Binance Exchange Review 2023: Fees, Platform, App, Safety & More

Binance Overview

Binance is the world’s famous cryptocurrency exchange located on the European island, Malta. Founded in 2018, Binance undergoes a daily trading volume of more than 2 Billion US Dollars on average. Aiming to bring financial freedom to the world, it is just not an exchange but an entire ecosystem. Binance accepts customers from almost all parts of the world, including the United States. With an easy-to-use trading platform and high liquidity, Binance suits both novice and professional traders. Enabling clients to purchase cryptocurrencies using credit cards and wire transfers, the company has recently entered into a contract with a third-party fin-tech company known as Simplex.

In this comprehensive Binance guide, we’ll cover everything you need to know about the exchange. We’ll list the Binance-supported cryptocurrency, discuss Binance fees, help you open an account, and take you through verification and trading. We’ll also look at online reviews and their customer support.

Binance Pros and Cons

Before going into detail, we would like to list some pros and cons of using Binance. A little explanation will also follow the listed points in an attempt to grab your attention to some significant aspects of the exchange.

Pros

Cryptos Portfolio – Binance offers an extensive collection of digital assets to select from, including major cryptocurrencies and recently introduced digital assets.

Payment Options – Like other exchanges, Binance also provisions multiple methods for depositing funds into accounts. Traders can make deposits or withdraw funds using credit cards, debit cards, wire transfers, electronic wallets, and cryptocurrencies.

Availability of BNB Token – The BNB token is one of the unique features of the Binance exchange. The exclusive in-house built coin acts as a utility token that traders can use to buy or trade cryptocurrencies attracting more discounts.

Multilingual Customer Support – Binance offers customers services in nearly more than 20 different languages of the world. Traders can also access the translated version of the official website of the company in their preferred language.

Fiat Currency Acceptance – Binance is one of the exchanges that accepts a wide range of fiat currencies. The company supports more than 50 fiat currencies allowing traders increased flexibility to manage their funds with ease.

Renowned Exchange – With a presence in more than 180 countries and a clientele base of above 15 million customers, Binance is amongst the most popular crypto trading exchanges in

Cons

Customer Services – Despite offering multilingual customer support, Binance officials take more time to respond to customer queries as compared to other less popular exchanges.

Limited Availability (US) – Residents of at least ten states of America, including Alaska, Connecticut, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington, cannot open a US account with Binance.

Confusing Trading Panel – Binance offers one of the most updated trading platforms with nearly all of the basic and advanced trading tools available. However, customers relatively new to trading might find it hard to navigate around the trading interface at Binance.

Does Not Offer Anonymity – Even the exchange does not hold any specific regulation and offers to enjoy buying cryptos confidentially, still forced identity verification might prevent you from staying anonymous.

Binance Regulations & Supported Countries

Binance Regulations

Being a crypto hub, Binance is a broad subject consisting of multiple fiat-crypto, centralized and decentralized exchanges. All of them except the Binance DEX operates in line with the rules and regulations stipulated by the local governing authorities such as Malta Financial Services Authority. However, the company doesn’t talk openly about its status being regulated or non-regulated in a specific country.

Offices

Operating through its regional offices around the world, Binance headquarter is in Ta’ Xbiex, Malta. The exchange has its physical presence in the listed countries other than Malta.

• United Kingdom
• Germany
• France
• India
• Jersey
• Russian Federation
• Singapore
• Turkey
• Uganda
• Vietnam

Binance Supported Countries:

Binance has not specified the countries where it does not offer its services. That said, the exchange accepts customers from almost all parts of the world, including the United States. However, if you can’t find your country enlisted in the given table except for the US, you might not be able to use the exchange services.

Binance List of Coins and Crosses

Binance offers hundreds of cryptocurrency assets to trade. Given below is a list of some of the frequently traded cryptos at binance against the US Dollar.

List Of Crosses

Binance Trading Fees

The Binance fee structure is quite competitive. The exchange employs a flat rate of 0.1% on trading a volume of less than 50 BTC for both makers or takers. Futures trading at Binance could even be cheaper as the exchange cuts the prices up to 0.02% for makers and 0.04% for takers.

For high volume traders, this fee rate is by far the lowest slab any crypto exchange could offer. Traders can also enjoy more discounts of up to 50% using the Binance native coin – BNB for crypto purchases. Following is the table that further provides detailed insights on how trading fee works at Binance for trading different volumes.

Trading Platforms, Account Opening & How to Buy Crypto:

Binance offers three trading platforms including desktop, mobile trading app, and API platforms. Let’s go through each of these in a little more detail.

Binance Desktop Trading Platform:

For a seamless trading experience, Binance offers a state-of-the-art trading platform to its clients. Traders can access the financial markets from the ease of their desktops. The platform can be downloaded and installed on your systems right away. The desktop platform is made compatible with both Mac and Windows operating systems.

After login your account, you arrive straight on the dashboard. At first sight, the unique design of the platform gives you a soothing impression. But after a while, different options and multiple buttons might start bothering you. Novice traders are likely to get carried away with so many tabs to click. The primary panel consists of seven buttons, including Buy Crypto, Markets, Trades, Derivatives, Finance, Wallets, and Order types. Along the side, there is an option to access the settings of your account and see notifications. Let us have a quick look at all of the options available one by one.

Buy Crypto on Binance

Using the buy crypto option, you can choose between various modes of payments, such as debit cards/credit cards, peer-to-peer trading, or recently inducted third party payment network Simplex. The module also allows you to pay in your local currency. You can select between 50 fiat currencies supported at Binance.

Markets

Clicking the markets button will take you to the marketplace where you can access all of the tradable assets. The module lets you customize the way you can view tradeable instruments. For example, if you want to access spot markets only, then by clicking the spot markets, you will be able to see only those trading instruments that are available for spot trading. Similarly, zones and futures options serve the same purpose.

Trade

The trade button has a drop-down list that enables you to enter your preferred trading module, such as basic, classic, advanced, margin, OTC, and P2P.  It depends on traders which module they find the most appealing.

Convert

Convert is the easiest interface designed to make traders feel super comfortable. All you need is to select the crypto you’ve purchase already. Then indicate the crypto you want them to exchange with and press preview conversion. An estimated amount before the conversion fee will be displayed.

Classic

A modified version of the convert module with some added features, binance presents a classic interface where trading has been more simplified. It’s a complete user trading interface with all of the convert options available in it.

Advanced

For seasoned traders, advanced spot trading is the interface that offers complete access to all of the trading tools and enables clients to go trading seamlessly.

Margin

Margin will allow traders to use assets larger than their real capital (leverage). Traders will amplify their profits (or losses). Margin is considered a high-risk method of trading.

P2P

To buy or sell crypto through other exchanges instantly, a peer-to-peer module is available at Binance.

Derivatives

Should you wish to trade futures, clicking on the derivatives button will drop down the list of multiple options to select from, such as USDT and Coin Futures. Clients seeking to trade high volumes can also access the leveraged tokens offered at Binance. Traders can win some quick redeemable points using the new feature captioned as Battle. Clients need to guess the price movement of an underlying asset indicating the likelihood of the price going short or long.

Finance

Under the finance section, traders can access different investment options to earn interest on their funds. Binance earn comes with flexible and locked saving options where you might or might not allow withdrawing your funds anytime. Usually, funds with locked saving options have higher interest rates, but you are required to commit to the long-term holding of your coins in your wallet. Miners might find the binance pool option to be more appealing since it offers higher rewards and incentives. Binance VISA card provides the flexibility of payments across 60 million merchant outlets throughout the world. Customers can convert their cryptos to a card wallet and spend them the way they like as an accepted payment method worldwide.

How to Open an Account with Binance on Desktop?

Binance registration is even easier than signing up with a social media platform. You only have to follow the simple guidelines listed below to get registered with Binance.

Step 1: Visit the official website of the exchange by typing the address in your internet browser search bar. i-e, www.binance.com.

Step 2: Click on the register button available on the top-left edge of the webpage.

Step 3: Enter your email id and password on the registration form, tick mark the check box confirming your agreement to the terms and conditions apply.

Step 4: Click on the create account button.

Step 5: Open your email inbox and note down the verification number that you need to enter on the email verification dialogue boxes.

Step 6: Enter the verification code to proceed to your dashboard. You are likely to land on your dashboard after confirming the email verification code. That was all.

How to Buy Cryptos with Binance on Desktop?

To buy cryptos with USD, you need to follow the steps listed below;

1. Click on the Buy Crypto option available on the left corner of Binance’s web page next to the Binance monogram.
2. After clicking it, select buy and chose USD or other supported currency you wish to buy crypto with.
3. Select the digital asset you wish to purchase, for example, BTC, ETH, LTC, etc.
4. Indicate the worth of USD or your local currency you are willing to spend, the minimum amount is $10
5. Click next to proceed to the payment wizard where you will be prompted to enter the payment method you wish to use.
6. Choose your desired payment method from the available options, such as debit cards, credit cards, SEPA transfers. You can also pay using a third-party payment network like simplex.
7. Please note that before you chose your final payment, you may be prompted to look for other relevant details such as the fee for each of the payment methods available.
8. After selecting the payment method and reviewing payment details, now is the time to confirm payment, check the disclaimer form, and click Buy.
9. Receive your purchased cryptos in your wallet within 30 minutes of purchase.

Binance Mobile Trading App (Available on IOS & Google Play):

Bringing all the power to the palm of your hand, Binance offers a super amazing mobile trading app for on-the-go customers. The app has nearly all of the features available that you can use on the desktop trading platform.

After login your account on the mobile trading app, you can see the welcome screen has 05 tabs available to navigate you through the mobile trading interface.

Home

With a decent look, the home screen of the binance mobile trading platform leaves a pleasant impression on traders. Right on the top of the dashboard of the app, traders can find changing slides. These slides are topic-specific and might guide you through how the navigation process works on the mobile trading app. The first slid briefs you on how to get started with the binance. The second slide sheds some light on the P2P feature of the platform, while the third and fourth serves as how-to guides.

On the downside, the exchange offers a quick look at some of the major coins available at Binance, including BTC, USDT, and BUSD. Traders can also buy BNB. Clicking on the more option takes you to the short cut mode where you can find all of the available functions in one place.

Markets

Moving to the next tab captioned as markets, traders can access the wide range of tradeable crypto assets. Likewise, in the desktop trading app, traders can also enter for spot and futures trading using this tab on the mobile.

Trade

Should you wish to convert your cryptos or open a margin trading position, the Trades tab is the place you can do so. In this tab, you can access all of the features needed for different types of trading, such as spot, margin, fiat, and P2P.

Futures

Binance has revised its future tab. As soon as you click on the future tab, you receive a pop-up notification telling you about the newly improved future trading interface.

Wallets

The last option on the dashboard of the binance mobile trading app is wallets. You can use this feature of the app to deposit funds in your account, withdraw them or send it to another wallet.

How to Open an Account With Binance on Binance Mobile App:

The mobile trading app is compatible with both Android and iOS-based mobile phones and tablets. Clients can have them installed on their supported devices from the Google Play Store or App Store, respectively.

Step 1: After downloading it from the respective store, open the app on your mobile phone.

Step 2: Click on the profile icon available on the top-right corner of the welcome screen of the mobile app.

Step 3: Click on the Login or Register option to move to the next page.

Step 4: Enter your email address and password. Also, click the check box to confirm that you have read the terms and conditions of the exchange and agree to them, and click on register.

Step 5: Access your email to find out the verification code received from the binance, enter the verification code on the confirmation screen, and press ok.

That is how you sign up with the binance and access your dashboard on the mobile trading app.

How to Buy Cryptos With Binance on the Binance Mobile App:

To buy cryptos with binance on mobile, follow the listed steps.

Step 1: Open the mobile trading app on your phone and sign in to your account.

Step 2: Click on the deposit option available on the home screen of your dashboard.

Step 3: Select the currency in which you wish to fund your account from the list of supported fiat or cryptocurrencies.

Step 4: Enter the worth of cryptos you wish to buy

Step 5: Select the payment methods you will be using to make payment.

Step 6: Review your payment details.

Step 7: Click the confirm option to finish the payment wizard.

Binance Payment Methods – Deposit and Withdrawals

Unlike other exchanges, Binance has multiple deposits and withdrawal methods available to facilitate its customers. It also allows for fiat currency deposits.

Binance also offers fiat gateways in collaboration with third-party platforms such as Advcash, Koinal, Paxful, Paxos, etc. At times, there are nearly 50 fiat currencies that traders can use to buy cryptos at Binance, including GBP, CAD, USD, EUR, RUB, CNY, NGN, TRY, KZT, UAH, VND, COP, BRL, IDR, MXN, ARS, INR, and several others.

You could also pay via debit cards, credit cards, bank transfers or SEPA transfers, and digital assets. The exchange does not charge any fee on deposits. However, you might need to pay a withdrawal fee depending upon the amount and currency you withdraw.

Let us make it easy for you to understand how buying cryptos with credit/debit cards work at Binance. Please be informed that before making any purchase on Binance, you need to have your account verified. The exchange does not allow you to use the payment module unless account details, including verification of your account, are completed.

Step 1: Click on the Buy Crypto button available on the left top corner of the webpage. Select pay with debit/credit card to access the payment module as shown below.

Step 2: Select the payment method as shown in the image below.

Step 3: Enter your payment details, and cross-checked them twice before proceeding with the payment.

Step 4: You are likely to receive verification codes on your mobile device and email.  Complete the authentication process to finish the payment wizard.

Binance does not charge deposit fees, However, the exchange has varying fee values for differing currencies. We have compiled a list showing fees followed by the minimum withdrawal amount allowed for the main supported fiat and cryptocurrencies.

Education

Binance brings the leaning encyclopedia to the tip of your fingers. Learn every bit of the crypto world with the help of a series of articles and informational videos. Binance Academy covers each of the sections in thorough detail. Whether you wish to learn about the exchange operations or like to go through institutional reports and analysis, everything is accessible under the Binance Academy section. Traders can also read information about on-going or upcoming projects and blockchain charity foundations supported through the Binance platform.

Binance Customer Support

Unfortunately, the customer support at Binance is not up to the mark. Although a web chat support feature supporting 9 languages of the world is available on the official website of binance, still it takes too long to open. Most of the time it comes back with a message displaying, web chat is currently unavailable. Also, neither an address for a physical point of contact nor a telephone number is shared so clients may contact the exchange over the telephone. This is certainly not expected from a leading crypto exchange at least.

Binance Online Reviews

What Do People Say About Binance on Reddit?

Unlike other exchanges, we found enough information about Binance on Reddit. Traders were discussing various aspects of the crypto exchange. Most of the people had optimistic views on trading with Binance. However, a few seemed annoyed with the services they received at Binance. Reading across traders’ comments, we found a person who loved binance but didn’t want to continue. According to him, the charting option at the Binance trading platform could have been much better. He also mentioned how trading tools become a source of headache, making simple things look confusing.

In addition to other issues with binance, traders seemed to be unhappy with the way they can place a trade at Binance. The exchange doesn’t allow traders to enter a position by typing in the amount manually. Instead, they have to select from the available options given in the percentage forms.

On the other hand, some people also admired the trading interface of the binance. As per their views, the exchange’s feature of watching trades and history in the taskbar is quite convincing. Some of them were seemed happy with the security measures at binance.

What Do People Say About Binance on Quora?

Like Reddit, enough information was available on the Binance exchange ranging from its legitimacy concerns to its usability. People hold a mix of opinions, but most of them seem to be positive. Answering a question asked by a Quora member about the credibility of the exchange, a registered user on binance replied that he believes the binance is amongst the top crypto exchanges you can consider to be safe. He quoted BNB – the utility token of binance as one of the reasons for the company to remain a going concern. He argued that binance has a stake in the future that will keep it to stay alive.

Another member said that the fact, binance has a clientele base of millions of customers speaks itself about the authenticity and reliability of the exchange. According to him, he never had a bad experience using the Binance exchange. He also liked the trading interface of the company for the reason it never crashed, unlike other crypto exchanges. Some of the users also had some reservations concerning the usability of the interface. Being starters, they found the trading interface a bit difficult to operate. Overall, people showed their confidence in the binance.

Is Binance Safe?

Binance incorporates advanced security parameters such as HTTP and SSL end to end encryption protocols with two-step authentication in place. Binance incorporates advanced security parameters such as HTTP and SSL end to end encryption protocols with two-step authentication in place. The exchange has a team of industry expert professionals who seem to be well versed in designing an effective and secured trading platform. Being able to provide quality services to clients in more than 190 countries and not even for once falling prey to scammers since its inception tells a lot about the safety of the exchange. The company also follows AML guidelines to ensure the security of clients’ investment.

Binance VS eToro

The selection of the platform is crucial to have a successful trading experience. It’s not only about signing up with the best forex trading broker/exchange, but it’s about the ability of that broker to meet your individual needs.

Given below is a brief comparison of two of the best exchanges known for cryptocurrency dealings. These exchanges are not only the safest ones but also offers promising features suitable for both novice and seasoned traders. However, there are some prominent differences between the two concerning their operational procedures that might become the reason for you to make your decision carefully.

Let’s look at some features of the exchanges to evaluate which one is better.

Trading Platforms – Binance VS eToro

Binance claims to offer easy to use trading platform, but novice traders can become easily confused while navigating through the binance trading interface. One of the reasons could be a lot of features and advanced trading tools that might provide an edge to seasoned traders but could become no less than a nightmare for beginners.

The eToro broker platform offers a user-friendly trading interface keeping things simple. As soon as traders login to the etoro’s member area, the intuitive trading interface guides you through the rest of the options available. Traders can figure out what purpose does the available option serves.

Trading Fees – Binance VS eToro

Binance offers a competitive fee structure. Traders only need to pay 0.1% as a fixed trading fee on making a crypto purchase. A further discount of up to 25 percent on the trading fees is available if you purchase cryptos using the BNB token. However, for credit card purchases, traders can end up paying a 10% fee of the transaction amount that could be on the higher edge as compared to the industry standards.

On the other hand, eToro employs a variable spread charging mechanism. Traders are likely to pay higher trading fees on the purchases of less liquid assets as compared to those with higher volatility levels. eToro charges a trading fee anywhere between 0.75 percent to 02 percent on trading popular cryptocurrencies. However, the trading fee could go as high as 3.5% on dealing with less common trading pairs. The exchange does not charge any fee on deposits, but traders can expect to pay a fee on withdrawals of up to $25 if the amount falls below the minimum limit specified.

Financial Instruments – Binance VS eToro

Binance has a wide range of tradable coins that provides the exchange an edge over its competitors. Whether traders wish to go for the major cryptocurrencies or search around finding the less common ones, Binance has all of the coins available.

On the other side, eToro has fewer coins available to offers as compared to Binance. However, eToro has more financial instruments to aid in trading those coins that make it equally competitive. Also, eToro’s copy trading services and the crypto swap options might persuade clients to prefer signing up with it.

Customer Services  – Binance VS eToro

Being available in nearly all parts of the world, customer support services of both exchanges should have been meeting the ultimate standards of excellence. However, both of them need to improve the level of customer support they offer to their clients.

Despite offering customer support in more than 20 languages of the world, Binance takes a little longer to respond to customers’ queries. However, the best thing about the exchange is that it offers customer services through all possible mediums. Whether traders need to talk to the company’s representatives over the phone or raise their concerns through email, both options are available. The exchange also provisions live chat support to address clients’ issues on a run-time basis.

Coming towards the eToro, customers can expect to receive a basic level of customer support services. eToro, being a social trading platform, has made enough resources available for clients to seek assistance. eToro’s frequently asked questions sections provide detailed information on clients’ immediate trading needs. However, clients might not be able to have a telephonic conversation with the company’s staff.

Features Offered – Binance VS eToro

As far as available features are concerned, eToro has no match at all. From the easy-to-access financial markets to social trading service and risk management tools, eToro seems to outclass its competitors. Using copy trader, novice traders can copy trades of other professional traders to start making money from day one. Leverage options make seasoned traders maximize their earning potential. Virtually funded demo accounts help traders to learn differing trading strategies while Islamic accounts might appeal to Muslim traders the most for accessing interest-free trading services at eToro.

Binance has also started provisioning margin trading services. However, traders might face some limitations as to the availability of tradeable assets for margin trading. Also, the binance does not offer any demo accounts to help traders practice their trading skills without compromising their real funds. The unavailability of Islamic accounts might become the point of concern for one of the most active financial communities in the world.

Verdict

eToro offers exceptional services when it comes to trading cryptos. With easy-to-use trading platforms, leverage cryptos, social trading services, and tight spreads make it stand out of the crowd. Also, the eToro offers trading services in forex, indices, commodities, stocks, and options that traders can barely find all of the services available under one roof. It also makes up the list of the best CFD crypto brokers.

Number of Coins: 20+

Margin Trading: YES

Minimum Deposit: $200

Invest In Cryptocurrency With $0 Commission

• Supports Multiple Languages
• Regulated by FCA, ASIC & CySEC
• Paypal, Debit & Credit Card Accepted

Visit eToro

eToro Full Review

Capital At Risk

Other Services Offered at Binance:

Crypto Loan

Binance also offers the facility of crypto loans secured by your digital assets with guaranteed approval. At times, the exchange provisions the loan facility against USDT and BUSD only. The list might expand in the coming days.

Referral 

Under the referral option, traders can see their commission history, generate referral links to share with friends and family, and details of any commission earn so far.

API Trading Platform

Keeping in view the needs of various customers, binance has a special API trading interface that can be integrated with the user’s built application to satisfy both customers and the business requirements. For this reason, official API documentation of binance may be visited here https://binance-docs.github.io/apidocs/spot/en/.

BCF

Binance charity funds take donations to the next level. Offering, recorded, immutable, the traceable transactional mechanism turns the system of donation to be more transparent and reliable. With over 921.88 BTC raised from 1624 donors, it has already set up a benchmark by helping 106617 beneficiaries in their crucial times such as fighting against a very recent novel pandemic COVID 19.

Debit Card

Binance features a debit card with an embedded power of crypto to shop all around the world. At times, it is available to limited countries only. However, it will soon be introduced worldwide.

Binance Labs

To encourage cryptocurrency adoption worldwide, the binance lab is committed to bringing blockchain empowerment by supporting industrial projects contributing their part to the blockchain ecosystem.

Conclusion

After a detailed review of the exchange, we conclude that Binance is undoubtedly among the safe exchanges to buy and trade cryptocurrency. The company offers more tradeable coins than most of its competitors. With its super-advanced trading platforms and reasonable cost structure, it can be very lucrative for high-volume professional traders. However, beginners might find the exchange too confusing to navigate around. Also, the company seems to be struggling a little at some points, whether it’s a delayed response time to customer queries or the unavailability of demo accounts, Binance is still to travel far to compete with many competitive options available in the market, such as eToro.