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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 its lack of fiat deposit options

17

Fiat currencies

181

Cryptocurrencies

Details

Product Name Binance Cryptocurrency Exchange
Fiat Currencies USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ 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 & 5+ more
  • Supported cryptocurrencies: Approximately 181 cryptocurrencies

Which payments methods are accepted?

  • Cryptocurrency
  • Credit card purchases of BTC, ETH, LTC and XRP
Go to Binance's website

Binance fees and limits

Platform trading fees

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

Type Fee
Standard trading fee 0.1%
Credit card purchase The higher of either 3.5% or US$10
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.

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.

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 type Limits
Deposits No limit
Non-verified user withdrawal limits 2 BTC per 24 hours
Verified user withdrawal limits 100 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 categorised 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 categorisations, 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 real thing 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 minimise 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. Despite being the target of many attacks, Binance has maintained an impeccable security track record to date.

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 successfully repelled all of these attacks and survived incidents that would likely have destroyed other exchanges. It has also performed follow-ups such as creating a secure fund to “insure” user holdings, and even posting bounties on attempted hackers.

Throughout it all, Binance has enjoyed a reputation for clear and prompt communication with its users.

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 decentralised exchange counterpart for the Binance centralised 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 trading fees of 0.1% are similar to many other exchanges, but the Binance fee tiers and BNB discounts can make it more competitive.

Cons

  • Loosely regulated. Binance does not offer users the protections associated with tight regulations.
  • Crypto only. There are no fiat options for Binance yet. It’s cryptocurrency only.
  • Limited advanced trading options. Binance offers some advanced trading options, such as stop limits, but it still isn’t as full-featured as some other exchanges.

Ready to sign up?

Go to Binance's website
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Compare Binance against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Easy Crypto Cryptocurrency Exchange
Easy Crypto Cryptocurrency Exchange
Bank transfer
POLi
NZD, AUD
ZRX, AION, REP, BTC, BCH, ADA, DGB, ENJ, EOS, ETH & 60+ more
Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
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BitPrime Cryptocurrency Retailer
BitPrime Cryptocurrency Retailer
Bank transfer
Cryptocurrency
POLi
NZD
BTC, BCH, BTG, ETH, ETC, XLM, XRP, SC, EOS, XVG & 80+ more
Based in New Zealand, BitPrime trades around 50 of the world’s top cryptocurrencies, including bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple.
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Independent Reserve Exchange
Independent Reserve Exchange
Cryptocurrency
Electronic Funds Transfer
POLi
SWIFT
PayID
AUD, NZD, USD
BTC, BCH, ETH, LTC, XRP, OMG, ZRX, EOS & 3+ more
Trade AUD and other fiat currencies against a wide range of cryptos at competitive rates.
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