WEBSITE

www.binance.com

HIGHLIGHT

0.1% trading fees.

72%
TOTAL SCORE
SUMMARY

Binance is a global cryptocurrency platform that provides customers with access to more than 100 cryptocurrencies. The exchange is considered the most popular in the industry, despite the fact it only launched in 2017. CEO Chengpeng Zhao started the company after helping launch blockchain.info in 2013. Bnance offers an easy to use trading platform, more currency pairs than most other exchanges and a great referral program.

DETAILED RATING
Trading Fees
Deposit & Withdrawal Fees
Deposit & Withdrawal Limits
Countries Supported
Hacks
Customer Satisfaction
INFO
  • Payment Methods Visa, Mastercard, Bank Transfer
  • Coins Offered 205 different cryptocurrencies available
  • Custody Support Yes
  • Withdrawal Methods Simplex and Koinal
  • Year Founded 2017
  • Countries Supported 198 countries
POSITIVES
  • The most popular exchange in the crypto industry.
  • More trading pairs than any other trading platform.
  • New platforms offer decentralized exchange and an option dedicated to .U.S. customers.
  • Margin trading recently made available.
  • Solid customer reviews.
NEGATIVES
  • Still difficult to change fiat-to-crypto on the platform.
  • Binance was hacked for $40 million in 2019.

Launching in 2017, Binance.com is quickly establishing itself as the world’s leading cryptocurrency exchange. It’s not quite a fiat-to-crypto exchange as of this writing, but will be by October, 2019. It’s already the largest platform in the world by trading volume, making founder Chengpeng Zhao one of cryptocurrency’s richest people. The former software engineer at crypto wallet blockchain.info is just 41 years old and already considered one of the brightest business minds in the blockchain industry. His penchant for planning ahead and anticipating the future of crypto regulation is perhaps the biggest reason for that.

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Binance is obviously doing a good job earning the respect and trust of customers, given its rise to extreme popularity over just the last two years. It offers over 200 currency pairs on its main platform and even lets customers save on fees in a very unique way.

This review of Binance will cover the good, the bad, and the ugly of the exchange, detail all the fees, limits and conditions of using the platform, and get compared to all other exchanges in a comprehensive and detailed format.

The U.S.-friendly platform is separate from the original Binance. It’s called Binance U.S. and will operate in partnership with a trading company called BAM Trading Services. Users will be able to trade fiat currency for six different cryptos using the service: bitcoin, ethereum, XRP, bitcoin cash, litecoin and the tether token.

Binance Overview

Despite increased regulatory focus on the cryptocurrency industry over the last two years especially, Binance is now open for business to US customers once again thanks to its newly minted American-friendly platform. Binance U.S. and will operate in partnership with a trading company called BAM Trading Services. Users will be able to trade fiat currency for six different cryptos using the service: bitcoin, ethereum, XRP, bitcoin cash, litecoin and the tether token. It sounds like the platform will be competing directly with another popular brand in the crypto space that already serves North American customers. Coinbase.com.

When it comes to competing with crypto-to-crypto exchanges, Binance ranks above them all. With over 200 cryptocurrencies available for trading, no other platform comes close. Binance also offers traders the opportunity to save even more on trading fees just for holding Binance’s own BNB token. Although the company markets itself to crypto enthusiasts globally, the business it is licensed in the tax and business haven of Malta. Founder Chengpeng Zhao has proven himself to be a visionary in the industry given he’s managed to take over the market share of the crypto trading space in just two years. As Binance continues to dominate the market, offering trading services to countries around the world that still don’t offer favourable cryptocurrency regulations will be part of the mission.

For now, it’s quite clear that Binance’s formula for success is working and as the platform continues to try and penetrate the North American market, Binance’s dominance and overall reach will likely continue to grow.

Currencies Offered at Binance.com

In general, cryptocurrency exchanges aim to do to different things well. First, to make exchanging fiat currency for cryptocurrency as easy as registering a credit card or bank account and clicking a few confirmation buttons along the way. And secondly, to offer easy to use charting solutions next to a traditional trading platform where currency pairs and order books are the norm. It’s very rare that any exchange does both really well. In contrast to Coinbase, Binance is only now launching Binance U.S. as noted above. The platform will allow customers in the United States to buy six different currencies at launch (the site is currently promoting a pre-registration process)

For now Binance’s bread-and-butter trading platform serving everyone outside of the United States gives customers access to an impressive amount of liquidity and volume provided by the broader cryptocurrency market. There are 205 cryptocurrencies available for trading, which means there are hundreds of trading pairs available. No other exchange reviewed here at CryptoRadar comes even close to that number will all.

There are so many digital assets listed on Binance, even a crypto veteran would have trouble naming them all let alone understanding what each of the projects provide as a value proposition. To say the least, whether a customer is a beginner or deeply involved in the cryptocurrency space, there’s a crypto pair for everyone at Binance.

Other Binance Services

Binance U.S. and BUSD

As mentioned above, Binance U.S. aims to offer American crypto traders access to the same great trading capabilities that Binance has been offering the rest of the world for the last two years already. The fact that the American platform will start out trading only six different currencies might be tough to stomach at launch, but at least it will make things easier on beginners who register to use the platform.

One thing that Binance .U.S. is helping to enable is the acceptance of Binance’s new stablecoin, the BUSD. It will afford uses the same opportunity they have with other stablecoins. The ability to exit the volatility of the cryptocurrency market, without having to turn money back into fiat. Binance’s offering comes in partnership with Paxos, another cryptocurrency exchange.

The Binance stablecoin is a big deal for two reasons. Number one, it has the approval of The New York State Department of Financial Services. Garnering the support of the NYDFS means that residents of New York can use the stablecoin. New York has notoriously stringent laws surrounding the use of cryptocurrencies by both individual investors and those looking to build businesses around decentralized platforms.

The second reason Binance’s American business dealings are important is because the company is starting to launch different stablecoins on its own Binance blockchain. This will give the company more market share and make it easier for traders to stay connected to the market without completely leaving it.

Binance Lending

Binance’s lending program allows investors to earn interest on their cryptocurrency holdings without having to put their assets at risk in the volatile day today crypto market. Users can earn interest on 12 different cryptocurrencies at various annualized interest rates. The U.S. Dollar Tether lending opportunity offers users the best interest rate at 10% annually. Current Bitcoin contracts are paying out 3.25% annually. The other 10 currencies eligible for the Binance Lending platform include:

  • Ethereum Classic
  • Ethereum
  • ZCash
  • The BNB Binance token
  • USDC (another stablecoin)
  • Litecoin
  • Monero
  • Dash
  • Cardano

The redemption date of any given loan usually covers a two-week span, which means that whatever the annualized interest rate is and the being prorated to account for just 14 days. Users can’t just buy into lending whichever of the 12 cryptocurrencies they want to the platform at any given time. Binance sets an arbitrary limit for how many coins can be redeemed across all users in one lending contract. For instance, the current lending contract for Monero accepts 30,000 XMR tokens. Once that limit is reached, nobody else will be able to participate in that particular lending opportunity. That said, new contracts allowing users to participate in lending are created on a regular basis. Investors need to stay tuned in order to get in on the big or most notable cryptocurrencies like bitcoin. Lesser ones like Dash and Monero are more likely to have space available for lending.

Although understanding the nuances of crypto lending takes some time, it’s certainly worth learning about. It’s an easy way to earn interest without taking on a significant risk. If the way Binance and is day-to-day trading is an indication, customers will be happy with the lending program in the long run.

Binance Payment Methods and Fees

In this section, fees for buying crypto with fiat currency will be considered separately. Binance started out as a crypto-to-crypto platform and is just now moving towards making it easier for new entrants in the industry to convert traditional money into digital assets.

Fiat-to-crypto Payment Fees

That move is working out smoothly as the platform aims to streamline payment, make it reliable, and give customers access to many different crypto options. At the present moment, four different payment providers facilitate payments.

Simplex and Koinal accept payments through Visa and Mastercard. Simplex charges 3.5% and offers direct purchase of six different cryptocurrencies. Users can pay with any fiat currency. Koinal charges a lower rate of 2.5%, and offers direct purchase of five different cryptocurrencies. Koinal also accepts any fiat currency for purchase.

Both of the above payment providers enable instant payment, but not everybody has access to a Visa or Mastercard. For those customers, Binance offers bank transfers as an option via payment providers Paxos and TrustToken. Each of these payment providers is a cryptocurrency platform, meaning customers must leave Binance’s website in order to use them. Both only accept U.S. Dollar transactions. TrustToken charges approximately $30 USD for a domestic wire transfer and $100 USD for an international wire transfer. Paxos charges similar fees for a wire transfer but also requires a purchase of $100 minimum.

Sending wire transfers is generally inconvenient to most customers, so CryptoRadar can’t give Binance’s payment methods a perfect score, but the partnerships with Simplex and Koinal allow users to gain access to cryptocurrencies within 30 minutes which is pretty good.

Trading Fees

We’ve already got over fees related to payment methods. When it comes to making trades on the platform in crypto, Binance charges approximately 0.1% per trade. That’s pretty standard across the industry. However, we say approximately for two reasons. One, owning Binance’s BNB token takes 25% off the fees. Secondly, the 0.1% fees are actually not a fixed number. It really depends which currency is being traded. Each has their own fee. See the chart below listing the exact fees for all 205 cryptocurrencies traded on the platform.

Coin Minimum Withdrawal Withdrawal Fee
BNB
BNB 0.01 0.001
BCHSV
Bitcoin Cash SV 0.0001 0.0001
BTC
Bitcoin 0.002 0.0005
FTM
Fantom 17 8.5
NEO
NEO 1 0
ETH
Ethereum 0.02 0.01
LTC
Litecoin 0.002 0.001
QTUM
Qtum 0.02 0.01
EOS
EOS 0.2 0.1
SNT
Status 170 85
BNT
Bancor 6.4 3.2
GAS
NeoGas 0.001 0
BTM
Bytom 5 5
USDT
TetherUS 2.8 1.4
HCC
HealthCare Chain 0.0005 0.0005
OAX
openANX 34.2 17.1
DNT
district0x 344 172
MCO
Crypto.com 0.78 0.39
ICN
ICONOMI 3.4 3.4
ZRX
0x 11.8 5.9
OMG
OmiseGO 2.34 1.17
WTC
Walton 2.8 1.4
LRC
Loopring 69.8 34.9
LLT
LLToken 67.8 67.8
YOYO
YOYOW 10 1
TRX
TRON 10 1
STRAT
Stratis 0.002 0.1
SNGLS
Breaker 312 156
BQX
ETHOS 37.8 18.9
KNC
KyberNetwork 11.8 5.9
SNM
SONM 296 148
FUN
FunFair 744 372
LINK
ChainLink 1.6 0.8
XVG
Verge 0.2 0.1
CTR
Centra 35 35
SALT
Salt 5.2 5.2
MDA
Moeda Loyalty Points 4.4 2.2
IOTA
MIOTA 1 0.5
SUB
Substratum 40 40
ETC
Ethereum Classic 0.02 0.01
MTL
Metal 8.4 4.2
MTH
Monetha 166 83
ENG
Enigma 7.2 3.6
AST
AirSwap 98 49
DASH
Dash 0.004 0.002
BTG
Bitcoin Gold 0.002 0.001
EVX
Everex 6.6 3.3
REQ
Request Network 224.2 112.1
VIB
Viberate 122 61
POWR
PowerLedger 47.4 23.7
ARK
Ark 0.4 0.2
XRP
Ripple 2 0.25
MOD
Modum 5 5
ENJ
Enjin Coin 38 19
STORJ
Storj 17 8.5
KMD
Komodo 0.004 0.002
RCN
Ripio Credit Network 118 59
NULS
Nuls 0.02 0.01
RDN
Raiden Network Token 15 7.5
XMR
Monero 0.01 0.0001
DLT
Agrello 58.6 29.3
AMB
Ambrosus 138.4 69.2
BAT
Basic Attention Token 14 7
ZEC
Zcash 0.01 0.005
BCPT
BlockMason Credit Protocol 1.4 0.7
ARN
Aeron 0.4 0.2
GVT
Genesis Vision 2.28 1.14
CDT
Blox 194 97
GXS
GXChain 0.6 0.3
POE
Po.et 764 382
QSP
Quantstamp 214 107
BTS
BitShares 50 1
XZC
Zcoin 0.04 0.02
LSK
Lisk 0.2 0.1
TNT
Tierion 72 36
FUEL
Etherparty 512 256
MANA
Decentraland 80 40
BCD
Bitcoin Diamond 0.02 0.01
DGD
DigixDAO 0.18 0.09
ADX
AdEx 33 16.5
ADA
Cardano 4 1
PPT
Populous 6.86 3.43
CMT
CyberMiles 2 1
XLM
Stellar Lumens 1 0.01
CND
Cindicator 348 174
LEND
Aave 516 258
WABI
TAEL 19 9.5
SBTC
Super Bitcoin 0.001 0.0005
BCX
BitcoinX 0.5 0.5
WAVES
Waves 0.004 0.002
TNB
Time New Bank 714 357
GTO
Gifto 3.2 1.6
ICX
ICON 0.04 0.02
OST
OST 200 100
ELF
aelf 32.4 16.2
AION
AION 0.2 0.1
CVC
Civic 60.2 30.1
REP
Augur 0.4 0.2
GNT
Golem 43 21.5
DATA
Streamr DATAcoin 194.4 97.2
ETF
ETF 2 1
BRD
Bread 11.6 5.8
NEBL
Neblio 0.1 0.01
VIBE
VIBE 148.8 74.4
LUN
Lunyr 2.44 1.22
CHAT
ChatCoin 90.6 90.5
RLC
iExecRLC 11 5.5
INS
Insolar 11.4 5.7
IOST
Internet of Services 100 1
STEEM
Steem 0.02 0.01
NANO
NANO 1 0.01
AE
Aeternity 1 0.1
VIA
Viacoin 1 0.01
BLZ
Bluzelle 74.4 37.2
SYS
Syscoin 2 1
NCASH
Nucleus Vision 2307.8 1153.9
POA
POA Network 0.02 0.01
ONT
Ontology 2 1
ZIL
Zilliqa 1 0.01
STORM
Storm 1652 826
XEM
NEM 8 4
WAN
Wanchain 0.2 0.1
WPR
WePower 344.6 172.3
QLC
QLC Chain 2 1
GRS
Groestlcoin 0.4 0.2
CLOAK
CloakCoin 0.02 0.02
LOOM
Loom Network 111.6 55.8
TUSD
TrueUSD 2.66 1.33
ZEN
Horizen 0.004 0.002
SKY
Skycoin 1 0.02
THETA
Theta Token 2 0.1
IOTX
IoTeX 559.2 279.6
QKC
QuarkChain 341.02 170.51
AGI
SingularityNET 99.22 49.61
NXS
Nexus 0.04 0.02
SC
Siacoin 1 0.1
EON
EOS Network 11 10
NPXS
Pundi X 7408 3704
KEY
Selfkey 1728 864
NAS
Nebulas 0.2 0.1
ADD
ADD 200 100
MEETONE
MEETONE 600 300
ATD
Atidium 200 100
MFT
Mainframe 2270 1135
EOP
EOSpace 10 5
DENT
DENT 5382 2691
IQ
Everipedia 100 50
ARDR
Ardor 4 2
HOT
Holo 3094 1547
VET
VeChain 200 100
DOCK
DOCK 244 122
POLY
Polymath 80 40
VTHO
VTHO 42 21
ONG
Ontology Gas 1 0.1
HC
HyperCash 0.1 0.005
GO
GoChain 1 0.01
PAX
Paxos Standard 2.8 1.4
RVN
Ravencoin 2 1
DCR
Decred 0.02 0.01
USDC
USD Coin 2.66 1.33
MITH
Mithril 17.2 8.6
BCHABC
Bitcoin Cash 0.002 0.001
CBM
Crypto Bonus Miles Token 400 200
REN
Ren 50.5 25.25
BTT
BitTorrent 200 100
USDS
StableUSD 1.28 0.64
FET
Fetch.AI 10 5
TFUEL
Theta Fuel 2 1
CELR
Celer Network 200 100
MATIC
MATIC Network 200 100
ATOM
Cosmos 0.01 0.005
PHB
Red Pulse Phoenix Binance 6.2 3.1
BOLT
BOLT 20 10
ONE
Harmony 40 20
CAN
CanYaCoin 10 5
UND
Unification 10 5
HNST
Honest 20 10
ENTRP
Hut34 Entropy 20 10
VRAB
Verasity 200 100
BTCB
Bitcoin BEP2 0.000006 0.000003
USDSB
StableUSD BEP2 0.044 0.022
CHZ
Chiliz 100 50
LBA
Lend Borrow Asset 20 10
COS
Contentos 100 50
ALGO
Algorand 1 0.01
ERD
Elrond 100 50
DOGE
Dogecoin 100 50
BGBP
BGBP 2 1
DUSK
Dusk Network 2 1
ANKR
Ankr 6 3
WIN
WINK 100 50
BLINK
Blockmason Link 100 50
TUSDB
TrueUSD BEP2 0.044 0.022
COCOS
Cocos-BCX 100 50
PERL
Perlin 47.6 23.8
TOMO
TomoChain 1 0.01
BUSD
BUSD 2.8 1.4
BAND
BAND 4.4 2.2
BEAM
Beam 0.2 0.1
EDO
Eidoo 7.2 3.6
WINGS
WINGS 17.5 17.4
NAV
NAV Coin 0.4 0.2
TRIG
Triggers 51 50
APPC
AppCoins 69 34.5
PIVX
PIVX 0.4 0.2

Binance Buying Limits

As far as converting fiat to crypto goes, buying limits are subject to whatever bank or payment processors will allow. This really has nothing to do with Binance. Most companies limit transactions to anywhere from $10,000-$25,000 depending on the provider facilitating the exchange.

As for crypto-to-crypto trades there technically is no limit. Binance allows users to buy whatever is available on the open market. The limit is essentially whatever the market can bare. However, there is a limit to how much traders can withdraw in one 24 hour time. Binance sets that at two full bitcoins, which at today’s price is around $20,000 USD. That should offer more than enough wiggle room for most traders. Customers who provide more identification can unlock a second level of security, meaning they can withdraw up to 100 Bitcoins at any given time.

Supported Countries

With the launch of Binance .U.S, a decentralized exchange and a third platform registered under the legal name Binance Jersey, the company accepts customers from all over the world. Rather than listing them all here, it’s easier to list the 29 countries where accessing the trading platform is restricted. The screenshot below details the full list of nations:

Binance Support

As we’ve mentioned in our review of Coinbase.com and other cryptocurrency exchanges, customer support is the one area of cryptocurrency exchanges where every single platform seems to be lacking. Throw Binance in that category with the rest of them. None of the company’s customer support offerings involve talking to a live person. Not by phone and not over chat. No way to do so at all. What it does offer is support in the form of FAQs. They are available in English, Chinese, Korean, and Japanese.

Customer Reviews

Much like the customer reviews of other exchanges, Binance’s leave much to be desired. TrustPilot.com gives it a 2.5 out of 5 star rating. Believe it or not, that’s actually one of the best ratings and exchange has received in our in depth reviews. BitTrust.org also provides a 2.5 out of 5 stars. Binance isn’t monitored by the Better Business Bureau and there aren’t any in-depth Google or Facebook reviews.

Binance vs. Other Cryptocurrency Exchanges (Coinbase, Kraken, Bitfinex, etc…)

Like any other cryptocurrency exchange, Binance certainly has some things to improve on. Firstly, the platform was hacked for $40 million in losses in May, 2019. Binance is also moving slowly on serving American customers, something that’s finally set to change in 2019.

That being said, nobody offers more trading pairs than Binance, and nobody matches Binance’s fees, especially given that just owning the platform’s BNB token offers traders a discount on fees. Below is a chart comparing Binance to other exchanges.

CriteriaBinance.comOther Cryptocurrency Exchanges
Fiat-to-crypto capability.Credit card, debit card and bank transfers accepted through third parties. Kraken accepts fiat, most others require customers to have crypto already.
Coins Offered205 different cryptos offered. More than any other exchange.Anywhere from 10-26 cryptos depending on the exchange.
Deposit & Withdrawal Fees0.1%-3.99%0.1%-3.99%
Deposit & Withdrawal LimitsNo deposit limit. Withdrawal limit up to 25 bitcoins once fully verified.upper limit up to two full bitcoins. Lower limit is a few thousandths of a bitcoin.
Trading FeesAs low as 0.1%. Depends on the crypto being traded.anywhere from 0.1% to 1.49% on a trade.
Customer Ratings4.5 out of 5 stars on multiple review sites.Most exchanges rank low on security and customer support, some rank higher in terms of offering a better fee structure and more cryptos.

Frequently Asked Questions about Binance

Is Binance properly insured?

Yes. In a blog post from July 2018, Binance CEO Chengpeng Zhao introduces the Secure Asset Fund for Users intitative. It states that 10% of all trading fees accrued by the company will be stored in a cold wallet and used to help users pay for any major hacks. Since the company hasn’t been doing business in the United States under formal business licenses until recently, there’s no FDIC insurance. That may change in the near future but for now, the SAFU is the safety net.

How do customers withdraw money from Binance?

Customers can only withdraw fiat currency from Binance indirectly. Payment providers Paxos and TrustToken allow users to convert fiat-to-crypto and vice versa. However, just because Binance supports these payment providers in converting fiat-to-crypto, it doesn’t mean that crypto can’t be converted back to fiat on an infinite number of other cryptocurrency platforms. In that sense the options are infinite.

How long does withdrawing from Binance take?

Withdrawals from Binance shouldn’t take more than an hour or two. It all depends how long it takes for the blockchain to confirm the transaction. Converting back to fiat currency and then transferring to a bank account can take 3 to 5 business days, but that’s mostly because of the processing time most banks require.

Is it safe to buy coins on Binance and keep them on the platform?

Binance suffered losses from a major hack early in 2019. There are many levels of security offered by the organization, but as usual the best thing to do is to keep cryptocurrency off-line in cold storage. That said, the company offers two-factor authentication, text message verification and requires Know Your Client identification as well. Those features are pretty standard across most respected exchanges.

Should You Use Binance?

Yes! Outside of the fact Binance is still improving its fiat-to-crypto conversion options, trading with Binance is generally a good deal. The fact the company has its own crypto and that it rewards traders for using it in the form of lower trading fees is an innovative idea that allowed Binance to become a top crypto exchange platform in the first place.

It’s obvious that the CEO and his leadership team have a grand vision in place that will allow Binance to continually solidify its position as a market leader. Opening the finance account in making your first trade is easy. Once you use the platform, it be glad to be a customer!

Consider Binance one of Crypto Radar’s preferred cryptocurrency exchanges.

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