Binance review 2023
Investing options: 4.4
Platforms & usability: 3.8
Products, markets, & assets: 4.4
Safety & reliability: 4.1
Deposits & withdrawals: 4.7
Research & analysis tools: 4.4
Fees & costs: 4.6
Education & learning resources: 3.7
Binance review Summary
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Our opinion of Binance
Binance has an excellent set of tools and features for traders who have basic trading experience. The exchange interface might appear somewhat intimidating for those new to crypto exchanges, but it’s straightforward for an intermediate or experienced user. Even if you are a novice, figuring out your way around shouldn’t take too long.
In a short few years, Binance has grown into one of the world’s best-known and largest crypto exchanges and boasts millions of users. This Binance review takes a look at the platform in detail. Learn more about what’s on offer and whether or not you should sign up.
|No. of tradable assets||360+|
|ID verification required||Yes|
|Free demo account||Yes|
|Supported assets||Cryptocurrencies, NFTs|
|Mobile trading app||Yes|
|Web trading platform||Yes|
|Regulatory bodies||FSP, FSA, SEC, AUSTRAC, AMF, OAM, FIU, SAT, CNAD|
|View more >||Visit Binance >|
Pros & Cons
What can I do with Binance?
Binance operates as both a cryptocurrency exchange and an online wallet:
Binance Exchange. Allows you to buy and sell cryptocurrencies. You can transfer cryptocurrencies like Bitcoin, Bitcoin Cash, Ether, and Litecoin into more than 130 altcoins (e.g. XRP, NEO, and Dash), and vice versa. The trading platform also contains both advanced and intermediate trading tools and instruments for traders to look at coin movements and conduct market analysis.
Binance online wallet. Connected to the exchange, Binance also provides its users with an online wallet where they can see their coin balance, as well as coin deposit and withdrawal addresses, to allow for the moving of cryptocurrencies.
What accounts does Binance offer?
Products, markets & assets
What products and assets can you trade on Binance?
You can trade a wide range of cryptocurrencies on Binance which can be accessed via the spot or futures market. You can buy an individual coin or trade crypto pairs. The platform also has an NFT section, where you can find some non-fungible tokens.
What leverage trading options are there?
You can trade with leverage on Binance up to a maximum of 125:1. The amount you can use may differ depending on the coin you’re trading. You easily see the available leverage options when you open any coin’s trading page on the Binance platform.
What are the spreads?
The spreads on Binance are some of the lowest in the crypto industry. The average spread is around 0.3%, although depending on the crypto pair you’re trading, it could be higher.
Binance trade sizes and limits
There are different trading rules imposed for different markets, spot, and futures trading. To find the relevant information you can visit the trade rules page on the Binance website. Here you will find all of the rules regarding opening and closing a position on Binance.
What cryptocurrency pairs can be traded on Binance?
There are over 360 cryptocurrencies available on Binance to buy. The number is much larger for crypto pairs. Here’s a look at a few of the main coins on Binance.
|Bitcoin (BTC)||Ethereum (ETH)||ETH 2.0 (ETH 2.0)|
|Tether USDt (USDT)||BNB (BNB)||XRP (XRP)|
|USD Coin (USDC)||Dogecoin (DOGE)||Cardano (ADA)|
|Solana (SOL)||TRON (TRX)||Dai (DAI)|
|Polkadot (DOT)||Polygon (MATIC)||Litecoin (LTC)|
|LTC 2.0 (LTC 2.0)||Shiba Inu (SHIB)||Wrapped Bitcoin (WBTC)|
|Bitcoin Cash (BCH)||Avalanche (AVAX)||Stellar (XLM)|
|TrueUSD (TUSD)||Chainlink (LINK)||Binance USD (BUSD)|
|Monero (XMR)||OKB (OKB)||Cosmos (ATOM)|
|Ethereum Classic (ETC)||View more >|
What are the fees for buying and selling cryptocurrencies?
When trading on Binance, you can either pay the standard 0.1% fee (per transaction) when using other cryptocurrencies as trading pairs (USDT, BTC, or ETH), or you can use the Binance Coin (BNB), which provides for different levels of discounts depending on how old your account is.
Upon your first year of using Binance, you will receive a trading fee discount of 50% whilst using BNB. On your 2nd, 3rd, and 4th year, you will be eligible for a 25%, 12.5%, and 6.75% discount respectively. There is no discount by your 5th year of using the platform.
Does Binance offer staking and rewards?
Yes, through the Binance earn platform you can stake and earn rewards on over 180 coins. Staking is available to any Biannce user with rewards as high as 15%. ou can choose from digital assets like Bitcoin, Ethereum, and stablecoins.
Deposits & withdrawals
Binance supports a wide range of payment methods including crypto, bank transfer, and credit/debit card, through its P2P trading platform an additional 60+ options.
What are the minimum & maximum deposits?
Binance supports a wide range of payment options each with its own minimum and maximum limit. Here’s a look a the deposit options available on Binance.
What are the minimum and maximum withdrawals?
Like deposits, the minimum and maximum you can withdraw varies depending on the payment option you choose. Below are the minimum and maximum withdrawal limits on the Binance trading platform.
What are the deposit and withdrawal options fees, limits, and speeds?
You will have to pay a fee when withdrawing your funds from Binance. The amount you’ll pay will depend on the payment method you use. For cryptocurrencies, withdrawals are almost instant, but for all other methods, you’ll have to wait.
Fees & costs
How do Binance fees work?
There are a number of fees you need to be aware of before using Binance. You’ll have to consider trading fees, payment fees, spreads and more. Below are some of the fees you may encounter when trading on Binance.
What are Binance’s trading fees?
When trading on Binance, you’ll pay spreads and fees. The amount you will be charged varies depending on lots of factors, including the tokens you’re trading. Spreads also fluctuate and can widen at any time. Generally, trading fees on Binance are around 0.1%, which is very low compared to industry standards.
Platforms & usability
What devices can I use Binance on?
You can use the platform through your browser on all operating systems, including Windows, macOS, and Linux. There is also a desktop app for Mac and Windows users. Binance also has a mobile app that is compatible with Android and iOS users. In effect, you can use the following devices to access Binance:
Binance mobile app review
The Binance mobile app provides a seamless on-the-go crypto trading experience. Using the intuitive mobile interface, you can easily deposit, withdraw, and trade cryptocurrencies.
The app has a number of key features including real-time market data, customisable alerts, detailed charting tools, and the ability to open advanced order types all from your smartphone.
The app supports over 600 cryptocurrencies and has added options to stake coins, earn interest, and more.
Web trading platform
The most important question any user has is: How easy is it to use Binance?
Binance is very easy to use. The website is incredibly simplistic, allowing for easy access between the exchange and the wallet, which is the case for the mobile platform as well.
On the exchange/trading platform, there is the option of having intermediate or advanced tools, which aim to accommodate different types of traders by providing different trading instruments and analytics.
The difficulty of using Binance is the same difficulty associated with trading itself. Unfortunately, Binance does not provide educational tools for traders, so first-time users should be wary and look through alternate resources online to learn the ropes of trading.
Desktop trading platform
The Binance desktop platform offers an enhanced trading interface for power users. The desktop app grants access to all of Binance’s markets and advanced trading products like margin trading and futures contracts.
You’ll benefit from multiple order types, advanced charting capabilities, and the ability to place orders across multiple accounts. The desktop platform also provides institutional-grade tools like an OTC trading portal, market analytics, and portfolio management features. With its professional-level tools and full range of trading options, the Binance desktop app is ideal for active crypto traders who require sophisticated control.
The Binance wallet is convenient and easy to use. You can store over 130 altcoins on the Binance wallet, and even though it is an online wallet (which provides less security than paper and hardware wallets), it features Two Factor Authentication (2FA) to keep your coins secure. The wallet can also be accessed through any operating system or device (computer, mobile phone, or tablet).
Wide Variety of Coins
Binance offers one of the widest selections of cryptocurrencies in the industry. Traders can access over 600 different coins and tokens on the exchange. From major names like Bitcoin and Ethereum to smaller altcoins and DeFi tokens, Binance exposes the full scope of the crypto market.
Advanced Trading Interface
The Binance trading interface provides professional-grade tools for active crypto traders. This includes detailed charting packages, multiple order types like limit orders and stop-limit orders, technical indicators, and the ability to place advanced orders like OCOs. The desktop platform offers even more advanced options like quantitative trading.
With its massive trading volumes, Binance offers some of the best liquidity in the crypto space. This allows traders to enter and exit positions seamlessly, with minimal slippage and tight spreads. Binance’s liquidity helps facilitate both retail and institutional-sized trading. The deep liquidity is a major benefit for active traders on the platform.
Safety & reliability
Is Binance safe?
Binance features Two Factor Authentication (2FA) security. This is an additional layer of verification that needs to be provided by a user before they can access their account after signing in using their username and password.
The second authentication factor usually requires access to another personalised device of the user, usually a smartphone. Users must either provide SMS verification or verification through the Google Authenticator app.
Additionally, Binance also provides the option of creating an anti-phishing code, which is a code that will appear on all future emails from Binance to help you distinguish from potential scam emails that aim to retrieve your personal information (phishing attempts).
Is Binance regulated?
Binance holds licences and registration with some authorities around the world. This includes countries like France, Italy, and Australia. Below are the regulatory licences Binance holds with various authorities.
Binance customer support review
You can contact the Support team through email ticketing, Telegram, Facebook, Twitter, Reddit or Instagram. Binance also offers a support page for account-related issues. You can also browse through its FAQ articles. Although the team usually responds promptly to queries, there have been existing complaints about the occasionally slow response from its customer support team.
What are the risks of using Binance?
The main risk of using Binance is losing money; however, this is largely down to your ability as a trader as opposed to the platform itself. Here are a few more risks you should consider before using Binance.
- Volatility of Crypto Assets. The crypto market is highly volatile, and the value of assets can fluctuate wildly. Users could lose substantial value in a short period simply from the inherent volatility.
- Security Vulnerabilities. Like any centralised exchange, Binance represents a single point of failure. Its hot wallets could potentially be hacked or breached, putting user funds at risk. While Binance stores most funds in cold wallets, users take on counterparty risk by leaving coins on the exchange.
- Regulatory Uncertainty. Binance has faced regulatory crackdowns and restrictions in certain jurisdictions as a centralised crypto exchange. You should know the evolving regulatory landscape and how it may impact Binance’s operations or availability in specific regions.
Research & analysis tools
What trading tools are on offer?
Binance has a comprehensive trading platform with various tools and features available. There are multiple beginner friendly and advanced tools which any registered user can explore. Below are a few trading tools on offer with Binance.
Binance offers robust charting capabilities directly on its trading interface. Traders can choose from various chart types, including candlestick, line, and bar charts. You can also add technical indicators like moving averages and Fibonacci retracements to analyse price action.
Limit orders allow traders to specify the exact price they want to buy or sell. This gives precise control over entry and exit points. Limit orders are especially useful for timing entries on sharp price swings or volatility. Limit orders can help you establish favourable pricing when buying and selling crypto.
Trailing stops are a risk management tool that automatically adjusts a stop loss order as the market moves in your favour. This locks in profits on winning trades while minimising losses on losing trades. Trailing stops are available on Binance to help traders implement disciplined risk management.
Education & learning resources
What educational resources are on offer?
On the Binance website is a section dedicated to education. By clicking on the ‘learn’ button, you’ll be taken to the Binance education portal, where you can sharpen your knowledge. There are videos, guides, and quizzes to help you improve your skills and learn more about the crypto market.
Binance Learn contains a library of educational articles covering all aspects of cryptocurrency and blockchain. Articles provide overviews of Bitcoin, Ethereum, DeFi, NFTs, and more. They offer fundamental knowledge for new users starting in crypto. Industry experts write the articles in an easy-to-understand style.
Step-by-step how-to guides walk users through key tasks on the Binance platform. This includes guides on depositing funds, making trades, providing liquidity, stake coins, and more. The visual guides simplify complex processes for Binance users of all experience levels.
With its extensive crypto glossary, Binance Learn helps users understand key terminology. The glossary defines terms like “market cap,” “cold wallet,” “gas fees,” “DAO,” and hundreds of other words integral to crypto. It provides accessible explanations of crypto jargon.
Binance Learn has a testnet trading portal where users can practice trading with virtual funds. The simulated demo trading account lets users familiarise themselves with Binance markets in a risk-free way. It is a powerful tool for developing trading skills without risking any of your own money.
Binance video review
Binance customer reviews
Binance has thousands of ratings of third party review websites. Due to its sheer size, its scores are mixed, with some positive and some negative. Below are its scores from three leading review sites:
Binance is a highly recommended choice for anyone looking to trade and store a vast amount of cryptocurrencies in one place. Binance operates as both a wallet and exchange that specialises in trading altcoins (cryptocurrency coins outside of Bitcoin, Litecoin, and Ethereum), providing upwards of 130 altcoins to trade on the exchange or store on the wallet. The purpose of the wallet is to facilitate trades on the exchange rather than to act as a dedicated wallet.
It has become popular among users due to its transparency and professionalism. It maintains an active social media presence and regularly posts press releases on its website concerning plans and improvements to the platform. Within a short time, Binance has become the largest cryptocurrency trading exclusive exchange, as reflected by its market volume and large user base.
Binance is an excellent platform for both beginners and experienced crypto enthusiasts. Its platform provides easy access for those new to crypto and ample tools for those seeking an edge in the market. One thing to note is that Binance is often at the centre of rumours and speculation surrounding its future and how the business is run. It’s worth bearing that in mind if you plan on depositing a large amount of money.
Who is Binance suitable for?
With its extensive coin offerings, discounted trading fees, and educational resources, Binance suits a wide range of crypto investors. It works for beginners buying their first Bitcoin to advanced traders executing complex strategies and institutional investors needing large OTC trades.
Is Binance good for beginners?
Yes, Binance provides an ideal entry point for crypto beginners. The straightforward user interface allows easy purchases of major coins. Resources like the Binance Academy offer free education for new users. Features like staking and savings accounts provide simple ways for beginners to earn passive returns.
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Binance is owned and operated by Bejing-based cryptocurrency exchange Binance Technology Ltd. It was founded in 2017 by Changpeng Zhao, known as CZ, one of the most prominent figures in crypto. While CZ retains significant influence over Binance, its corporate structure has decentralised over time.
Binance profits mainly from trading fees, which can be as low as 0.1% per trade or even less for high-volume traders. Binance also generates revenue from withdrawal fees, margin trading fees, listing fees paid by new coins, and more. Additional services like staking and lending also contribute to Binance’s bottom line.
You can delete your Binance account by going to their account settings, selecting the “Close Account” option, entering your passphrase, and confirming account closure. Funds must be withdrawn first and any open positions closed. Once deleted, accounts cannot be reactivated.
Yes, Binance allows deposits and withdrawals in cryptocurrencies like Bitcoin, Ethereum, and stablecoins. Users can fund their accounts with crypto and also withdraw any proceeds back out to their crypto wallets. Fiat options are limited for regulatory reasons.
Binance does not currently offer a signup bonus. However, it often runs limited promotional offers and events that provide opportunities to earn perks like bonus cryptocurrency giveaways.
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