The Binance cryptocurrency exchange is currently the largest trading platform and looks likely to continue to grow. They support trade for many tokens and altcoins you will not find listed on other exchanges. Yes, they are early to list and that is what makes them such a popular platform for so many crypto enthusiasts around the world.
This Binance review will reveal both good and bad points while helping you decide if Binance is the right crypto trading platform for yourself. Like all exchanges, they will have negative reviews and experiences, but sometimes it’s just down to human error or inexperience.
We will be listing our own experiences while trading with the Binance app/website and why we would not only recommend Binance but encourage you to signup and take part in their video tutorials so you can learn the basics and be successful in the future.
Who Are Binance?
The Binance exchange started back in 2017 and was initially set up by Changpeng Zhao from China. Since then their real-world company moved to Malta and have continued to grow and improve their trading platform. They boast trade of billions of dollars every day making them one of the biggest and most utilized crypto platforms in the world.
- Original owner: Changpeng Zhao
- Started trading in 2017
- Based out of Malta (EU)
- Biggest crypto trading platform by volume
Initially started as a trading platform with no option to deposit any fiat currency (real-world currency). You could transfer cryptocurrency into Binance and then swap/trade with other cryptocurrencies. After this, they incorporated fiat deposits so users could deposit and then purchase your desired crypto. You can now deposit and withdraw using debit cards, bank transfers, cash deposits, Paypal plus many others.
The Binance Blockchain
Initially started on the back of the Ethereum blockchain ERC20, Binance has now become a huge blockchain in its own right. Their coin is called BNB which allows peer-to-peer transfers, smart contracts and other decentralized benefits.
They allow tokens to use their blockchain in the way of a smart contract, tokens using the Binance Smart Chain are called BEP-20 tokens. Although these tokens have an extremely high scam rate some have made it above the pump and dump status to become well-known Defi tokens.
- The Binance Blockchain (BNB)
- Binance Smart Chain (BSC)
- BEP20 tokens run on the Binance Smart Chain (BSC)
The Binance Trading App
Their trading app has two interface settings for different levels of experience. The lite version is directed more towards beginners because of its simple interface. While their pro version needs a more experienced eye. Like all trading platforms at first, they seem daunting and you should not start trading until you understand the basics.
They do offer video tutorials and articles to help you understand the basics and make the most of your cryptocurrency journey. These how-to videos should be watched and researched before you start your crypto journey. They contain a treasure trove of information that will improve your knowledge and improve your success long term.
- Lite version: More for the first-timers and beginners
- Pro version: Advanced crypto trading version
Supported Cryptocurrency Pairs
Another benefit for the Binance trading app is its trading pairs. There is no other trading platform that can offer a variety of trading pairs. They trade against Ethereum, Bitcoins and many other penny tokens, the list is endless and is how many can make a living trading on the Binance platform, if you know what to look for! With another feather in their cap for trading fees that stands at around 0.01% since I last checked.
- Offers the most variety when trading pairs
- Low trading fees at around 0.01%
Opening Your Binance Account
If you decide that the Binance exchange is right for your crypto journey, then you will need to create an account. Creating an account is simple and
You can download their app or just use their desktop version, both are easy to navigate unless you have never traded before, then we would recommend you stick with the lite version for now. Once you have more experience and researched their pro interface and watch their how-to guides then move onto their pro version.
- Setup an account
- Confirm your identity through KYC
- Use your cell/mobile number for notifications
- Confirm your email address
When you start using their app or website for purchases, trades or withdrawals you will need to access both email and cell/mobile numbers to confirm your actions. They give you 60 seconds to pass this process every time you make a withdrawal, this helps reduce fraud and secures your account. So the chances of you losing your funds are extremely low, so be sure to set up your two-factor authentication (2FA) ASAP.
The Cost When Trading On Binance
Binance offers a VIP benefit system if you hold their native coin (BNB), the more you own the less you pay in fees. Apart from the VIP benefits for everyday traders, you can expect to pay as follows:
- Deposit fee (fiat currency) @2%
- Internal trading/swapping: @0.02%
- Withdrawal fees: 1.5%
- First 30-day period no trading fees
Compared to other crypto exchanges Binance is one of the most affordable. This is just another reason why this crypto exchange is becoming so popular among crypto enthusiasts. With many other exchanges charging 4 or 5% on deposits and even higher for withdrawals, keeping fees low is one of the promises kept by the Binance exchange.
Is Binance A Secure Crypto Exchange?
Yes, the Binance platform takes security seriously, they base their security on the 2FA. This means that they will implement two types of authentication before you can withdraw any funds from your account. This is generally a code to your cell/smartphone and another code sent to your designated email address. You have around 60 seconds to enter these two codes before your withdrawal/transfer is initiated.
- 2FA 2-Factor authentication
- Two codes for every withdrawal
- More secure than most exchanges
- Complete LVL 2 authentication for higher limits
- Always move large bags of crypto to an external/cold wallet
Alternatives To Binance Exchange?
There are currently only two crypto exchanges we would recommend as an alternative to Binance, these are eToro or Kraken. Both have similar fees, but there are no other crypto exchanges that boast so many trading cryptocurrencies.
- eToro
- Kraken
The Binance Wallet – Trust Wallet
Binance recently purchased the
- Copy the passphrase
- Never share the passphrase
- The passphrase is your only chance to reclaim your wallet
- Never share it, or you will lose all your crypto
Binance Negative And Positives
Like all exchanges as big as Binance, there will be both negative and positive points to make. In this section, we have listed the good and bad when it comes to using Binance to buy, trade and swap cryptocurrencies.
Negatives
- Some banks have currently paused deposits/withdrawals from Binance
- Reputation has been knocked in recent months
- Support can take a long time to reply
- Credit card deposits @3.5%
- Not for beginners
- No voice support
Positives
- Currently lists the most cryptocurrencies
- Security is excellent
- Many trading pairs
- Lite and Pro platform
- Low fees for withdrawals/trading/swaps
- In-depth insights into trading volumes
- Backed by the Binance blockchain
Conculsion – Binance Review
Our Binance review
If you have no experience in crypto trading then be sure to learn the basics before making any financial commitment. You can follow their guides, plus there are hundreds of YouTubers that provide videos to help you find your way around the Binance exchange/trading app.
Have you used Binance? If you have used the app or website then we would like to hear your thoughts and experiences. This will help other readers know what to expect, you can use our secure contact form or scroll down to the comment section and leave a review for others to read.
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