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Review: Binance cryptocurrency exchange

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Trade a wide range of cryptocurrencies with the world's highest-volume exchange.

Binance in the US

From 12 September 2019, users in the United States can no longer trade cryptocurrencies on the main Binance exchange, although withdrawals and wallet access will remain unaffected.

As of 24 September 2019, US residents can now trade USD on Binance.US, the American arm of Binance. Read the full Binance.US review here.

No supported

Fiat currencies

153

Cryptocurrencies

Details

Product Name Binance Cryptocurrency Exchange
Fiat Currencies -
Cryptocurrencies BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Deposit Methods Cryptocurrency
Trading Fee 0.1%
Deposit Fees None
Withdrawal Fees Fees vary
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Binance in the USA

This review talks about the global Binance site, which is not available to residents of the United States. If you are in the US, read our Binance.US review instead.

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: None
  • Supported cryptocurrencies: Approximately 153 cryptocurrencies

Which payments methods are accepted?

  • Cryptocurrency
  • Credit card purchases of BTC, ETH, LTC and XRP
Go to Binance's website

Binance fees and limits

Platform trading fees

Standard Binance trading fees are 0.1%, but there are ways to get considerable discounts by using the Binance cryptocurrency (BNB).

Type Fee
Standard trading fee 0.1%
Credit card purchase The higher of either 3.5% or US$10
Trading fee discounts
The discount What it is How much it is
BNB discount A discount when paying trading fees with the BNB coin. 25% discount
Tiered trading fee discounts A discount for holding different amounts of BNB in your account while meeting trade volume requirements. Reduces base trading fees to as low as a 0.02% maker fee and a 0.04% taker fee.

Deposit and withdrawal fees

Deposit fees

Binance does not charge any deposit fees. You’ll still need to pay the small network fees involved with moving your cryptocurrency onto the exchange though.

Withdrawal fees

Withdrawal fees are dynamically adjusted based on the current state of the relevant blockchain network.

They vary depending on the cryptocurrency, but are generally equivalent to less than a dollar.

Limits
Transaction type Limits
Deposits No limit
Non-verified user withdrawal limits 2 BTC per 24 hours
Verified user withdrawal limits 100 BTC per 24 hours

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Usually within minutes

Deposits are usually completed within minutes. But in some cases, how long it takes might also depend on how you set the transfer fees in the sending wallet and on what the cryptocurrency is.

Withdrawals

Clock icon for transfer speed

Within an hour

Withdrawals are typically posted to the blockchain within half an hour to an hour, at which point it will generally arrive to your wallet within a few minutes. Again, this may vary depending on the cryptocurrency you’re withdrawing.

The Binance markets

Binance’s markets are a little different than other exchanges. You’ll find them categorized into four different groups.

  • BNB market. This market is for trading BNB against other popular cryptocurrencies.
  • BTC market. This market is for trading BTC against a wide range of other cryptocurrencies.
  • ALTS market. This market is for trading mostly ETH, but also XRP, against other cryptocurrencies
  • USDⓈ market. This is Binance’s stablecoin market and is for trading different stablecoins such as USDT, TUSD and PAX against popular cryptocurrencies.

You can also set favorites to quickly access your preferred pairs.

The reason for these categorizations, according to Binance CEO Changpeng Zhao, is because the user interface was running out of room.

If you are a resident of the USA who wants to trade USD directly for cryptocurrency, you may want to look at Binance.US instead.

What’s it like to use Binance?

Is Binance safe to use?

  • Regulation. Binance is based in Malta, and is only lightly regulated under the still-developing Maltese Virtual Financial Assets (VFA) act. It could be argued that although Binance takes steps to comply with all the regulations it needs to, it has historically taken steps to minimize the number of regulations it needs to comply with.
  • Verification process. Binance is a crypto-only exchange, and only requires verification for users who want to withdraw more than 2 BTC per 24 hours. The verification process is typical for most cryptocurrency exchanges.
  • Security features. Binance offers two-factor authentication and follows industry cybersecurity best practices, including the use of multisignature wallets and cold storage for customer funds. Despite being the target of many attacks, Binance has maintained an impeccable security track record to date.

Binance’s reputation

Despite its regulatory distance and relaxed verification processes, Binance is widely regarded as the world’s most trusted cryptocurrency exchange.

This view of Binance as a trustworthy exchange is shared by entities such as the Blockchain Transparency Institute, which has assessed Binance trade volumes as being 100% real and without any of the wash trading that tends to permeate the cryptocurrency industry.

It’s also widely regarded as having earned its trust the hard way. As the world’s most popular cryptocurrency exchange, it holds a large fortune in cryptocurrency at any given time and is constantly being probed by sophisticated attackers.

To date, it has successfully repelled all of these attacks and survived incidents that would likely have destroyed other exchanges. It has also performed follow-ups such as creating a secure fund to insure user holdings and even posting bounties on attempted hackers.

Throughout it all, Binance has enjoyed a reputation for clear and prompt communication with its users.

How do I create an account at Binance?

Go to Binance's website

What else do I need to know about Binance?

Binance was a relative latecomer to the cryptocurrency scene compared to other exchanges. It was founded in China in 2017, just in time for the Chinese government to ban cryptocurrency trading domestically.

This proved to be a blessing in disguise though. It retained a number of its Chinese users but was also forced by circumstances to rapidly expand overseas. This gave it a global footprint and made it a well-known option in time for the cryptocurrency boom of late 2017.

While 2017 saw Binance find its feet and pick up a dedicated user base, 2018 was the year Binance expanded its service range and further developed its existing one. It moved to Malta and started building out plans for security token listings, added a range of educational resources to its site, initiated charity programs, opened a branch in Uganda, started trialing fiat currency deposits in Singapore, reformed its token listings process and jumped into the stablecoin craze.

And a lot more is on the radar for 2019. Most notably, it will be launching a decentralized exchange counterpart for the Binance centralized exchange and building out its own blockchain to serve it, with BNB as the native token.

In 2019, it also launched the Binance.US cryptocurrency exchange, built specifically to serve residents of the USA.


In a nutshell

Pros

  • Very well known. Binance is the world’s most popular and highest-volume cryptocurrency exchange.
  • Verification optional. You can trade cryptocurrency without verification.
  • Competitive fee options. The standard trading fees of 0.1% are similar to many other exchanges, but the Binance fee tiers and BNB discounts can make it more competitive.

Cons

  • Loosely regulated. Binance does not offer users the protections associated with tight regulations.
  • Crypto only. There are no fiat options for Binance yet. It’s cryptocurrency only.
  • Limited advanced trading options. Binance offers some advanced trading options, such as stop limits, but it still isn’t as full-featured as some other exchanges.

Ready to sign up?

Go to Binance's website
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Compare Binance against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cash
Credit card
Debit card
Bank transfer (SEPA)
USD, EUR
BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP
Buy coins like Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with credit card.
Credit card
Debit card
PayPal
Wire transfer
Local Online Banking
EUR, GBP, NZD, USD, AUD, CAD, CHF, NOK, ZAR, JPY, SEK, TRY, HUF, PLN
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, XTZ
Disclaimer: Highly volatile investment product. Your capital is at risk. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. US users have limited access to some of eToro’s features.

Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
Bank transfer (ACH)
Bank transfer
Cryptocurrency
Debit card
Wire transfer
USD
BTC, ETH, XRP, BCH, LTC, USDT, BNB, ADA, ZRX, LINK & 10+ more
Get a US$15 bonus when you trade US$100 or more of any supported crypto. T&Cs apply.
Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance's main exchange here.

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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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34 Comments

  1. Default Gravatar
    Joseph
    August 13, 2018

    How can I open my account in binance?

    • Default Gravatar
      joelmarcelo
      August 13, 2018

      Hi Joseph,

      Thanks for leaving a question on finder.

      Step 1: Go to Binance’s website by clicking HERE.
      Make sure you bookmark this page, as there have been cases of phishing sites that mirror the actual site. You should also check out the URL and look for the “Secure” Certificate to authenticate that this is the original site.

      Step 2: Click on the “Register” tab in the top right-hand corner of the page and enter the needed information. Make sure you use a strong password. Verify yourself and click on “Register” to proceed and you’ll receive a confirmation email.

      Step 3: Enable 2-Factor Authentication (2FA). A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase the security of your account.

      That’s it! You can now start to deposit your coins and tokens into your Binance account.

      Cheers,
      Joel

  2. Default Gravatar
    Kenneth
    May 14, 2018

    Please guys what is the best coin to trade on binance please ETH, BTC, LTC BCC ETC, IOST MTN, XRP, GOLEM,? which one is the best coin to trade?

    • AvatarStaff
      Joshua
      May 15, 2018

      Hi Kenneth,

      Thanks for getting in touch with finder. I hope all is well for you. :)

      Binance handles a wide range of cryptocurrencies. Unfortunately, I can’t tell you which digital coin you should choose or purchase. For one, we can’t recommend specific products and two, I’m not familiar with your whole situation. However, what I can do is help you make a better decision by providing relevant information.

      Before purchasing any digital coin, it would be a good idea to obtain as many information as possible. For this reason, you will benefit from reading our cryptocurrency guide for beginners.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    farmer
    May 14, 2018

    step by step to trade on Binance wallet using coinbase account

    • Default Gravatar
      Arnold
      May 14, 2018

      Hi Farmer,

      Thanks for your inquiry

      Here are 5 quick steps to start trading on Binance using Coinbase.

      1. Open Coinbase and then at the top of your screen select Accounts.
      2. Next, choose the cryptocurrency that you want to send from your wallets.
      3. Now you have to enter the address that is found in your Binance. (If you’re on mobile tap on the little paper airplane icon which is on your top right hand side of your screen and then you will be asked to enter the amount you want to send and tap on Send.
      4. Enter the address that you got right under Recipient in your Coinbase and choose the amount you want to send.
      5. Hit Continue and make sure to check all the details of the transaction and then complete the send.

      Hope this information helps

      Cheers,
      Arnold

  4. Default Gravatar
    Mshana
    May 8, 2018

    Does Binace ready to accept USD or Euro for deposit and withdraw?
    Would like to know since there was such kind of annoucement.

    • AvatarStaff
      Jhez
      May 8, 2018

      Hello Mshana,

      Thank you for your comment.

      Binance does not support any fiat currency (USD, EUR, etc) trades or transactions. Only cryptocurrency may be deposited and traded on Binance exchange. Hope this answered your query.

      Regards,
      Jhezelyn

  5. Default Gravatar
    RobL
    April 19, 2018

    Hi there,

    I have a few coins EOS on Binance (currently trading). If I was to withdraw EOS into my wallet, will it continue to trade on Binance? Also, what is the fee to withdraw?

    • Default Gravatar
      Arnold
      April 20, 2018

      Hi RobL,

      Thanks for your inquiry

      The precise withdrawal fee you have to pay when withdrawing coins will depend on the currency you are withdrawing. Binance will adjust the withdrawal fees according to the blockchain conditions regularly. To check the exact fees you may have to pay, you can check Binance’s Website directly.

      Hope this information helps

      Cheers,
      Arnold

  6. Default Gravatar
    David
    March 31, 2018

    What ledger can I buy to store my xrp, xvg, xlm, ada?
    Does nano s support these Cryptos to be saved on it? Thanks, David

    • AvatarStaff
      Ron
      April 1, 2018

      Hello David,

      Good day! Appreciate you contacting finder regarding your inquiry today.

      You may check this page out to check on the available wallet options you can choose from.

      In regards to your inquiry for the Cryto coins supported by Nano S, please see list below.
      — BTC, BCH, BTG, ETH, ETC, LTC, DOGE, ZEC, XRP, DASH, STRAT, KMD, ARK, EXP, UBQ, VTC, VIA, NEO, XST, XLM, HSR, DGB, QTUM, PIVX, POSW

      Hope this helps!

      All the best,
      Ron

  7. Default Gravatar
    Greg
    February 27, 2018

    Can a Minnesota resident use Binance?

    • AvatarStaff
      robellynnenrile
      March 5, 2018

      Hello Greg,

      Thank you for your inquiry. Yes, Minnesota resident can use Binance. You can visit Binance on the web and access the trading platform directly through your browser. You will have to register for a new account before you can make trades.

      On mobile, you can download the Binance app for free from the iOS or Google Play store. Chinese users will find links to WeChat resources on the Binance home page.

      Hope this helps. Should you have further questions or clarifications, please do not hesitate to contact us again.

      Best Regards,
      Robyn

  8. Default Gravatar
    Mr
    February 5, 2018

    Binance is close now?

    • AvatarStaff
      Roslyn
      February 7, 2018

      Hi Mr. Mohiuddin,

      Thank you for your inquiry about Binance.

      This currency and company are still going strong. Binance’s free app makes it easy for simple trades and complex bitcoin trading for professional traders, with future features planned for release soon.

      I hope this information is helpful. Let us know if you have any other questions about Binance.

      Cheers,
      Roslyn

  9. Default Gravatar
    Zigbee
    January 15, 2018

    http://www.binance.com
    Is the above website safe to trade XRP?

    • AvatarStaff
      Rench
      January 16, 2018

      Hi Zigbee,

      Thanks for your inquiry. Please note that we are not affiliated with Binance or any company we feature on our site and so we can only offer you general advice.

      Yes, it’s the official site for Binance Cryptocurrency Exchange. You may also click on the green ‘Go to site’ button on this page and it will direct you to Binance official site.

      Best regards,
      Rench

  10. Default Gravatar
    John
    January 9, 2018

    What is the withdrawer fees for ETH and other coins?

    • AvatarStaff
      Rench
      January 11, 2018

      Hi John,

      Thanks for your inquiry.

      You may incur a fee when withdrawing funds, although fees vary depending on the currency.

      Best regards,
      Rench

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