Binance Review

Binance is one of the newest cryptocurrency exchanges, having only launched in July 2017 through an Initial Coin Offering (ICO). Initially based in China, Binance now operates out of Japan but is looking to move to Malta following stricter regulations in Japan. They also opened an office in Taiwan. With this constant maneuvering, the regulations that Binance work under are unclear.

Main Tradable Cryptos

BTC
ETH
XRP
BCH
EOS
XLM
LTC
USDT
ADA
XMR
ETC

Pros

  • Large selection of crypto pairs to trade
  • Low fees
  • Available on multiple devices
  • Accepts U.S. clients

Cons

  • No fiat currencies
  • No regulation
  • Confusing platform
  • Customer support is only through an email form

Accounts

Creating an account with Binance is quick. You can follow this link to register, but if you want to get verified you need to provide a couple of forms of ID/proof of address, as well as a selfie with your ID and a written note.

While this might seem a bit bothersome, it shows that Binance doesn’t want to take any risk when it comes to security.

Binance uses 2FA, and also provides the option of using Google authentication. Due to a recent issue Binance had, they now warn their users about possible phishing websites.

Although Binance was not at fault here, they handled everything very well and their response was quick. Nobody lost their funds, and the scammers’ funds were donated to charity.

If you’re interested in reading more about this incident, you can read this article.

Cryptocurrency range

Binance offers 3 ways of trading cryptocurrencies: Limit orders, market orders, and Stop-Limit orders.

There’s a huge amount of cryptocurrency pairs to choose from and Binance is very quick to add new coins. The downside is there’s no option to trade with fiat currencies.

You can only fund your account with cryptocurrencies, and all the pairs are crypto-to-crypto pairs. You will need to use a different exchange to buy your initial cryptocurrencies to deposit into Binance.

That being said, Binance announced in June that it is working on adding fiat currencies to the platform. For now, euro will be the first to be added. However, there are no short term plans to add USD just yet and instead Binance uses Tether (USDT).

On top of the huge portfolio of cryptocurrencies, the fees are also really low. There are no fees for depositing and the trading fee is only 0.1%.

Binance also has their own coin, which you can use to pay the fees. If you do so, you will get a 50% discount on fees.

This is only temporary though – you can read more about this here.

Keep in mind that trading on Binance is not CFD trading. There are some minimum withdrawal requirements and transaction fees for each cryptocurrency.

The withdrawal fees get adjusted regularly according to the blockchain conditions. When trading with Binance, you are actually purchasing and selling the coins.

Trading with Binance can be confusing at first, so make sure to read their guide on how to trade with Binance.

Platform

Binance’s platform offers 2 exchanges: a basic view, and an advanced view. They have a different layout, and the advanced view is darker.

The advanced view also offers a bit more functionality on their charts. Even though one of their views is labeled as ‘Basic’ it can be argued that it isn’t very basic at all.

New traders may feel overwhelmed and will need to do some research before being familiar with all the data that the basic view provides.

You can choose between 3 charts : ‘Original’, ‘TradingView’, and ‘Depth’.

The original charts are very cluttered and as far as we can tell they cannot be customised. They have a bunch of indicators on them, but it doesn’t tell you what they are. As such, this can confuse new traders.

The charts provided by Tradingview are highly customisable. However, you might as well sign up for TradingView itself to have full control over your charts!

Customer Support

Overall the customer support provided by Binance is not up to our expectations. You can only contact Binance via an email form on their site.

There is a FAQ/Support section on the site that you can search through which is quite extensive. But there is no live chat or phone support so you are largely left on your own.

The one good thing is that their response to emails is quick!

Conclusion

The 2FA and google authentication, as well as all the warnings being given to people, make it seem like Binance is a fairly secure broker to use.

However, there is a lack of transparency when it comes to how your funds are being secured. As such, it is hard to judge whether or not Binance is safe to use.

In March 2018, allegations we made against Binance for heavily inflating the trading volumes on their platform. Up to 92.9% of their trading volumes were alleged to be fabricated, bringing into question Binance’s legitimacy.

Below we have outlined the pros and cons for Binance. Have a read through and if you think you’d like to trade with this broker, you can sign up here.

We have other broker reviews available, so if you’d like to check out a few different ones check out the menu to the right to see more.

Pros

  • Fast sign-up
  • You don't have to verify your account for level 1, which has a daily withdrawal limit of 2BTC
  • Accepts U.S. clients

Cons

  • Getting verified is bothersome

Pros

  • Fast platform - it can handle 1.4 million orders per second
  • Availble in Chinese, English, Polish, Korean, and Japanese

Cons

  • Platform is overwhelming for new traders
  • No customisation
  • Charts are called candlestick charts when in reality they are line charts

Pros

  • Two factor authorisation
  • Google authentication is also available

Cons

  • Newer company so there might be security issues
  • Target of many phishing websites
  • No regulation
  • No information on how the funds are being secured

Pros

  • Limit orders, Market orders and Stop-Limit orders available
  • Loads of crypto pairs to choose from
  • Low fees

Cons

  • Quite confusing, you will definitely need to read a guide
  • No fiat currencies
  • Alleged inflation of trading volume

Pros

  • Very fast response
  • Extensive FAQ section

Cons

  • Customer support can only be contacted through an email form

This post contains affiliate links which means we might receive a commission when you use this broker. You can check out our disclaimer here.