On this page, we will take you through a comprehensive Binance review and key topics about Binance to help you determine if this provider is reliable and suits your needs. This Binance review is a snapshot and we do our best to keep the facts up to date. Do you have any remarks, complains, compliments, ideas or something else you would like to share regarding this Binance review? Don’t hesitate to reach out to us.
The Binance exchange is a classic crypto exchange contrary to brokers such as Coinmerce or Bitladon who operate as a direct contractual partner anytime a trade is issued on their platform. Established mid-2017 in China, the company was founded by experts in the cryptospace Changpeng Zhao “CZ” and Yi He. Currently, the exchange is one of the biggest when it comes to trading volume and their incredible low fees. The company had to move out of China in 2018 due to the country’s crypto ban. It’s now operating from Malta with teams in more than 40 countries, but is registered in Seychelles and the Cayman Islands. Binance was founded with the singular vision of offering its trading services to every individual on the planet, according to the main man behind the exchange – Changpeng Zhao “CZ”. The platform was able to collect $ 15 million by issuing the native Binance coin (BNB), a fundamental part of the exchange and its eco-system to finance its launch. Angel investors bought 10%, the Binance team took 40% while the remaining half was shared via public ICO. Since then, Binance has registered more than 15 million users from 180+ countries with more than 40 supported fiat currencies and strikes an average per day trading of $2 billion and growing.
Binance supports around 300 crypto with over 1000 registered trading pairs and counting from when it launched. We understandably can’t point them all out in this Binance review, but a we will address on a few. The exchange continues to add more crypto and fiat currencies and you’d almost certainly find any crypto coin or token with your favorite trading pair on Binance. Beginning 2020 Binance announced the possibility to buy and sell crypto against the euro (€) fiat. A win for the European Economic Area (EEA).
“At 2020/01/03 8:00 AM (UTC) Binance will open trading for BTC/EUR, ETH/EUR, BNB/EUR, XRP/EUR, EUR/BUSD and EUR/USDT trading pairs”
Meanwhile, besides the traditional pairs of BTC/EUR and ETH/EUR, the exchange has added several others including LINK/EUR, BNB/EUR, XRP/EUR, VET/EUR and TRX/EUR. The total of euro (€) pairs is around 30 and expanding. The more euro (€) pairs Binance adds, the more Binance becomes a threat to not only the Netherlands based providers as Bitvavo, but all providers throughout Europe because of their extreme low fees. Binance decided to offer discounts on the use of Binance Coin (BNB) in the first 4 years to promote the ICO and boost the exchange’s funding. Meaning, you can use the Binance Coin (BNB) for paying fees on the Binance exchange for your trades to get a lower trading fee.
Trade at Binance with the lowest fees? Scan the ‘Binance review’ QR code below for easy link direction to take advantage of a lifetime discount of 20% on Spot trading fees!
You can have all the power of Binance’s crypto exchange in the palm of your hand by downloading the Binance mobile crypto trading app.
The app is available for Android and iOS and the desktop app of the exchange supports Windows, MacOS and Linux systems.
Are the extensive options, charts and details a little overwhelming? No worries, in the app you can simply switch from Pro to Binance Lite. Open the app, click the profile icon located on the top left and tap the “Lite” switch and you’re done. The user-friendly interface makes it easy to trade crypto with some of the lowest fees. Lite is especially suited for those new to crypto. So, if you have friends or family asking you how they can start investing in crypto, Binance Lite might be perfect for them.
In the Binance review, we not only indicate what we think, but also how certain parts work. To qualify for a Binance account and use the trading platform, you must be at least 18 years of age. As an individual, legal person, or other organization, you must have full legal capacity and sufficient authorizations to open a Binance account. Registering on Binance exchange is simple and not convoluted at all. All you need to do is enter your e-mail address, create a difficult password and use referral code I3R6NW7X to get a lifetime discount of 20% on Spot trading fees.
Once done, you shall get a confirmation mail in your e-mail inbox. From that verification e-mail, you can log into your Binance account.
While it is possible to confirm your identity at Binance, it is not mandatory. Without any verification, after opening an account, you are able to deposit and trade any supported crypto and are able to withdraw up to 2 BTC or other crypto in value per 24 hours. But, it is not possible to deposit, trade and withdraw any form of fiat currency, including euro (€).
So, you are limited to the usage of Binance functions with being unverified.
If you desire to deposit, trade with a minimum order size of € 10.- and withdraw euro (€), you are obliged to provide all the requisite documents for proof of identity and owning a bank account matching your identity. When your identity and bank account have been verified you are able to deposit € 50,000.- per day through bank transfer (SEPA) and are able to withdraw up to 100 BTC or other crypto in value per 24 hours. In need of a higher maximum deposit amount and feeling like a whale? Binance provides a maximum of € 200,000.- to deposit when you finalize the address verification by providing your stay of residents at ‘Advanced Verification’ in your dashboard.
Yes. Binance provides 10 VIP trading levels starting at VIP 0, after opening an account and ends at VIP 9. Each VIP level requires higher trading volume and a higher Binance Coin (BNB) balance than the previous level. Having a higher VIP level comes with many benefits including reduced trading fee, higher trading volume, priority support and so on. Therefore, the more you trade, the higher the VIP level, the more beneficial trading at Binance becomes. See all VIP trading fee levels.
0.10% at start on maker and taker for every Spot order. For example; you open an order to buy crypto for € 1,000.-, that x 0.10% trading fee results in trading cost of € 1.-. As reference, the average industry trading fee is around 0.25%. But, it is good to understand that there are two different types of orders to determine the trading fee.
Rates at Binance exclude trading fee of 0.10%.
Prices at Binance exclude trading fee of 0.10%.
Prices at CoinCompare include trading fee of 0.10%.
The percentage for the maker fee starts at 0.10% and is used when an order is created by your requested transaction. For example; you want to buy bitcoin for € 1,000.-, but in the order book there is no match to fill your order. Because of your request an order will be created in the order book (maker) until a user wants to sell bitcoin for € 1,000.- and fills your order (taker). It may take a while before a match is found, which depends on the price.
The percentage for the taker fee also starts at 0.10% and is used when your requested transaction fills an order. For example; a user of Binance makes (maker) a sell order for € 1,000.- of bitcoin and you decide to buy for € 1,000.- of bitcoin. Through your order you take (taker) the sell order and immediately close the order in the order book. The transaction is then executed and completed.
Yes. Binance supports iDEAL and many other payment methods to not just only deposit and withdraw, but also to directly buy and sell crypto. Focused on the euro (€), Binance supports bank transfer (SEPA), credit card (Visa and MasterCard), iDEAL, SOFORT, Advcash Wallet and Etana for deposits.
A withdraw is mostly executed through bank transfer (SEPA). Credit card (Visa and MasterCard), Advcash Wallet and Etana are also withdraw options, but aren’t commonly used. A deposit or withdraw takes approximately 24 hours, if you are living in the European Economic Area (EEA) when using bank transfer (SEPA). There are other options to get crypto through P2P and direct buy using Simplex, BANXA and others, but in this Binance review we stay with the common basics. Also, buying crypto directly comes with higher fees.
Sure. Every VIP trading level at Binance comes with its own discount on the maker and taker trading fee, as told in the sub-header Trading Fee Levels of this Binance review. The more you trade, the higher the discount.
Luckily, there are two other ways to get (additional) discount on the trading fee of 0.10%, besides reaching a higher VIP Level.
The first discount option is to pay the trading fee with Binance Coin (BNB). It shall immediately cut down the trading fee with 25%! To do so, you first need to initiate the option ‘Using BNB to pay for fees’ in your dashboard. Click in the header on the account logo, click on your e-mail to go your dashboard, scroll to mid-way down and click on the option button next to ‘Using BNB to pay for fees‘. You shall directly see that the trading fee has changed from 0.10% to 0.075%. The usage of this discount option requires having an amount of BNB in your account. Make sure it is enough when closing a trade!
Exclusive Binance review referral code
The second discount option will give you directly 20% on Spot trading fees and doesn’t require any work! All you need to do is create an account through the orange button below or by using referral code I3R6NW7X if you went to Binance manually. This exclusive lifetime discount can be combined with the discount when using BNB to pay for the trading fees on Spot trades. Combining both options it shall result in a discount of 45%.
Your trading fee shall than be lowered from 0.10% to 0.06%! Our referral code is not applicable after you created an account without it.
We recommend that you create a new account to obtain the for life discount of 20%.
Like the trading fee, Binance also handles fees for depositing euro (€) and crypto. It is not the intention for Binance to exploit deposit transactions and benefit from it, but the service is supported by external providers that cost money to use. See this video how to deposit funds.
Bank Transfer (SEPA) free of charge.
Credit card (Visa and MasterCard) 1.8% of deposit amount.
IDEAL € 1.30 per transaction. Max amount of € 250.- per 24 hrs.
SOFORT 2% of deposit amount.
Advcash free of charge.
Etana 0.10% of deposit amount.
Binance does not handle any fee for depositing crypto’s. But, it is not always for free. When you want to deposit crypto to your Binance wallet there are so-called miner fees applicable. These fees can be seen as transaction fees (or often called blockchain fees) that you pay to miners who ensure your transaction is verified on the blockchain. Depending on the crypto and the congestion on the network, the transaction fee may vary. Make sure you check upfront what the transaction fee is from where you want send the crypto from.
For withdrawals Binance handles a fee, depending on the selected payment method, to ensure your funds are transacted quick and safely. But, the reason why is the same as with deposit fees. There are four payment methods to withdraw your euro (€) funds to your bank account. The exchange also supports withdrawals for all crypto’s on the platform. See this video how to withdraw funds.
Bank Transfer (SEPA) free of charge.
Credit card (Visa and MasterCard) 1% of withdraw amount.
Advcash free of charge.
Etana 0.10% of withdraw amount.
As for each crypto withdrawal, a miner fee is paid (same with deposits) to cover the transaction costs of moving the crypto out of your Binance wallet to an external wallet. Again, the fee may vary depending on the crypto and the congestion on the network. Please, check here the most recent withdrawal fees.
Binance supports a lot of crypto services of which are Spot, Futures, P2P, Earn, etc, where each form of trading has its own wallet purposes. Most common used wallets are Spot and Futures for trades and Earn for savings, staking, etc. When verified there aren’t any restrictions on your wallets. You can trade crypto in any pair from your Binance wallet, make deposits in euro (€) and crypto and also send crypto to an external wallet such as mobile and desktop wallets, cold/hardware wallets and to a competitor provider via withdrawals. If you plan to sell or trade your purchases on short term, it is more practical to use the wallets that Binance supports. If you’re planning to hold (HODL) the crypto for the long term, we suggest to transfer your crypto’s to an external wallet where it cannot be influenced by internet and hacks and you stay in control.
It takes time to get used to the set-up of the interfaces of the wallets on the web-client and on the app and getting familiar where the information is displayed. Take your time to do so when you are new to crypto, as you can get overwhelmed quickly! If you’re not into deep diving in to the rich possibilities of the Binance platform, than stick to the Binance app and its Lite mode. Keep in mind that due to high congestion of user traffic and requests Binance sometimes suspense withdrawals of concerning crypto. Your assets are safe, but ‘stuck’ until Binance solves the congestion after which you’re able to withdraw again.
With Binance Savings users can earn yield (interest) on idle assets, via locked and flexible options. Flexible savings account return variable interest rates. Locked savings accounts yield higher interest on deposits that are fixed-term. As of writing there are around 60 different crypto including Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE) where you can earn flexible savings from 0.10% up to 10%. With locked savings you’re only able to earn interest on the stablecoins Tether (USDT), Binance USD (BUSD) and USD Coin (USDC). The annualized interest rate of those stablecoins is between 5% and 7%.
Binance offers a staking service which is accessible in locked and flexible options as well. This service lets users make a yield on proof-of-stake and DeFi (decentralized finance) crypto. Currently Binance supports around 40 different crypto for their Locked Staking service. Within those 40 crypto you can select Polkadot (DOT), 1INCH Network (1INCH), Tron (TRX) and many others. Each of those crypto require a minimum amount to be locked to start staking. For example, with Polkadot (DOT) you need at least 1 DOT and for 1INCH Network (1INCH) it is 11 INCH.
With all hard forks Binance reviews the impact strictly to ensure the exchange is able to support the upgrade. If so, the exchange shall announce the fork through their support and social media channels. Sometimes a new crypto is created as result of the hard fork and shall be distributed as an Airdrop. When that occurs Binance shall also review the support of that new crypto.
Yes. In overall Binance supports the airdrops for the supported crypto’s and their projects on the exchange. The airdrop does not mean that Binance lists the crypto coming from the airdrop. Most of the time the exchange provides a wallet support for the airdrop to ensure users can retrieve their new crypto from their account. Time will tell if Binance eventually decides to list the new crypto, enabling it for trades. Ensure to read the announcements on the Binance support page and their social media channels to check whether the airdrop shall be supported or not.
Trading in crypto comes with a lot of risks. Not only financially, but also think of hackers or traders with too little experience. These risks lie not only at the trader, but also at the provider. Binance has a good name in the cryptospace. After all, they have many safeguard policies in place. However, we can’t but mention that some hackers stole over 7,000 BTC from Binance when it suffered a hack in May 2019. Stolen API keys and two-factor codes were among the info the hackers used to facilitate the heist. Binance has since beefed up its security and regularly made updates to ensure your assets are safe. Fortunately, users didn’t experience any loss from the incident as the company bore the loss of the stolen Bitcoins.
After you have created an account, you should instantly initiate 2-factor authentication (2FA). The Google (or Authy) authentication process can be easily completed by following the exchange step by step prompts. Besides 2FA, Binance also provides the following measures to secure your account, personal data and funds stored in your wallet and to keep you sharp and focused not to share any personal data:
These security options can be found and selected at the ‘Security’ menu at your profile. CoinCompare highly recommends that you set all measures up, before you start trading!
With all the available security info and measures in this Binance review, the security at Binance is excellent regulated and guaranteed. Keep in mind to be focused at all times for strange and uncommon activities.
The exchange supports English, Dutch (temporarily unavailable), German, French, Italian, Spanish, Turkish, Portuguese, Arabic, Filipino, Ukrainian, Japanese, Thai, Indonesian, Polish, Romanian, Vietnamese, Russian, Chinese, Traditional Chinese and Korean. Binance is accessible in pretty much all languages to ensure every person on the planet can use the crypto exchange.
Binance support is not easy accessible through e-mail and the response rate on the support tickets are slow due to the large volume of customers the exchange serves. Management of the exchange is aware of the issue revolving the lack or proper customer support. Due to the exponential rate of new customers they have tripled their customer support staff to deal with all the requests.
So, how to contact Binance for questions and support? First, we suggest to check their extensive support page to check whether your question can be resolved there (link below ‘Info and Social media’). If the support page doesn’t provide the answers, then as second their ‘smart’ bot might help you with your troubles. According to Changpeng Zhao “CZ” in a live ‘Ask Me Anything’, he mentioned that 60% to 70% of questions and issues are resolved through their chat bot. Link to chat bot can be found in this Binance review below ‘Info and Social media’. When you find the first and second option unsuitable to handle your complaint or request, then as third, you are able to open a support ticket through the chat bot functions.
There is still a lot more left to talk about all the options that Binance provides, but we’ve kept it with the basics of the exchange in this Binance review. We at CoinCompare are a fan of Binance and not just for being transparent and their engagement and impact in the cryptospace, but also for their involvement in charities and helping other crypto companies. Notwithstanding the unfortunate incident in 2019, our Binance review shows that the exchange is still one of the most extensive, reliable and safe crypto exchanges on the scene today. Thanks to their wide range in crypto’s and extreme low lees, the exchange is also a good place to trade smaller, less popular crypto. At first, the exchange can be a little intimidating and overwhelming for beginners, but you’ll get the hang of it the more you use it. Take the time!
A great exchange when you get the hang of it, with extreme low fees