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Founded in 2017, Binance is one of the largest global cryptocurrency exchanges in terms of daily trading volume. It prides itself on having over $65 billion in average daily volume and an excellent support service team in over 40 languages. As one of the world’s leading blockchain ecosystems, Binance is trusted by millions of global traders.
As professionals in the cryptocurrency landscape, we aim to provide traders and investors with unbiased exchange reviews. For this reason, we decided to test Binance. We explored its platform to understand everything about it. Our Binance exchange review below explains our findings, from fees and available tokens to overall performance and security measures.
In This Guide
Why Binance
Binance caters to over 169 million registered clients across over 180 global countries. Undoubtedly, the exchange is loved by many, but like any other exchange, it might fall short in certain areas.
See below the Binance pros and cons we discovered so you can decide whether it is worth investing with.
Binance
✔Lists over 350 cryptocurrencies
✔Supports copy trading
Pros & Cons
Pros
- Lists over 350 cryptocurrencies to explore
- Low cryptocurrency trading charges
- Numerous trading options and order types
- Operates seamlessly on desktop and mobile devices
- Supports copy trading, allowing users to socialize and copy potentially profitable trades from the experts
- Seamless investment activities on both desktop and mobile devices
Cons
- It does not accept clients from certain states like New York, Texas, Alaska, and more
- Has a hacking history
- Its support service response rate via email can be improved
Cryptocurrencies Available
The crypto market is volatile, meaning you must be strategic and have a solid plan to maximize your potential. Also, understand the digital token you want to invest in and have a suitable exchange in your corner.
At Binance, we explored over 350 cryptocurrencies, which are available to trade on spot, margin, and futures market. Some of the most popular options include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- USD Coin (USDC)
- Ripple (XRP)
- Dogecoin (DOGE)
- Cardano (ADA)
- Shiba Inu (SHIB)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
The best element about investing in cryptocurrencies with Binance is that you can make purchases using your already-owned digital token or fiat currencies. Unfortunately, the exchange supports limited fiats for transactions. These include USD, GBP, EUR, CAD, NZD, AUD, and more. Depending on your region, you can also trade numerous cryptocurrency pairs.
Security
Binance prides itself on safeguarding its platform with strict protocols and industry-leading technical measures. While exploring the exchange, we discovered that data transit is protected via end-to-end encryption. This allows only users to have access to their personal data. Moreover, we participated in the Know Your Customer verification procedures. The process is meant to verify all users’ identities, thus keeping away imposters with malicious intentions.
Besides ensuring your data remains safe, Binance advises its users to practice strict account sign-in protocols. You should use 2-factor authentication to prevent unauthorized access to your account. Additionally, use cold storage to secure your tokens, and if you prefer hot storage, ensure they are highly reputable.
Overall, Binance will send you email notifications should there be any suspicious activities in your investment account. To limit your chances of getting hacked, it is best to restrict your account to unwanted third parties.
Fees
We signed up for investment accounts at Binance, and there were no registration charges. The exchange also does not have a minimum deposit requirement, thus allowing us to get started with any amount of money we could afford.
We analyzed Binance’s fee structure and concluded that it is among the most affordable cryptocurrency exchanges we have tested. Its maker and taker fees are low, but this depends on the trading volume and Binance Coin balance. Simply put, higher-volume trades are subject to low trading fees.
Regarding transactions, Binance does not charge deposit fees for cryptocurrency deposits. However, investors will incur withdrawal charges depending on the crypto token they use to transact.
You can also transact using fiat currencies at Binance. While some currencies do not attract deposit fees, others do. For instance, you will pay a 0.65% deposit fee when you make deposits using the AED currency via online banking. Withdrawal charges on fiat currency transactions also apply depending on the currency you transact with.
Payment Methods
We noticed that Binance supports multiple payment methods for deposits and withdrawals on its P2P platform. However, some of these options might not be available in your region. It is essential to confirm availability to ensure you have an exciting trading or investment experience.
That being said, here are some popular options for transacting at Binance.
- Bank transfers
- Paysera
- Skrill
- Visa and Mastercard debit/credit cards
- Postepay
- Neteller
- International wire transfers
- Western Union
- Google Pay, and more.
As noted above, you can transact using cryptocurrencies and fiat currencies at Binance. Therefore, ensure you select what works best for you. You do not want to end up incurring currency conversion fees, thus affecting your budget.
Customer Service
Binance has a reliable 24/7 support service to contact via live chat and email. We contacted the team and met its chatbot on the live chat channel. The bot tried to give us answers to all the questions we raised, but we must confess that it was not to our satisfaction. Fortunately, we got hold of its team member, who guided us through everything we needed to know before embarking on our cryptocurrency investment venture.
We also emailed Binance, and the response rate was not as prompt as other exchanges we have tested. The good news is that we were redirected to its FAQ section to get quick answers to some questions we raised. This helped us easily solve our issues and dive back into our investment ventures. You will get quality assistance whether you are looking for answers on how to verify your account, unlock your account, reset your password, or more.
How to Open a Binance Account
As a beginner in cryptocurrency investing, we understand you may be skeptical about making your first investment move. Do not fret, though, as the process for opening an investment account at Binance is straightforward. Simply follow the procedures below to get your account up and running. The process will only take a few minutes to complete.
Step 1: Visit Binance
Step 2: Register an Account
Step 3: Verify Your Email and Identity
Step 4: Make a Deposit
Step 5: Invest
To create an investment account, you need to visit Binance’s official website. With many fraudsters in the market, we encourage you to click any of the links we have shared here for quick access. Start by reading and accepting Binance’s terms of service to avoid future inconveniences. Also, install its app on your mobile device to efficiently manage your positions while on the go.
Click the “Sign Up” button to begin the account registration process. Binance will require you to share your email and password to secure your investment account. Always keep your password a secret and enable two-factor authentication measures for added safety. You can also create an investment account using your Apple or Google account.
Binance will send you a unique code via email, which you will use to activate your investment account. You will also participate in the Know Your Customer verification process. Here, you will share a copy of your ID card, unexpired driver’s license, or passport. The exchange will also require you to share a selfie photo.
Note that verification does not stop there. Binance encourages this procedure from time to time. Therefore, share accurate documents and photo to avoid getting into problems in the long run.
With your fully verified investment account, you are free to make a deposit. Remember, Binance has no minimum deposit limit, and you can deposit any amount within your means. Plus, the exchange allows transactions using multiple methods, including credit/debit cards, bank transfers, and cryptos. Choose a convenient method and be mindful of any transaction costs.
Binance will confirm your deposit and redirect you to its platform, where all cryptocurrencies are listed. Choose the token you are familiar with and apply solid strategies to maximize your potential in this activity. Moreover, apply risk management controls such as stop limits to mitigate any massive losses in case a trade doesn’t work out as expected.
Final Thoughts
We hope this Binance review has helped you decide whether the exchange is worth investing with. Based on our exploration, it is perfect for any cryptocurrency investor, whether new or professional. The exchange offers numerous cryptocurrency investment opportunities at low rates and plenty of learning resources for beginners. We also like that it has its own NFT marketplace, where you can explore different types of tokens from creators around the globe.
Additionally, Binance users will enjoy an OTC marketplace and TradingView, a third-party platform. And although the exchange might be suitable for you, this is not a sure-fire way to success. You must be strategic and know when to make a move to increase your chances of executing potentially successful investments.
Invezty Rating:
✔Lists over 350 cryptocurrencies
✔Supports copy trading
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Risk Warning
Invezty is not an investment advisor. Please do your own research before making any investment decisions.
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