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Binance

Binance Review

Malta-based Binance is an excellent exchange for seasoned crypto traders looking to move cryptocurrencies at a low cost. It has some of the lowest fees in the industry, while its platform is capable of handling a large volume of trades without suffering a significant slowdown in transaction times. It doesn’t offer fiat currency trades, but it does list over 100 cryptocurrencies, giving customers plenty of choices.

General info

  • Web address: Binance
  • Support contact: Link
  • Main location: Malta
  • Daily volume: 102665 BTC
  • Mobile app available: Yes
  • Is decentralized: No
  • Parent Company: Binance Holdings Limited
  • Transfer types: Credit Card, Debit Card, Crypto Transfer
  • Supported fiat: -
  • Supported pairs: 434
  • Has token: BNB
  • Fees: Very Low (Compare rates)

Pros

  • Very low fees
  • Easy to use, quick trading times and mobile app
  • Wide range of cryptocurrencies, large trading volume

Cons

  • No fiat currency pairs
  • No phone for customer support
  • Binance is secure yet remains secretive about its fund storage methods

Screenshots

Binance Fees

Depositing funds is entirely free with Binance. It is, however, a slightly different story with trades and withdrawals, although these remain among the cheapest in the crypto industry.

Binance takes a 0.1% cut of every trade that takes place on its platform, making it one of the cheaper crypto exchanges on the web. For example, Coinbase Pro charges 0.25% for any trade less than 6,792.37 BTC in value, while Bitstamp charge 0.1% only if your trade exceeds USD 20,000,000 in value.

Trades can be made even cheaper if the user has a sufficient amount of average trading volume during 30 days and Binance native (BNB) coins.

Binance fees review
Binance maker and taker fees per tier.

With withdrawals, Binance still offers remarkably good value for money, although fees vary from cryptocurrency to cryptocurrency. An example of the fees for some of the more popular coins is shown below:

CoinMinimum WithdrawalFee
Bitcoin (BTC)0.002 BTC0.0005 BTC
Ethereum (ETH)0.02 ETH0.01 ETH
Litecoin (LTC)0.002 LTC0.001 LTC
Monero (XMR)0.1 XMR0.0001 XMR
Ripple (XRP)22 XRP0.25 XRP

To put this in some perspective, Kraken and Bittrex both charge a 0.0005 BTC withdrawal fee, while Bitfinex and HitBTC charge 0.0004 BTC and 0.001 BTC respectively.

Up until recently, Binance was a crypto-to-crypto trading platform only, so it was not suitable for traders looking to buy bitcoin or ethereum using US dollars or euros. Now it also supports credit card purchases of BTC, ETH, LTC, XRP, and Bitcoin Cash for a relatively low fee of 3,5% per transaction or minimum of $10 (whichever is higher). The platform accepts both Visa and MasterCard cards.

This makes Binance one of the cheaper exchanges out there.

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Background

Binance is one of the newest major crypto exchanges around, having been launched in China as recently as July 2017. Despite being the new kid on the block, it has a fine crypto pedigree behind it: founders Changpeng Zhao and Yi He had worked previously at OKCoin exchange, while Changpeng had also been a member of the Blockchain.info wallet team since 2013.

And even though it was launched only in July 2017, it became the largest in the world in terms of trading volume within six months. It remains near the top today, something which can be put down to its ease of use, its responsive ability to handle a large number of transactions, and its availability in English, French, German, (simplified and traditional) Chinese, Spanish, Russian, and Korean.

In 2019, the exchange has once again proven its leadership in the space, leading such trends as Initial Exchange Offerings (IEOs), delisting Bitcoin SV (BSV), launching its own chain and decentralized exchange Binance DEX.

Security

Security at Binance is generally sound, although the exchange has experienced a major hack in May 2019.

Binance encourages users to enable two-factor authentication (2FA) using either Google Authenticator or SMS authentication. Besides, users have an option to whitelist addresses and set up an anti-phishing code. It also has a fairly extensive security FAQ in its support section, where it advises its users on how to guard against phishing attempts and personal security lapses. Every withdrawal from Binance must be confirmed by email.

As such, Binance boasts of employing state-of-the-art artificial intelligence (AI) risk control solutions that use identity and facial recognition, big data analytics, and cyber forensic investigations to monitor each movement that takes place on the exchange scanning for suspicious activities.

That said, recent events have shown that Binance can respond quickly to significant threats, and protect customers funds. For example, in March 2018, criminals managed to use phishing to hack into the accounts of numerous users, whose funds were inexplicably sold off in order to purchase the Viacoin (VIA) cryptocurrency. However, despite this, Binance was able to systematically identify and reverse all irregular trades, meaning that the only people to lose money were the hackers.

Besides, in July 2018 Binance started a Secure Asset Fund for Users (SAFU) and allocates 10% of all trading fee revenue there. In case of a successful attack, it is used to cover user loses.

Binance had experienced its first major hack in May 2019 when hackers managed to obtain a large number of user API keys, 2FA codes, and other potentially harmful info. Around 7000 BTC worth $40 million at the time were stolen. However, the lost funds will be reimbursed using the SAFU fund.

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Usability

Usability is one of Binance’s key strengths. Its website and trading pages are easy to navigate and understand, with trading options and screens clearly laid out. It even provides the possibility of moving between “Basic” and “Advanced” trading screens, so that more experienced traders can benefit from having more information (such as user funds) contained on a single page.

Verification is also fairly straightforward and quick, with Binance responding promptly to the submission of verification documents. That said, taking a selfie while holding up an ID document and a piece of paper with “Binance” and the date written on it is a very tricky maneuver.

As for customer support, it should be noted that Binance doesn’t offer a phone number for customers to call with their queries. This can make Binance a little less responsive than other exchanges, and while their online support system is often quick, it can get bogged down a little during periods of peak demand.

And finally, Binance scores extra usability points because it offers a mobile app for iOS and Android.

Deposit/Withdrawal Methods

Given that Binance offers only crypto-to-crypto markets, all deposits and withdrawals involve moving funds to and from external crypto wallets (except for credit card purchases).

Despite this limitation, deposits and withdrawals are a speedy process on Binance. Customers hover over the “Funds” dropdown menu, click the “Deposits” option, for example, and then type in the desired cryptocurrency to receive a Binance wallet address into which they can deposit it.

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Summary

  • Web address: Binance
  • Support contact: Link
  • Main location: Malta
  • Daily volume: 102665 BTC
  • Mobile app available: Yes
  • Is decentralized: No
  • Parent Company: Binance Holdings Limited
  • Transfer types: Credit Card, Debit Card, Crypto Transfer
  • Supported fiat: -
  • Supported pairs: 434
  • Has token: BNB
  • Fees: Very Low (Compare rates)

Changes

DateExchangeEventCoin
2019-05-23 Binance Listed Theta Fuel (TFUEL)