Binance Cryptocurrency Exchange Platform Review

Binance is a crypto platform for both beginners and advanced users. In this review, you will learn how it works, its features, security and fees.

By The 'Staunch

Binance Crypto Exchange
Binance

Binance is a popular and reliable cryptocurrency exchange that allow its users to trade over 4,000+ crypto pairs worldwide. They have high security measures and standards that helps to make sure your digital asset and currencies are safe in the long-run. They also offer investors different investment options like; spot trading, margin, option and defi packages.

Product Brand: Binance Global LLC

Editor's Rating:
4.79

Pros

  • Easy sign-up process
  • Credit/debit cards supported
  • Free funds deposits
  • Low transaction fees
  • Quick transactions
  • Lucrative staking options

Cons

  • Considerable withdrawal fees
  • Once hacked in the past
  • Main site not US complaint
  • Unregulated crypto exchange

As crypto becomes very popular, many exchanges are becoming more competitive in the hopes of staying ahead of their rivals.

Most crypto exchanges made their systems very secured, user-friendly and user-focused, and offering as many different coins as possible.

Considering these factors, Binance happens to be among the very popularly known crypto exchange platforms.

Before getting into detail of how it works, and why it’s successful, there are few things you have to know first.

If you’re thinking of using Binance for your cryptocurrency investment needs, you will need to bookmark this review for reference purposes.

Keep reading…

Binance overview

Binance is a third-party platform that allows users to buy, sell and exchange crypto-coins (like; BTC, ETH, BCH etc.), including Altcoins.

Binance was primarily made to be a crypto-to-crypto exchange, meaning that it had no involvement in fiat deposits or withdrawals.

However, the platform now offers a limited amount of support for bank accounts and credit card direct deposits.

Binance has risen to fame for a number of reasons;

  1. The platform offers a huge list of supported exchange pairs, which also includes small-to-micro cap tokens (i.e. penny cryptos).
  2. Additionally, the cryptocurrency transaction fees are extremely low compared to some other exchanges in the ecosystem.

Standard trading fees average a very competitive 0.1%, which can be further reduced for those holding the platform’s proprietary Binance coin (BNB).

Founder of Binance

Originally a China-based crypto exchange service, Binance was founded in 2017 by a chinese developer named Changpeng Zhao.

Binance Ceo Changpeng Zhao Cz Bio

Binance has proven that with a strong business plan, directed towards attracting and satisfying users, you can rise to the top very quickly.

Zhao’s company, Beijie Technology, raised over $15 million to start the exchange after an extremely lucrative ICO (Initial Coin Offering).

Since then, Binance exchange has been on the rise ever since the launch days.

Building up one of the world’s best crypto exchanges was no easy task, and it wasn’t always such smooth sailing for Binance.

China’s government regulations on cryptocurrency entirely proved to be more than a minor inconvenience for the Hong Kong-based exchange company.

They had to creatively think of a way that can allow them operate more freely.

In that regard, the headquarter is now on the island of Malta, and have other locations all over the world.

Binance fundamental goal is being able to offer regulation-free exchange services to a global market.

This move proved to be a wise choice, as the exchange has only grown since then.

Our vision is to increase the freedom of money globally. We believe that by spreading this freedom, we can significantly improve lives around the world.

Zhao’s

From its successful ICO to their decision of being globally-accessible as possible, it’s no wonder why Binance becamse a significant player in the market.

Whether you’re a new enthusiast to the world of crypto, or a professional investor, you should keep your eye on this exchange.

The Binance coin

Binance has its own coin known as, the Binance Coin (BNB), which is used within the exchange for trading cryptocurrencies as well as paying fees.

The increased popularity made the value of BNB token to rise slowly over time.

Binance is already a household name to those in the cryptocurrency businesses and investments.

Binance app

Binance has a mobile and desktop app which can be downloaded using the download link in your account.

After you have done those two things, you can start trading using the app.

While the mobile version is available for Android users from the Google Play store, it’s also available for iPhone users.

The desktop software application is available for both Windows, Linux and Macinthosh OS users.

Binance exchange wallet

Binance provides users with a cryptocurrency wallet for every coin on their platform, and it allows people to trade using various currencies of their choice.

You only need to use the wallet address when depositing funds to it.

Your crypto funds will show up as soon as possible, depending on the currency you’re using and how fast it’ can be’s transferred.

Always be sure to double-check your cryptocurrency wallet address when transferring any type of currency.

Typing wrong wallet address is one of the most common causes of a cryptocurrency loss and transfer problems.

Binance platform also has the trust mobile app wallet, which supports almost all the known tokens and airdrop protocols.

Binance account security

Binance has a number of security safeguards to ensure your funds remain safe from the threat of cybercrimes.

The two main security factors for Binance is a password, as well as either an SMS, or Google authentication code.

Binance Security

To be properly protected, Binance implemented the 2FA to its users accounts requring 2 unlocks before you’re granted access.

2FA (Two-Factor Authentication) is when you protect your account with two factors, or locks for an additional layer of security.

These factors are splitted into three different categories:

  1. Users knowledge (Password)
  2. Something the user owns (Phone SMS)
  3. Biometric traits (Fingerprint).

For SMS, whenever you want to log in, the service sends you an SMS message with a verification code that expires after a certain period of time.

It means; you have to input that number in order to log in everytime.

In Google authentication, you need a third-party authentication app, which will assign you a backup key (secret key).

The authenticator app generates one-time password (OTP) at regular intervals, using secret key as a seed.

These generated one-time passwords are always required to log into your account.

To learn how you can setup the Binance 2-Factor Authentication security, please visit the academy section on their official website.

Supported cryptocurrencies

One of the attractive features of Binance as an exchange platform is the sheer variety of coins and token that it offers.

Whether you want a mainstream currency like Bitcoin (BTC), or an alternative crypto-coin, it’ll be hard to find one that Binance doesn’t support.

Binance Markets

Binance has an excellent track record for offering new coins quicker than many of its competitors, which entices users to use their exchange service.

This way, they can get new currencies at favourable prices before it starts gaining traction in the market.

Binance’s quick offerings are yet another stand-out feature of their services.

Supported countries

Since the beginning of September 2019, users in 29 countries, including the US got blocked from the platform on binance.org.

However, the cypto exchange company launched region-dedicated platforms for the countries that were affected.

It’s an effort to be in compliance with their crypto regulations, although, most users in the restricted countries are using VPN to access binance.org.

However, passports from the banned countries will never be accepted for verification purposes.

Deposits, withdrawals and payments

Basically, Binance was known as a crypto-only exchange, but currently, the platform can facilitate fiat currency deposits and withdrawals.

As at the time of writing, this is available via credit cards or a direct bank transfer.

Using credit/debit cards

If you’re looking to use a traditional credit card to purchase coins, you can now do this directly from the Binance website.

Both Visa and MasterCard are accepted.

In terms of the standard processing fees, this comes at a cost of 3.5%, which is up-to $10 minimum.

Using bank transfer

If you’re looking to deposit and withdraw funds via a bank transfer, then this can be facilitated via the platform’s Binance Jersey off-shoot.

To get funds into your Binance account via a bank transfer, you need to specify your desired currency and how much you want to deposit.

Binance will then provide you with account details to make the transfer, alongside a reference number.

Binance fees and limits

Binance has a serious edge on its competitors by making a consistent effort to minimize these fees for its users.

If you’re always considering fees, this platform will be a good choice for you.

Generally, Binance charges a flat rate of 0.1% as transaction fee – a rate that is nearly unheard of in the exchange industry.

As with many similar exchanges, they evaluate their fees based on the user’s trading volume during previous 30 days.

Deposits are always free with the exception of blockchain fees.

As for withdrawals, you can find a detailed table on their website, highlighting the fees for each particular cryptocurrency.

If you have Binance Coin (BNB) in your wallet on the exchange while trading, you will automatically receive 25% off your trade fee for holding their token.

To see the most recent Binance fees, please visit here.

Customer support

Since the beginning, Binance has put customer support high up on its priority list, emphasizing user-friendly experiences.

Their customer-centric attitude, low fees, and extensive service offerings have secured them as an industry leader.

Most users seem to step away from Binance’ customer support system satisfied and without any complaints.

If you incur a problem (like: Binance withdrawal suspended), you can simply contact their customer support service via their website’s email contact form.

Although the response time may not always be fast due to a high volume of inquiries, most customers have reported positive outcomes from this support channel.

Other than the email contact form, you also have a customer service chatbot resource that is best reserved for inquiries.

Depending on the nature of your problem, you may be able to find the answer in their website’s FAQ section before submitting a request to their support centre.

Binance’s customer support system is quite good, and has received mostly positive reception from users.

When you consider that there are a handful of exchanges out there that are notorious for delayed, low-quality customer support, this is an accomplishment.

Even if Binance’s responses aren’t always as instantaneous as users might like, their support staff aims to provide solutions as quickly as possible.

Binance regulation

In terms of its regulatory status, Binance is regulated in Malta under its newly enacted Virtual Financial Assets (VFA) act.

Aside this, Binance is not licensed by any other regulatory bodies.

Binance requires all customers that plan to use fiat currencies to go through the Know Your Customer (KYC) process.

Moreover, if you attempt to withdraw more than 2 BTC in a 24 hour period, then you’ll also be required to go through a verification process.

How to use Binance exchange

In order to give you a view of how the Binance exchange works, we’ve broken down the main steps that you’ll typically need to get started.

1. Create account on Binance

To use the platform, you need to have a verified account, so head over to the Binance homepage and create one already.

Create Account In Binance

If you’re only planning to deposit and withdraw funds using cryptocurrencies, then you will only have to provide an email address.

2. Setup the 2FA security

In order to secure your account, Binance will ask you to set-up 2-factor authentication (2FA).

It means you’ll need to install an application like Google Authenticator on your phone.

Subsequently, each time you want to log in or perform key functions like a withdrawal request, you’ll need to enter the unique code.

3. Deposit crypto coins

Although a selected number of regions can now use credit/debit card, or bank account to deposit funds, am on assumption that you’re depositing a cryptocurrency.

If it’s a fiat currency deposit, then head over to the ‘Funds’ section of your account and follow the on-screen instructions (as that’s even how to deposit USD in Binance).

Nonetheless, on the deposit page, you’ll need to scroll through the long list of coins that are supported, and click on the one that you want to deposit into Binance.

Binance Deposits

You can also use this address to send cryptocurrency funds to that you purchased on another platform.

Just copy the wallet address that is provided to you, and use that to transfer the funds from your private crypto wallet.

Once your cryptocurrency deposit has been credited (which is between 10-20 mins), you are then ready to start trading them.

You now have access to over 540 individual cryptocurrency trading pairs.

If the coin that you want to purchase is not directly paired against the cryptocurrency you deposited, you’ll need to the exchange market.

Binance vs Binance US

Binance and Binance US are both exchanges associated with the original brand, but they have distinct differences due to regulatory requirements.

Binance is the original global exchange widely used worldwide, while Binance US is used in the juridiction of United States of America.

However, the Binance global variant is not available to the American residents because the regulatory restrictions.

Meanwhile, Binance US is a separate platform specifically tailored to customers in United States compliant.

It has limited selection of crypto assets compared to the global variant, focusing on well-established coins like BTC and ETH.

In terms of fees, the Binance US typically has slightly higher trading fees compared to the global variant.

This is partly due to the increased compliance costs associated with operating within the United States.

The choice between Binance US and Binace global depends on your location, regulatory requirements and preferences for crypto investment.

Binance vs Coinbase

Binance and Coinbase are well-known crypto exchanges that allow users to buy and sell digital currencies.

However, Binance is very popular with a wide selection of cryptocurrencies, including many smaller and emerging coins.

It offers advanced trading features, such as margin trading and futures contracts, and has a user-friendly interface.

The platform is known for its lower fees, especially when you have their native token (BNB) in your possession.

Coinbase on the other hand, is a highly reputable exchange that focuses on simplicity and ease of use.

It supports a smaller range of crypto assets compared to Binance, but includes major ones like; Bitcoin and Ethereum.

Coinbase is mostly used by beginners due to its user-friendly interface and straight-forward buying and selling process.

When it comes to fees, Coinbase generally has higher fees compared to Binance.

Binance vs KuCoin

Binance and KuCoin are major players in cryptocurrency investment space, each with unique offerings.

Binance, the world’s largest digital asset platform, excels in robust liquidity, stringent regulatory compliance, superior security, and diverse deposit methods.

KuCoin on the other hand, supports a wider range of cryptocurrencies, and even offer higher leverage for margin trading, but has had past security issues.

Both exchanges offer features like spot, derivatives, lending and staking, while having their native blockchains.

While having similar fee structures, Binance edges out in futures market trading due to deeper liquidity and tighter spreads.

Binance and KuCoin offers the same fees for spot, but Binance is cheaper for futures and derivatives trading.

Also, market execution is generally better on Binance due to its deeper liquidity and tighter spreads.

When it comes to deposits, Binance outshines KuCoin, as it offers users heightened flexibility and convenience.

As the largest global crypto exchange, Binance offers the most deposit options in the market than KuCoin, setting a high standard for accessibility.

It remains the preferred choice for users with a diverse range of funding needs.

Binance vs Kraken

Binance and Kraken are both popular crypto exchanges that allow users to buy, sell, and exchange various digital currencies.

While they serve the same purpose, there are several differences between the two platforms.

Binance is popularly known for its user-friendly interface, advanced features, and a robust selection of trading pairs.

It also provides additional services like staking, lending, and futures trading.

Binance has its native token, BNB, which can be used for reduced trading fees and participation in token sales on the Binance Launchpad.

On the other hand, Kraken is a reputable exchange that caters to both individual and institutional traders.

Kraken is known for its strong focus on compliance, making it an attractive option for those seeking a trustworthy platform.

When it comes to fees, Binance generally has lower transaction fees compared to the Kraken.

Binance offers a tier-fee structure based on trading volume and offers reductions for users holding its BNB token.

Kraken on the contrary, has a slightly higher fee structure, but it may be more suitable for users who value regulatory compliance.

Binance is more appealing to those looking for a diverse selection of cryptocurrencies and advanced trading features.

Binance vs FTX

Before anything, mind you that FTX is no longer in existence, as up-to $600 million was hijacked out of the platform by a hacker.

However, during the FTX functional times, it was also one of the biggest exchange platforms alongside Binance.

The major difference between the two crypto exchanges is that; Binance is focused on spot market, while FTX is largely focused on the derivative market.

Binance also supports more cryptocurrencies than FTX, which only supports most volatile cryptocurrencies.

How long does Binance verification take?

Normally, the automatic verification process takes less than 1 hour, and it relies on third-party security services, which takes 36 hours+ during peak time.

Is Binance safe to store crypto-coins?

Even though Binance is one of those exchanges that takes security seriously, it’s still not a platform to use for long-term storage.

Only use wallets, whereas you have control over the private keys and recovery seed to be sure of your investment safety.

Is Binance exchange legit?

Yes, both the Binance global and the US regional variant is legit for doing all your crypto practices.

Is Binance safe?

When it comes to safe exchange and data protection, Binance makes user security a higher priority.

What is Binance US vs Binance?

Binance US is the variant of the same exchange platform that is for users in the American region, while Binance is the global variant.

My verdict

If you are looking for an exchange platform that has low fees, different crypto-coins, and a customer-centric focus, be sure to try Binance.

Their fees are fair, their customer support is helpful, and their app is convenient.

Judging by the measures that Binance offered to us, it successfully dealt with many cyber attacks in the past.

I wholeheartedly recommend using Binance cryptocurrency exchange platform for all your investment purposes.

Binance Exchange

Binance is one of the leading exchange platforms in the entire cryptocurrency market.

By clicking this button, you’re agreeing to support us, and we should be paid an added commission at no extra cost you from the third-party link.

About the 'Staunch

Henry is the founder of Crypto Staunch. He studied accounting and finance at Godfrey Okoye University, but became a Cryptopreneur to pursue his interest in learning digital currency and asset investment. Since 2018, Henry Kings has writing about Crypto, DeFi & NFT to help other people get started in the space. His publications has been featured in Binance Square, Digest Africa, Tech Economy, International Business Times, CoinDesk and many other top Crypto media outlets.

If you appreciate my efforts, then gift me some coffee!

If you have any question, opinion or suggestion for the subject of a future article, please use our contact page to send us a message immediately. Thanks!

About The 'Staunch

Henry is the founder of Crypto Staunch. He studied accounting and finance at Godfrey Okoye University, but became a Cryptopreneur to pursue his interest in learning digital currency and asset investment. Since 2018, Henry Kings has writing about Crypto, DeFi & NFT to help other people get started in the space. His publications has been featured in Binance Square, Digest Africa, Tech Economy, International Business Times, CoinDesk and many other top Crypto media outlets.