Cryptocurrency Exchange: Binance 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.

Overview

Binance Logo

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 Exchange account is relatively easy and you can choose from two types of accounts. 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.

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:

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.

Fees

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

About the Author

Arthur Crowson, CryptoVantage

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.