Binance Review 2024 - Analysis of Binance Crypto Exchange

4.7 / 5

Rating breakdown

Ease of Use
Tradable Assets
Deposit and withdrawal
Trading Fees
Read to Find Out How to Use Binance Crypto Exchange, What are the Fees, How to Trade on Binance Exchange, and Much More - Unbiased Cryptocurrency Exchanges reviews.

Binance Review and Analysis

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Binance enjoys a huge popularity among online crypto exchange platforms with its main advantages being that it charges minimal withdrawal fees, while offering interested traders and investors the chance to purchase and exchange a great variety of different cryptocurrencies.

Detailed Review

Binance Exchange is rightly considered one of the leading cryptocurrency exchanges globally, distinguished by the fact that it offers interested users the widest selection of cryptocurrency trading pairs than any other reliable exchange. As a result, Binance can currently boast as having the highest trading volume amongst crypto exchanges. Binance was founded in 2017 and just a couple of years later its growth and expansion has been remarkable, and even lead to the launching of its very own crypto currency, under the name Binance Coin. The Binance review below has been crafted with the aim of helping you discern whether Binance is the most suitable exchange to cover your own cryptocurrency trading and investing needs.

Easily accessible via either its website or the desktop or mobile version of its app, Binance allows its users to directly purchase crypto coins, using fiat currencies or other cryptos. Binance requires a sign-up process that is easy to complete, charges some of the lowest transaction fees around and offers more than 175 different digital assets for trading.

The accepted payment methods at Binance include wire transfers, debit and credit cards as well as bank account payments, while Binance can serve the crypto needs of users from more than 100 different countries across the world.

Its main pros as an exchange include that fact that it accepts credit and debit cards, requires a very easy sign up process, allows the deposit of funds for free and ensures the speedy execution of transactions.

On the downside, its cons include the fact that it charges considerable fees for withdrawing funds, as well as the fact that it has been hacked in the past and also the private keys for one’s crypto exchange account are held by Binance and not by each individual user.

Having briefly overviewed its basic features, let us now present the required process for signing up to Binance:

Set up Binance Account Process

To be able to buy or sell crypto through Binance, you first need to sign up for a Binance Exchange account, which is an easy and straightforward process. What you need to choose first is the type of account to open, choosing between a verified and an unverified account.

    To obtain an unverified account, you need to:
  • Click on the Register button on the Binance homepage, and then:
    • Enter your email address
    • Create a password for your account
    • Accept Binance’s Terms of Use
  • Click on the “Create Account” button
  • Confirm your registration through your email account
    The same process needs to be followed for obtaining a verified account, followed by the extra steps below:
  • Log in to your account
  • Go to the User Center and click on Identity Verification
  • Choose Personal and fill in your required personal details
  • Choose an ID type for document verification such as your Passport or your Driver’s license
  • Scan or take a photo of your ID document and upload it
  • Take a photo of yourself and upload it
  • Click on confirm

Once you submit all the required information and documents, Binance will review your submission as soon as possible and notify you via email once your account verification process has been completed.

What Can You Buy at Binance

On Binance you can both directly buy, as well as trade cryptocurrencies. The digital assets available for trading are many more than those available for direct purchase, and in fact include the largest selection available with more than 175 crypto coins and tokens up for trading, including Bitcoin SV, Chainlink, EOS, Cosmos, Stellar and Cardano. The direct purchase of crypto coins can be done using fiat currencies or credit cards, and most popular cryptos are available for direct purchase such as Bitcoin, Cardano, Dogecoin, Litecoin, NEO, Ripple, Stellar ,Ethereum and Bitcoin Cash.

How Can You Buy at Binance

Through Binance you can buy any of the offered cryptocurrencies and pay via bank account, wire transfer and credit or debit card. The latter method ensures instant transactions, while the other two require 1 to 3 days to be completed. Moreover, when using your bank account, it is also possible to sell a cryptocurrency on the exchange as well.

Besides accessing their online website, you can also perform transactions on Binance through the mobile and desktop applications that they offer. These can meet the needs of most interested users, since the desktop application is available for MacOS and Windows, while the mobile app is available for iOS and Android.

Is Binance Safe?

Concerns about the safety of Binance arose in early 2019, when it was hacked for the whopping amount of 40 million USD. However, the exchange’s immediate response and the reimbursement of all the affected users, coupled with the fact that no similar incidents have been recorded since then, indicate that Binance is a safe venue for crypto purchasing and trading. Besides offering two-factor-authentication, Binance also employs universal factor authentication for added security purposes.

How High are Binance 's Fees?

With buyers and sellers on Binance both paying 0.1% in transaction fees, this fee level is amongst the lowest in the crypto exchange industry, while the fee is subject to further reductions and discounts for those users choosing to hold more than 50 Bitcoin or 50 Binance Coin in their account for over a month. Moreover, the deposit of an asset into a Binance account is free. However, there are varying withdrawal fees imposed by Binance depending on the asset you wish to withdraw, while there are also minimum withdrawal amounts that you need to adhere by.

Frequently Asked Questions

Does Binance Offer Service in the US?
Since September 2019, Binance has launched a dedicated US service called Binance US, where users can exchange their USD for cryptocurrencies and trade all the coins and digital assets featured on the main Binance site, adhering to the same security standards and enjoying the same transaction speeds.
What is Binance Coin?
Binance Coin (BNB) is a cryptocurrency and more specifically the native token of the Binance exchange. In fact, BNB was initially launched in order to be used to fund the creation of the exchange. BNB can be traded for other crypto assets and tokens on Binance, while those users using BNB to pay their fees, earned discounted rates. Moreover, users who choose to hold 50 or more BNB in their Binance account for more than a month, also earn lower transaction fees and a scaling of their held amounts.
Is Binance Chinese Owned?
Though the name of its founder, namely Changpeng Zhao, leads many to believe that Binance is a Chinese owned or based firm, the truth is that Mr. Zhao is a Canadian citizen, while the exact location of Binance’s headquarters is not currently known.
How Does Binance Compare to Coinbase?
Coinbase is an established broker exchange which facilitates the exchange of fiat currencies to a limited number of cryptocurrencies. Binance can match that offering since it allows the direct purchase of cryptos via credit card or fiat currency payment. The fees charged by Binance are comparable to those applied by Coinbase, but Binance offers a considerably higher number of crypto currency pairs up for trading. Find out how Binance compares to other leading and popular crypto currency exchanges through direct comparison reports.
Can You Trade Fiat Currency on Binance?
Though fiat currency can be used to pay for direct cryptocurrency payments made on Binance, it is not possible to trade fiat currency on Binance, as this is not a forex brokerage but a dedicated crypto currency exchange.
What is Advanced Binance?
Besides its basic trading mode, Binance also offers the Advanced Binance setting, which includes numerous added features and it is geared towards expert traders. Since it was launched to better serve more complex transactions and trades, the Advance Binance setting is not recommended for beginners and novices.
What Are Binance Competitions?
Binance Competitions are a method of user incentivising used by Binance to promote certain crypto coins and tokens and transactions in them, encourage users to try out a new feature, or compete against each other to attain a higher trading volume. Such competitions are very popular since they reward users with great prizes, such as cash, cars and crypto assets.

# Exchage's Features BINANCE Availability
# Analytical Tools
# Mobile App
# Social Trading
# Copy Trading
# Anonymity

Latest News

Binance default news image
Binance to remove prime brokerage loophole

Binance is closing a loophole in its Link Program that allowed prime brokerages to exploit the multi-tiered fee structure for arbitrage. Top-tier brokerage partners benefited from discounted trading fees by aggregating accounts and trading on behalf ... 

of clients, thereby pocketing the fee difference or offering reduced fees to attract new customers. This change aims to prevent these brokerages from unfairly profiting from the system's tiered discounts.

Wednesday 17 July, 2024

Binance default news image
Binance Scheduled to Face Tax Evasion Charges in Nigerian Court This October

Binance will face tax evasion charges in Nigeria on October 11 (Reuters). The cryptocurrency giant is accused of failing to register with Nigeria's Federal Inland Revenue Service. In a recent hearing, Binance's representative pleaded not guilty to ... 

all charges. The trial could significantly impact Binance's operations in Nigeria and the regulatory landscape for cryptocurrencies in the region.

Friday 12 July, 2024

Binance default news image
Binance marks 7th anniversary with 200M users and new campaign

Binance, the world's largest cryptocurrency exchange, has celebrated its seventh anniversary, marking significant growth in the digital asset industry. With over 200 million users globally, Binance has launched the "Be Binance" campaign to reward ... 

its loyal customers. Rachel Conlan, Binance's Chief Marketing Officer, emphasized the company's commitment to values such as humility, kindness, collaboration, and gratitude.

Friday 05 July, 2024

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