Binance is arguably the best crypto exchange at the moment and in this guide we are going to give an honest review of the exchange platform.
Binance Exchange continues to be one of the top cryptocurrency exchanges in the world by offering users the most cryptocurrency trading pairs of any trusted exchange, resulting in Binance having the highest trading volume of any crypto exchange. Founded in 2017 by Changpeng Zhao, Binance quickly became a leading cryptocurrency exchange and has its own crypto called Binance Coin. Binance offers users ways to purchase crypto assets directly using fiat currencies or a credit card. Binance can be accessed through its website, desktop, or mobile app. Our Binance Review will help you decide if it is right for you.
Binance Overview
- Easy sign-up process
- Lowest transaction fees of any major exchange
- 175+ different digital assets available
- Free deposits
Pros
- Very easy sign up process
- Support for credit and debit cards
- Free deposits
- Extremely quick transactions
Cons
- Considerable withdrawal fees
- Exchange has been hacked in the past
- Binance holds private keys rather than user
Binance Trading Volumes
VOLUME (24H) : $83,869,833,989.40
VOLUME (7D) : $594,753,032,947.56
DATE LAUNCHEDJULY : 14, 2017
Binance Sign-Up Process
Signing up for a Binance Exchange account is relatively easy and you can choose from two types of accounts. For unverified account:
Click Register button on Binance homepage:
- Enter email address
- Create password
- Accept Binance’s Terms of Use
- Click “Create Account”
- Confirm registration through email
For verified account, follow same steps as above, then:
- Login to your account
- Go to User Center and click Identity Verification
- Choose Personal
- Fill in your details
- Choose an ID type for document verification such as Passport or Driver’s license
- Take photo or upload file of your document
- Take photo of yourself
- After uploading required document and photo, click confirm
- Binance will then review your submission as soon as they can
You will receive an email once your account has been verified.
What You Can Buy
Many top 10 assets are available for direct purchase using fiat or credit cards with even more available for trade. Here are some of the assets available for direct purchase:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Binance Coin (BNB)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Tezos (XTZ)
- TrueUSD (TUSD)
- Tether (USDT)
Binance Exchange offers support for over 174 coins and tokens if you trade cryptocurrencies, including:
- Bitcoin SV (BSV)
- Chainlink (link)
- EOS (EOS)
- Cosmos (ATOM)
- Stellar (XLM)
- Cardano (ADA)
Binance Supported Applications
Binance offers mobile and desktop applications in addition to the online website. The desktop application is available for MacOS and Windows, while the mobile app is available for iOS and Android.
Is Binance Safe?
Yes, Binance is safe.
Though Binance was hacked for $40 million in early 2019 the exchange’s response was quick and they immediately reimbursed anyone who was affected by the hack through Binance’s Secure Asset Fund for Users (SAFU). SAFU is a cold storage wallet that keeps enough capital so that it can cover user’s losses. There have been no incidents since.
They offer two-factor authentication and universal factor authentication as added security.
Fees
Binance fees are the lowest trading fees of any major exchange. Buyers and sellers both pay 0.1% in fees. This fee can be decreased by having more than 50 Bitcoin (BTC) value in trading volume on your account in a 30-day period or holding over 50 Binance Coin (BNB) in your account.
Depositing an asset to your Binance account is always free, apart from the network fee. Withdrawal fees from Binance vary depending on the asset you wish to withdraw. In addition, there are minimum withdrawal amounts.