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Review: Binance cryptocurrency exchange

Last updated:  

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

  • Great for its popularity and good reputation
  • Not so great for widely-varying fiat purchase fees

53

Fiat currencies

262

Cryptocurrencies

Details

Product Name Binance Cryptocurrency Exchange
Fiat Currencies USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more
Cryptocurrencies BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & 250+ more
Deposit Methods Credit card
Cryptocurrency
Debit card
Osko
PayID
Trading Fee 0-0.1%
Deposit Fees None
Withdrawal Fees Fees vary

Pros

  • Popular, high-volume and highly liquid
  • Verification optional
  • Low fees
  • Offers trading or direct purchases with fiat currency
  • Advanced trading features, leverage and futures trading available

Cons

  • Can be overwhelming for beginners

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.

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.

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more
  • Supported cryptocurrencies: Approximately 262 cryptocurrencies

Which payments methods are accepted?

  • Credit card
  • Cryptocurrency
  • Debit card
  • Osko
  • PayID
  • Credit card
  • A wide range of third party payment providers
Go to Binance's website

How to buy and sell crypto with fiat currency on Binance

You can buy cryptocurrency with fiat currencies directly through Binance, as well as sell cryptocurrencies for fiat currency.

Binance’s supported fiat currencies as of 15 July 2020 include:

  • AED
  • AUD
  • ARS
  • BGN
  • CHF
  • COP
  • CZK
  • DKK
  • EUR
  • GBP
  • HKD
  • HRK
  • HUF
  • IDR
  • ILS
  • INR
  • KES
  • KRW
  • KZT
  • MXN
  • NGN
  • NOK
  • NZD
  • PHP
  • PEN
  • PLN
  • RON
  • RUB
  • SAR
  • SGD
  • SEK
  • THB
  • TRY
  • UAH
  • USD
  • VND
  • ZAR

Although CNY is not formally supported, you can trade CNY for Bitcoin through the Binance P2P market.

To buy or sell with fiat currency on Binance:

  1. Go to the Binance website
  2. Login or create an account
  3. Click “Buy Crypto” from the navigation bar at the top of the screen
  4. Select your payment method out of: “Credit/Debit card” (usually fastest), “Third-party payment” (usually cheapest) or “P2P crypto exchange” (good for CNY purchases).
  5. Choose whether you want to buy or sell, select your currencies, and enter the amount you want to trade.

You will now be able to enter the amount you want to buy or sell and proceed with your purchase.

Go to Binance's website

Binance fees and limits

The following fees are current as of 15 July 2020

Platform trading fees

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

Type Fee
Standard trading fee 0.1%
Fiat currency purchases Varies
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.

These trading fee discounts can be used cumulatively for fees as low as 0.015% maker and 0.03% taker.

Deposit and withdrawal fees

Deposit fees

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

There are no deposit fees for fiat purchases, as all associated costs are simply built into the transaction fee.

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

Your limits will vary depending on your purchase method, verification level and the markets you’re trading. With full identity verification, most traders are unlikely to encounter any limits, but the main limits to consider include:

Transaction type Limits
Fiat purchases Varies by payment method and currency. Lower limits are often around US$5,000 equivalent maximum per 24 hour period.
Non-verified user crypto withdrawal limits 2 BTC equivalent maximum per 24 hours
Market order limits Varies by market liquidity. Maximum market orders in less liquid markets may be as low as ~US$50,000 equivalent

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 in your wallet within a few minutes. Again, this may vary depending on the cryptocurrency you’re withdrawing.

The Binance markets

Binance offers many different ways to trade, and you can choose whether you want to keep things simple with only basic market order trading, or show more advanced trade types such as limit orders and OCO (one cancels the other) orders. Available markets include:

  • Spot markets. Trade a range of fiat to crypto markets, as well as BTC to alt and other crypto-to-crypto markets.
  • Margin trading. Access up to 125x leverage, but we aware of the risks involved.
  • Leveraged tokens. Easily take long or short positions by buying derivative tokens that automatically track with or against prices.
  • Futures. Trade perpetual or quarterly futures.

Binance savings, loans and spending

Binance also lets you earn returns on your deposits in several ways, and access additional features. These extras include:

  • Savings. Earn returns on flexible deposits that can be withdrawn at any time, or commit your crypto to a lockup period for higher returns.
  • Loans. Use your crypto as collateral to get stablecoin loans.
  • Staking. Easily earn returns on stakable cryptocurrencies from within your Binance wallet.

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 does not require verification for users who only want to trade crypto for crypto, but identity verification is necessary for accessing fiat purchases, higher withdrawal limits or some extra features. The verification process is typical for most cryptocurrency exchanges.
  • Security features. Binance offers 2-factor authentication and follows industry cybersecurity best practices, including the use of multisignature wallets and cold storage for customer funds. Binance has only fallen victim to one hack, in May 2019, when it lost US$40 million of cryptocurrency to a theft. It replaced all missing user funds with its own reserves.

Binance’s reputation

Despite its regulatory distance and relaxed verification processes, Binance is widely regarded as one of the world’s more trusted cryptocurrency exchanges due to its presence on social media, .

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 only succumbed to one attack, losing US$40 million worth of cyptocurrency to a hacker in May 2019. Following the attack, it replaced all lost user funds with its own reserves.

Overall, Binance has a reputation for being a very communicative cryptocurrency exchange compared to other similar-sized platforms.

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, every year from 2018 onwards has seen Binance expand its service range and introduce more features, many of which integrate the native Binance BNB cryptocurrency.


In a nutshell

Pros

  • Very well known. Binance is the world’s most popular and highest-volume cryptocurrency exchange by most measures.
  • Competitive fee options. The standard crypto trading fees of 0.1% are similar to some other exchanges, but the Binance fee tiers, liquidity and BNB discounts can make it more competitive.
  • Fiat options. Direct fiat currency purchases with a wide range of currencies are available.
  • Additional features. In addition to direct purchases, Binance also offers advanced trading choices, staking services and more.

Cons

  • Loosely regulated. Binance does not offer users the protections associated with tight regulations.

Ready to sign up?

Go to Binance's website
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Compare Binance against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Wire transfer,Online banking
USD

15
cryptocurrencies

Disclaimer: eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.

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.
Revolut Cryptocurrency Exchange
Bank transfer (ACH),Bank transfer (SEPA),SWIFT,Credit or Debit Card
USD, EUR, GBP, CAD, NZD, JPY, HKD, NOK, DKK & 9 more

4
cryptocurrencies

Buy and sell several popular cryptocurrencies through your Revolut account, set up recurring purchases and transfer it to other US users. You can’t transfer cryptocurrency to anyone who does not have an active Revolut account. Service not available in Tennessee.
Credit card,Bank transfer (SEPA),SOFORT,SWIFT,Fedwire
USD, EUR, AUD, CAD, GBP, JPY

10
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
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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?

    • Avatarfinder Customer Care
      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

    • Avatarfinder Customer Care
      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.

    • Avatarfinder Customer Care
      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?

    • Avatarfinder Customer Care
      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

    • Avatarfinder Customer Care
      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?

    • Avatarfinder Customer Care
      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?

    • Avatarfinder Customer Care
      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?

    • Avatarfinder Customer Care
      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?

    • Avatarfinder Customer Care
      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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