- More than sixty-five tradable cryptocurrencies
- Low cost
- Trading alternatives, such as P2P trading, spot trading, and margin trading
- American version is more restricted
- The platform is complex and not user-friendly for newbies
- No built-in digital wallet
- Regulatory issues in many countries - latest, Canada
Reviewed broker: Binance
Location: Cayman Islands
Established in 2017 by Chinese-Canadian developer, Changpeng Zhao (aka CZ)
Trading instruments: Binance’s exchange is the only crypto-trading trading platform that supports more than 355 cryptocurrencies
Fiat-Currencies: USD, EUR, CNY, GBP, RUB, AUD and 331+
Regulation: Binance now authorised in seven EU Member States and fifteen jurisdictions worldwide.
- Binance.US faces scrutiny by several U.S. regulators, including the Department of Justice, the SEC, and the New York Department of Financial Services (NYDFS).
- The most recent clampdowns have been regarding the exchange’s native BUSD stablecoin and its acquisition of defunct crypto broker Voyager Digital’s assets.
- Binance may reevaluate projects in geographies where it faces regulatory heat, but experts say it’s unlikely to exit the U.S. market.
Binance is no doubt one of the biggest and most recognized cryptocurrency exchanges in the world, so you can be certain that your cryptocurrency is in good hands. However, Binance has been compromised in the past.
In 2019, hackers stole 7,000 bitcoin in addition to the 2FA codes and API tokens of clients. Using phishing and malware, the hackers gained access to the exchange.
Binance Restricted Jurisdictions
Binance Restricted Jurisdictions: While Binance offers extensive trading services globally, regulatory constraints and compliance requirements result in certain unsupported jurisdictions. These include the United States, China, Cuba, Iran, North Korea, Sudan, and Syria. Binance also enforces strict KYC and AML regulations, necessitating user identification during account registration.
Nevertheless, Binance supports numerous countries beyond these restricted areas, covering most major European markets, Australia, Japan, South Korea, and other regions worldwide.
Trading Conditions and Features
Binance provides traders with a substantial number of cryptocurrency pairs that can be used in different places based on what is accepted there. Among the cryptocurrencies available on Binance (MATIC) are:
- Binance Coin (or “BNB”)
- VeChain (or “VET”),
- Harmony (or “ONE”),
- VeThor Token (or “VTHO”),
- Dogecoin (or “DOGE”)
- Matic Network.
And finally, Binance also accepts almost all the popular cryptocurrencies in the crpto space, such as:
- Dash (or “DASH”)
- Compound (or “COMP”)
- Cosmos (or “ATOM”)
- Bitcoin (or “BTC”)
- Litecoin (or “LTC”)
- Ethereum (or “ETH”)
- Cardano (or “ADA”)
Binance charges maker-taker fees in tiers. Trading fees are calculated based on your total 30-day trading volume and Binance Coin (BNB) holdings.
Users are graded from VIP 0 to VIP 9 based on these characteristics, and costs drop as your VIP status increases.
Spot trading costs for makers run from 0.1 percent to 0.02 percent, while takers’ fees are somewhat higher at 0.1 percent to 0.04 percent.
Fees are reduced even further if you use the network’s native coin, Binance Coin, to pay for gas. When gas fees are paid using the BNB token, both the makers and the takers receive a 25% reduction on their trading expenses.
Fees on Binance’s futures trading platform are significantly lower, starting at 0.02 percent for makers and 0.04 percent for takers, with a 10% reduction on trading fees paid with the BNB cryptocurrency.
Fees for using the quick buy/sell feature, on the other hand, might be significantly higher, beginning at 0.5 percent. If you buy any of the cryptocurrencies with a debit or credit card, you will additionally be charged a 4.5 percent trading fee.
You may cut that cost in half by first moving funds to your Binance account and then taking advantage of the reduced Spot Trading costs.
Binance does not provide typical Forex (foreign exchange) trading since it lacks access to the volume of currency pairings that a Forex exchange (such as Avatrade, Litefinance) does. Binance offers over 50 currency pairings, but several Forex-only exchanges have thousands.
On the other hand, Binance CFD (Contracts for Difference) trading is fairly contentious in the crypto sector, since many prefer to possess local assets that they can withdraw to a personal wallet. CFDs do have the benefit of being extremely liquid.
Finally, there is a Binance Futures market for those searching for other trading choices. Users can open long or short contracts on any asset they choose in the future market (also known as derivatives).
Binance provides a wide range of trading tools, including real-time charts that have moving averages and also the exponential moving averages. Users can trade comfortably via any of the following client platforms:
- Binance app
- Binance website
- Binance desktop client.
Traders can also check their order books, price charts, portfolios, and transaction history through the Binance interface.
Binance also provides lots of order types, such as
- Trailing stop-orders
You can also choose from different ways to trade, such as traditional, margin, and over-the-counter (OTC).
However, several of these capabilities, such as margin trading and other order types, are not available in the United States.
For now, Binance does promote Trust Wallet, because, for now, it doesn’t have its own cryptocurrency wallet. In general, a crypto wallet is a safe location to save your funds.
Trading on Binance is quite simple and user-friendly. In addition to Bitcoin, BNB, TRX, DOGE, DOT, and BUSD, as well as Tether trading pairs, there is an incredible cryptocurrency variety accessible for trading. Binance’s fiat markets also provide a vast assortment of crypto-to-fiat pairings.
For spot trading, customers may select between a beginner-friendly and an expert-friendly trading interface, catering to all sorts of users. Margin, derivatives, peer-to-peer, and over-the-counter trading are also available on the platform.
- Analytical Charts:
- Per our reviews on Binance, the trading experience at Binance is entirely interactive. The decentralized exchange uses Trading View to provide its users access to technical market indicators, charts, and graphs that analyze the market trends in real time.
- These interactive tools help users find the next trading opportunity as soon as possible.
Binance Mobile Trading
Traders may utilize the Binance mobile app to stay active in the cryptocurrency market even while traveling.
The Binance mobile app is available for all mobile platforms and devices. Android users can get the Binance mobile app through Google Play, while iOS users may get it via the Apple App Store.
Binance is also available in APK format for Tizen and Windows Mobile, as well as other mobile platforms. Trading Account: Binance offers a variety of trading accounts to meet the demands of every trader.
Basic and Advanced Binance accounts are the two primary varieties. The account may be customized based on what the user wants.
Binance offers margin, P2P, and OTC trading accounts to professional and experienced traders.
Users have access to a wide collection of research papers that may assist them in solving any investment problems and navigating the trading platforms efficiently.
These articles also provide first-hand knowledge of how you will be successful in cryptocurrency trading. One can immediately contact the Binance support team and get a well-thought-out response to their concerns or questions.
There are three basic alternatives for contacting customer support at Binance: creating a ticket, making basic inquiries via chat, and using Twitter.
Users may file a ticket and receive email support by quickly filling in the user support form on the Binance exchange webpage.
Binance has a Twitter account (@BinanceHelpDesk) for customer service and invites consumers to tweet the firm with their difficulties.
Additionally, there is a chat-box beneath the right corner of the support screen on the Binance website.
You can deposit 27 different fiat currencies directly on Binance to purchase tokens including USD, EUR, GBP, CAD & AUD.
Binance has very few constraints concerning the payment method. Almost every payment gateway is integrated with the secure exchange. It also supports high-volume deposits and withdrawals of traders in fiat currency and popular cryptocurrencies such as BNB, Litecoin (LTC), and BTC Cash.
- Binance Credit Cards:
- For instant trading, Binance allows its users to link their credit cards and crypto-friendly bank account. Credit cards can be used to convert their crypto earnings into fiat currencies. They can be used to pay fees with crypto as well.
The review noticed that an announcement made by Binance in December 2019 allowed its users to bind their VISA credit cards to the Binance trading account. This helps them purchase cryptos directly by using a credit card payment method. The Binance platform no longer compels its users to deposit through Simplex. It saves them the 3.5% Simplex fee and lets them deposit through VISA cards issued in the EEA.
No built-in digital wallet available: While some popular exchanges have built-in digital wallets, Binance does not. It recommends Trust Wallet, which has a good reputation but may only offer limited support if there are issues with Binance transfers.
Binance Exchange Deposit Fees
When transferring crypto tokens from an external wallet to your Binance wallet, Binance does not charge any crypto deposit fees.
Deposit costs for fiat money range between 0-3.5 percent, depending on the deposit type and the fiat currency being transferred. Some currencies have a one-time cost.
Binance Exchange Withdrawal Fees
When you withdraw bitcoin from your Binance account to your crypto wallet, Binance charges a fixed transaction fee. The amount a user pays varies based on the crypto token you’re transferring.
Again, fiat currency withdrawal costs will vary depending on the currency and mode of withdrawal. The cost typically ranges from 0-2.5 percent, with set values for specific currencies.
Frequently Asked Questions
Can I Withdraw Money from Binance?
You can withdraw cryptocurrencies from Binance, as well as a variety of fiat currencies including USD, GBP & EUR.
Can I Buy Bitcoins on Binance?
Yes. It’s possible to buy Bitcoin on Binance with a credit or debit card, as well as any supported cryptocurrency or fiat currency deposited into your account.
Is Binance Safe?
Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2FA). On May 7, 2019, Binance suffered a major hack which resulted in 7000 Bitcoins being stolen from the exchange. However, Binance stated that all losses would be covered by its emergency insurance fund (aka SAFU).
How was the rating of Binance performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on Binance broker performance and features.
Overall our online Binance review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online Binance or you find inaccurate details Binance broker review please get in touch with us and the changes will be applied.