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⇣ 35,414.00
27 Jan
⇡ 38,386.00

Secure or not Secure? Our Binance review gives you the answer!

Binance is the largest crypto exchange in the world in terms of trading volume. The company offers hundreds of digital assets in more than 180 countries. Find below the detailed Binance review and check the users’ voice.

Add your review
9/10 (Expert Score)
Fees
9
Ease of use
9
Reputation
9
Security
9
PROS:
  • One of the lowest fees
  • Very high liquidity
  • Long list of alt-coins
  • Great for beginners and advanced users
CONS:
  • Limited support options
  • Limited capabilities of the US version
  • Controls your private keys

Review

Disclaimer
Cryptocurrencies are highly speculative and any investments involve significant risk. Future performance of any cryptocurrencies is unpredictable, past performance does not guarantee the future performance of any cryptocurrency. The information included in this article shall not be perceived as any form of advertisement of any cryptocurrency or brokerage service provider. One shall be aware of the risk involved in investing in cryptocurrencies.

Binance Review Contents

Overview

Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao (known as CZ). It is known for being the largest DCE in the world in terms of the trading volume. The exchange offers a variety of services, regular spot exchange, margin trading and crypto derivatives. Binance has its own cryptocurrency – Binance Coin (BNB) that might be used for trading cryptocurrencies and paying fees on the platform (when using BNB for fees a user gets a discount). Binance USD (BUSD) is a stablecoin linked to the US dollar. Read the full Binance review to learn more.

Services offered

Binance is the cryptocurrency exchange offering different services – exchanging fiat currencies for coins or coin-to-coin exchange. It gives its users an option to choose between basic, classic and advanced interfaces – for different trading preferences – depending on user’s experience in the cryptocurrencies market.

P2P Trading – An option that allows users for direct transactions without paying fees. Users can pick one of the offers available or post their own offer and wait for someone else to match.

Binance Wallet – A secure application for both iOS and Android, with an option for users not only to trade their cryptos instantly, but also to see the current prices on the crypto market and keep cryptos safe.

Binance USD (BUSD) – A 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS).

Binance Coin (BNB) – The native coin of Binance Chain. BNB use cases include: fueling transactions on the Chain, paying for transaction fees on Binance Exchange (with a discount), making in-store payments, and many more.

Binance OTC – Off-exchange trading, providing great flexibility in terms of trade volume and exchange pairs.

Binance Card – The Binance Visa Card to be used at more than 60 million merchants worldwide.

Binance Mining Pool – A platform to optimize miners’ income when redirecting users to the most profitable crypto to mine at a moment.

Binance Stock Tokens – Tokenization of shares of the publicly listed companies. Tokens represents a share in a stock corporation.

Binance Academy – Educational materials for Binance users.

Binance Labs – Financing to industry projects that help grow the larger blockchain ecosystem.

Binance Launchpad – Services for the project teams to start their ICO

Binance Charity – Non-profit organization that enables charitable giving with cryptocurrency on its blockchain-enabled platform, providing transparent and immutable records of donations.

Payment and payout methods

Binance offers various payment methods:

  • Bank transfers, including: SEPA transfer (for transfers in euro within 36 countries, 27 of which are members of the European Union, all being members of the Single Euro Payments Area). SEPA transfers take up to 7 calendar days to be processed. It is suggested for large amount transactions, euro transactions and withdrawals;
  • Debit/credit cards, including Binance Visa Card (to be used when a user makes a transfer to the card wallet);
  • Cash balance on the platform;
  • Third party payments providers (Simplex, Banxa).

Binance accepts many currencies, including US Dollar, Euro, Pound Sterling, and other fiat currencies. One can also use a range of stablecoins e.g. Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD (TUSD).

Fees

Binance fees are told to be one of the lowest in the industry.

  • Binance charges its users on average 0.1% fee on every transaction. The higher the trading volume is (cumulative 30-day trading volume), the lower the fee is.
  • If a user uses Binance Coin to cover fees, they can get a discount.
  • There is no deposit fee, however, a user needs to consider a withdrawal fee. Binance charges a flat fee for each withdrawal – to cover the transaction costs of moving the cryptocurrency out of user’s Binance account.

To check the current rates, please check the Binance website.

Currencies supported

Binance supports different cryptocurrencies (the options of buying/selling might be different for some countries). In company’s portfolio, a user might find the most popular tokens and many more. Those include:

  • BTC (Bitcoin)
  • ETH (Ethereum)
  • ADA (Cardano)
  • UNI (Uniswap)
  • LTC (Litecoin)
  • LINK (Chainlink)
  • USDC (USD Coin)
  • BCH (Bitcoin Cash)
  • LTC (Litecoin)
  • LINK (Chainlink)
  • USDC (USD Coin)
  • BCH (Bitcoin Cash)
  • XLM (Stellar)
  • WBTC (Wrapped Bitcoin)
  • FIL (Filecoin)
  • AAVE (AAVE)
  • ATOM (Cosmos)
  • EOS (EOS)
  • ALGO (Algorand)
  • XTZ (Tezos)
  • DAI (Dai)
  • GRT (The Graph)
  • DASH (Dash)
  • MKR (Maker)
  • SNX (Synthetix)
  • SUSHI (SushiSwap)
  • COMP (Compound)
  • MATIC (Polygon)
  • BAT (Basic Attention Token)
  • ETC (Ethereum Classic)
  • UMA (UMA)
  • YFI (yearn.finance)

  • BNT (Bancor)
  • ZRX (0x)
  • ANKR (Ankr)
  • OMG (OMG Network)
  • CRV (Curve DAO Token)
  • STORJ (Storj)
  • LRC (Loopring)
  • SKL (SKALE Network)
  • KNC (Kyber Network)
  • SNT (Status)
  • REP (Augur)
  • BAND (Band Protocol)
  • OXT (Orchid)
  • NU (NuCypher)
  • NMR (Numeraire)

Some currencies offered are subject to different trading options – some of the cryptos are available for sending only, some for sending and receiving, etc. and the service might differ by country.

Countries available

Binance’s services are available in most of the countries in the world. The countries Binance does not offer its service in are those who are on the economic sanctions list. Users in the US might use dedicated service for Americans – binance.us. There is one also for Singapore.

Th scope of services might differ in countries.

Security

Binance declares to be devoted to customers’ security. Here are some examples of security measures applied that we covered in our Binance review.

  • Secure Asset Fund for Users (SAFU) – binance is allocating 10% of the trading fees to the SAFU fund to provide insurance in case of potential breaches;
  • Web communication is TLS (former SSL) encrypted;
  • Big Data – Together with Artificial Intelligence (AI) algorithms monitors for unusual transactions and logins to prevent potential breaches;
  • Two-factor authentication (2FA) – for better authentication of the users, done by TOTP through an external app, SMS text, or a voice call;
  • Bug bounty program – financial motivation for ethical hackers.

Support

  • Binance offers a wide knowledge base, guiding its users through the crypto trading journey.
  • Users of Binance have access to 24/7 support via email, chat bot or a ticketing system – where a user can submit any question or report a scam.

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