Binance Review: Crypto, Trading & Fees

Binance is one of the best, if not the best cryptocurrency trading exchange in the world. The platform is super beginner-friendly, easy to use and offers a massive range of crypto pairs, innovative products, features, competitive fees and responsive customer support.

In this Binance review, we will assess the platform's key features, its services and our experiences so you make an informed decision before you decide to create an account. 

While we aim to provide you with accurate and the latest information on its features, user interface and trading fees and more, we strongly suggest that you visit their site to keep updated with any changes that may occur afterward.

binance

What Is Binance?

Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The company was founded in July 2017 by Changpeng Zhao, often referred to as 'CZ', started the exchange from nothing and has become a self made billionaire within 1 year.  

The exchange has attracted millions of users in multiple countries across the world and is often applauded in exchange reviews and social media. It is often regarded as the world's leading cryptocurrency exchange for providing an online platform that bridges the gap between traditional fiat money and crypto through an innovative feature-rich service.  

Binance Compared

Advanced features, intuitive user interface and a mobile trading app are important features on Binance. This comparison table lists other top rated crypto exchanges that offer world-class features.

Exchange

Fees

Rating

Website

binance

0.1%

4.8 / 5

kucoin

0.1%

4.5 / 5

plus500

Spread only

4.4 / 5

okex

0.1%

4.1 / 5

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Binance Registration & Login

To create an account with Binance, the process is very straight forward and only takes a few minutes. To start, follow these steps:

  1. Visit the website Binance.com
  2. Click on the 'Register' button at the top right-hand corner
  3. Enter in your email and set a strong password
  4. Agree with the terms of service and click 'sign up'
  5. Verify your email address by entering in the verification code
  6. Login to Binance using your credentials
binance register

Binance Verification

Binance uses a level based verification system which determines the maximum withdrawal limits. New users are not required to verify their account immediately to start trading altcoins. However, will be limited to the basic verification level which restricts the maximum withdrawal amount.  

Binance Level 1 Verification

Level 1 verification allows withdrawals up to 2 BTC within a 24 hour period. This is the basic verification level when you first create an account. For beginner traders, this might be suitable so therefore will not need to complete identity verification to trade with Binance.

Binance Level 2 Verification

Level 2 verification increases the withdrawal amount to 100 BTC. Users are required to submit basic personnel information to Binance such as:

  • Full name
  • Date of birth
  • Residential address

You will also need to upload an identity document that shows a photograph and the personnel details provided. This can take a few hours to complete, so if you intend to trade larger volumes make sure to complete this process first.

binance verification

Users that have registered with Binance to buy cryptocurrency with a credit or debit card will also need to complete identified verification. This is to comply with local regulations and is a one-off process for the account.  

How To Deposit Funds To Binance

There are several methods to fund your new Binance account, however for beginners, it's recommended to start easy and transfer Bitcoin or Ethereum. Depending on the cryptocurrency, it can take between a few seconds, minutes or even hours for the blockchain to confirm the transaction and deposit the funds into your Binance wallet. 

To deposit funds into Binance, follow these steps:

  1. Login to your Binance account
  2. Navigate to 'wallet' at the top menu and click on 'Spot Wallet'
  3. Using the left menu, select 'Deposit'
  4. Select the crypto you want to deposit (e.g. Bitcoin)
  5. Copy the unique wallet address for the selected coin
  6. Transfer crypto to the wallet address 
binance deposit

If you prefer to fund the account with fiat currency, Binance supports deposits in EUR and GBP which can be transferred to the exchange using the following payment methods:

  • Bankcard (Mastercard / VISA)
  • AdvCash
  • Payeer Wallet
  • SEPA
  • Epay Wallet
binance deposit fiat

How To Trade Crypto With Binance

To trade cryptocurrency with Binance exchange, follow these simple steps:

  1. Login to your Binance account
  2. Navigate to 'spot' and select a chart interface (e.g. basic or advanced)
  3. Use the right menu to select crypto pair to trade
  4. Enter the price you want to buy or sell the crypto asset (e.g. USDT)
  5. Select the amount to buy or sell (e.g. BTC)
  6. Review the order to ensure the details are correct
  7. Click on the green 'Buy' or red 'Sell' button to place the trade
binance swap crypto

Now that your account is funded, you can start trading crypto currencies. The easiest way is to use the 'Basic' spot exchange. It's a simple widget (as shown above) that allows the exchange or swap of one crypto asset to another instantly. Just select the crypto you want to convert and the crypto you want in return.

However, for traders that want to view historical and live price charts, Binance provides a classic and advanced mode that both use Tradingview charts. We will be using the classic version.

On the right, all of the crypto pairs are listed to trade. It's very easy to switch between Bitcoin, altcoin and fiat currency pairs using the top menu. You can also add pairs to favorites for quick access.  

binance charts

If you look to the left, you can see all of the prices that people are willing to buy and sell the selected cryptocurrency. The numbers in the middle show the last sale price. You can also see the volume or amount traded at each price level which can be useful. 

To place an order, use the window at the bottom center which is referred to as the order box. You will see on the left is the 'Buy' orders and the right for 'Sell orders'. Here, you can manually place trades using the spot exchange. 

There are options to switch to margin and futures trading which we will cover later. 

binance order

Using the order window, you can select a variety of order types including limit, market, stop-limit and One-Cancel-Other (OCO). When you want to enter an order, you can simply click the recent trades window which will automatically enter the price of the cryptocurrency. Entering a price in manually can lead to errors.

Binance has made it easy for beginners to fill in an amount using percentages (e.g. 25%). By clicking on these buttons, it will determine the amount based on your current account balance for the particular cryptocurrency. Once you have selected an amount, simply click on the green 'Buy' button to execute an order.

Each order placed will be shown below the order box below. Here, you can also your 24 hour order history.

How To Buy Cryptocurrency With Binance

Binance allows its users to purchase cryptocurrencies such as Bitcoin, Ethereum and Litecoin  using the following methods:

  • Buy crypto with a bank transfer
  • Trade crypto using the exchange
  • Buy crypto with a credit card

Crypto that is purchased on Binance can be immediately used to trade against the other 150+ cryptocurrencies offered on 450+ trading pairs or withdrawn to a personal hardware wallet for safe-keeping.

How To Buy Crypto With Bank Transfer Using Binance

Binance allows users to buy stablecoins such as BUSD and USDT with a bank transfer by sending money from your account to the providers of these coins. This is essentially a peer-to-peer market place with buyers and sellers that can be filtered to your local fiat currency, Purchased stablecoins can then be used to buy cryptocurrency on Binance exchange. 

binance buy crypto with bank transfer

How To Buy Crypto Using Spot Exchange With Binance

A popular way to buy crypto is using the Binance spot trading exchange which features more than 150 crypto coins.

Here, you can exchange stable coins or swap altcoins for other cryptocurrencies on the open market using the basic, classic or advanced charting platform (pictured below). You will require basic knowledge of how to place orders (e.g. market, limit and stop) however the user-interface is quite beginner-friendly and you will pick it up very quickly.

binance trading

How To Buy Crypto With A Credit / Debit Card Using Binance

You can purchase Bitcoin directly and other cryptocurrencies on the Binance platform using credit / debit card (Mastercard or Visa). To buy crypto with a credit card, follow these steps:

  1. Login to your Binance account
  2. Navigate to the top menu and select 'Buy Crypto'
  3. Choose a method of payment (e.g. Credit/debit card, Bank transfer, 3rd party payment)
  4. Select the cryptocurrency that you want to purchase
  5. Enter in the amount of fiat currency to spend
  6. Review the order details and click on 'Buy Crypto'
  7. Purchased crypto will appear in your Binance wallet
binance buy crypto with credit card

Supported Cryptocurrencies

Binance supports an impressive list of cryptocurrency assets that can be purchased, traded and sold using the exchange. There are well over 150 crypto coins that can be traded against the following pairs:

  • Binance Coin
  • Bitcoin
  • Ethereum
  • Tron 
  • Ripple
  • Fiat currencies (e.g. USD, EUR, GBP)
  • Stablecoins (e.g. USDT, BUSD, TUSD)

Binance also supports numerous tokens that are part of an Initial Coin Offering (ICO) or Initial Exchange Offering (IEO) which allow traders to speculate on a newly listed crypto asset. To view a full list of crypto markets available to trade, we suggest you visit the Binance site.

binance coins

Binance Fees & Limits

Binance uses level based trading fee structure that is based your trading volume. The trading fee for new accounts is a flat 0.1%. However, you can receive a further reduction in trading fees by:

  • Increasing your 30 day trading volume (up to 20% fee discount)
  • Storing Binance Coins (BNB) on the platform (25% fee discount)
  • Kickback through the Binance referral program (20% fee discount)
Binance fees

Customer Support & Reviews

To be one of the world's leading cryptocurrency exchanges, the platform must provide a plethora of contact options, communities, blogs and support channels to service the massive customer base. This is no exception with Binance that provides several channels to get in touch with the support team. 

binance support

If you can't find a solution to your problem in the FAQ section or Support Center, Binance has a ticket system that allows you to submit a request. There are a number of categories to filter the question to make it easy. We have tried the ticket system ourselves and received a response 6 hours later. This is fairly average and could be improved. 

binance FAQs

Given the huge customer base, there is also going to be users with frustration and problem, so it is not surprising to see mixed reviews on Trust Pilot. However, we doubt that Binance would be in the position it is now if the customer support was terrible.

Frequently Asked Questions

Is Binance Trustworthy?

Binance has proven itself to be a safe and trustworthy exchange that allows users from all over the world to buy, trade and sell cryptocurrencies. It is regulated in a number of jurisdictions and complies with KYC requirements. To date, there have been no serious breaches of its security or hacks.

Is Binance Better Than Coinbase?

Coinbase is a reputable crypto exchange that was established before Binance. It's primary service offering is to allow users around the world to convert their local fiat currency into digital assets such as Bitcoin and Ethereum. Whereas Binance is tailored to active traders that speculate on the crypto market and involved in buying and selling to make a profit. Both platforms are leading crypto exchanges in their own rights.

Is Binance Available In Australia?

Yes, Binance is available to users in Australia that want to trade cryptocurrencies. The exchange has also expanded to offer AUD deposits to buy Bitcoin using cash transfer. It's subsidiary Binance Lite Australia was established in 2018 to provide a fast and easy way to purchase crypto with Australian Dollars.

Can US customers trade with Binance?

No, Binance has restricted US customers from trading on the main exchange due to regulatory policies. Users from the US are permitted to buy crypto with Binance US however cannot perform active trading.

Conclusion

If you're looking for the best place to trade cryptocurrency, then Binance will deliver on all of your expectations. It's leading the way to provide its customers with a beginner-friendly, modern, advanced and innovative platform to profit in digital assets.

We hope that you found this Binance review useful and encourage you to create an account with Binance to experience its innovative features and market-leading crypto assets to trade. You will not be disappointed.

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If there are other cryptocurrency exchanges that you want us to review, leave a comment.

It's important to use a global and trustworthy crypto exchange to buy, trade and sell Bitcoin and other cryptocurrencies. There are several exchanges that have been hacked or had client funds stolen. The following cryptocurrency trading exchanges - in addition to the above exchange - are well known and trusted to provide a safe and secure way for beginners and professional crypto traders to deposit fiat currency and purchase digital assets. 

  1. CEX.io
  2. Coinmama
  3. Changelly
  4. Plus500
  5. StormGain
  6. Bitit
  7. OKex
  8. ChangeNOW
  9. WazirX
  10. Kucoin

Binance

4.8

Ease of use

5.0/5

Reputation

5.0/5

Fees

4.5/5

Security

4.8/5

Customer support

4.8/5

Pros

  • World's largest and most liquid exchange
  • Hundreds of cryptocurrency pairs to trade
  • Suitable for beginners and advanced traders
  • Several crypto products and markets
  • Mobile trading app

Cons

  • Limited fiat deposit methods
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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