Binance is one of the most renowned Cryptocurrency exchanges where traders and Crypto enthusiasts can buy, sell and exchange Crypto assets at a low cost. The company was founded by Changpeng Zhao in 2017.
Before opening as an Exchange, Binance raised money through an Initial Coin Offering (ICO). The ICO is similar to crowdfunding, where people invest in helping a company to start.
Since its founding in 2017, Binance has gone on to hit more than $1 billion daily trades through the exchange.
+ Online wallet
+ Low fees
+ 330 + Cryptos Supported
– Not the easiest for beginners
Binance Currencies and Payment Methods
If you are looking for flexibility in available instruments and payment methods, Binance would be a good choice. During our Binance Crypto exchange review, we have found four types of payment methods and more than 100 trading instruments.
The four types of payment methods should be able to cover most user needs. One great benefit is that you can buy cryptocurrencies even if you don’t have a Debit/ Credit Card. Let’s have a look at Binance payment methods in detail:
You can deposit 18 fiat currencies through the bank deposit method. Therefore, if your country’s currency is on the list, a direct bank deposit would be the best option. This option is particularly for users who want to make large transactions at a time.
If you want to deposit in Euro, you can do it with the Euro SEPA method, bank card, and iDEAL. On the other hand, you can do it through SWIFT and SEN for a USD deposit. Also, there are PayID/OSCO for Australian Dollar deposits and Faster Payment/ Bank Card for GBP deposits.
You can easily make payment with any Debit/Credit Card in 45 currencies through VISA and MasterCard channels. You can buy 24 Cryptocurrencies through Debit/Credit card payments like Bitcoin, Ethereum, Litecoin, Ripple, Cardano, etc.
It is the easiest method to make a payment through Binance and does not require a high deposit.
Binance P2P Trading
P2P trading creates a network between buyers and sellers where you can both buy and sell cryptocurrencies.
In P2P trading, you can buy cryptocurrencies from sellers who want to exchange them for fiats. This method supports 68 fiat currencies from different countries.
Binance also allows other methods such as Simplex, BANXA, and Paxos for third-party payment.
Overall, Binance has a wide range of payment processors; so traders across the globe can be involved in crypto trading. If we compare it with other Crypto exchanges in this regard, it is the standout performer.
Moreover, in P2P trading, users can dispute any discrepancies during the fund transfer. We have gone through the dispute process and found it adequate but worth noting that it is time-consuming.
Binance Safety and Security
Binance security can now be seen as high, however, there was a significant hack in May 2019. During that time, the company lost more than 7000 BTC as compensation for its Secure Asset Fund for users’ commitment. This incident created questions among people, is Binance safe or not. However, after that incident, the company increased the security feature and initiated the Universal 2nd Factor (U2F) authentication.
Moreover, Binance implemented the widely-used two-factor authentication method using the SMS and Google Authenticator. Furthermore, Binance ensured maximum safety by implementing the Whitelist feature where traders can whitelist addresses and set up an anti-phishing code. Additionally, while you make and withdraw, you should confirm it through an email.
In 2021, Binance started using AI in its risk control solutions in its facial recognition, data analytics, and cyber forensic investigations. Binance also announced that it could protect clients’ funds from any types of significant threats. For example, Binance identifies irregular transactions while purchasing the Viacoin (VIA) Cryptocurrency in March 2018.
Binance implemented Asset Fund for Users (SAFU) in July 2018 and allocated 10% of the trading fee revenue. So that if any successful hack happens again, Binance would be able to cover the loss.
All in all, Binance is a secure exchange, but it is tough to ensure the funds’ safety from any regulated authority like forex and stock exchanges. However, during our Binance Cryptocurrency exchange review and comparison with other brokers, we found Binance a trustworthy platform in terms of safety and security. Furthermore, during the Binance app review, we have seen the same security features as the web platform.
Binance Fees and Limits
During our Binance review, we have found Binance as a low-cost broker, but its charges are not the same for all users. While trading, you have to incur 0.1% on every trade as a charge. Therefore, if you buy 1 ETH, you have to pay 0.001 ETH to Binance.
When you make a deposit, you don’t have to pay any fees. However, like other exchanges, you have to pay whenever you try to make a withdrawal. The withdrawal fees are not the same for all Cryptocurrencies and payment methods. The details about the Fees on deposit and withdrawal are mentioned in the Binance Fee Schedule.
On the other hand, the trading fee changes with the VIP level, where you have the lowest trading fee in the VIP 9 level. However, to achieve this level, you have to make more transactions with Binance.
Overall, no fees on deposit, minimum fees on withdrawal, and changes of trading fees with trading activities are attractive features of Binance. We have monitored these fees and found them lower compared to the other Exchanges.
There is no limit on deposits so that you can deposit any amount you want. However, when you try to withdraw, make sure that your account is verified. Without verification, you cannot withdraw any amount that is worth more than 2 BTC. While in verification, you have to show your identity verification documents, like a Passport or National ID Card.
Binance Review – Services Offered and Customer Support
The core product of Binance is the cryptocurrency exchange, where you can easily exchange Fiat to Crypto or Crypto to Fiat at a minimum cost.
Buy Crypto (Fiat/P2P)
This is the most used service from Binance. It allows you to easily buy or sell Cryptocurrencies with fiat.
In fiat currencies, people from more than 45 countries can now buy cryptocurrencies through bank deposits, Credit card payments, and e-currency payments. If you are enthusiastic about Cryptocurrency, you can buy through this platform and get an automated wallet with many withdrawal methods.
Binance Futures, Margin Trading, and Options
With Binance, you can trade with leverage, wherein spot trading, you can get a maximum of 1:3 leverage, and in futures trading, you can get 1:125 leverage. In Binance margin trading, Binance is lending you extra money for its 1:3 leverage position, and it charges a 0.1% trading fee.
Binance offers Margin Trading, where you can buy a contract representation of a commodity. However, the major difference between the Binance Futures and the traditional futures is that in Binance futures, there are no expiry dates.
Binance also offers options trading, as the perpetual contract. In this contract, traders can execute the contract with an appropriate expiration time from 1 minute to 1 day.
Binance offers financial services to all verified users so that users can easily access some services that are very rare to find in one place.
In Binance saving, you have to stack assets for short or long and get 1% to a maximum 15% annual yield. Moreover, in Binance staking, you can stake nine cryptocurrencies, and its annual yield starts from 1% to 16%.
Binance Debit card is another core product of Binance. Using this, you can purchase crypto’s worldwide like a traditional bank card.
Binance Customer Support
Binance made customer support straightforward by implementing extensive support sections. In this section, you can get most of the answers that you are looking for. The answer in their FAQs provides explanations and inter-links well to other relevant questions to solve your query.
The website is available in 34 different languages so that they can ensure maximum flexibility on accessing the platform. Moreover, we found Binance support teams active in its official Telegram, Facebook, or Twitter groups.
Binance Supported Countries
Binance focuses on the maximum number of countries to keep under its network. People from more than 180 countries can currently purchase Cryptocurrencies through their Debit /Credit Card through Binance. Natively Supported Fiat Currencies are mentioned on the Binance website too.
Moreover, you can use more than 40 Fiat currencies while buying Crypto through Binance.
However, some countries have some restrictions, so users from Belarus, Brazil, Canada, Congo, Crimea, Cuba, Iran, Iraq, North Korea, Sudan, Syria, and Zimbabwe can’t get any service from Binance.
Binance is one of the world’s largest Crypto exchanges on a truly global scale. As such, it offers what is likely to be the best range of Cryptos to buy or sell, and a wide range of payment methods too. The other feature that adds to Binance’s popularity is its low fees; certainly useful for users with a high volume of transactions. The catch is that Binance is not the easiest of platforms for beginners and other options provide more intuitive interfaces. Binance has recently created “Binance Lite” to help the newcomers to (Crypto) trading though.
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At Complete Crypto we hear many questions on exchanges and have sourced the most common ones here to help you
Binance users (and potential users) most commonly ask these questions about the platform
Is Binance safe?
Binance is a safe Cryptocurrency exchange in terms of security and funds safety. Binance has taken additional and further actions on security since a hack in May 2019; with 2FA and enhanced security levels now.
Can I store my Cryptos in Binance?
Yes, you can store Cryptos in Binance. At Complete Crypto we do recommend that the safest place to store Cryptos is in a hardware wallet.
How do I get my money out of Binance?
There are several ways to get money out of Binance like- direct bank transfer, Credit/Debit Card withdrawal, P2P Trading, etc.
How long do withdrawals take from Binance?
Withdrawal through Cryptocurrency depends on the activity of Blockchain, wherein bank and Credit Card withdrawal requires a maximum of 7 days complete.
How high are Binance's fees?
With a varied range of deposit, payment, and withdrawal methods, the fee breakdown is quite complex. Generally, Binance fees are much lower compared to the other Exchanges. You can see their fees in more detail here.
How do I speak to support at Binance?
The best way is to send them a message through their official social media channels.