Binance was founded as an ICO in 2017 and is now the biggest cryptocurrency exchange in the world as far as trading volume. As someone who has mainly traded on Australian-based crypto exchanges, I signed up to Binance in early 2021 to see if it could offer anything beyond the Australian exchanges I was used to using. And it turns out it offers a lot more. Continue reading for answers to the main questions people have asked about Binance, along with my experience using it.
Here are some of the emails I’ve received from Binance since joining (just to prove I’ve used it — I’ve had to cut out sensitive information):
And me depositing some ETH and USDT on it (blanking out the amounts):
Is Binance safe?
In its history of trading billions upon billions of crypto, Binance has proven itself to be safe and reliable, though it faced a hack of over $40 million worth of Bitcoin 2 years ago (Binance was able to cover user losses). Users have also often complained about delays with withdrawals, but there has never been a case of Binance definitely having ever deliberately stolen user funds or crypto.
For me personally, I trust Binance enough to keep a decent amount of crypto on there, but if you’re really security conscious you should get a hardware wallet and store most of your crypto there instead of on an exchange like Binance. As the saying goes: not your keys, not your crypto.
As far as account security, Binance of course supports 2FA, which is always recommended.
Does Binance have decent customer support?
This can depend on what version of Binance you’re using, and how hot the crypto market is. The USA version of Binance (at Binance.US) has the worst reputation for customer service. However, if you happen to be using the UK version of Binance (at Binance.UK) or the Australian version of Binance, you may get better customer support. If you’re using the USA version, be aware that there are numerous complaints about Binance taking weeks to respond to support tickets. And if you’re using Binance at a time when the crypto market is going nuts, they’re going to be absolutely swamped with support requests.
Unlike the Australian-based exchanges I’ve reviewed where you can always expect a response within 24 hours, with Binance.US, that’s unfortunately not the case.
What’s it like to trade on Binance? What trading do they offer?
Binance has a great trading interface, with good graphs, market data and the ability to make all the usual order types:
In addition, for beginners, Binance offers a “Convert” feature where you just enter how much crypto or fiat you want to put up and what you want to buy, and it’ll give you a price and amount:
This is a great feature. Unfortunately with other exchanges I’ve tested, while they offer an instant buy feature like this, the rate they give you (or the fee they charge you) is often terrible (e.g. see my Coinspot review where I complain about that). With Binance, they actually tend to give you a fair market price, so you can buy and trade crypto through their Convert feature without being fleeced.
For serious traders, Binance also offers a number of trading options that aren’t available anywhere else, especially if you want to short crypto. Through Binance Futures you can short all the main coins, including meme coins like Dogecoin.
What coins can you trade on Binance?
Binance supports trading in over 150 coins (though fewer are available if you’re using Binance.US). All of the usual coins are of course there (Bitcoin, Ethereum, Litecoin, Cardano etc.)
What fees does Binance charge?
Binance charges very reasonable trading fees of only 0.1% of the value of a trade, and these get lower with the more you trade (though the vast majority of people won’t trade enough volume to get lower trading fees). It’s also important that as the biggest crypto exchange, Binance has high volume and very low spreads (the difference between buyer bids and seller asks), so it’s easy to trade large volume there without losing a lot to spreads.
What’s Binance Coin?
Binance Coin is used to trade on Binance. While you don’t need it to trade on Binance, if you use it, your fees will be lower. Some vendors will also accept it as payment along with Bitcoin. Binance Coin was originally on Ethereum, but now operates on Binance’s own blockchain (Binance chain).
What’s Binance Smart Chain?
Binance Smart Chain is Binance’s own blockchain, very similar to Ethereum. The advantage of Binance Smart Chain is its transaction fees tend to be far lower. The disadvantage (as far as some are concerned) is it may be considered less decentralized.
Who can trade on Binance?
Binance is available in over 180 countries. For people in the vast majority of these countries, you’ll be using Binance.com, but there are also specific Binance partners for these specific countries:
Each of these partners are compliant with their countries local laws and regulations.
Can you earn with Binance?
Yes. Binance allows you to earn interest on stable coins (USDT, BUSD and USDC) of up to 6% at the time of writing, along with interest on different cryptos. Their interest on crypto (through their “Flexible Savings” product) is quite low compared to what I’ve found on other places, though. For example, they only give 1.20% annual interest (paid every 7 days) on Bitcoin.
I have used Binance to earn interest on BUSD myself:
This was dead simple to setup, and the interest rate Binance pays is much better than what a traditional bank will give you.
Is Binance recommended?
I strongly recommend anyone involved in crypto to sign up to Binance, even if you’re used to trading on another exchange. Not only is Binance the biggest crypto exchange in the world, but they offer a plethora of features and opportunities other exchanges don’t (the ability to short crypto, earn with crypto, buy stocks with crypto, get crypto loans, become a liquidity provider and so on). There’s no reason not to have an account with them.
You can sign up to Binance here (my personal referral link).
We put out a request for Binance users to submit their own comments and reviews on Binance. Here’s the query we put out:
For users of Binance, what was your experience using it to buy and sell cryptocurrency? How was it better or worse than other exchanges you’ve tried (if any)? Looking to compile honest comments/reviews on Binance.
Below are the submissions people have sent us so far.
I would say Binance is the most user-friendly platform for beginners, and you can feel safe within it. Binance is a great place to trade or invest because it has a lot of features to offer. For example, you can flexi stake your BNB coins in the BNB Vault while you wait, and you can do the same with the other coins via flexi saving or Lock staking. I like how simple the UI is in the application. The Binance Normal version, often known as Binance Pro, and Binance Lite were the two versions available. I like both since you can quickly move from one style to another, but I prefer the standard one. I generally use the app to check and manage my portfolio, but when I have more time to examine and study the charts, I prefer to utilise the desktop version.
Then there are the internal explanatory videos. It's fantastic that Binance put forth the effort to create their own animated Infographics for tutorials or simply brief explanations on how to trade, particularly in futures and margin trading. Last but not least, there are the new Coin Stocks. It's fantastic that we, as users, can purchase company equities through Binance. You don't need another application to buy a stock, so it's kind of like hitting two birds with one stone. Although the list of firms is still restricted, you can currently buy stocks in Apple and Tesla.
--Miklos Zoltan, Privacy Affairs
Binance's popularity and repute are what I enjoy best about it. Binance is currently the largest crypto exchange in the world, therefore I feel entirely at ease using it to trade bitcoin and store a variety of different cryptocurrencies. Furthermore, I am able to use Binance's services from anywhere in the world, with no territorial limits. Binance also provides a mobile app for Android and iOS that allows you to access the platform from anywhere. Furthermore, in my opinion, Binance's usage cost is relatively low when compared to other similar services. You can also get a discount on transaction fees by using Binance's cryptocurrency BNB. Binance's interface is also incredibly user-friendly, which I appreciate. Binance's user interface is, in my opinion, the clearest and most intuitive of all crypto trading platforms available today. Despite the fact that crypto trading is rather hard for beginners, I don't spend too much time getting used to it with Binance.
--Jake Smith, Absolute Reg
What I like best about binance is that it is very versatile, useful, many cryptocurrencies and many functions combined, currency marketing, trader, exchange, and very useful for markets and the best that has its own currency, the black color of the page is great, it caught my attention from the first moment I used it, it seems silly, but it gives a touch of seriousness, the black colour of the page is great, from the first moment I used it, that caught my attention, it seems silly, but it gives a touch. The fact that you don't require KYC to trade or withdraw funds is one of my favorite features (the limit for 24 hours is the amount not more than 2 BTC). Another feature is that you can convert small quantities of other cryptos to Binance token - BNB and use this token to pay commissions.
--Ryan Dalal, Lua
Binance isn't the most user-friendly platform for newcomers, but you may feel secure within it. Binance is a great place to trade or invest because it offers a lot of features that you can take advantage of. For example, you can stake your BNB coins in the BNB Vault while you wait, and you can do the same with the other coins via saving or Lock staking.
I like how simple the UI is in the application. The Binance Normal version, often known as Binance Pro, and Binance Lite were the two versions available. I like both since you can quickly move from one style to another, but I prefer the standard one. I generally use the app to check and manage my portfolio, but when I have more time to examine and study the charts, I prefer to utilize the desktop version.
Then there are the internal explanatory videos. It's fantastic that Binance put forth the effort to create their own animated Infographics for tutorials or simply brief explanations on how to trade, particularly in futures and margin trading.
Last but not least, there are the new Coin Stocks. It's fantastic that we, as users, can purchase company equities through Binance. You don't need another program to buy a stock, so it's kind of like hitting two birds with one stone. Although the list of firms is still restricted, you can currently buy stocks in Apple and Tesla.
--Steve Scott, Spreadsheet Planet
Binance.US is one of the top largest exchanges by volume in my honest review it lacks to offer the many cryptocurrencies and crypto-to-crypto trading pairs which can be a little disappointing as many of my clients claim. What people do like is the 0.1% trading fees, a fee much lower as compared to many of its counterparts in the United States. The high-speed trade execution is also very impressive, a great plus for professional traders and investors. Issues are surrounding the transparency of the website making it difficult to understand the fine print and the fact that they only use email to communicate is pretty redundant and old-fashioned. The doubts surrounding its HQ don't help much with the reputation either.
--Rasti Nikolic, LoanAdvisor
Binance appeals to me because of its simplicity of use; not only is it simple to sign up for, but it also offers excellent security features such as two-factor authentication and phone authentication. They offer a turnkey solution to the PoS ( Proof of Stake ) system for a variety of crypto assets, allowing users to generate passive income simply by putting their coins in the on-platform wallet.
There is very nothing about the Binance platform that I don't like; one of the only drawbacks to the exchange for me was that for a brief period of time, they had barred US consumers from using their services; this prohibition has now been overturned, and US users are once again welcome. They did, however, allow users who were in prior to the ban to recover their valuables. This was basically the only negative aspect of their exchange platform that I encountered.
--Stewart McGrenary, Freedom Mobiles
I've been a Binance user for several months now and all I can say are good things. I find it extremely easy to use for beginner people who are not familiar with the hundreds of terms and complicated concepts of the cryptoworld. You can create and verify your account in just a couple of steps and buy cryptos with your local coin.
My favorite part, and what I think stands out in Binance's favor, is the peer-to-peer market. Other platforms offer you P2P services with either high fees or have a ton of complicated steps to transfer those cryptos to your wallet. With Binance P2P you have zero fees, no matter which crypto you're buying and no matter which coin you're paying with. Even though the P2P market offers only the six most well-known cryptos, it is still a great place to start in this world.
--Sam Shepler, TestimonialHero
My use of Binance was a pleasant experience, and I loved it, especially because of its low fees compared to other crypto trading platforms online. Its lightweight mobile app meant I could easily carry my crypto wallet everywhere I go, and I could make trades on the go whenever I had the time to do so. Due to the platform’s low fees, my winning trades meant more profitability when I make them on Binance than on another platform.
I also love Binance because of its two other prominent features; a wide variety of cryptocurrencies and peer to peer exchange. These two features mean I have multiple cryptocurrencies to trade at any time and people willing to trade because of the peer to peer exchange feature.
--Harriet Chan, CocoFinder
I have been using Binance for almost 6 months and I think it’s the best cryptocurrency exchange I ever used. The trading fee is relatively cheaper compared to other cryptocurrency exchanges. For Indonesian users like me, I can buy Bitcoin or Altcoins using credit cards and P2P trading. However, 2% fee is incurred if you buy cryptocurrency using a credit card. P2P trading doesn’t charge a fee. However, the exchange rate from fiat money to stable coins or utility coins is usually higher than buying cryptocurrency with credit cards.
I usually use the “Classic” interface trade to buy and sell my coins. I set the price of cryptocurrency I want to buy in the “Spot Limit” because I like to buy coins or tokens in the dip.
Most of my cryptocurrency portfolio is in Binance because it has many great features that allow users to accrue interest and get free coins. For example, Binance Saving Features enables users to stake their coins to receive passive income. In addition, Binance has a “Launchpool” feature that allows users to stake certain coins like BNB or BUSD in order to get new listing coins, meaning users can get free money by joining Binance Launchpool.
If the user wants to diversify their investment, they can also invest in global company stocks through crypto coins. This is an excellent opportunity for investors across the globe to invest in global companies, such as Apple, Tesla, Coinbase, Microsoft, etc. However, in Indonesia, we cannot invest in global companies like Apple, Tesla, Microsoft, etc, because Indonesian banks and financial institutions allow you only to invest in Indonesian companies.
However, Binance has a few drawbacks too. Firstly, its customer support is less responsive and it takes time to get your questions answered in the live chat. Binance has millions of users around the world and I am sure their customer support gets overloaded with questions every day; that’s why they cannot answer promptly. Secondly, I cannot withdraw fiat money from Binance. Fortunately, Binance acquired Tokocrypto to transfer and withdraw my fiat money easily.
--Mentari Rahman, Financer