Binance Review and Comparison

Last updated: 6/8/19

Binanace is the leading crypto to crypto exchange around with over 100 coins supported for deposit and withdrawal. In this review I’ll cover the main things you need to know before signing up.

Binance Review summary

Binance is a crypto only trading platform that offers one of the most competitive rates around. If you’re looking to trade crypto to crypto only this is probably the easiest and cheapest way to go.

The exchange accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with Simplex to allow credit card purchases of cryptocurrencies at a premium.

That’s Binance in a nutshell. If you want a detailed review of Binance keep on reading, here’s what I’ll cover:

  1. Binanace Overview
  2. Binance Services
  3. Currencies and Payment Methods
  4. Binance Fees
  5. Buying Limits
  6. Supported Countries
  7. Customer Support and Reviews
  8. Binance vs. Other Exchanges
  9. Frequently Asked Questions
  10. Conclusion – Is Binanace Safe to Use?

1. Binance Overview

Binance is a Hong Kong–based cryptocurrency exchange launched by developer Changpeng Zhao (aka CZ) in July 2017. Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million.

Investors who invested in the ICO got Binance Coin (BNB) in return which can be used to trade cryptocurrencies and pay for fee on Binance. BNB’s initial value was around $0.1, and as Binance got more and more popular the coin appreciated in price.

Beijie Technology and its founder maintain an impressive track record within the industry. Zhao’s CV includes high-profile positions, such as technical director at Blockchain.com, and his company now provides trading systems for over 30 other platforms.

Following struggles with the Chinese government’s views on cryptocurrencies, Binance now runs its servers from more lenient states, providing it with the freedom to run a competitive exchange service:

“In response to China’s decisions, we are moving our IP’s from Hong Kong to an offshore location. So we are registered in multiple locations and we have people in multiple locations. That way we will never be affected by one regulatory body,” explained Zhao.

The trading exchange has been experiencing astounding success since its summer launch, and it now sits around the top ten in terms of 24-hour trading volumes on Coinmarketcap.


2. Binance Services

Binance offers a crypto-to-crypto exchange, meaning that it doesn’t facilitate any fiat currencies. This allows the platform to work freely, steering clear of any red tape or regulation (for now). Users can choose between the “basic” and “advanced” interfaces.

The basic interface allows a quick view of market and trading pairs, making it easier to switch pairs; The advanced view give users access to advanced charting tool.

Binanace currency pairs

For people who are new to trading there won’t be any difference between the two views – both would seem too complex.

There’s an impressive cryptocurrency selection available for trading in conjunction with the Bitcoin, Ether, BNB, XRP and Tether trading pairs.

Additionally Binance has recently partnered with Simplex to supply a brokerage service. This service allows you to buy 6 different cryptocurrencies with a credit card. However, this service comes with a fee of 3.5%.


3. Currencies and Payment Methods

Binance accepts crypto deposits only. All coins supported by the exchange can be deposited and withdrawn. Having said that, Binance’s brokerage service allows you to buy the following currencies with a credit card:

  • Bitcoin (BTC)
  • Ripple (XRP)
  • Binance Coin (BNB)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)

All in all, the number of coins available to trade, deposit and withdraw on the exchange is nearly 100, and all major altcoins, including Litecoin, Ripple, and Bitcoin Cash, are in the listing.

Adding to this is a neat roster of up-and-coming altcoins.


4. Binance Fees

In a competitive space, the fee structure of Binance is cutting edge. Its team members have sharpened their knives and are slicing the opposition apart.

A flat rate of 0.1% is very enticing for any trader who doesn’t need immediate fiat liquidation. Incredibly, it undercuts most other large exchanges, some of which charge upward of 0.2%. That’s a pretty sizeable difference if you’re working with large orders.

BNB, the native Binance token, provides an additional 25% discount on this trade fee when working with the coin.

Deposits are free, as you’d expect (aside from blockchain fees that are always paid by the sender). Withdrawal fees do apply, although they generally correlate with the blockchain transaction fees as well.

The withdrawal fee seems to be updated on a regular basis to try and offer a fair price.


5. Binance Limits

Binance has a very simple limit structure. There are only withdrawal limits. Non verified accounts can withdraw up to 2 BTC every 24 hours. Verified accounts can withdraw 100 BTC every 24 hours.

Verification requires filling out a basic Know Your Customer (KYC) form and providing proof of identity among other documents.


6. Supported Countries

Binance does not mention which countries are supported by its exchange which makes it basically available worldwide.

There is also no mention about exceptions for US citizens which caused Binance to come up on the US Department of Financial Services radar for potential violation of New York’s virtual currency regulations.


7. Customer Support and Reviews

There’s a lot to love about Binance, and many traders continue to be upbeat about the service. Low fees, a responsive exchange, and developers with a proven track record leave most people beaming. Binance has generally been considered a comprehensive success in its short life so far.

Most support inquiries need to be made via the site’s email contact form. As with most major trading exchanges, you may have to wait awhile for a response simply due to the sheer growth in demand.

There is a customer service bot chat to tap into, but some of the responses are automated (and in some in Chinese).

Happily, the website is completely multilingual, so most people should get along fine in one language or another (15 in total supported). This is another real advantage for Binance as it seeks to compete as a global cryptocurrency exchange.

One major problem does appear to be a thorn in the site’s side: Many reviews complain about a faulty 2FA/SMS confirmation.

The temperamental nature of this setup for Binance means that a few customers struggle to withdraw funds. In fact, it’s such a problem that scam allegations have been pointed at the service.

binance reviews

To be honest, dodgier prospects exist across the industry, and I see this as more of a technical issue than a scam. From personal experience I can say that if you use Authy (and not Google Authenticator) that problem doesn’t exist.

A unique allegation that came up against Binanace is that it lists coins (more specifically shitcoins) in exchange for money. This claim was denied by the company.


8. Binanace vs. Other Exchanges

Binance
Fees:
0.1%
Availability:
Worldwide
Coinbase Pro
Fees:
0.25%
Availability:
103 Countries
Bittrex
Fees:
0.25%
Availability:
Worldwide
Bitfinex
Fees:
0.1% - 0.2%
Availability:
Non US only
Kraken
Fees:
0.16%-0.26%
Availability:
Worldwide

Since Binance provides only trading services I will compare its fee schedule to other reputable trading platforms.

Binance vs Coinbase (pro)

Coinbase Pro is Coinbase’s trading platform. It is one of the leading exchanges around in terms of reputation and adoption.

Aside from the limited availability of the platform worldwide (supports 103 countries), the platform charges a 0.25% trading fee which is 2.5 times of what Binance charges.

On the up side, Coinbase allows users to deposit and withdraw fiat as opposed to Binance. You can read my full Coinbase review here.

Binance vs Bittrex

Bittrex is a US cryptocurrency exchange that has grown in popularity among crypto traders since launching its operations in December 2014. Its steady growth has made it one of the most preferred altcoin exchanges on the market. You can read our full Bittrex review here.

Bittrex charges a flat 0.25% fee on all trades. This is 2.5 times more than what Binance charges. The exchange supplies a wide variety of altcoins (over 250) which is more than what Binanace currently provides.

Binance vs Bitfinex

Bitfinex, one of the world’s biggest Bitcoin exchange by volume, offers advanced trading options such as Bitcoin margin trading and is not suitable for newbies.

Bitfinex supports over 100 cryptocurrencies and tokens which is pretty similar to Binance. You can read my Bitfinex review here.

Bitfinex works on a maker taker fee schedule. Makers, people who add new orders to the exchange, have a 0.1% fee at max (similar to Binance). Takers, people who remove orders from the exchange, have a 0.2% fee at max (twice than Binance).

Fees are reduced once you start trading in higher volumes.

Binance vs Kraken

Kraken, headquartered in San Francisco, California, is one of the oldest cryptocurrency exchanges around. It operates across the United States (with the exception of New York due to the BitLicense) and Canada, as well as in the European Union and Japan.

The platform supports 16 different cryptos (As opposed to Binance’s 100+). You can read my Kraken review here.

Like Bitfinex, Kraken also works on a maker taker fee schedule. Makers have a max fee of 0.16% and takers have a max fee of 0.26%. In both cases Binance wins with lower fees.


9. Frequently Asked Questions

Can I Withdraw Money from Binance?

You can only withdraw cryptocurrencies from Binance. There is no option to withdraw fiat currencies (i.e. USD, EUR, etc.)

Can I Buy Bitcoins on Binance?

Yes. It’s possible to Buy Bitcoins on Binance with a credit card or with any supported cryptocurrency.

How Do You Buy Bitcoins on Binance?

  1. Sign up to Binance
  2. Deposit funds to your account
  3. Find the trading pair for Bitcoin and the deposited cryptocurrency
  4. Sell the deposited cryptocurrency for Bitcoin
  5. Withdraw the Bitcoins to your own wallet

Alternatively you can just buy Bitcoin directly with your credit card.

Is Binance Safe?

Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).

On May 7, 2019, Binance experienced a major hack which resulted in 7000 Bitcoins stolen from the exchange. However Binance has stated that all losses will be covered by its emergency insurance fund (aka SAFU).


10. Conclusion: Is Binance Safe to Use?

When we pull everything together and look at Binance objectively, the pros far outweigh the cons. This is more that can be said for some other competitors.

The exchange’s low fees combined with the team’s proven knowledge of how to build a trading platform is enough to make it a major player.

It’s no wonder that success followed the service during its opening months. Add to this the ability to offer a truly worldwide service away from the grip of the Chinese government, and there’s not much to stop Beiji Technology.

No fiat support is always a little frustrating, but it’s understandable in most circumstances. Having said that, Binanace is already on the path for adding EUR and GBP trading pairs.

Have you had any experience with Binanace? I’d love to hear it in the comment section below.

Binance

8.7

Currency support

9.2/10

Online reputation

8.5/10

Fees

9.4/10

Customer support

7.8/10

Pros

  • Wide variety of currencies
  • Low trading fees
  • Multilingual support
  • Good company reputation

Cons

  • Slow customer support
  • 2fa technical issues

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susan kiran
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susan kiran

HOW TO RECOVER LOSS FUND FROM BAD BINARY OPTION Do not get involved with this outfit. They have no customer service. You put money in and you can not get it out. They keep requiring documentation and then deny it. I have been trying to get my funds for over 6 weeks. I think my next step is to get in touch with Interpol and file a fraud Claim against this outfit. Mark my word and be careful with Empire option.Do not waste your time and money on this scam company. All they do is keep calling until you make… Read more »

Farter
Guest
Farter

Fuck binance it blows fucking donkey cock

steeve
Guest
steeve

So I go to Binance and it immediately says upon trying to register that United States residents aren’t allowed. Seems like the sort of thing you might try mentioning in a review.

michael fye
Guest
michael fye

Well I’ve been locked out due to 2fa since Monday 6/17/2019. There face recognition doesn’t work been doing that for 2 days now still no luck.cant talk to a human. Totally not happy with bianace.

max steinman
Guest
max steinman

A meaningless comparison since Binance flat out steals crypto from account holders by simply preventing them from logging on. No security issue neccessary. The system generates no explanation and they have no customer support. Once the platform locks you out it’s over. And they KEEP YOUR CYPTO. It happened to me and it can happen to you so…BEWARE.

Nathan Taylor
Guest
Nathan Taylor

I have had a fair bit of money stuck in Binance for over a year now. I contact them and I either get a generic response or emails which don’t make sense.

Very frustrating. I’m now wondering whether it is deliberately complicated after all having millions in an account means you can loan and make a lot of money from the interest.

Anyway point is stay away from them, it’s a scam

Binance stole 114 BCH
Guest
Binance stole 114 BCH

ATTENTION !!! Binance stole 114 BCH !! For several days I sent 114 BCH to the exchange where I later exchanged it for BTG, but I could not withdraw it due to account blocking. In the evening at about 21:00 I tried to log in to my account, but all attempts were unsuccessful, the password did not fit, and as it turned out, the mail also turned out. Mail in my account was changed by an employee of the exchange, and apparently with the aim of stealing coins. I turned to the support service which later blocked the account with… Read more »

Mark
Guest
Mark

Re: 2FA authentication issue.
I experienced this when trying to set up my 2fa. Tried over a dozen times only to get error messages every time. Wasted several hours, very frustrating. Upon reading a blog post in Reddit I found the answer. Apparently the issue was not on the Binance end but a compatibility problem issue with the Google 2fa app. I switched to a different app (Authy) and my 2fa went through immediately. Hope this is helpful.