Binance Experience 2021: The Crypto Exchange Test
10 Stars
Binance is one of the largest Bitcoin exchanges in the world. Several million users use the platform to trade cryptocurrencies.
And indeed, the provider has an overwhelming number of cryptocurrencies on offer.
But is the crypto exchange also licensed and reputable?
Binance has received good reviews in various forums, which is why we want to go into more detail on the following points in our test:
What can be traded, what functions does the website offer, what security precautions are taken and what fees can be charged to the customer.
In this Binance test, we also want to explain the offer to new investors.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Advantages and disadvantages
An important point when trading with money is security. This is written in capital letters at Binance and every trader can further secure himself.
In the user account, you can see every single login attempt with the IP address, the location and what device was used. In addition, when you log in for the first time, you are informed about the risks that can be avoided.
So many security tips ensure increased trustworthiness. This is one of Binance's strengths compared to many brokers or exchanges.
In addition, the website offers an enormous number of cryptocurrencies. Such a large offer is rarely found on the market. However, it can quickly overwhelm newcomers to the world of cryptos.
Binance also announced via its own YouTube channel that new and revised trading platforms will be released soon.
These should provide significantly more functions for investors than was previously the case. The exchange is thus making great efforts to meet the wishes of investors and to further develop and improve the platform.
One disadvantage, however, is that Binance is a pure cryptocurrency exchange and therefore does not allow fiat transactions. So you have to buy a cryptocurrency first before you can trade it on Binance. A short guide to buying bitcoin via PayPal can be found here.
However, if you absolutely want to deposit money on the platform with fiat currencies, you can do so via three different third-party platforms.
This way seems awkward and cumbersome, especially for new users.
Binance Review - The Offer
Binance is a classic crypto exchange. You can only trade cryptocurrencies and exchange them with each other.
A wide variety of coins are supported. According to the website operators, there is multilingual support and the platform can be accessed via any operating system and from any electronic device.
The most important point listed in the offer is the security of the website. In addition, the platform is said to be able to carry out 1.4 million transactions per second.
The name Binance is derived from the English "binary" and "finance".
As of January 2018, Binance is considered the largest cryptoexchange with a market value of 1.3 billion US dollars.
In August 2018, Binance and three other major exchanges raised US$32 million for a new cryptocurrency that is not supposed to have such an extreme price fluctuation as the other cryptocurrencies.
In addition, the platform already has its own cryptocurrency, which is called Binance Coin or BNB for short. You can buy such a coin for 4.86 US dollars at the moment.
Currently, the site is available to investors in 17 different languages and the customer service is also available in several languages, according to the platform.
The platform is used by over nine million investors, which was the status in June 2018. Thus, the website had an increase of two million users in just three months.
The Binance Exchange story
Binance is a very young company, founded in 2017 by Changpeng Zhao and Yi He. The platform has eight investors who come from all over the world.
The website focuses exclusively on cocryptocurrencies and their trading. You can buy them, transfer them to a wallet, sell them or bet on their price.
Between 250 and 500 employees work for the website and the company headquarters are in the European Union, more precisely in Malta.
Binance's chairmen also invest a lot of money in various cryptocurrencies, such as TravelbyBitt, Contentos, Zhidian, Republic and MobileCoin.
time | occurrence |
|---|---|
2017 | Established by Changpeng Zhao and Yi He |
31 July 2018 | Acquisition of Trust Wallet |
December 12, 2018 | Start of a learning platform to introduce new users or investors to blockchain and crypto currencies |
The Binance cryptocurrencies
On a platform for trading cryptocurrencies, the main concern is how many different cryptocurrencies are offered and how high the fees are.
The website offers 171 different coins to buy, sell and trade with each other.
This is the largest number that Exchanges has had so far.
The tradable cryptocurrencies include e.g:
Bitcoin Ripple | Bitcoin Cash SV | MIOTA |
|---|
Binance experience: The features
The platform offers a learning academy for new and experienced investors. You can have all new articles sent to you by newsletter or read them directly via the website.
You don't have to have a membership for this, but every visitor has free access to the content.
Secondly, the website offers its own Binance Wallet for storing and using cryptocurrencies. This can be downloaded from the iOS Store and Google Play.
It's called Trust Wallet and it doesn't have to shy away from comparison with other crypto wallets. In addition to its strong commitment within the crypto scene, Binance has also founded its own aid organisation, called Binance Charity, which supports a wide range of aid projects.
You can donate money or get more information about their projects.
However, if you want to launch a cryptocurrency yourself, you can contact the Binance Lab and ask for funding for the project.
Binance has already made several investments in different coins.
The Tust Wallet is available as an app and acts as a standalone wallet:
Android App
iOS App
Own Binance Wallet to store and use the Coins
The Binance App
The Binance app has been around for some time and is constantly being improved, adapted and optimised.
With over a million Binance apps downloaded, it is one of the most used trading apps on the market and manages to combine both complex futures trading and simple wallet integration in one application.
Critical voices sometimes complain that the Binance login can cause problems. Others, however, emphasise the functionality and simplicity.
If you follow the information from Binance and the programming, you can use the Binance app to check the current market, make purchases and sales, manage your cryptocurrencies and change your private settings at any time.
So you have the same functions as on the computer itself.
If you need help or have a wish or suggestion, the easiest thing to do is to leave a Binance review and wait for the customer service to reply.
On iOS, the Binance app requires iOS 9.0 or later. Both apps received ratings of over 4 out of 5 stars.
To receive all the necessary live updates, you need a stable internet connection.
Users note that the data consumption of the mobile platform can be very high. Therefore, the Binance app is probably best used via WLAN.
Open an account & buy coins at Binance
Step 1: Open an account
To register on the Binance platform, you need a valid email address and a password.
After a short time, you will receive an email with a confirmation link, which you follow to gain access to the trading platform.
After logging in for the first time, you receive an overview with security warnings, which you confirm by checking the box, otherwise you will not be forwarded.
This is to prevent someone else from gaining access to your account and transferring the money elsewhere.
Next, the programme asks if you want a 2FA activation, which requires you to identify yourself via Google or SMS.
Binance makes it easy to buy and then sell cryptocurrencies.
Step 2: Choose amount and currency
To buy a coin of a certain cryptocurrency, you select the desired currency pair, e.g. Bitcoin against Binance Coin, and create a buy order.
To do this, you select how many coins you would like to buy.
The other currency to be paid is immediately displayed in the same window and as soon as the buy order has been processed, it is displayed after a few seconds under open orders.
Once fulfilled, the buy offer is filed in the order and transaction history.
Step 3: Specify recipient address
Of course, you still have to specify in the account to which wallet the purchased cryptocurrencies are to be transferred. For this, you need the private key and add it to your profile.
Afterwards, the electronic wallet should be connected to the user account and all withdrawals can be made.
Step 4: Check data
As soon as the desired coin has been credited to the user account on the platform, it can be transferred to one's own wallet.
For this, one needs the exact address of the wallet and how many shares are to be transferred. In the same window, one also sees the fee that has to be paid for the transaction.
Step 5: Transmit the transaction
As soon as all important decisions have been made, the deposit or withdrawal can be checked again and submitted by clicking on "Send transaction".
It can take up to 15 minutes for the cryptocurrency to appear in the Binance wallet, so you should stay calm if nothing has been posted after five minutes.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Binance experience: The fees
providers | Binance |
|---|---|
Deposit | free of charge with bank transfer |
Transaction fees | 0.1% of sales |
Payout | depending on token |
With Binance fees, you have to distinguish between two different positions. There are normal trading fees that have to be paid for each transaction.
The cost per purchase or sale is 0.1% of the traded turnover.
If you want to settle this amount in the BNB currency, you get a 25 percent discount on the trading costs.
This amount is deducted from the account every 30 days and the larger the trading turnover in Bitcoin and the larger the holding of Binance coins, the lower the percentage of Binance fees you have to pay.
For withdrawals, costs are charged again, which depend on the respective currency.
For Binance Coin and BUSD, you have to withdraw at least 0.22 coins and have a withdrawal fee of 0.11 Binance Coin.
All Binance fees are deducted in the withdrawn currency, which means that if one withdraws Ethereum, Ethereum will also be charged as a Binance fee.
One does not have to pay any fees for opening an account or for depositing into the account.
No matter how many small deposits one makes from different wallets, one will not be charged anything.
This 0.1% is significantly lower than on many other platforms. Often you have 0.5% or you only get 60 to 80% of the profit when trading CFDs.
On the Binance platform, one does not have the possibility to exchange one's cryptocurrencies for fiat currencies.
It is exclusively a cryptocurrency exchange and does not have the possibility to make transfers to the bank account or transactions to the credit card.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Binance experience: Payment methods
Through Binance, you can only trade cryptocurrencies.
There are well-known currencies such as Bitcoin, Ethereum, Ripple, Dash or EOS, but there are also fairly unknown cryptos on offer. The platform also has its own token called Binance Coin.
To make a deposit into the user account, you have to connect your own wallet to the account and make crypto transactions from here.
If one has digital currencies in several wallets, one can connect them all to the account on the Binance platform and switch from one wallet to another or transfer coins at any time. Simply with the Binance login.
However, a small percentage is retained per cryptocurrency, but this depends on the currencies traded.
There are no other Binance fees for withdrawals or deposits. There are various ways to buy cryptocurrencies beforehand.
Binance Experience: Security
Security is one of the most important points for investors in online exchanges. It comes into play in the storage of the deposited money as much as in the trading itself.
As soon as you are on the trading platform, you are protected via an SSL connection.
Furthermore, the website gives some tips on how to act online in a protected manner and which risk factors the investor can eliminate himself.
After you have ticked off all these points, you come to the actual platform and you can protect it via 2FA.
This means that you can either authenticate via Google or via SMS. In addition, you can see all IP addresses and locations of the last login attempts on the start screen of the Binance platform.
If a device does not look familiar to the user, he can delete it and this terminal will be automatically logged out.
The website also advises that passwords should not be stored in the browser, but rather on a secure USB stick or at home in a safe place.
Binance Experience: Customer Service & Support
Customer service is available 24 hours a day, 7 days a week and can be contacted in various languages.
On the website itself, you can be redirected to the help page via the "Contact" button and there is a note that you should first read the FAQs.
On this subpage, many questions regarding the platform, deposits and trading are answered.
New members can also find help and tips in the learning centre, the Binance Academy. Afterwards, if the question could not be answered, you can send a request to the customer service.
However, there is no option to contact a phone number or email address directly to get immediate and personal help.
Binance does, however, offer contact via Telegram and this is also available in 25 different languages.
The point of support, however, is criticised by several people in Binance reviews: It is said to be unreachable and not really helpful.
In case of such incidents, it is best to contact other members so that they can help you with minor difficulties.
In the case of serious problems, however, you have to fall back on the customer service and hope that they will get in touch and solve the problem.
Pros
Cons
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Is Binance a scam?
By no means is Binance a scam!
After reading through all sorts of Binance testimonials and doing the Binance test, it seems that the licensed exchange is a good platform for trading cryptocurrencies.
It has the latest security standards and there are notices everywhere for the user.
Also, you don't have a minimum deposit amount and you can deposit it from almost any wallet in any cryptocurrency.
The founders are real people who have also made investments in the financial sector before.
The company is very young, but already has over nine million users and the Binance app has been downloaded over a million times on Android phones alone.
Binance Experience - The Conclusion
After the Binance test, it can be concluded that there is almost no other broker or exchange that offers a larger number of cryptocurrencies for trading.
177 different cryptocurrencies are made available to investors for buying, selling and exchanging.
Security is clearly a priority on this platform and Binance fraud seems very unlikely.
The website is a licensed trader for cryptocurrencies and you can only make deposits on this platform via a wallet.
Because of this, you don't have to provide a lot of personal information, which may appeal to some users.
The trading platform and software have a simple design and the developers are always uploading new updates. The only thing that is criticised by some users online is the almost non-existent customer service.
It can only be reached via a contact form or allegedly via Telegram. These options are inadequate compared to other brokers.
In this sense, there is still some room for improvement, but basically Binance can be recommended. Nevertheless, the good offer cannot come close to the test winner.
The selection of stocks, commodities, indices, CFDs and cryptocurrencies with an in-house wallet and the deposit option via Paypal simply speak for themselves.
FAQ
As one of the largest crypto exchanges around, Binance can certainly be called reputable.
The crypto industry is in a state of upheaval. Binance is not officially regulated yet, but this could change soon with new laws.
Use our guides. This will help you find out how to buy and sell cryptos online or mobile as quickly as possible.
Yes, Binance apps are available for both Android and iOS smartphones and tablets.
