Binance crypto exchange review 2018 | Features & fees | finder.com

Binance exchange – August 2018 review

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Learn how to buy, sell and trade cryptocurrencies on Binance.

Whether you’re a professional trader or just starting out with cryptocurrencies, Binance offers a wide variety of tools for engaging with digital asset markets. It’s straightforward to buy and sell cryptocurrencies through the Binance exchange, while additional features make the platform capable of handling complex trading operations, as well.

Product Name Binance Cryptocurrency Exchange
Fiat Currencies
Cryptocurrencies BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ more
Deposit Methods Cryptocurrency
Trading Fee 0.1%
Deposit Fees None
Withdrawal Fees Fees vary

Pros

  • 100+ cryptocurrencies
  • Multi-language support
  • High liquidity
  • Backed by an established team
  • Low transaction and withdrawal fees
  • Bounty and reward programs

Cons

  • Possible Android mobile app bugs
  • Delays when withdrawing certain coins
  • Unknown future impact of unstable Chinese regulatory climate
  • 2FA for Chinese phone numbers only
  • Some user data logged
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. 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.

What is Binance?

Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017.

By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to execute simple trades, and provides professional traders with access to more complex options, such as margin trading.

Compatible with:

  • Web
  • iOS
  • Android
  • HTML5
  • WeChat
  • PC client

How much does it cost to use Binance?

Downloading the Binance mobile app or creating an account online is free. Making deposits to Binance in any supported currency is also free. You may incur a fee when withdrawing funds from Binance, although fees vary depending on the currency.

When trading on Binance, you will be charged a 0.1% fee on each trade. Binance has issued its own token, BNB, which can be used to pay any kind of fees incurred on the exchange. Using the BNB token reduces transaction fees on trades by a specified amount: 50% during the first year, 25% during the second year, and so forth. Because the BNB token is tradable on the exchange, its value fluctuates.

How do I buy bitcoin with Binance?

Binance currently deals only with cryptocurrencies and does not offer fiat/cryptocurrency pairings. To buy bitcoin or another cryptocurrency with US dollars, euros, or another fiat currency, you will need to go elsewhere.

There are a number of exchanges that allow fiat/crypto trades, but Binance has announced that it does not plan to incorporate support for fiat trades.

How do I make a trade on Binance?

You can view the markets on Binance without registering for an account, but to actually make a trade, you will need to sign up and log in.

  • Simply select “Register” from the main website and follow the steps to create a new account. You will likely need to verify your email address to activate your account.
  • Once your account is confirmed, you can log in to Binance using your email address/userID and password. To prevent phishing attacks, be sure to double-check that the URL is correct and uses the https protocol.
  • To deposit funds into your account, navigate to the “Funds” tab and choose “Deposits/Withdrawals”. From there you will see a list of supported currencies. Find the currency you wish to deposit (bitcoin is typically near the top) and click the “Deposit” button.
  • You will be shown the deposit address for the currency of your choice. You can either copy the alphanumeric code or use the provided QR code. This is the address you will want to send your funds to.
  • Whether you’re keeping your funds on another exchange or a third-party wallet, just go there and send the funds to your Binance deposit address, either by pasting in the code or via QR.
  • Once you have confirmed the transaction, it will typically take a few minutes to process. You may not see the transfer register immediately in your available Binance balance. When a transaction is in the process of being confirmed, it may appear in the “In Order” tab.
  • When the funds appear in your “Available Balance” tab, you can proceed with trading. To make a trade, visit the “Exchange” tab and choose either “Basic” or “Advanced”. For new traders, the “Basic” view may be easier to navigate.
  • Choose the trade you want to make from the trading pairs tab. If you have deposited bitcoin to your account, you will have the option to buy many different cryptocurrencies with bitcoin. Binance also supports some trading pairs that use Ethereum as a base currency. If you want to take advantage of the BNB token for reduced fees on Binance transactions, you can buy BNB with either bitcoin or Ethereum.
  • Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to purchase and set the price you’re willing to pay for it. Once you’ve confirmed the details, hit the “Buy” button to complete the transaction.
  • When you’ve purchased a new currency on Binance, your funds will show up in that currency’s designated wallet in your account’s “Funds” area. To withdraw funds from Binance, you may need to take further steps towards account verification.

Binance cryptocurrency exchange

How secure is Binance?

The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers SMS 2-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features. However, only Chinese phone numbers are supported for SMS 2-factor authentication.

Binance’s privacy policy states that the exchange collects user information, such as IP addresses, and stores the data on its servers. Users concerned with privacy may want to review the details of the Binance privacy policy in full by clicking the “Privacy” tab on the main Binance site.

Where can I get the Binance app?

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.

Pros and cons

Pros

  • Basic and Advanced exchange views
  • Support for close to 100 cryptocurrencies
  • Multi-language support
  • Offers the Binance in-house BNB token for reduced trading fees
  • High liquidity
  • Capable of processing 1.4 million transactions per second
  • Backed by an established team with a proven track record in crypto and finance
  • Low fees on transactions and withdrawals
  • Bounty and reward programs for the community

Cons

  • Some users have reported difficulty with the Android version of the mobile app.
  • Some users have reported delays when withdrawing certain coins from Binance.
  • Unclear how recent regulatory actions by the Chinese government may impact the exchange, which is based in China.
  • Because it’s a new platform, it’s hard to assess its long-term viability.
  • Currently only Chinese phone numbers are supported for SMS 2-factor authentication.
  • Binance does collect and store some user data, such as logging IP addresses.

What’s next for Binance?

Binance’s white paper includes plans for the rollout of several additional features. While there’s no official timeline listed concerning these features, the vision for Binance eventually includes support for:

  • Spot trading
  • Margin trading
  • Futures
  • Anonymous instant exchange
  • Decentralized (on-chain) exchange

Frequently asked questions

Image source: Binance

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34 Responses

  1. Default Gravatar
    JosephAugust 13, 2018

    How can I open my account in binance?

    • finder Customer Care
      joelmarceloAugust 13, 2018Staff

      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
    KennethMay 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?

    • finder Customer Care
      JoshuaMay 15, 2018Staff

      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
    farmerMay 14, 2018

    step by step to trade on Binance wallet using coinbase account

    • finder Customer Care
      ArnoldMay 14, 2018Staff

      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
    MshanaMay 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.

    • finder Customer Care
      JhezelynMay 8, 2018Staff

      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
    RobLApril 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?

    • finder Customer Care
      ArnoldApril 20, 2018Staff

      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
    DavidMarch 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

    • finder Customer Care
      RonApril 1, 2018Staff

      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
    GregFebruary 27, 2018

    Can a Minnesota resident use Binance?

    • finder Customer Care
      robellynnenrileMarch 5, 2018Staff

      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
    MrFebruary 5, 2018

    Binance is close now?

    • finder Customer Care
      RoslynFebruary 7, 2018Staff

      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
    ZigbeeJanuary 15, 2018

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

    • finder Customer Care
      RenchJanuary 16, 2018Staff

      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
    JohnJanuary 9, 2018

    What is the withdrawer fees for ETH and other coins?

    • finder Customer Care
      RenchJanuary 11, 2018Staff

      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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