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Binance Cryptocurrency Exchange Review
Binance Exchange continues to be one of the top cryptocurrency exchanges in the world by offering users the most cryptocurrency trading pairs of any trusted exchange, resulting in Binance having the highest trading volume of any crypto exchange. Founded in 2017 by Changpeng Zhao, Binance quickly became a leading cryptocurrency exchange and has its own crypto called Binance Coin. Binance offers users ways to purchase crypto assets directly using fiat currencies or a credit card. Binance can be accessed through its website, desktop, or mobile app. Our Binance Review will help you decide if it is right for you.
- Easy sign-up process
- Lowest transaction fees of any major exchange
- 175+ different digital assets available
- Free deposits
Very easy sign up process
Support for credit and debit cards
Extremely quick transactions
Considerable withdrawal fees
Exchange has been hacked in the past
Binance holds private keys rather than user
|Bank Account (ACH)||Yes||Yes||1-3 days|
|Wire transfer||Yes||No||1-3 days|
Binance Trading Volumes
Binance Sign-Up Process
Signing up for a Binance Exchange account is relatively easy and you can choose from two types of accounts. For unverified account:
Click Register button on Binance homepage:
- Enter email address
- Create password
- Click “Create Account”
- Confirm registration through email
For verified account, follow same steps as above, then:
- Login to your account
- Go to User Center and click Identity Verification
- Choose Personal
- Fill in your details
- Choose an ID type for document verification such as Passport or Driver’s license
- Take photo or upload file of your document
- Take photo of yourself
- After uploading required document and photo, click confirm
- Binance will then review your submission as soon as they can
You will receive an email once your account has been verified.
What You Can Buy
Many top 10 assets are available for direct purchase using fiat or credit cards with even more available for trade. Here are some of the assets available for direct purchase:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Binance Coin (BNB)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Tezos (XTZ)
- TrueUSD (TUSD)
- Tether (USDT)
Binance Exchange offers support for over 174 coins and tokens if you trade cryptocurrencies, including:
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.
Is Binance Safe?
Yes, Binance is safe.
Though Binance was hacked for $40 million in early 2019 the exchange’s response was quick and they 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. There have been no incidents since.
They offer two-factor authentication and universal factor authentication as added security.
Binance fees are the lowest trading 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.
Depositing an asset to your Binance account is always free, apart from the network fee. Withdrawal fees from Binance vary depending on the asset you wish to withdraw. In addition, there are minimum withdrawal amounts.
Binance Frequently Asked Questions
Yes! Binance launched a dedicated US service called Binance US in September 2019. Users can trade their USD for cryptocurrency and trade all the same coins and assets they can on Binance’s main site, with the same security and transaction speed.
Yes, on May 7, 2019 Binance was hacked. Binance lost 7000 BTC, $40 million in value at that time. Binance suspended all deposits and withdrawals for a week following the attack while they investigated, though they allowed trading to continue. Users who were affected by the hack were reimbursed through Binance’s Secure Asset Fund for Users (SAFU).
Binance Coin (BNB) is the native token of the Binance exchange. BNB was used to fund the creation of the exchange by being offered as an Initial Coin Offering (ICO), which is similar to an IPO when dealing with regular stocks. BNB can be traded for other crypto assets and tokens on Binance, offers discounted transaction fees when used to pay fees, and holding 50 or more BNB in your Binance account for 30 days reduces your transaction fees and scales to the amount you hold.
No, Binance is not Chinese owned. The founder and CEO of Binance, Changpeng Zhao, is Canadian. Binance’s headquarters are currently unknown.
Coinbase has always been a broker exchange, accepting fiat in exchange for a limited array of cryptocurrencies. Binance now offers direct purchase of crypto assets like Bitcoin using a credit card or fiat, just like Coinbase. The fees Binance charges for these transactions are the same or even less than Coinbase, but offers far more trading pairs. This combination often makes Binance a better option than Coinbase because you can purchase assets directly and immediately begin trading them for other cryptocurrencies on Binance. Read our comprehensive Binance vs Coinbase exchange here for a deeper dive into how these two exchanges compare.
We also compared Binance to several other exchanges. Find our most popular comparisons below:
No, you cannot trade fiat currency on Binance. You can use fiat currency to purchase cryptocurrency directly through Binance.
Binance offers two trade settings: Basic and Advanced. The Advanced setting on Binance is meant for expert traders and contains much more data than the Basic setting. The Advanced setting is used for more complex trades and is not recommended for beginners.
Binance offers competitions to encourage users to do things such as try out a new exchange beta, trade/buy specific coins and tokens, or simply see who can have the most trading volume. Rewards for these competitions range from crypto assets, to cash, to cars.