Binance is an international trading platform offering multiple crypto services. The platform was founded in 2017 by Changpeng Zhao and is headquartered in Malta. Since early 2018, the platform has been the largest exchange in terms of trading volume, number of active traders, services and liquidity.
Binance offers the possibility to trade hundreds of different coins, generate a passive income with staking, trade derivatives with leverage and even has its own crypto debit card. The man behind the platform, Zhao, started as a developer and was formerly part of the team that set up Blockchain.info.
Although the platform is not that old yet, the person behind it is very experienced in the field of cryptocurrency and finance. In this Binance review we dive deeper into the platform, take a look at the services and explain how you can trade on Binance.
First impression of Binance
Our first impression of Binance is that it offers many different services and emphasises the adoption of cryptocurrency by different means. At a glance, it becomes clear that different payment methods (yes, also credit card and bank transfer) can be used, multiple services are offered, a long list of coins can be traded and all this via one single platform.
If you scroll down a bit, they shift the focus from the many options to the ease of using them: there is both an iOS as well as an Android app, but also an application that you can download on your Windows or Mac device.
Binance also wants you as a (future) user to understand that they are there for you. Support is 24/7 available, a blog with updates about the crypto world and a community in which an international user base discusses any crypto topic you can think of.
In this Binance review, we will tell you more about our Binance experience, what products and services they offer, what the Binance fees are and more.
Exclusive deal with Binance (20% discount for life)
Binance makes it possible to give back 0%, 5%, 10%, 15% or 20% of the commission as a promotor to traders. Most websites choose to give back 0% to 10% to their visitors. However, we give the full 20% commission back to our readers. So, create an account via our link and receive a lifelong cashback of 20% on all your spot trades.
The cashback has been successfully applied when you see the following message: Your commission kickback percentage: 20%.
Lifetime 20% Binance cashback on all fees
Why choose Binance?
- Low trading fees of 0.10% per transaction + 25% BNB discount (temporary discount) + 20% cashback on all your trades (lifetime).
- Easy payment with bank transfer, credit card or a local payment method.
- Different interfaces for beginning, experienced and professional traders.
- Extremely large offer (350+) with the highest volumes worldwide.
- Futures trading with leverage up to 100x possible.
- Generate a passive income with Binance Earn and put your coins to work.
- Spend your crypto with the Binance Card.
- Binance app for iOS and Android.
- 24/7 support.
Summary
| Offer | 350+ coins. |
| Fees | Max. 0.10% + volume tiers for extra discount.. |
| Payment methods | Crypto, Bank Transfer, Credit Card and many more. |
| Staking | Yes, via Binance Earn. |
| Built-in wallets | Yes, for all coins. |
| Insurance | Yes, SAFU fund against hacks. |
| Deals | Yes, we share 20% commission with our readers. |
| Account | Required. |
| API | Yes, automatic trading is possible. |
| Customer service | 24/7 |
| E-mail address | support@binance.com |
Binance Pros and Cons
| Pros | Cons |
|---|---|
| High brand awareness and good reputation | Higher fees for local payment methods. |
| Trading without KYC (verification) | No telephone support. |
| The team is well-known | Only English support. |
| Very large community |
Lifetime 20% Binance cashback on all fees
Binance offer
We mentioned it earlier in this Binance review that the offer of Binance is extensive. A complete overview can be found here: https://www.binance.com/en/markets.
You can buy and sell Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Chainlink via Binance. At the time of writing, the offer is exactly 218 and continues to grow. New coins are added almost every week, but keep in mind that not all projects will succeed in the future and that Binance does not attach much importance to this. If there is a demand for the coin, it is offered.
Besides the many coins you can trade with Binance, they also offer several payment methods. You can make a bank transfer, pay with debit and/or credit card but also use local payment methods of your country.
This is facilitated by an external party which offer hundreds of payment methods. Keep in mind that an ID verification is required to use this service. You also pay an extra premium to that external party.
Guide how to trade on Binance in 2021
Here we explain how Binance works and how to open a buy and sell order. It works slightly different than a broker. But with our guide, we are confident that you will quickly get the hang of it.
Deposit crypto on Binance
First of all, make sure you have an account at Binance. Your account does not have to be verified (unless you want to pay with credit card or another payment method). We assume that you want to trade crypto and are already in possession of crypto.
Make sure you are logged in on Binance.- Go to Wallet and click on Fiat and Spot (Deposits and Withdraw).
- Search the coin you own, in our example we use Bitcoin.
- Under Action, click on Deposit.
- A new Bitcoin wallet address will be generated for you.
- Make sure your deposit network is BTC and send your Bitcoin to the shown BTC address.
- After a successful deposit, you will receive an e-mail.
Make sure If you don’t own crypto yet, you can buy crypto via the Binance platform and it will be deposited directly into your Binance wallet.
If you prefer a cheaper option you can compare Bitcoin prices here.
How to place a buy order
If all goes well, you now have Bitcoin in your wallet and you can trade it for another currency. Which currency you want to trade Bitcoin for is up to you. It is wise to first research the currency you are going to buy.
The trick is to trade Bitcoin for a coin which you expect to rise faster than Bitcoin. When you exchange the coin back for Bitcoin after the rise, you will see that you have more Bitcoin. We choose Chainlink for our guide.
- Make sure you are logged in on Binance.
- Go to Trade and click Classic.
- Search the coin you want in the upper right corner, make sure you are searching for the abbreviation.
- A page will open with the order book, a chart, active orders and buy and sell widgets.
- At the bottom, you will see Buy LINK. And a little above that you’ll see Limit and Market:
- Market order: the order will be immediately executed at the current market price.
- Limit order: the order will be executed when the set BTC price per LINK is reached.
- Choose the desired order option and click Buy LINK.
You can view your order at the bottom of the page in your Order History. You will also see that when the order has been executed, your new tokens have been added.
How to place a sell order
If you want to sell the coins again, because you have made a profit or because you want to exchange them for another coin, you can place a sell order.
The trick is, in this case, to sell your Chainlink again and get more BTC out of it. This because the value of Chainlink rose faster than that of BTC.
- Make sure you are logged in on Binance.
- Go to Trade and click on Classic.
- Search for the currency you want on the top right, make sure you search for the abbreviation here.
- A page will open with the order book, a chart, active orders and buy and sell widgets.
- At the bottom, you will see the Sell LINK. And a little above that you will see Limit and Market:
- Market order: the order is immediately executed at the current market price.
- Limit order: the order will be executed when the set BTC price per LINK is reached.
- Choose the desired order option and click on Sell LINK.
At the bottom of the page in your Order History, you can view the executed order. You will also see that when the order has been executed your Bitcoins have been credited.
Binance services
Binance offers various crypto services. We have listed some of them for you:
Buying crypto with euro, dollar or any other fiat currency
There are several ways to buy crypto via Binance, including with credit card, bank transfer or any other payment method.
Please note that you will need to verify your details if you have not already done so.
Binance Earn: generating passive income
Binance Earn is a new service that Binance has added to the list. The slogan is: “Earn crypto while you sleep”.
With this service, you can earn interest with your crypto with an annual percentage. The interest rates can exceed 10%.
Within Binance Earn there are four options: Flexible, Fixed terms, Launch pool and asset management.
Binance Card
Binance Card is a service that allows you to get your own Visa Debit Card and then buy products/services with your crypto from sixty million companies worldwide.
So instead of having to convert your crypto’s to fiat money or leave it unused, you can use it in your daily life as you do with your debit card. This service is completely free and you don’t pay Binance any fees for it.
Binance Futures Trading
With Binance Futures Trading, experienced traders can go long or short on Bitcoin with a leverage. If you don’t know what that means, we advise you not to start with this. It is very risky and only suitable for experienced traders.
The advantage of using Binance to do this is that you have all your different assets in one place. On Binance you can do this with leverage of 125x.
Binance Launchpad
Binance Launchpad is a token launch pad from Binance. New blockchain start-ups can launch their new tokens here and make use of Binance’s brand awareness. Binance carries out its own research into the reliability of the start-up. This way, investors can invest early in a company that they think has potential.
However, the demand from investors is so high that a lottery has to take place to keep it fair. When you are chosen, you may buy tokens, otherwise, you may not. Depending on how much BNB (Binance’s native token) you have in your account you will receive several lottery tickets.
24/7 Support
Binance offers support in various ways. In the Support Centre, you will find a lot of information on different topics. So always take a look there because the answer to your question may be waiting there.
If you can’t find the answer yourself, Binance also offers 24/7 support. To receive support you will have to request this yourself via the website or you can use the chat function.
Verifications and limits
Fortunately, verification at Binance is not mandatory (yet). Without any verification, you can trade crypto up to a volume of 50 BTC per 24 hours. Also, you can withdraw a maximum of 2 BTC per 24 hours. If you want to withdraw more, you will have to spread your withdrawals out over a longer period.
To increase your limits, buy coins with fiat, apply for a Binance Card or join the Launchpad, your data must be verified.
At Binance there are two levels of verification: Personal and Address. The Personal Verification requires you to enter your personal information and thus increase your withdrawal amount to 100 bitcoin, as well as increase your deposit amount for local currency. Personal verification includes entering your name, date of birth and home address. To increase this limit at Binance you will need to upload a photo of your ID card or passport and take a photo of yourself. After this, you can also join the Launchpad.
After you have gone through these steps you need to be patient, because it may take some time before your application is processed. If your application has been rejected, you may try again. In total, you may try ten times every 24 hours. If you cannot do it ten times, you will have to wait a day.
After the Personal Verification, you can continue with the Address Verification. This will increase the limits on depositing fiat, but you can also apply for a Binance Card. You will need to have it physically sent to your home.
Binance fees and other costs
One of the advantages of a large platform is that they can offer their service and products at an advantageous price. This platform is no exception and the Binance fees are therefore relatively low.
The costs amount on average to 0.10% of the total amount per trade. This is low when comparing it to a competitor like Coinbase (1.49%) or a broker platform like Bitpanda (1.49%).
You can save more money when holding the Binance Coin (BNB). This is Binance’s native token and when you hold it, you get a 25% discount on your trading fees. Keep in mind that the Binance Coin discount is halved every year. All in all the Binance costs are low, especially when compared to other trading platforms.
To save more money on fees, you can use our exclusive deal. We give back 20% of the fees to our readers for life. You will receive this in the form of a cashback. Use our referral ID or click the button below.
Lifetime 20% Binance cashback on all fees
Fee calculation example: You open a trade of $1000 and you would normally pay $1 of trading fees for this. When you hold Binance Coin in your account you will receive a 25% discount, so you only pay $0.75 in fees. With our deal, you will receive an additional 20% cashback over this amount (permanently). Because of this, you pay only $0.60 in Binance fees instead of $1.
Is Binance safe?
Binance is the world’s largest trading platform and you can imagine that they are under constant attack by criminals. In the past, criminals successfully attacked the platform and hackers took 7000 BTC in a single transaction.
Certainly not a good situation for both the company and the users and the platform was immediately shutted down. However, it is good to see how such a platform deals with this. The CEO, Changpeng Zhao, immediately announced the news and was ready via an AMA to answer all questions. So the communication was very good, this is often not the case.
Also, all losses could be covered by their SAFU insurance, so no user was a victim of the attack. This already indicates how well Binance operates.
Although security is the responsibility of the platform, on the one hand, the user also plays a big role with this. These points of safety and security are also discussed in this Binance review. Take the following precautions:
- Use an unique e-mail address and a strong password.
- Activate 2FA.
- Never click on advertisements or links in e-mail messages.
- Enable an anti-phishing code when communicating.
- Withdraw funds that you do not trade with.
All in all, Binance is a very secure platform for trading, but you should always be on your guard. If a criminal gains access to your account because you did not use a strong password, Binance is not to blame.
FAQ Binance.com
What are the Binance fees?
You pay a standard fee of 0.1% per transaction. When you hold the native Binance token (Binance Coin) you can reduce the Binance fees with a 25% extra discount. When use of our promotion you get an additional 20% discount (for life).
How many coins can you trade on Binance?
At the moment you can trade almost 218 different currencies on Binance.
What payment methods are supported by Binance?
You can pay with almost all payment methods that exist, this includes credit card and bank transfer. But also local payment methods.
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