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Review: Binance cryptocurrency exchange

Andrew Munro
Andrew Munro
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

35

Fiat currencies

182

Cryptocurrencies

Details

Product Name Binance Cryptocurrency Exchange
Fiat Currencies USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 23+ more
Cryptocurrencies BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 160+ more
Deposit Methods Cryptocurrency
Trading Fee 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

  • Largely unregulated
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's in this guide?

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 23+ more
  • Supported cryptocurrencies: Approximately 182 cryptocurrencies

Which payments methods are accepted?

  • Cryptocurrency
  • 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.

All fiat currencies are accepted when buying and paying with Visa credit card, but these transactions may incur high currency conversion fees.

To avoid large currency conversion fees, you can use the formally supported fiat currencies to buy cryptocurrency, via Binance’s wide range of third party payment providers.

Formally supported fiat currencies as of 20 February 2020 include:

  • USD
  • GBP
  • CAD
  • EUR
  • CNY
  • JPY
  • RUB
  • TRY
  • NGN
  • UAH
  • KZT
  • COP
  • VND
  • IDR
  • ARS
  • MXN
  • INR
  • BGN
  • CZK
  • CHF
  • HRK
  • ZAR
  • KRW
  • ILS
  • HUF
  • HKD
  • DKK
  • NOK
  • NZD
  • PLN
  • RON
  • SEK
  • THB
  • AUD
  • BRL

To buy or sell with fiat currency on Binance:

  1. Go to the Binance website
  2. Login or create an account
  3. Click “Fiat” from the navigation bar at the top of the screen
  4. Select “Buy Crypto” from the dropdown menu
  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 see available payment options for your chosen fiat currency, and can check the fees associated with your payment option and currency prior to purchasing.

Go to Binance's website

Binance fees and limits

The fees are accurate as of 14 January 2020.

Platform trading fees

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

TypeFee
Standard trading fee0.1%
Credit card purchaseThe higher of either 3.5% or US$10
Trading fee discounts
The discountWhat it isHow much it is
BNB discountA discount when paying trading fees with the BNB coin.25% discount
Tiered trading fee discountsA 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.

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
Transaction typeLimits
DepositsNo limit
Non-verified user withdrawal limits2 BTC per 24 hours
Verified user withdrawal limits100 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 to 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 favourites 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.

What’s it like to use Binance?

1. Getting started

Explore the current promotions and see what's happening at Binance, or start browsing its markets.

2. The markets

Explore the BNB, BTC, ALTS and USDⓈ markets, or set your own favourites, and find the trading information that's most relevant to you.

3. Trading data

Find a detailed range of trading information at your fingertips when you dive into a trading pair.

4. Advanced market view

You can also set up advanced trade types and find more information in the advanced view.

5. Log in

Get started by creating an account and logging in. Note the reminder to make sure you're at the official website and not a phishing site.

‹ ›

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 2-factor authentication and follows industry cybersecurity best practices, including the use of multisignature wallets and cold storage for customer funds. Binance fell victim to a hack in May 2019, losing US$40 million of cryptocurrency to a thief. 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 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 only succumbed to one attack, losing US$40 million worth of cryptocurrency 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, 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 trialling 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 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 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, although verification may be required for these.
  • Advanced trading. In addition to direct purchases, Binance also offers advanced trading features such as cryptocurrency margin trading and futures trading.

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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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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