Binance review



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NOTE: Customers from United States are not allowed to trade or register at this broker. We would recommend a different broker at our toplist here.

Binance is a crypto-exchange platform founded by Changpeng Zao in 2017. The founder initially set it up in China but soon moved to Japan and later the Cayman Islands due to increased regulation from the two governments. However, it didn't stop them from growing. In 2 years, Binance grew to be the biggest crypto-exchange platform globally. The platform enables buying and selling digital currencies, offers open cryptocurrency learning, and conducts research on digital currencies' growth and development. It also houses a crypto-encyclopaedia that gathers, stores and disseminates knowledge on digital currencies.


If you are interested in trying Binance out, have a read here first to avoid choosing the wrong alternative.


NOTE: Customers from United States are not allowed to register. Find another broker here.

Largest on crypto. Over 200 cryptocurrencies to trade, both currency exchange with a wallet, CFD trading, staking and much more.

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Background & Overview

 

Binance QR code
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Binance is a one-stop shop for all cryptocurrency trading needs. It houses all verified cryptocurrencies in the world, where traders can buy and sell their digital currencies. The platform records an average of 2 billion transactions in a single day, which makes it the largest crypto-trading platform worldwide in trading volume and market capitalisation.

Its unique selling proposition is the cryptocurrency ecosystem. Traders can learn, purchase and sell any digital currencies. It also facilities charity events and has special research centres to advance currency digitisation and other blockchain projects.

Owing to its volumes and network, it offers competitive prices. The prices reflect the actual position of the digital currencies in the global market. Other notable features are security, crypto-encyclopaedia and the Academy, where you can learn anything to do with cryptocurrencies.

Outstanding traders get the Launchpad tokens that help transform their blockchain projects into reality. The platform is essentially a blockchain ecosystem with features that promote digital currency growth.

Not a customer yet? Register with Binance today, it's quick and simple!
 

Advantages at Binance

+If you are trading P2P, it does incur any transaction costs.
+Binance transaction costs are lower compared to other cryptocurrency trading sites.
+You can use FIAT currencies to purchase any cryptocurrency on the platform.
+It has escrow services that ensure fairness in every transaction.
+Trading on the platform gives you access to the world digital currency market directly.
+Any marginal growth in trading reflects the global cryptocurrency prices. 

Disadvantages

-Has regulatory restriction in some countries, including the US, China and Japan.
-Highly centralised - The owner holds up to 80% ownership of the traded amount on the exchange.
-Binance has different platform versions based on the country's regulations, such as Binance.us in the US. 

KYC & Registration

Creating an account on Binance is straightforward. The process is divided into 3 parts; creating the account, verifying the account details and trade commencement. However, the process might change depending on the area/country of residence.

The account creation process entails filling in the KYC details (email, passwords and a phone number). Secondly, there is account verification where the system sends a 6-number code to either your email or phone number, which you must enter on the newly created profile. From there, you can either deposit crypto or buy crypto using a credit card or Binance P2P.

If you are lucky, the system gives you a special sign-up prize which you can use to start trading.

 

Leverage

▪ Rated at 9/10

Binance has leverage tokens (BLT) which are derivatives that give a crypto-trader exposure to underlying assets. The leveraged tokens help traders transact without collateral. However, they must trade within a specific limit to avoid risks associated with premiums, price movements and funding rates. The leverage range is between 1.25X and 4X. If traders balance their transactions efficiently, they can use the leverage to generate significant profits.

 

Costs

▪ Rated at 8/10

There are no fees charged on deposits.
Trade payment from other cryptocurrencies other than Binance Coin (BNB) attracts a 0.1% charge on the transacted amount.
Using BNB attracts a 25% discount on your transaction fees.

 

Deposit Methods

▪ Rated at 10/10
Below you can see a list of the deposit methods available on Binance. Some of them may not be available in United States as it depends on regional regulation, but normally the most common payment methods are available across numerous countries.

With over 50 deposits methods, nobody beats Binance at the moment. While some are from third-parties thought peer to peer transfers such as Pexapay, there are no limits for how you can fund your Binance account.

 

Platforms

▪ Rated at 10/10

Binance QR code
to scan with phone

Once you sign in, you have every important feature on the landing page. Everything you need to start trading is there, from deposits to trading, market trends, and benefits from crypto-trading. The market trends show every cryptocurrency's performance, which will guide you when buying and selling. If you do not understand what to do, reach out to customer support for assistance.

Secondly, if you do not have any cryptocurrency tokens, you can buy them on the platform. Your account has a dedicated wallet to facilitate the exchange. These automated processes give you time to focus on research and forecasting.

Consider reading the blog if you want to learn more about global crypto-trading. It has articles on digital currency development, facilitation, growth, supply, and performance. For technical and professional knowledge, register at the Binance Academy.

 

Broker Support

▪ Rated at 10/10

Customer support on the platform is on-the-go. It is divided into 2, self-service and direct assistance. Self-service includes the FAQs section where the trader reads, understands, and solves the problem by themselves. The self-support page has answers to all queries, among them finance, transactions, security and listings.

Assisted support entails communicating directly to customer support. First, Binance is on social media; Facebook, Instagram, Telegram, Twitter and YouTube. These platforms have a wealth of information, especially on promotions, account set-up and operation procedures. You can also ask questions, and the social media executive will answer.

The live chat portal is also automated. It has some of the FAQ questions for easy and faster problem-solving. However, if your issue is not on the list, type and send it via the live chatbox. The next available customer support agent will answer.

 

Other Names for Binance

Binance is or has also been known under the following names: Binance Holdings Limited

 

FAQ

Who Started Binance?

Changpeng Zhao, alias CZ, is the founder and Chief Executive of Binance.

Is the crypto-trading site reliable?

Yes. Although there are some recorded intrusions to its website, the company is stable. Your details and funds are safe, thanks to improved cyber security.

Which languages are supported by Binance?

Binance website is available in the following languages:
English, (Australia), English (India), English (Nigeria), English (UK), Spanish (international), Spanish (Latin America), Arabic, Bulgarian, French, Filipino, French, Italian, Japanese, Polish, Portuguese, Romanian, Slovenian, Slovakian, Vietnamese, Turkish, Russian, Russian (Ukraine), Simplified Chinese and Traditional Chinese.

Does Binance have mobile apps?

Yes. You can download the Binance app from Google Play Store or iTunes. There is also a unique app for Windows phones. You can also access the platform on MacOS, android APK and API.

Can I Buy Tokens Via VISA?

Yes. You can link your VISA card to the platform and move funds to and from the card. However, Binance has a VISA card that facilitates funds transfer between the account and wallet.

How much does the system levy in charges compared to other cryptocurrency exchange platforms?

Binance has massive traffic in sales and volumes due to its extensive network. They reciprocate by charging affordable transaction fees to encourage more deposits and withdrawals.

 

Instruments available

Almost all coins and tokens at Binance can be traded against the Binance Coin (BNB) and their stablecoin BUSD. Quite a few additional tokens and coins can be used against USDT, ETH and BTC as well.

▪ Rated at 10/10

Crypto Currencies

AAVE, AAVE/BNB, AAVE/BUSD, ACA, ACA/BNB, ACH, ACH/BNB, ACM/BTC, ADA, ADA/BNB, ADA/BUSD, ADD, ADD/BNB, AERGO, AERGO/BNB, AGI, AGI/BNB, AGIX, AGIX/BNB, AGLD, AGLD/BNB, AION, AION/BNB, AKRO, AKRO/BNB, ALCX, ALCX/BNB, ALGO, ALGO/BNB, ALICE, ALICE/BNB, ALICE/BUSD, ALPACA, ALPACA/BNB, ALPHA, ALPHA/BNB, AMB, AMB/BNB, AMP, ANC, ANC/BNB, ANKR, ANKR/BUSD, ANT, ANT/BNB, ANY, ANY/BNB, APE/USD, APE/EUR, APE/INR, APE/BRL, APE/CHF, APE/RUB, APE/GBP, APE/AUD, APE/BNB, APE/BUSD, API3, APPC, APPC/BNB, AR, ARDR, ARDR/BNB, ARK, ARK/BNB, ARN, ARN/BNB, ARPA, ARPA/BNB, ASR, ASR/BNB, AST, AST/BNB, ASTR, ASTR/BNB, ATD, ATM, ATM/BNB, ATOM, ATOM/BNB, AUCTION, AUCTION/BNB, AUDIO, AUDIO/BNB, AUDIO/USDT, AUDIO/BUSD, AUDIO/BTC, AUTO, AUTO/BNB, AVA, AVA/BNB, AVAX, AVAX/BNB, AVAX/BUSD, AXS, AXS/BNB, BADGER, BADGER/BNB, BAKE, BAKE/BNB, BAL, BAL/BNB, BAND, BAND/BNB, BAR, BAR/BNB, BAT, BAT/BNB, BCD, BCH, BCH/BNB, BCHA, BCHSV, BCHSV/BNB, BCHUP, BCX, BDOT, BEAM, BEL, BETA, BGBP, BICO, BIDR, BIFI, BKRW, BLINK, BLZ, BNB, BNB/ANC, BNB/ANKR, BNB/AUD, BNB/BNC, BNB/BOLT, BNB/BRL, BNB/BTC, BNB/BUSD, BNB/CAD, BNB/CBK, BNB/CELO, BNB/CHESS, BNB/CHF, BNB/CHZ, BNB/CITY, BNB/CLV, BNB/COMP, BNB/COTI, BNB/COVER, BNB/CREAM, BNB/CRV, BNB/DAI, BNB/DAR, BNB/DASH, BNB/DATA, BNB/DCR, BNB/DIA, BNB/DOT, BNB/EFI, BNB/EON, BNB/ETH, BNB/EUR, BNB/FARM, BNB/FLOW, BNB/FTM, BNB/FTT, BNB/GBP, BNB/HIGH, BNB/HIVE, BNB/HKD, BNB/HNST, BNB/HNT, BNB/ICT, BNB/IOTA, BNB/JOE, BNB/KNC, BNB/LINK, BNB/LUNA, BNB/MANA, BNB/MATIC, BNB/MINA, BNB/MKR, BNB/NEAR, BNB/NEO, BNB/OCEAN, BNB/ONE, BNB/PHP, BNB/POLS, BNB/RNDR, BNB/RSR, BNB/RUB, BNB/RUNE, BNB/SAND, BNB/SHIB, BNB/SOL, BNB/SUPER, BNB/SUSHI, BNB/TRIBE, BNB/TRY, BNB/UAH, BNB/UGX, BNB/UNI, BNB/USD, BNB/VET, BNB/ZRX, BNC, BNT, BNT/BNB, BNX, BOBA, BOLT, BONA/BNB, BOND, BOND/BNB, BOT, BQX, BRD, BTC, BTC/BUSD, BTC/BUSD, BTC/LUNA, BTCST, BTG, BTG/BNB, BTS, BTTC, BURGER, BUSD, BUSD/CHZ, BUSD/FIL, BUSD/IDRT, BUSD/SHIB, BUSD/SOL, BUSD/USDC, BUSD/USDT, BUSD/XRP, BUSD/XTZ, BUSD/ZRX, BVND, BZRX, C98, CAKE, CAKE/BNB, CAKE/BUSD, CAN, CAN/BNB, CBK, CBM, CDT, CELO, CELR, CFX, CHAT, CHESS, CHR, CHZ, CITY, CKB, CLV, CND, COCOS, COMP, COS, COTI, COVER, CREAM, CRO/BUSD, CRV, CTK, CTR, CTSI, CVP, CVX, DAI, DAR, DASH, DATA, DCR, DEGO, DENT, DEXE, DF, DGB, DIA, DLT, DNT, DOCK, DODO, DOGE, DOGE/BUSD, DOGE/BUSD, DOT, DOT, DOT/BUSD, DOT/BUSD, DREP, DUSK, DYDX, EASY, EDO, EFI, EGLD, EGLD/BNB, ELF, ELF/BNB, ENJ, ENJ/BUSD, ENJ/USDT, ENS, ENS/BNB, ENS/ETH, EON, EOP, EPS, ERN, ETC, ETH, ETH/BNB, ETH/BTC, ETH/BTC, ETH/BUSD, ETH/BUSD, ETH/BUSD, ETH/LUNA, ETH/RUB, ETH/SOL, EUR/GYEN, EUR/IDRT, EVX, EZ, FARM, FET, FIL, FIO, FIRO, FLOW, FLUX, FOR, FRONT, FTM, FTM/BUSD, FTM/BUSD, FTT, FTT/BUSD, FUEL, FUEL/BUSD, FUN, FXS, GALA, GALA/BUSD, GAS, GBP/GYEN, GLMR, GNO, GNT, GO, GRS, GRT, GTC, GTO, GVT, GXS, GXS/USDT, GYEN, HARD, HBAR, HC, HCC, HEGIC, HIGH, HIVE, HNST, HNT, HOT, ICP, ICX, IDEX, IDRT, ILV, IMX, INS, IOST, IOTA, IQ, IRIS, JASMY, JEX, JOE, JST, JST/BUSD, KAVA, KEEP, KEYFI, KLAY, KMD, KNC, KSM, LAZIO, LBA, LEND, LDO/USDT, LINA, LINK, LINK/BUSD, LINK/BUSD, LIT, LOKA/BNB, LOKA/BUSD, LOKA/USDT, LOKA/BTC, LOKA/USD, LOKA/EUR, LOKA/GBP, LOKA/CAD, LOKA/JPY, LOKA/AUD, LOOM, LPT, LRC, LTC/BUSD, LTO, LUN, LUNA, LUNA/BUSD, LUNA/USDT, MA, MANA, MANA/BUSD, MASK, MATIC, MATIC/BUSD, MATIC/SOL, MBL, MBOX, MC, MDA, MDT, MDX, MEETONE, MFT, MINA, MIR, MKN, MKR, MKR/BUSD, MOD, MOVR, MTH, MTL, NAS, NAV, NBS, NCASH, NEAR, NEBL, NEO, NFT, NMR, NPXS, NU, NVT, OAX, OCEAN, OG, OGN, OM, OMG, ONE, ONG, ONT, ONX, OOKI, ORN, OST, OXT, PARA, PAX, PAXG, PAXG/BNB, PAXG/BUSD, PEOPLE, PERL, PERLOLD, PERP, PHA, PHB, PIVX, PLA, PNT, POA, POE, POLS, POLS/BUSD, POLY, POND, PORTO, POWR, PPT, PROS, PSG, PUNDIX, PURSE, PYR, QI, QISWAP, QKC, QLC, QNT, QSP, QTUM, QUICK, QUICK/BUSD, RAMP, RARE, RAY, RCN, RDN, REEF, REN, REP, REQ, RGT, RIF, RNDR, RNDR/BUSD, ROSE, RSR, RUNE, RUNE/BUSD, RVN, SALT, SAND, SAND/BUSD, SANTOS, SBTC, SC, SFP, SGB, SGT, SHIB, SHIB/BUSD, SKL, SKY, SLP, SNGLS, SNM, SNT, SNX, SOL, SOLO, SPARTA, SPELL, SRM, SSV, STMX, STORJ, STORM, STPT, STRAX, STX, SUB, SUN, SUPER, SUSD, SUSHI, SUSHI/BUSD, SWRV, SXP, SYS, TCT, THETA, TKO, TLM, TOMO, TORN, TRB, TRIBE, TRIG, TROY, TRU, TRX, TRX/BUSD, TRX/XRP, TUSD, TVK, UNFI, UNI, USD/GYEN, USD/IDRT, USDC, USDC/UST, USDP, USDS, USDT, USDT/BUSD, USDT/IDRT, USDT/TUSD, USDT/UST, UST, VAI, VET, VGX, VIA, VIB, VIDT, VIX, VOXEL, VRT, VTHO, WABI, WAN, WAVES, WAXP, WBNB, WBNB/BNB, WBTC, WETH, WETH/ETH, WIN/TRX, WING, WINGS, WNXM, WOO, WSOL, WSOL/BUSD, WSOL/SOL, WTC, XEC, XEM, XLM, XMR, XNO, XRP, XTZ, XVG, XVS, YFI, YGG, YTM, ZEN, ZIL, ZPR, ZRX



Binance QR code
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›› Sign up at Binance here
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Related coins? Learn more about the 2 related to Binance

The BNB Coin is the coin that is used on Binance, so it's worth reading more about it on our review page.

›› Read our full BNB Coin review here
BNB is the native coin of BSC and one of the five biggest cryptocurrencies in turn of daily turnover.

The Binance USD is the coin that is used on Binance, so it's worth reading more about it on our review page.

›› Read our full Binance USD review here
The USD stablecoin from Binance.

Related blockchain? Learn more about BNB Chain

BNB Chain is the blockchain that Binance related to, so it's worth reading more about it below.

BNB blockchain, formerly known as Binance Smart Chain (BSC) and Binance Chain, makes an effort to merge in an attempt to get more decentralised. BNB chain has the appropriate architecture to empower its users to build decentralized applications and assets on one blockchain. Binance came to the scene in 2017. It later produces the Binance Smart Chain in May, 2020. The chain is smart contract compatible, and it has increased functionality for developers building solutions. BNB chain use the Binance Bridge to facilitate the cross-chain conversion of assets and are backed by tokens...

›› Read our full BNB Chain review here
BNB Chain is the evolution of the Binance Smart Chain (BSC) and Binance Chain.

Binance Review Published: Tuesday, 13 Aug 2019 1:05 pm
Last Updated: Wednesday, 21 Sep 2022 7:14 pm
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Founders of Binance
Binance was founded by Changpang Zhao, a Canadian of Chinese descent. Zhao has gone from flipping burgers, to becoming one of the world's five richest, even though he does not care about money. He is quick to answer questions and very open with how he sees Binance's future. They are going to be the biggest on the market, it's that simple!
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