurrencies are involved, I advise you to choose a very strong password.

Complete the Binance registration process by accepting the terms and conditions and proving that you’re not a robot. You will then receive a confirmation email from Binance. After you verified this email, your Binance account is all set and ready to go. From now on you can login your Binance account using your chosen email address and password.

Once you’re logged in your own Binance account for the first time, the site asks you if you want to setup 2 Factor Authentication. You can set up 2FA by either Google Auth or SMS Auth. If you set up 2FA, you will have to manually verify each transaction and withdrawal request using Google Auth or by SMS. Further down in this Binance review you will learn exactly how the Binance trading platform works and what features you can expect.

Sign up via this link and receive 20% commission kick back on transaction fees

How does Binance work?

This Binance review wouldn’t be complete if I wouldn’t explain you how this exchange actually worked, right? From now on, I assume you already registered a Binance account and you’re logged in. Make sure the language is set to English, so you’ll be able to follow this guide’s steps easily. The platform has tons of features, so I am not going to explain all of them in this review. I will make several separate posts regarding special features on Binance instead. After following this basic Binance beginner guide you will be able to deposit cryptocurrencies, open and close trades and withdraw profits.

Buying Cryptocurrencies at Binance

You buy cryptocurrencies at Binance using the so called Binance Fiat Gateway. This Gateway is powered by Simplex, Koinal, TrustToken and Paxos. At Binance, you buy Bitcoin and other cryptocurrencies with Cash using your credit card.

The following currencies are supported at the moment: USD, ARS, AUD, BGN, BRL, CAD, CNY, COP, CZK, EUR, HRK, GBP, HKD, NOK, IDR, INR, JPY, KZT, MXN, NGN, PLN, RON, RUB, SEK, THB, TRY, UAH, VND.

Once you bought crypto on the Binance platform, you can immediately use them to trade for any of the 150+ cryptocurrencies offered on 450+ trading pairs on Binance.

Placing a buy order at Binance

If you successfully deposited fiat money on your Binance account, you’ll be able to place a buy order. This is very easy to do, using the Binance exchange. Normally you’d have to do your own due diligence to find out which coin you want to buy, but in this example we are going to buy Binance Coin. By owning Binance Coin, you receive 25% discount on your trades (on top of the 20% you get from us)!

1. In the upper left corner of the screen, click on Markets
2. Make sure you have BTC Markets selected and search for BNB
3. Click BNB/BTC. You will be redirected to the beginner’s area to trade BNB / BTC.
4. In the middle of the screen you will see a green and red button, saying Buy BNB and Sell BNB, respectively.

binance-review

5. Above Buy BNB you’ll see Limit, Market and Stop-Limit. With a limit order you place an order for a price you set yourself. But in this example we choose for a Market order. If you place a Market order, you buy BNB or any other cryptocurrency at current market price.
6. Select Market
7. Fill in how much BNB tokens you want to buy
8. Click Buy BNB

Your order will be executed immediately and you have successfully bought BNB tokens. You can use this exact method to buy other cryptocurrencies. The bought BNB tokens (in the case of a Market order) will be visible directly in your Binance wallet.

Sign up via this link and receive 20% commission kick back on transaction fees

Placing a sell order at Binance

Of course it’s also possible to sell all kinds of cryptocurrencies on Binance, at least, if it’s one of the 150 different coins featured on their trading platform. In this example we are going to sell our BNB tokens back for BTC.

1. In the upper left corner, click Markets
2. Select BTC Markets and search for BNB
3. Click BNB / BTC. You will be redirected to the beginner’s area to trade BNB / BTC
4. In the middle of the screen you’ll see Buy BNB and Sell BNB again.
5. Select Market
6. Fill in under Sell BNB how much BNB you want to sell
7. Click sell BNB

You have now successfully sold your BNB tokens back for BTC.

Other interesting Binance features

Binance is expanding and developing new features every day. Via their social media channel and your Binance dashboard you can see all their developments in real time. To outline all features on Binance in this Binance review would be a little bit crazy, so we decided to only outline the most important ones. There might be updates of this Binance review in the near future or seperate articles about certain Binance features.

Binance Wallet

As soon as you registered your Binance account, you’ll get a wallet for each coin featured on Binance with a unique wallet address. You don’t need additional external wallets as long as you’re trading small to medium amounts. Please note that it’s not to wise to keep insane large amounts of cryptocurrencies on exchanges, keep large amounts of cryptocurrencies on your own external, cold or hardware wallets instead.

Binance Lending

It’s possible to lend your cryptocurrency out to other trader’s on Binance and receive interest for doing so. This feature is called Binance Lending. The interest rates vary from 3.5% to even 15% yearly. There is a maximum lending amount per cryptocurrency and these maximums are clearly stated on the Binance lending platform. If your not doing anything with your cryptocurrency for a while, this is a great way to gain extra profit.

Binance Staking

Certain coins can be staked on the Binance platform. Just by holding the coins, you empower the network and get paid for doing so. How much you get depends on the coin, but most of the times it’s between 1% and 14% yearly. This is another way of doing nothing with your cryptocurrency, just sitting on it and receive dividend.

Binance Margin Trading

This is a feature for more experienced traders, where you take more risk using leverage. You can speculate on the markets with more money than you actually have by borrowing from Binance. You take a bigger risk doing so and you can lose all your cryptocurrencies and money in general quite quick, but you can also make enormous gains. I personally know someone who traded IOTA on margin back in 2017 and made about half a million USD within a month or two from just a $12.5k position.

Learn more about leverage and margin trading in this article:

Trading with leverage: Complete beginner guide

Is Binance reliable and trustworthy or a scam broker?

Of course a big trading platform like Binance could be a prey for hackers and digital thieves. However, after several hack attempts, Binance showed that it’s security is top notch and that so far, it can’t be hacked. Binance also protects it’s clients to full extent. They launched a special SAFU fund where they deposit money in periodically to compensate traders in the worst case scenario of the trading platform being hacked.

Binance goes further than that actually. They made a special bounty program where they distribute 10 million dollar on tips to increase the safety of the website and it’s users. Binance gives a clear signal to hackers: it’s better to improve Binance’s platform and website than trying to hack it. Overall, we think that Binance is an institution many other cryptocurrency exchanges can take an example from.

The communication of the company it’s self is also quite good. By the use of social media users can track new features, developments but also receive up-to-date information during downtime.

Sign up via this link and receive 20% commission kick back on transaction fees

Binance App

A lot of traders asked Binance to release an app and last year they finally did. The official Binance app is downloadable in the Google Playstore and Apple AppStore. Quite funny to remark, is that most traders prefer the app over the actual website it’s self. This is probably because the website freezes quite often, even on the best PC’s with the best internet connection. With the app you can trade on-the-go without having to relog every time.

Note that there are a lot of fake, replica Binance apps that try to steal your login details. Always make sure you’re using the official Binance app!

Binance Review 2020 – Pros and Cons

Our Binance review 2020 wouldn’t be complete without clearly outlining the pros and cons of their trading platform and website. Below you find the pros and cons of the Binance platform, so that you can decide for yourself if Binance is the right cryptocurrency exchange for you.

Pros:

+ Low transaction fees
+ 20% extra discount on transaction fees using our links
+ 25% extra discount on transaction fees using Binance Coin (BNB)
+ Very good customer service
+ Super fast order execution
+ Reliable exchange with investor’s compensation schemes in place
+ Profitable referral / partner program
+ Huge selection of altcoins (over 150)
+ The community decides which new cryptocurrencies will be launched on the platform (Binance Launch Pad)
+ Official Android and iOS app available
+ New features added every now and then

Cons:

High withdrawal fees
No phone support
A little bit harder to understand for newbies compared to Poloniex

Sign up via this link and receive 20% commission kick back on transaction fees

Binance reviews and experiences

Hopefully we gave you a good idea how this platform actually works and what you can expect in this Binance review 2020. On several forums and websites you find a huge amount of reviews and experiences from individual Binance users. We highlighted a few of them for you:

binance-review-user-experiences

Our personal Binance experience is quite good. We use Binance ourselves for about 3 years now and have seen how the platform is constantly being developped. From time to time new cryptocurrencies are added and their system, website and app work perfectly fine. Binance is the most popular cryptocurrency exchange in the world for a reason. Therefor, we rate Binance 10/10.

Sign up via this link and receive 20% commission kick back on transaction fees

Screenshots

Screenshot 1 Screenshot 2

Pros

  • Low transaction fees
  • 20% extra discount on transaction fees using our links
  • 25% extra discount on transaction fees using Binance Coin (BNB)
  • Very good customer service
  • Super fast order execution
  • Reliable exchange with investor's compensation schemes in place
  • Profitable referral / partner program
  • Huge selection of altcoins (over 150)
  • The community decides which new cryptocurrencies will be launched on the platform (Binance Launch Pad)
  • Official Android and iOS app available
  • New features added every now and then

Cons

  • High withdrawal fees
  • No phone support
  • A little bit harder to understand for newbies compared to Poloniex

Reviews

There is no review.

User experience

arrow0/5

How pleasent is it to trade with this broker

Platform

arrow0/5

Does the trading platform work smooth and without errors?

Reliability

arrow0/5

Was the broker and trading software reliable?

Customer Service

arrow0/5

Was the broker easy to reach? How was your experience with their customer service?

Payouts

arrow0/5

How did the payouts work out, did you pay any withdrawal fees?

Overall Rating

arrow0/5

Text

Decleration:
I hereby declare this review to based on my own experience trading with this broker and I did not reseve compensation in any way submitting this review

Visit Broker
This website is owned by GC Media Holdings Ltd. 306 Victoria House, Victoria, Mahe Island, Seychelles. Advertise / (media) buying enquiries