When it comes to investing in cryptocurrency, choosing exchanges wisely is essential. Not only will this ensure the safety of your crypto but also grant you access to diverse projects. With crypto becoming an increasingly popular investment strategy around the globe, there are now more exchanges than ever.
This variety is great for investors and the market… but it can make choosing an exchange a daunting task. With more than 490 crypto exchanges available according to CoinGecko, navigating the world of crypto is not easy for newcomers. For this reason, many beginners are discouraged from investing in crypto.
There are many aspects that need to be considered when choosing a crypto exchange.
Some of these aspects include:
- Fee Structure
- Purchase/Withdrawal Methods
- Supported currencies (Fiat and Crypto)
In this Binance review, we will be telling you everything you need to know about this exchange when it comes to these aspects. Once you are done with this review, you will understand what makes Binance one of the most popular cryptocurrency exchanges in the space… and if it is the right fit for you!
If you are reading this Binance review without having a good understanding of what crypto is and how it works, reconsider. We suggest you check our article on blockchain and crypto to understand it before reading further.
If you already know what crypto and blockchain are, as well as have an idea of what cryptocurrency you are interested in trading… It’s time to get on with the Binance review.
What Is Binance?
Binance is a cryptocurrency exchange founded by Chinese-Canadian crypto entrepreneur Changpeng Zhao in 2016.
Ever since its launch, Binance has been one of the most popular cryptocurrency exchanges in the world. At the time of writing, it surpassed all other exchanges in the number of visits with 150 million per month according to CoinGecko, compared to the 15 million visits per month of Coinbase.
The exchange has also had the highest trading volume of any exchange, setting the record at $80 billion back in January of 2020. When you also consider it offers support for over 1200 trading pairs… You can see why Binance is one of the go-to options for many.
But Binance has not limited itself to providing crypto trading services. The platform also has some of the most comprehensive catalogs of crypto features. If you want to trade, stake, get a crypto loan, or collect Non-Fungible tokens, Binance has it all.
How Secure is Binance?
Binance is widely considered a safe exchange by most cryptocurrency traders. Features like Two Factor Authentication and email code verification are mandatory for processes like logging in, trading in the P2P market, and withdrawing crypto.
This is a reflection of how concerned the company is about the security of its accounts.
Binance also has a reserve fund by the name of “Secure Asset Fund for Users” (SAFU). Originally introduced in 2020, this fund is designed to help cover losses in case of a security breach.
However, while Binance is one of the safest exchanges out there, it was hacked back in 2019. This attack resulted in more than 7k Bitcoins being stolen. However, the losses were easily covered by the SAFU, preventing affected users from actually losing any money.
Another popular exchange, KuCoin (which we compared to Binance in this article), was also hacked in a similar fashion which is why it is not recommended to keep your crypto in an exchange’s wallet.
As such, we always recommend the use of Third Party wallets in all of our guides.
What Features Does Binance Offer?
As we said before, Binance offers a variety of features that are likely to cover the needs of most of its users. While you are not likely to use all of these features if you are a beginner, it is good to have the option to use them as you gain experience.
These are some of the features offered by Binance:
- Buying Crypto with Debit or Credit card.
- Buying crypto with third-party payment methods.
- Buying crypto using the P2P market, which supports more than 150 payment methods.
- Crypto Spot and Futures Markets.
- Margin trading.
- Stock tokens trading.
- Futures Trading.
- Binance Debit Visa Card.
- Vanilla options trading.
- Futures Battle Trading.
- Binance Earn: Staking.
- Pool Mining.
- Crypto Loans.
- Liquid Swap.
- Binance Pay: Pay and receive payments with crypto.
- NFT MarketPlace
As you can see, Binance has a wide variety of features that is constantly expanding. The major benefit of this variety is the diversification of the use of your crypto. You are not limited to just buying, holding, trading, and selling crypto… You can use it to generate passive income or gain access to financial services too.
How Good Is Binance Customer Support?
One of the major benefits of using a centralized exchange like Binance is access to customer support. The support team is not only there to help users fix issues but they also assist with a variety of processes such as identity verification.
With FAQ, a Beginner’s guide, API documentation, API documentation, and community forums, chances are you won’t need to contact them most of the time. However, if you find yourself unable to find the information you are looking for in any of the several resources provided, you can contact them via a ticket.
Ticket resolution time is not lightning-fast and can take several hours to be replied to, which is not uncommon for big exchanges. However, these slow reply times can be frustrating to many users… As such, if you find yourself in the need of contacting them, make sure to provide comprehensive information and be patient.
On average, most users are satisfied with the customer support provided by the exchange. However, as is often the case, time will vary depending on the season and interactions can be a hit or miss.
Does Binance Charge Fees?
Binance generates most of its gains by charging fees for different services. However, the main 3 aspects you need to keep in mind are deposit, trading, and withdrawal fees. The first is inexistent, as Binance doesn’t charge any kind of fees for realizing deposits to your account or wallet.
Trading fees apply for all trades in which you don’t use BNB (Binance’s cryptocurrency) to pay for the trading fees, with the standard trade fee being 0.1%. If you use BNB, you will get a discount on your trading fees of 25%.
Last but not least, withdrawal fees are entirely dynamic. This means they are adjusted automatically depending on the market’s activity. You can check the current fees here.
Is It Free to Use Binance?
Yes! It is completely free to use Binance. You do not need to pay to make an account. All you have to do to make an account is visit Binance and click sign up.
What Purchase/Withdrawal Methods Does Binance Support?
Buying cryptocurrency using Fiat is probably the most important service a cryptocurrency exchange can offer. In fact, this is one of the main reasons why centralized exchanges continue to thrive in recent years… They are effectively the gatekeepers to the crypto world.
With Binance you can buy cryptocurrency using debit or credit card, which are some of the most popular methods. However, it is also possible to use a bank deposit via a wire transfer to buy crypto or third-party payments such as Skrill and Western Union.
Withdrawals can be done in two ways: You can withdraw your crypto to an external wallet or withdraw your fiat balance. Your crypto can be transferred to a wallet with support for any of the networks supported by Binance, which will depend on your coins.
Fiat withdrawals can be done via credit or debit card (if your provider supports it), cash transfers, and bank transfers. If none of these methods work for you, you can use the P2P market to use any of the other 150 methods.
What Currencies Are Supported By Binance?
Binance offers support for more than 330 currencies at this time. That is 1208 pairs! Ethereum, Bitcoin, Solana, Polkadot, Binance Coin, XRP, Tether, Metal, Cardano, Kusama, Avalanche, Doge, Filecoin, Fantom, Serum, VeCHain… If you are looking to invest in a well or moderately-known cryptocurrency, you will likely find it at Binance.
When it comes to fiat, Binance is also a solid option. Some of the fiat currencies supported by Binance are AED, AUD, AZN, BGN, CAD, CHF, CLP, COP, CZK, DKK, EUR, HKD, HRK, HUF, IDR, ILS, ISK, JPY, KES, KRW, KZT, MXN, NGN, NOK, NZD, PEN, PHP, PLN, RON, RUB, SAR, SEK, THB, TRY, TWD, UAH, UGX, USD, UYU, VND, and ZAR.
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