The Binance exchange is currently the largest cryptocurrency exchange in the world based on daily trading volume, and as if that wasn’t enough, it has only been a year since Binance was first launched (July 2017).
In the spring of 2018, Binance moved from Asia to Malta to avoid stricter regulations, and they are currently thriving in their new base. Binance’s CEO is Changpeng Zhao who previously worked with developing broker tools and as one of the first developers for the famous cryptocurrency wallet blockchain.info.
As cryptocurrency enthusiasts, we have all traded on the Binance platform, and we thought we’d share our experience using this exchange as well as some of the most important facts involved with trading with Binance.
Is Binance safe?
Let us start by clarifying that Binance is one of the safest options for anyone looking to trade cryptocurrencies. Today, there is a large number of cryptocurrency exchanges on the market, and unfortunately, most of them do not uphold very high standards in terms of security.
Binance, on the other hand, is as safe as it gets. The exchange has a great reputation in the industry and millions of happy customers from all over the world. In other words, there is no need for you to every worry about Binance ripping you off or stealing your information and funds.
That being said, Binance is not a regulated financial firm since there are no real cryptocurrency regulations yet. If you’re looking for a safer option to trade cryptocurrencies with, we suggest you look into using a CFD-broker such as IQ Option or eToro. IQ Option also happens to offer their own cryptocurrency exchange called Hodly.
Another issue with cryptocurrency exchanges is that they are subject to frequent cyber attacks and this applies to all of them and not only Binance. Since Binance is the largest exchange in the world, they also have one of the best safety systems, but there is always the risk of someone breaking into their servers and stealing assets.
Over the past few years, this has happened on the regular to other exchanges, and in most cases, customers get their assets from the exchange. However, Binance has yet to be successfully hacked (hopefully it will never happen) so we can’t say for sure if they will pay back or not.
We don’t tell you this to scare you off, but we think it’s important that you are aware of the risks involved with trading with Binance. As mentioned, Binance is safe and definitely one of the best options for anyone looking to trade cryptocurrencies.
How to Trade on Binance
We’re often asked how one can trade on Binance so here is a quick rundown, but first a quick side note about Binance’s service.
Up until very recently, Binance was a crypto-only exchange meaning they did not have support for fiat currencies or exchanges between fiat and crypto. However, after having moved to Malta, Binance managed to land a deal with a bank, and they received an exchange license that allows them to offer fiat to crypto.
This license allows users to exchange USD and EUR to cryptocurrencies via a separate Maltese exchange. At the time of writing, this service has not yet been activated, but word has it that it will be up and running before the end of 2018. Until then, you will have to follow the next steps.
Trading with Binance
Until the fiat to crypto service is launched, traders need to buy Bitcoin or Ethereum from another exchange before they can start. One of the most popular options is to use Coinbase which offers fiat to cryptocurrency exchanges and has both Bitcoin and Ethereum. Although, you can use any exchange that you prefer.
After you’ve bought Bitcoin or Ethereum you need to transfer the cryptocurrency to your Binance account by using the key associated with your account.
Be aware that cryptocurrency transactions can’t be reversed, so you need to be sure you use the right key.
As soon as you have the Bitcoins on your Binance account, you can start trading. At first, Binance’s back-end can feel confusing and overwhelming, but the truth is that it’s easy to invest using Binance. In fact, compared to other cryptocurrency exchanges, the process on of buying and selling cryptocurrencies is much easier on Binance. Many consider Binance the most beginner-friendly exchange out there, and we agree.
To trade cryptocurrencies on Binance you use the buy and sell features in the main window. All you have to do is type in which cryptocurrency you want to buy, how many coins you want, and then click buy. You can also decide to buy by using a set amount of your available funds, for example, 10, 25 or 50%. It’s as simple as that.
Selling is done in the same way using the Sale-window instead of the Buy-window.
Before you start trading, you need to educate yourself on which cryptocurrencies are the best, and you should definitely spend the time learning how to read Binance’s charts and learning how to analyze assets.
Don’t invest without the proper knowledge and remember that your funds are always at risk – the cryptocurrency market is the most volatile market in the world.
Binance’s Selection of Cryptocurrencies
The next question you’re probably asking is what you can trade on Binance, and that is a very good question.
Today, Binance has one of the most extensive selections of assets of all exchanges. There are literally hundreds of available cryptocurrencies and new ones are constantly being added.
To see a full list of all the cryptocurrencies on the market you can check out our list of cryptocurrencies here. Or you can go to our cryptocurrency section and learn more about the market and individual digital assets.
You also have the option of investing in selected ICOs and other crypto related projects on the Binance LaunchPad platform.
Now, there is one cryptocurrency that is unique to Binance and it’s called the Binance Coin.
Binance Coin (BNB)
The Binance Coin (BNB) is the native cryptocurrency of the Binance platform. It’s a classical ERC-20 asset based on the Ethereum blockchain and it fills several features.
BNB was launched in July 2017 through an ICO, and most of the money raised from that ICO was used to get the exchange up and running for marketing and other expenses.
One of the main purposes of Binance Coin is to pay for fees on the Binance platform (more about that later). Binance Coin is also a great asset that provides good investment opportunities, and it can be used to invest in ICOs on the Binance LaunchPad.
In the beginning, BNB was only available on the Binance exchange, but it has since spread and is now offered by other services. For example, several online retailers have lately started accepting it and it has support from several of the most popular cryptocurrency wallets.
Binance Coin is a very popular cryptocurrency, and it has been ranking as one of the top 20 largest cryptocurrencies based on trading volume for a long time.
Setting up a Binance account is fairly straightforward. All you have to do is:
- Visit Binance.com
- Click the register button
- Fill in your personal information
- Create a password
- Push register
You will now have to complete an easy verification puzzle to verify that you are a human. After that, you will be sent an email to verify your account and then you’re done.
You are now ready to start trading on Binance.
Also, don’t forget to set up a 2-step verification to keep your assets as safe as possible.
Compared to other trading services, the account set up is very easy on Binance and that is mostly due to the lack of regulation. However, we do expect the process to get more complicated and extensive as soon as the exchange launches their crypto to fiat service.
Binance Verification Process
By following the steps above, you will be able to trade using Binance, but you will be limited to withdrawing 2 BTC (or equivalent) every 24 hours. In order to lift that limit, you need to verify your identity.
To be verified on Binance, you have to provide your full name, country, and gender as well as a photo of your passport, national ID or driver’s license, and a selfie with the ID.
Binance Referral and Invites
Binance has a very popular referral program that we suggest you check out. Every registered account gets a private link and a QR code that you can send to your friends to invite them to the platform.
If your friend uses your code to sign up you will be paid for each of their trades. The rate you are paid often changes, but it fluctuates between 20 and 40 percent which is really good especially if you invite people that actively trade. Using the Binance referral program is a great way to earn a little extra from your trading.
Binance has a pretty easy setup for fees. Deposits are completely free on the Binance exchange so you don’t have to worry about that. The general trading fee is 0.1% for all transactions and the amount is based on your trading volume in 30-day periods.
It is worth noting that if you’re keeping BNB on your account, all fees will be taken from that balance and fees paid with BNB are 25% less than when you pay using other assets.
Binance Deposit Fee:
None. It’s is free to deposit assets to Binance.
Binance Withdrawal Fees:
The Binance withdrawal fees are not fixed and they differ from asset to asset. Also, the fees are not controlled by Binance but by the blockchain of the
cryptocurrency that you are withdrawing. Because of this, we advise you to always double check fees before you withdraw assets from Binance and make sure you understand how the system works.
The Binance Exchange Platform
You can access the Binance Exchange in a few different ways. The most common way of using Binance is through the website and the online version of the exchange. This is accessed by logging in to your account via your browser.
Binance Desktop App
Shortly after the exchange was launched, a Binance desktop app for Windows was launched. This desktop app can be downloaded to your Windows computer and offers one of the smoothest trading experiences in the industry.
In early 2018, Binance also launched a desktop app for Mac computers, and it is equally as good as the Windows version.
Mobile Trading with Binance
If you need access to your assets on the go, you can use the Binance mobile app. The trading app can be downloaded to Android and iOS devices from the respective app stores.
This is a practical feature that lets you keep an eye on your investments wherever you are, but we have to be honest with you. We have tested and used plenty of mobile trading apps in our days, and the Binance mobile app is far from the best. Often times it’s very slow, it keeps crashing, and it’s just a bit complicated to use.
Some users seem to be very happy with the app while others agree with us so we’ll let you be the judge. Just remember that we suggest you use the Binance desktop app for the best experience.
Have you run into an issue while using Binance or do you have a question about the service that you can’t find an answer to in this Binance review? Then you can contact Binance support.
The easiest way to contact Binance is via their online chat (https://binance.zendesk.com.) or by emailing [email protected] You also have the option of submitting a ticket on the support page.
For questions that are not related to your private account or sensitive information, we recommend Twitter since the support team tends to be very quick at answering on the platform.
In addition to this, Binance provides a very comprehensive FAQ where they provide answers to the most commonly asked questions. Most of the questions are clearly written with image examples, and the FAQ has been designed in a very accessible format.
A major part of the Binance customer service is a section with announcements and the latest Binance news. Here the support team posts all the latest information about the platform as well as updates they perform. In our opinion, the Binance news section is a very useful resource.
For even more Binance news we recommend our own news section. There we cover all the most important trading news related to everything from cryptocurrencies to stock trading and more.
Summary of our Binance Review
Not only is Binance the largest cryptocurrency exchange in the world based on daily trading volumes, but it is also one of the most practical ways to trade cryptocurrencies.
The exchange is well-designed, user-friendly, and it is going to get even better as soon as their fiat to crypto service is ready.
With that being said, the biggest advantage is the huge range of available assets and the fact that Binance supports a lot or Airdrops and ICOs via their LauchPad.
Cons of Binance:
The only two cons of Binance that we can think of is that the mobile app is subpar, to say the least, and the fact that their charting tools can feel limiting, especially for experienced traders. Other than that, Binance is an excellent choice for every trader regardless of one’s previous experience trading cryptocurrencies or other instruments.