Binance Crypto Exchange Review

Binance review: one of the most popular cryptocurrency exchanges in the world. It has the highest trading volume of all exchanges and has the 2nd most number of users.

Screenshot of the homepage of Binance.com
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General Overview

  • The highest trading volume crypto exchange in the world
  • 1100+ cryptocurrencies supported
  • More than 7 million active users
  • The 3rd most secure cryptocurrency exchange

The Binance crypto exchange started in 2017 to enable people to trade cryptocurrencies, like Bitcoin, Ethereum, USDT and BNB. Very quickly, Binance established itself as one of the top cryptocurrency exchanges. The CEO is Zhao Changpeng. He is a popular face on financial news channels and regularly gives interviews. The main driving force behind the exchange.

Key advantages of Binance include:

  • Fast completion of orders
    The crypto exchange has the fastest order matching engine, at 1.4 mil orders/second
  • The largest trade volumes
    Large daily volumes with more than $500 million USD traded per day. You don’t need to worry about finding people to buy or sell your coins.
  • A loyal fan base
    The fans are the bread and butter of the exchange. Binance Angels are also located in different regions to promote the exchange.
  • Decentralized Exchange (DEX)
    A newly launched decentralized exchange by Binance for advanced users who value privacy.

Cryptocurrency support

1100+ cryptocurrencies

Binance.com supports more than 1100 cryptocurrencies, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Tron (TRX)
  • Ripple (XRP)
  • EOS
  • 1100+ other

Security

Very High

Binance is the 3rd most secure cryptocurrency exchange, according to a security research company CER. They invest heavily into the latest security protocols to protect its users. The following security features are in place:

  • Two-Factor Authentication (2FA)
  • Deposits, withdrawals, and password changes are protected with 2FA
  • Email notifications on deposits, withdrawals, and logins

Country availability

Very high

The exchange is available to all countries of the world except those on a sanctions list: Russia, Sudan, Iran, Syria, and North Korea. And those under regulatory prohibitions: United States, China, Indonesia.

Trade Volume

#1 in world

Currently, Binance has the highest trading volume among all cryptocurrency exchanges. The number of trades is equal to 40% of the total crypto market. Binance has a transparency rating of ‘A’ which suggests that it can be trusted. In terms of currency pairs, Binance leads exchanges, with around 700.

Deposit methods supported and fees

You can buy cryptocurrencies only with a credit/debit card after identity verification.
  • Credit/debit cards (requires identity verification)
    – 3.5% per transaction or 10 USD, whichever is higher
    – Daily limit is 20,000 USD per user
    – Monthly limit is 50,000 USD per user
    – Minimum transaction: 50 USD
  • Bitcoin and other cryptocurrencies
    No fees
  • Bank transfers via Binance Jersey
    No fees

Trading fees

Very low fees

In general, the trading fee is 0.1%. Based on the user’s 30-day trading volume and BNB (Binance Coin) balance, the maker/taker fee varies from 0.015% to 0.075%. If the trading fee is paid using BNB, then a discount of 50% is applied during the 1st year. Then it goes down to 25% for the 2nd, 12.5% for the 3rd, and finally 6.75% for the 4th.

Withdrawal fees

The withdrawal fees and the minimum withdrawal vary based on the cryptocurrency. For BTC, it’s a fixed fee of 0.0005 BTC. Withdrawing of other cryptocurrencies is generally cheaper than Bitcoin.

Withdrawal limits

The limits are quite good compared to other cryptocurrency exchanges.
  • 0.002BTC minimum withdrawal
  • For unverified accounts – withdraw a maximum of 2 BTC in 24 hours
  • For verified account – withdraw a maximum of 100 BTC in 24 hours

Mobile app

mobile app of binance The Binance exchange has a cryptocurrency trading app. It is a safe and easy to use mobile application. It also allows buying of Bitcoin and other cryptocurrencies with credit debit card and has live chat support! The Binance mobile app is available for both iOS and Android platforms.

Identity verification

Not mandatory
1-3 days

Documents required: a valid government-issued picture identification document, which is any of the following:

  • National Identification Card (ID)
  • Permanent Residence Card
  • International Passport

Binance doesn’t accept documents like driving licenses, electoral cards, health cards, temporary permits, military cards, and any other forms of identification.

Usually, it takes about 1 to 3 days to get your account verified. However, in busy periods, it could take about a week before they verify the account.

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