Binance Review 2020: Is it the Best Crypto Exchange?

Binance continues to be one of the top cryptocurrency exchanges in the world by offering users the most cryptocurrency markets of any trusted exchange, resulting in Binance having the highest number of trades of any crypto exchange. Founded in 2017 by Changpeng Zhao, Binance quickly became the world’s top cryptocurrency exchange and has its own crypto called Binance Coin that trades as a top 10 asset. Binance offers users the most trading pairs of any trusted exchange while also providing ways to purchase cryptos such as Bitcoin directly using fiat or a credit card. Binance can be accessed through its website, desktop, or mobile app, giving users multiple avenues through which they can access their account and trades assets.

Comprehensive Review of Binance

Binance

  • Easy sign-up process
  • Lowest transaction fees of any major exchange
  • 175+ different digital assets available
  • Free deposits

General Overview

The Benefits PRO's
  • Easy sign up
  • Support for credit and debit cards
  • Free deposits
  • Fast transactions
The Downside CON's
  • Considerable withdrawal fees
  • Exchange has been hacked in the past
  • Binance holds private keys rather than user

Binance at a Glance

Users
13+
million
Volume
500+
million
Trust rating
medium
Overall rating
high

Funding Methods

Method Buy Sell Speed
Bank Account (ACH) Yes Yes 1-3 days
Credit/debit card Yes No Instant
Wire Transfer Yes No 1-3 days

Sign-Up Process

Signing up for a Binance account is relatively easy but it does take a little bit of work. You can choose to open a limited unverified account or a full featured verified account. For unverified account:

Click Register button on Binance homepage:

  1. Enter email address
  2. Create password
  3. Accept Binance’s Terms of Use
  4. Click Create account
  5. Confirm registration through email

For verified account, follow same steps as above then:

  1. Login to your account
  2. Go to User Center and click Identity Verification
  3. Choose Personal
  4. Fill in your details
  5. Choose an ID type for document verification such as Passport or Driver’s license
  6. Take photo or upload file of your document
  7. Take photo of yourself
  8. After uploading required document and photo, click confirm
  9. Binance will then review your submission as soon as they can

You will receive an email once your account has been verified. If your verification fails, you can try up to three times in a 24-hour span.

What You Can Buy

All of the heavy hitters in the cryptocurrency world — including Bitcoin, Ethereum, Litecoin and Ripple — are available for direct purchase using fiat or credit cards with even more available for trade. Here’s the complete list of coins available for direct purchase:

Of course, the exchange offers support for even more coins if you are trading cryptocurrency, including Bitcoin SV (BSV), Chainlink (LINK), EOS (EOS), Cosmos (ATOM), Stellar (XLM), Tether (USDT), Cardano (ADA) and Tezos (XTZ).  In total there are over 176 different digital assets listed on Binance. For a full list of all supported coins and pairings please visit: https://www.binance.com/en/markets.

Binance Supported Applications

Binance offers mobile and desktop applications in addition to the online website. The desktop application is available for MacOS and Windows, while the mobile app is available for iOS and Android.

Binance has an official cryptocurrency wallet called TrustWallet, which is available for Android and iOS. This wallet is separate from the exchange, so assets need to be sent/withdrawn from Binance’s exchange to TrustWallet. When storing assets with TrustWallet you own the private keys, whereas you do not when you leave assets on Binance.

Is Binance Safe?

Yes, Binance is safe. While cryptocurrency is still an emerging technology that is inherently volatile Binance is one of the biggest exchanges in the world and has held millions of dollars worth of cryptocurrency over the year.

While it’s true that Binance was hacked for $40 million in early 2019 the exchange’s response to the event was spot and it immediately reimbursed anyone who was affected by the hack through Binance’s Secure Asset Fund for Users (SAFU). SAFU is a cold storage wallet that keeps enough capital so that it can cover user’s losses. The site conducted an in-depth investigation of the hack and there have been no incidences since.

A $40 million hack might sound scary but it’s really important to know how an exchange will react to such a situation (for instance MT. GOX famously shut their doors and left users in the lurch) so it bodes well for Binance users that management has a firm handle on what to do in such situations.

Fees

Binance has the lowest transaction fees of any major exchange. Buyers and sellers both pay 0.1% in fees. This fee can be decreased by having more than 50 Bitcoin (BTC) value in trading volume on your account in a 30-day period or holding over 50 Binance Coin (BNB) in your account. For example, if you trade more than 4500 BTC value or hold more than 1000 BNB in your account in the past 30 days your fee goes down to 0.07% and 0.09% for making a buy order or taking a sell order, respectively. For more information on making and taking orders please visit Binance’s ZenDesk.

Depositing an asset to your Binance account is always free, apart from the transaction fee to send it from your wallet. Withdrawal fees from Binance vary depending on the asset you wish to withdraw. In addition, there are minimum withdrawal amounts. For example, to withdraw OmiseGo (OMG) you must withdraw a minimum of 2.42 OMG and will pay a withdrawal fee of 1.21 OMG per transaction. Therefore if you are going to withdraw assets from your wallet it is best to do so in as few transactions as possible to save on withdrawal fees.

FAQ's

About the Author

Arthur Crowson

Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. His career began in traditional news media but he transitioned to the online arena in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency.