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Binance 2020 Comprehensive Review Featured

Written by  May 14, 2020

Even if you don't know much about Cryptocurrency trading, there’s a good chance that you’ve heard of Binance.

The Malta-based cryptocurrency exchange is often regarded as one of the largest platforms for daily trading volumes, with good reason, because users have access to more than 540 individual crypto-to-crypto.

Also cryptocurrency trading is growing in popularity as it is becoming more and more accepted in the mainstream.

With the Binance exchange now increasing its scope for deposits and withdrawals via real-world fiat currency, it is likely that the platform will continue to grow.

If you’re thinking about joining Binance for your cryptocurrency investing needs, then be sure to read our review first. We’ve covered everything that you need to know, such as how Binance works, who is eligible to open an account, what its fees are like, and more.

What is Binance?

Launched in late 2017, Binance is a third-party exchange platform that allows users to buy, sell and trade cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and hundreds more. Although the company now has its headquarters in the European Isle of Malta, the project was founded by Chinese national Changpeng Zhao (CZ).

In less than two years of trading, Binance has since become one of the largest cryptocurrency exchanges in the industry. In fact, it is not unheard of for the platform to facilitate more than $2 billion worth of trading activity each and every day.

Up until recently, Binance was primarily a crypto-to-crypto exchange, meaning that it had no involvement in fiat deposits or withdrawals. However it has developed, as the platform now offers a limited amount of support for bank account and credit card deposits.

Nevertheless, Binance has risen to fame for a number of reasons. Most notably is the platform offers a hugely extensive lists of supported cryptocurrency pairs. This includes hallmark coins like Bitcoin and Ethereum, but this also includes small-to-micro cap tokens. Another draw is the fact that trading fees are extremely low at Binance, standard trading fees average a very competitive 0.1%.

Binance is renowned for its dedication to helping those in need.  The Binance Charity Foundation initiative, is a platform hat has spear-headed a number of charitable projects.

So now that we’ve covered the basics, in the next section of our review we are going to show you how Binance works in more detail.

How Does Binance Work?

In its most basic form, Binance allows you to buy, sell and trade digital currencies like Bitcoin, Ethereum and many others. We’ve broken down the main steps that you will typically need to follow to get started on Binance.

Step 1: Open an account

Go to the Binance homepage and open an account. If you’re only planning to deposit and withdraw funds using cryptocurrencies, then you’ll only need to supply an email address.

Step 2: Set up two-factor authentication

In order to secure your account, Binance will ask you to set-up two-factor authentication (2FA). This means that you’ll need to install an application like Google Authenticator on to your phone. Subsequently, each and every time you want to log in – or perform key account functions like a withdrawal request, you’ll need to enter a unique code that will be sent to only your phone. A more in depth explanation of two-factor authentication can be found here.

Step 3: Deposit coins

Although a select number of nations can now use a credit card or bank account to deposit funds, you will need to check whether your country is one of them.

We’ll assume that you’re looking to deposit with a cryptocurrency.

If a fiat currency deposit is something you want to explore, you’ll need head over to the ‘Funds’ section of your account and follow on the on-screen instructions (if available).

Nevertheless, on the deposit page, you’ll need to scroll through the llist of coins that are supported, and click on the one that you want to deposit into Binance.

Copy the unique wallet address that is provided to you, and use that to transfer the funds from your private wallet.

Step 4: Trade

Once your cryptocurrency deposit has been credited – which can takes a few hours here in the UK, you are then ready to start trading. Hover over the ‘Exchange’ button at the top of the screen, and select whether you want the ‘Basic’ or ‘Advanced’ trading platform. If you’re just starting out, then go with the former.

We say this because the advanced platform can look quite daunting at first glance. It will take time and experience to understand exactly what's going on

You now have access to over 540 individual trading pairs. If the coin that you want to purchase is not directly paired against the cryptocurrency you deposited with, you’ll need to make an additional trade.

When you complete your trade, your newly purchased coin will now be available in your Binance account. You can either keep it in your Binance account, or withdraw it to an external wallet if you choose.

Binance also offers an API which allows you to connect your account to a number of Crypto Trading bots and allow them to trade on your behalf, automating your strategy and hopefully profiting.

So now that you know how Binance works, let’s explore what cryptocurrencies the platform supports.

What Cryptocurrencies Does Binance Support?

As mentioned earlier, one of the main attractions for avid cryptocurrency traders is that the platform has one of the largest lists of supported coins. While the main players – notably Bitcoin, Ethereum, Bitcoin Cash, Litecoin and EOS, are of course supported, Binance is also good for much smaller, lower-cap tokens.

To see the list for yourself head to binance.com.

Cost of trading at Binance

Although Binance does offer a maker/taker fee structure, the standard trading fee that you will pay is 0.1%. This will be charged every time you buy and sell a coin. If you are a big investor the rates drops down to 0.09% if you trade more than 500 BTC (or cryptocurrency equivalent) in a 30 day period.

If  you are in the big league and trade 150,000 BTC in a single month the rate drops even further to 0.04%.

Irrespective of how much you trade, the fees charged by Binance are some of the lowest available in the cryptocurrency exchange arena. Not only that but these fees can be further reduced by holding the Binance Coin.

Also see: What is Bitcoin?

Reduced Trading Fees via Binance Coin

If you hold a balance in the platform’s native Binance Coin, then you can use this to pay your trading fees. In doing so, you will be offered a reduction of 25%. As such, your 0.1% standard trading fee is reduced down to 0.075%.

The discounted fees available via the Binance Coin will reduce over time. While this was previously 50%, the next reduction will take the discount down to 12.5%.

Who is Eligible to Trade at Binance?

Binance is a global cryptocurrency exchange that has traditionally accepted users from all nation states. The main reason for this is that users are trading crypto-to-crypto products and thus, regulations are somewhat unclear. This is especially true when you consider that new users are only required to provide an email address to get started.

However, the platform recently announced that it would be restricting US passport holders from using its exchange. The main reason for this is that Binance is looking to launch a dedicated exchange for US citizens that complies with all regulatory requirements. As such, if you’re from the US and you want to use Binance, you’ll likely need to wait until the domestic exchange is launched. There is no official announcement of that date yet.

Deposits, Withdrawals and Payments

Although Binance has always been known as a cryptocurrency-only exchange, the platform is now able to facilitate fiat currency deposits and withdrawals. At the moment, this is available via credit cards or a bank transfer. Not all locations are supported, so you are best advised to check this first.

Credit Card

If you’re looking to use a traditional credit card to purchase coins, you can now do this directly from the Binance website. Both Visa and MasterCard are accepted.

The platform notes that while payments can be accepted from credit cards of all currencies, if the native currency is anything other than USD or EUR, then an additional charge might apply. In terms of the standard processing fees, this comes at a cost of 3.5% ($10 minimum).

At the time of writing, you can use your credit card to purchase the following coins: Bitcoin, Ripple, Binance Coin, Ethereum, Litecoin and Bitcoin Cash ABC.

Bank Transfer

If you’re looking to deposit and withdraw funds via a bank transfer, then this can be facilitated via the platform’s Binance too. At the moment, supported countries mainly consist of the UK and Europe, alongside a number of other jurisdictions such as Turkey, Singapore, Australia, New Zealand, and the United Arab Emirates.

To get funds into your Binance account via a bank transfer, you need to specify your desired currency and how much you want to deposit. Binance will then provide you with details of the account you need to make the transfer to, alongside the reference number you need to include within the transfer.

Also see: Beginners Guide To Cryptocurrency

KYC is Required for Fiat Deposits and Withdrawals

It is important to remember that Binance will require you to go through a simple KYC process before they can accept your fiat deposit request. This is to ensure that Binance remains compliant with all respective anti-money laundering laws.

To do this, you’ll initially need to enter your full name, home address, country of residence, and date of birth. You will then be redirected to the platform’s third-party verification partner – NetVerify. To complete the KYC process, you’ll need to upload a copy of your government issued ID. This needs to either be a driver’s license, passport, or national ID card.

Binance Security

Binance offers a number of security safeguards to ensure your funds remain safe from the threat of external malpractice. Firstly – and as we noted earlier in our step-by-step account set-up overview, it is advisable to install 2FA. This means that unless a hacker has access to your mobile phone, they won’t be able to gain access to your Binance account.

If you do attempt to login from a device or IP address that has not previously been used on Binance, you will need to confirm this via your registered email account. You can also choose to receive email notifications when key account functions are performed, such as withdrawals.

Binance recently introduced its ‘Address Whitelisting’ feature. Ordinarily, you have the option to withdraw your cryptocurrency funds to any wallet address. However, if you set-up the address whitelisting feature from within your account, you can ensure that withdrawals can only be made to a single address. You can of course amend this at any time, although you’ll need to go through an extra couple of security steps.

Regulation

In terms of its regulatory status, Binance is regulated in Malta under its newly enacted Virtual Financial Assets (VFA) act. Other than this, Binance is not licensed by any other regulatory bodies. However, this isn’t to say that the platform does not comply with its anti-money laundering obligations.

On the contrary, Binance requires all customers that plan to use fiat currencies to deposit and withdraw to go through a KYC process. If you attempt to withdraw more than 2 BTC in a 24 hour period, then you will also be required to go through a verification process.

Customer Support at Binance

If you do need to make contact with somebody at Binance, you can submit a ticket request via your account portal. Alternatively, if you are using Binance Jersey for your fiat currency needs, then you can access a 24/7 live chat facility. Unfortunately, Binance does not operate a telephone support hotline.

The platform does is very on social media, including Telegram and Twitter, so it’s well worth using these avenues if you are yet to receive a response.

Summary

Firstly, Binance is one of the biggest cryptocurrency exchanges out there. Secondly as you have read, it is an extremely thorough and comprehensive platform and thirdly security is at the heart of it all. I personally use Binance, because of the platforms reputation, the array of technical tools and of course the low transaction fees.

crypto_mixed_coinsAlso see: Tips To Trade The Volatile Crypto Market

Do you find this article useful? Comment below...

Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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