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Binance 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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By

Iain Taylor

&

Frank Corva

Updated

Fact checked
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.

Our take on Binance

Binance is the number one crypto exchange in the world by trading volume for good reason.

It provides its millions of users with the tools to buy and sell over 500 crypto assets at low fees and to lend, borrow and stake their digital assets, as well.

If you are new to crypto, you may find all of Binance's features overwhelming, but rest assured that Binance provides plenty of useful resources to help you get acclimated.

4

Finder Rating

★★★★★

Binance pros and cons

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

About Binance – company history and background

Binance cryptocurrency exchange was launched in 2017. In the years since its launch, it has become the number one exchange in the world by trading volume.

In 2020, Binance built on its success and launched the Binance Smart Chain (BSC). BSC operates as a blockchain network that enables the running of smart contract applications.

Listed Binance crypto exchange assets

Binance supports over 361 cryptocurrencies, but some notable assets are missing. Namely, Dai, LEO Token and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 16 of the top 20 cryptos are available on Binance.

Popular assets on Binance
Avalanche (AVAX)
Binance USD (BUSD)
Bitcoin (BTC)
BNB (BNB)
Cardano (ADA)
Cosmos Hub (ATOM)
Dai (DAI)
Dogecoin (DOGE)
Ethereum (ETH)
LEO Token (LEO)
Lido Staked Ether (stETH)
Polkadot (DOT)
Polygon (MATIC)
Ripple (XRP)
Shiba Inu (SHIB)
Solana (SOL)
Tether (USDT)
TRON (TRX)
USD Coin (USDC)
Wrapped Bitcoin (WBTC)

Binance fees

Binance accepts 15 fiat currencies for deposits and all supported crypto assets. Fiat currency deposit fees are either non-existent or vary depending on the method of deposit. Binance doesn’t charge a fee for crypto asset deposits. Blockchain fees still apply, though, and crypto deposit times vary 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. 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.

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.

Binance does not charge deposit fees for cryptocurrencies. You will still need to pay blockchain network transaction fees, though. The fee for withdrawals varies depending on the crypto asset. The withdrawal rates are determined by the blockchain network and asset, with varying rates across tokens and coins.

Canadians are not permitted to deposit Canadian dollars (CAD) into their Binance accounts. If Canadians want to deposit other currencies into their Binance account, the fees range between 0% and 2%.

Canadians can wire transfer money to their Binance accounts, but they have to use the SWIFT system and transfer US dollars (USD).

Deposit methods
  • Credit card
  • Cryptocurrency
  • Debit card
  • Simplex
  • Banxa
  • Apple Pay
  • Google Pay

Binance deposit and withdrawal fees

Transaction type Fee
Deposit funds None
Withdraw funds Fees vary

Binance trading fees

Type Fee
Maker 0.02 - 0.10%
Taker 0.04 - 0.10%

Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.

Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.

Other fees

Trading fees are lower when you use Binance Coin (BNB) to pay for trades.

How to sign up on Binance exchange

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.
  1. Go to the Binance.com website
    and click the Register tab in the top right corner next to the Log In tab.
  2. On the registration page, enter your email address and create a password for your account
    Read the Terms of Service agreement and then click Create Account. Your password will need to be a combination of numbers and letters. It will need to contain at least 8 characters, 1 upper case letter and 1 number.
  3. You will then need
    to solve the Security Verification puzzle.
  4. You will receive an email
    verification 6-digit code to the email address you registered with which will be valid for 30 minutes.
  5. You have completed basic registration
    For an additional layer of account security click on the Go to Dashboard tab and enable 2-factor authentication (2FA) which can be done through phone verification and Google verification. You will then need to do KYC identity verification to use the exchange depending on your location.
Create a Binance exchange account

About the Binance app

The Binance app offers all of the features that the web browser version of the exchange offers. Its user interface is intuitive and easy to interact with.

Is Binance safe?

Despite some hacks in the past, Binance has a good reputation because of its response to these incidents. It also has an insurance fund, conducts security audits and continues to 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.

Binance customer support

Binance’s main customer support tool is a referral to its FAQ help center and its live chat feature.

You can also submit questions that will be answered via email.

Google Play ratings4.5 stars, 50M+ downloads
Apple Store ratings4.7 stars, N/A downloads

How to reach Binance

  • Contact form
  • Discord
  • Email
  • Facebook page
  • Live chat
  • Telegram
  • Twitter

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