Binance Review- Is it recommended for crypto trading?
Even if you’re new to the world of cryptocurrency, chances are you’ve already heard of Binance. The Malta-based company is one of the most trusted exchanges that we have today. In terms of daily trading volumes, Binance has shredded its competition to pieces. Not to mention, the exchange offers 500+ individual crypto-to-crypto.
Furthermore, with the recent introduction of fiat-to-crypto trading, it is easy to assume that the exchange will only continue to rise. So, if you’re interested in buying or selling cryptos on Binance, see that you read our detailed Binance review from start to finish. By the end of this review, you’ll get a clear idea if it’s the right platform for you.
Overview- What is Binance
Founded in 2017, Binance is the largest cryptocurrency exchange in the world after Coinbase. The exchange allows users to buy, sell, and trade digital currencies at a very reasonable rate. The popularity it has gained in a span of just two years is unbelievable but possible if you know the man who founded Binance. Changpeng Zhao worked for the Tokyo stock exchange and co-founded OKCOIN before launching Binance in China. However, when China banned cryptocurrency exchanges, the company shifted its headquarters to Malta.
With its fast order execution times, robust trading and security features, and interactive charts, Binance has easily become the second home for crypto veterans. In fact, it is not unusual for the company to enable $2 billion worth of trading activity on a daily basis.
For a very long time, Binance was known as a crypto-to-crypto platform; however, users can now make payments through credit cards and bank transfer to buy bitcoin. More information can be found here: https://kryptoszene.de/handel/kryptowaehrungen-kaufen/bitcoin-kaufen/
What trading services does Binance provide?
Binance offers its trading services to beginners and experienced investors alike. The trading interface is neatly divided into two segments (varying on the level of difficulty): basic and advanced.
While the basic setting is targeted towards the beginners, the advanced interface is more feature-intensive and is especially established for the crypto veterans. The charts are self-explanatory, and the exchange is easy to navigate. However, users who do not have any experience with cryptocurrencies might need a learning curve to understand better how to navigate across the exchange.
This is what the advanced interface looks like:
Binance gets a 10/10 from us for its mobile app for both android and iOS devices – an extremely accessible and responsive version of the web-based app.
What are the supported currencies on Binance?
Binance enjoys the reputation of having a wide variety of supported currencies. Users can trade multiple digital currencies on the platform, including the big players like Bitcoin, Ripple, Ethereum, Litecoin, Bitcoin Cash and Bitcoin Gold, as well as lower-cap coins like the Basic Attention Token and SiaCoin. At the time of writing, more than 500 pairs are traded with BTC, BNB, ETH, TRX, XRP, and Tether as quote currencies.
Even though, Binance started off as a crypto-only exchange; it is now open to fiat to crypto trading. At the time of writing, payments can be accepted from credit cards and bank transfer. However, not all countries are supported, so it’s best to confirm that first.
You can use your Visa or MasterCard to buy six cryptocurrencies: Bitcoin, Bitcoin Cash ABC, Litecoin, Ripple, Ethereum, and Binance Coin. As for bank transfers, the supported currencies are Binance USD, USD PAX, and True USD.
What are the charges to trade at Binance?
Binance charges a flat 0.1% cut of the trading volume, regardless of the coin, and further offers a 25% discount (formerly 50%) on the trading fees if paid with the Binance coin (BNB). While deposits are entirely free with Binance, withdrawals come at a cost. The withdrawal fees vary from cryptocurrency to cryptocurrency, and as far as we know, these charges are very low as compared to most other exchanges. At the time of writing, Ethereum (ETH) can be withdrawn for just 0.01 ETH, while for bitcoin (BTC), Ripple (XRP) and Litecoin (LTC), the fee is 0.005 BTC, 0.25 XRP, and 0.001 LTC respectively.
Which countries are allowed to trade at Binance?
Although Binance offers its services across the globe, there are few countries where the exchange does not operate. At the time of writing, trading is not allowed to users with IP address belonging to the countries listed below:
- Syria and a few more.
Also, note the following US states where Binance does not work due to regulatory reasons:
- New York
- North Carolina
Customer support and reviews
A good Binance review is incomplete without talking about customer support and user experiences. Binance has a large FAQ section as its first line of support- covering everything from answering important questions to announcing the latest updates related to the exchange. If you still don’t find what you’re looking for, you can contact Binance’s support team by raising a ticket request through an online form. Unfortunately, there is no live chat (except for Binance Jersey) or telephone support hotline available.
The support is available in various languages, including English, Chinese, Spanish, Japanese, and Russian, and the majority of concerns seem to be replied to and settled within a few days. That said, some users have reported issues with 2FA and lengthy response times. This might be because of the extreme growth of the platform, but we hope Binance will upgrade its limited range of customer support options.
How to buy bitcoins with Binance?
In this section of the Binance review, we will discuss how you can easily buy bitcoins with Binance. Follow the steps given below:
- Go to the Binance website, create an account, and complete the signup process.
- Set-up 2FA to secure your account. (You can choose between google authentication and SMS verification). Now, login to your account.
- Choose the currency you want to deposit in your Binance account.
- Now select the trading pair for BTC and the deposited currency. In this example, you’ll see how to buy bitcoins on Binance using Tether.
- Scroll down the page, click on the market tab, and now you’re all set to buy bitcoins with Binance.
Alternatively, you can directly buy bitcoins using your credit card.
Conclusion- Should you use Binance?
If you’ve followed our Binance review from beginning to end, you probably already know if it is the best platform for you. As far as we know, Binance is easily one of the leading currency exchanges, featuring the highest trading volume of any platform out there. With a wide range of trading pairs to choose from, reasonable fees, fiat-crypto options, and flawless security features, Binance is an excellent place to be for both crypto trading newbies and veterans. Sure, there is room for improvement when it comes to customer support, but overall, the pros far outweigh the cons.