Welcome to our full-length Binance review.
With so many cryptocurrency exchanges available, it can be a challenge trying to find the right one to use. There are a few things you need to consider before deciding which exchange to choose:
- Usability — is their platform suited for novice or advanced users?
- Cryptocurrency selection — is your desired cryptocurrency available?
- Security – is their platform safe to use?
- Fees — are their fees too high?
- Reputation — what does the community have to say about it?
In this Binance review, we will be taking a look at the above criteria, so that you can make an informed decision as to whether you should start using Binance!
Binance, founded by Changpeng Zhao in 2017, is a centralized cryptocurrency exchange which offers crypto-to-crypto exchange services and is great for both beginner and advanced users.
It has quickly become the largest cryptocurrency exchanges due to its low fees, coin availability and high trade volumes. Not only this, but Binance is one of the fastest cryptocurrency exchanges available, capable of processing over 1.4 million transactions per second.
However, because Binance only offers crypto-to-crypto exchange services, you cannot purchase cryptocurrencies using fiat (GBP, USD, YEN etc.). So, if you’re looking to start trading on Binance, you must purchase cryptocurrencies from another exchange (such as Coinbase) first.
Binance is suitable for both beginners and advanced users, and offers two different interfaces for traders — Basic View and Advanced View. As the names suggest, the basic view is suitable for more novice users, and the advanced view is for more experienced traders.
Let’s take a look at the trading interface of the Basic View:
As you can see, everything you need to start buying/selling is laid out in a clean and colorful format:
- All of the trading pairs are located on the right-hand side of the page. So, you would click either BTC, ETH, BNB (Binance’s own coin), or USDT (Tether), and then search for the coin you would like to trade with. Below that, you can see the trade history for your chosen coin.
- In the middle of the page, you can see a graph which shows the price history of the coin you have selected. You can also see the option to buy and sell.
- On the left-hand side, you can see the buy and sell orders. The red column is the sell orders, and the green column is the buy orders.
Now, let’s take a look at the advanced trading view:
If you’re a beginner, then this trading view (as you have probably noticed) is not suited for you. It uses complex charts and tools for more experienced traders. On the right-hand side, you can see similar functions as to what is displayed on the basic view.
However, if you have some experience trading with cryptocurrencies and are looking to spend more time day trading, then the advanced view is better suited for you.
If you would like help creating an account or initiating a trade on Binance, click here to see our guide.
One of the reasons why Binance has become so popular is because of the wide range of coins it offers. Not only this, but there are always high trade volumes on the platform, so it is easy to find buyers and sellers.
The list of coins offered by Binance is too long to list here, however, rest assured that it offers most of the popular coins. You can see which coins are offered by visiting Binance’s homepage here.
The trading pairs offered are ETH (Ethereum), BTC (Bitcoin), USDT (Tether) and BNB (Binance Coin). This means that you must deposit one of these cryptocurrencies onto Binance before you can start trading.
Below you can see a small fraction of the trading pairs available:
Is Binance Safe?
Next in our Binance review, we’ll assess Binance’s security.
Binance is one of the newest cryptocurrency exchanges and has quickly developed a great level of trust from the cryptocurrency community. Although Binance doesn’t mention any security information on their site, we are confident in the protection they provide to their users.
Binance use two-factor authentication which is required for users to log in, which adds an extra layer of security to your account.
Cryptocurrency exchanges are constantly under threat to cyber-attacks — one of the most common cyber-attacks is known as a phishing attack. This is where hackers duplicate an exchange website, causing less-techy users to fall into their trap and submit their account details to these fake websites.
Binance almost fell victim to one of these attacks in March. However, the Binance team spotted this attack before the any accounts were compromised and any funds were lost. Good job, Binance!
To prevent your account details being compromised by hackers who may create fake Binance websites, you should follow the below security measures:
- Make sure you are visiting the correctBinanceURL — https://www.binance.com
- Bookmark this address within your browser and only access Binance using your bookmarked link.
- Always check the SSL Certificate. This is the green section of the address bar and validates the security of the site.
You can’t write a Binance review (or a review of any exchange for that matter) without talking fees.
As previously mentioned, one of the most attractive features that drives users to Binance are their low fees. Unlike other exchanges, the fees are very easy to understand.
Binance currently charge a fee of 0.1% on all trades. However, if you trade using Binance’s very own coin (BNB) to make trades, you receive a 50% discount on your trading fees.
The fees to withdraw your funds from Binance vary from coin to coin. However, these fees are still incredibly low when you compare them to most other exchanges. You can see a full list of the withdrawal fees here, or check out the image below to get an idea:
I know what you’re thinking. You’re thinking, did they really just say that I can get a 50% discount using something called BNB? Well, you can and next I want to tell you a little bit more about the token that makes that possible…
Binance Coin (BNB)
As I touched upon in the last section, Binance Coin (BNB) is the exchange’s native token or resident cryptocurrency, if you prefer. BNB is an ERC20 token, meaning that it’s based on the Ethereum blockchain and adheres to that platform’s technical guidelines. It has a trading supply of 200 million tokens, after which no more will be produced.
The function of Binance Coin is simple: it’s for paying transaction fees!
The team at Binance are so keen to get you paying your transaction fees with BNB that they’ve created a discounts reward scale:
Whilst you can still pay your transaction fees in the cryptocurrency you’re trading with, Binance will offer a discount as an incentive to pay fees in BNB. In your first year with Binance, fees are discounted by 50% when paid in BNB. With every subsequent year of membership, the fee discount decreases.
This system has proved extremely popular with users of Binance as well as the wider crypto community. In fact, a very lucrative secondary market has sprung up which has seen BNB become the world’s 14th biggest cryptocurrency, according to CoinMarketCap. BNB is worth 5.54 USD per coin today (27/12/2018) and the total value of its current circulating supply (or market cap) is 725 million USD.
Binance Coin is a perfect example of the kind of innovation and foresight which Binance has become known for. Not only does BNB foster customer loyalty, it also functions as a highly prized utility token and could prove a valuable asset in the years to come.
Users of Binance Coin are therefore faced with an interesting dilemma, do they continue to pay their transaction fees with it and reap an ever diminishing discount, or do they hold on to the coin and hope that its market value continues to rise? Only time will tell!
Now that you know what services Binance offers and how much they cost, I want you to consider two more very important factors; user friendliness and customer support…
When considering using a crypto exchange for the first time, it’s important to know how user-friendly it is, especially if you’re a newbie trader. So, how does Binance measure up?
As discussed earlier, Binance has two trading settings: basic and advanced.
Basic is where you’ll want to start as a complete beginner and even then some of its features may be a touch too advanced. The page layouts are clear and uncluttered though, allowing users to navigate around the site with ease. Once you get the hang of the basics of trading, then you’ll find Binance one of the most user-friendly exchanges on the market.
It’s also a great place to learn as, once you’re confident using Basic, you can graduate to using the platform’s Advanced trading settings. This will allow you access to all the features and analytics you’d expect to find on a more conventional Forex trading platform.
So, there you have it! Binance offers both newbs and pro-traders all the information and features they need, presented in a clear and simple way.
No matter how easy a cryptocurrency exchange is to use, traders are always going to experience difficulties. The task of easing these difficulties falls to the customer support team. Next, let’s see how effective Binance is in this area…
When it comes to supporting their customers, Binance seem to slack a little. They display a list of FAQs on their website which aren’t entirely useful, and the English grammar on their site should be corrected in some areas too.
Users are required to submit their issue via an online form if their question isn’t answered within the FAQs page, but Binance have been known to take a while to respond to these requests.
However, because Binance have experienced such rapid growth, I am happy to give them the benefit of the doubt here. They have quickly scaled to millions of users, and it would be hard to scale their support team at this same rate. You have to bare in mind the training required to become a support agent at Binance too, which makes it even more difficult to keep up with all the new users.
Conclusion: Summarizing Our Binance Review
As outlined in this Binance review, it is evident why Binance has become one of the leading cryptocurrency exchanges. Not only do they offer a quick and easy-to-use platform, but they also charge low fees and list a great range of cryptocurrencies.
If you are looking for convenience and reliability, then Binance is the place to be!
If you would like some assistance when setting up your Binance account, or would like to know how to start trading, feel free to check out our guide here.