Binance

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Binance cryptocurrency exchange review

Binance is one of the largest and most comprehensive cryptocurrency exchanges in the world. We explore what it offers, pros and cons, fees and more in our review.

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Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

Pros and cons of Binance

Pros

  • Over 500 cryptocurrencies offered and over 1,000 trading pairs
  • A wide selection of trading tools and DeFi instruments for users to take advantage of
  • Over 90% of Binance’s holdings are held in offline cold storage

Cons

  • Difficult to navigate for new users
  • Regulatory legal challenges around the globe
  • A history of successful hacks on the exchange

What to know about Binance

Binance is an advanced cryptocurrency exchange that offers experienced traders the tools to lend, borrow or trade cryptocurrencies on a level few other exchanges can offer. Binance has one of the largest offerings of cryptocurrencies with over 500 assets and tokens available, and exponentially more trading pairs. It offers many different services to help users earn extra crypto and trade in a variety of ways. Binance has its own blockchain which can be accessed using its own Binance Wallet browser extension or a wallet like MetaMask.

Binance was hacked in 2019 by a team that made off with 7,000 Bitcoin, 2-factor user codes and API tokens from the Binance exchange. The funds were covered under Binance’s emergency insurance fund. The exchange has no live support but offers a ton of knowledge bases for users to use if they run into an issue. Users can also send an email.

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Supported cryptocurrencies

Binance offers one of the widest selections of cryptocurrencies and altcoins on the market with over 500 including BTC, ETH, BNB, USDT, SOL, ADA, USDC, XRP, DOT, DOGE, SHIB and MATIC. There are more trading pairs available than any other exchange and they are frequently updated.

Transferring fiat and cryptocurrency

Binance accepts 15 fiat currencies for deposits and all supported crypto assets. There are no deposit fees for crypto assets, with deposit times varying by blockchain network and congestion. There are a few different ways to deposit fiat including bank deposit, SWIFT and some third-party options, with deposits time and fees varying by method.

Fees and costs

One of the main attractions of Binance is that it has some of the lowest fees among cryptocurrency exchanges. The deposit fees are low or non-existent for fiat, with none for crypto. Withdrawal fees are low for fiat, and crypto withdrawal fees vary by network congestion and asset. Trading fees are some of the lowest in the market, with the highest fee being 0.1% for both maker and taker trades.

Fiat withdraw and deposit fees

Binance does not require deposit fees for many fiat currencies, but it depends on currency and method. A full accounting of its deposit fees can be found on its fee page. There are withdrawal fees for fiat currencies but these vary depending on which fiat currency and the method of withdrawal; typically they are between US$1 and US$15.

DepositWithdrawal
NoneVaries

Binance Fees on Crypto withdrawals and deposits

Binance does not require deposit fees on any of its cryptocurrencies. You will still need to pay the network transaction fee, as is always the case. For withdrawals, the fee for withdrawing varies. The withdrawal rates are determined by the blockchain network and asset, with varying rates across tokens and coins.

DepositWithdrawal
NoneDepends on cryptocurrency

What is it like to use Binance?

The Binance user interface is easy to understand but difficult to master. The home page layout has a series of dropdown tabs along the top bar with a dashboard tab for additional services. The dropdown tabs are broken down into Buy Crypto, Markets, Trade, Derivatives, Earn, Finance and NFTs, with each tab hosting a variety of options in each. The site offers plenty of services for every level of investor. Below are some of the services that Binance offers that appeal to different experience levels.

Does Binance have good customer support?

Binance’s main customer support tool is a referral to its FAQ help center. The exchange does have a customer service tab in the bottom right of every screen, but this only offers you the solution through its FAQ. Users can submit questions that will be answered via email if they type in a question at the bottom. There is no live chat.

This process is designed to be a catch-all and a way to easily and efficiently solve most problems that users are encountering. Customers can submit a request, but again this is done through automated FAQ answers; otherwise you have to wait for an email response. Email is the best bet if the answer isn’t found in the FAQ.

List of services on Binance

Earning on Binance

Binance offers a variety of services for earning users extra crypto. These services include staking, savings, the Binance launchpad and the BNB vault. Check out Finder’s Earning on Binance piece for more information.

Borrowing on Binance

Borrowing on Binance is calculated on an hourly and daily interest rate. This varies depending on the cryptocurrency you wish to borrow and the term of the loan. Borrowing is calculated on an LTV (loan to value ratio) based on collateral supplied. If your LTV is higher than the margin call LTV, Binance will contact you to add more collateral or repay your loan. If your LTV is ever higher than the liquidation LTV, Binance will liquidate your collateral to repay your loan.

Trade

Trade is the main feature of the exchange. The spot market includes buying and selling with options such as stop loss, limit order and market buy. There are advanced trading options and in certain jurisdictions there are futures and derivative options.

Binance Wallet

The Binance Wallet is a non-custodial wallet that is available as a browser extension. It allows users to connect to the Binance Smart Chain (BSC) and access DeFi services directly. Crypto withdrawals from Binance exchange to a BSC address have significantly lower fees than other destinations. The Binance Wallet allows Binance exchange users to store their assets in a safer manner than leaving them on the exchange, as they control the private keys.

Trust rating

Despite some issues of hacks in the past, Binance has a good reputation for trust because of its response to the incident, its insurance fund and the use of security audits and continued focus on improving site security.

Past hacks

In 2019 a group of hackers was able to steal US$40 million worth of Bitcoin (7,000 BTC) along with 2-factor user codes and API tokens from the Binance exchange. The hack was successful in targeting the Bitcoin that was being stored on the Binance hot wallet (connected to the Internet) which accounted for around 2% of the total Bitcoin held by Binance. The other 98% remained protected in a cold storage wallet offline. The hack used phishing techniques and viruses to bypass the existing security on Binance.

Fortunately, Binance was able to cover the losses out of its Secure Asset Fund for Users (SAFU) and the affected users had their funds returned. The fact that the hackers were only able to access 2% of the Bitcoin reserves on Binance because the remaining 98% is secured in cold storage should offer comfort to users.

Security audits

Binance announced on December 14, 2021 its new security audit program called “Project Shield”. Project Shield is for BEP-20 and ERC-20 based projects listed on the Binance centralized exchange.

Project Shield will operate alongside its Bulletproof Exchanger Project and user-accessible security tools projects designed to tighten security on the Binance exchange.

Insurance

On July 3, 2018 Binance announced the creation of its Secure Asset Fund for Users (SAFU). This has been used to pay back users who were affected by the hacks on the exchange. SAFU is funded with portions of trading fees collected by the exchange.

Signing up on Binance

Signing up to Binance can either be done through email or a mobile number. The following is an example of signing up via email, but the mobile number process is almost the same:

Compare Binance against other platforms

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Uphold Digital Money Platform
Bank transfer, Credit card, Debit card, Bank transfer (SEPA), Google Pay
USD, GBP, AUD, EUR, CAD, CNY, JPY, SGD, INR, NZD

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Refer a friend to earn US$20 — $10 for you and $10 for the person you refer.
Use the Uphold app to trade between 200+ cryptos and other assets in a single click.
FTX.US Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency, Wire transfer
USD, AUD, EUR, CAD, GBP, SGD

32
cryptocurrencies

Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX exchange offers a range of cryptocurrencies, up to 10x leverage, access to global liquidity, no-fee debit cards for FTX users, fee-free first ACH deposit and benefits for FTT token holders.
Kraken Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Wire transfer, Osko, SEPA, Apple Pay, Google Pay, SWIFT
USD, EUR, GBP, JPY, CAD, CHF, AUD

211
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.
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Verdict: Is Binance any good?

There is a reason why Binance has over 13.5 million users and is the number one exchange for trading volume. Binance provides a plethora of tools for lending, borrowing and trading that its users can take advantage of. Binance offers these tools with low fees, comprehensive charting and over 500 different cryptocurrencies. It is constantly developing new services and tools for users to take advantage of while bolstering its security. However, trying to navigate through all these tools and services can be daunting for even experienced users. New users can feel intimidated when they sign up, but there is a lot of helpful information available.

Binance has a proven track record as a leading cryptocurrency exchange. Binance learned from its security weaknesses and responded with a more robust system. Barring some new regulatory issues, Binance is going to keep its place as one of the world’s top crypto exchanges by trading volume.

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 Responses

  1. Default Gravatar
    JosephAugust 13, 2018

    How can I open my account in binance?

    • Default Gravatar
      joelmarceloAugust 13, 2018

      Hi Joseph,

      Thanks for leaving a question on Finder.

      Step 1: Go to Binance’s website by clicking the “Go to site” button.
      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?

    • Avatarfinder 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 much 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

    • Default Gravatar
      ArnoldMay 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
    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.

    • Avatarfinder Customer Care
      JhezMay 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?

    • Default Gravatar
      ArnoldApril 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

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