Binance is the world’s largest cryptocurrency exchange by volume. It’s also one of our favorites for trading between Bitcoin, Ethereum, XRP and a wide range of altcoins. Despite offering little fiat currency support until now, Binance is a staple platform for most investors — and we suggest you give it a try too.
Read on to find out more about Binance, including our three-part, honest review of the exchange and a handy referral link you can use to claim rewards with your first purchases.
Binance Referral ID
Join Binance today and use our binance.com referral ID: 36757189 or Binance referral link (like this one) on sign-up to get industry-leading pricing for cryptocurrency trades and up to 40% on referrals.
|Binance Referral ID||36757189|
|Binance Bonus||Get 50% off trades & 80% for referrals with BNB.|
|Referral Requirements||New user and must be 18+ years.|
|Last Verified||August 11, 2019|
Update: Binance has announced that they will stop allowing US customers access to Binance.com. They will instead launch Binance US for customers in the United States likely in September or October 2019.
With any cryptocurrency exchange, our review process looks at three crucial factors: ease of use, fees, and support. In this section, you’ll find a quick overview of Binance with these things in mind.
Ease of Use
Using Binance is pretty easy to use, even for beginners. The intuitive user interface is much like other exchanges, but it also features support for more than ten languages. Of particular note, Binance offers both a Basic and Advanced version of its exchange, allowing users to choose just the right amount of complexity for their cryptocurrency trading needs.
Binance is an extremely popular exchange, so it doesn’t have to rely on high fees to make ends meet. The default fee for trading on Binance is just 0.1%, but you can quickly reduce that by purchasing small amounts of the exchange’s proprietary coin, Binance Coin, or by conducting more transactions. The lowest fee you can reach is an 0.0150% maker fee, which is very competitive.
As always, there are mixed reviews about Binance’s support process. However, the overwhelming sentiment is positive: most users are able to resolve their issues within 24 hours via Binance’s support ticket system. The exchange also has an active PR team on Reddit, which is quick to resolve problems that fall between the cracks.
Binance Review 2019
Ease of Use
Binance is one of the top cryptocurrencies exchanges. They offer very low trading fees and have an excellent selection of cryptocurrencies available to trade. Their support is 24 hours a day and are active on Reddit.
If you’re curious to know more about Binance, we’ve compiled some of the most important details about the exchange in this section.
Binance was launched in 2017 by Changpeng Zhao, a Chinese-Canadian entrepreneur. It quickly grew in popularity thanks to its large selection of cryptocurrencies and competitive fees. On the whole, Binance has a great track record and is considered to be one of the most reputable cryptocurrency exchanges at present.
Countries Supported at Binance.com
With its main focus on exchanging between cryptocurrencies (but not fiat currencies), Binance has a pretty wide reach. Users across the entire world — barring a few restricted countries and states — can sign up to and use Binance’s crypto-crypto trading functionality immediately.
Binance’s sister platform, Binance Jersey, supports some fiat currencies and can be used in most European and South American countries, plus several African and Asian countries.
Binance does not accept users from the following countries: Afghanistan, China, the Republic of Congo, the Democractic Republic of Congo, Cuba, the Democratic People’s Republic of Korea, Eritrea, Iran, Iraq, Ivory Coast, Kyrgyzstan, Lebanon, Libya, South Sudan, and Sudan.
Similarly, Binance does not accept users from the following states: New York (NY), Georgia (GA), Connecticut (CT), New Mexico (NM), Hawaii (HI), and Washington (WA).
Accepted Payment Methods
Binance itself accepts deposits in a whole handful of cryptocurrencies. As of late, Binance also offers users the ability to purchase Bitcoin, XRP, Ethereum, Litecoin, and BTCABC by credit or debit card in USD or EUR.
The Binance Jersey platform also accepts fiat currencies too — GBP and EUR — but only offers cryptocurrency support for BTC and ETH.
Binance Transaction Fees
By default, Binance transaction fees amount to 0.1% of each transaction for both makers and takers. These fees can be reduced by holding Binance Coin or conducting a larger volume of trades.
For credit or debit card purchases, fees amount to 3.5% of the transaction’s value or $10 — whichever of the two is higher.
Binance requires all users to complete a Know Your Customer (KYC) verification process when they first launch their account. For this, you’ll need to provide your telephone number and one or two forms of government-issued ID, such as a passport or driver’s license.
Buy/Sell Limits at Binance
Binance has no limits for trading cryptocurrencies. However, there are limits for withdrawing funds from the exchange. Regular users, so-called Level 1 users, are able to withdraw up to 2 BTC of currency every 24 hours. By completing additional verification, so-called Level 2 users, can withdraw up to 100 BTC of currency every 24 hours.
Binance has had a few security scares, but it continues to keep users’ funds safe to this day. Since it’s the biggest exchange in the world — by volume — this demonstrates how Binance’s internal security systems are really doing their job.
As far as users are concerned, Binance offers crucial security features such as 2FA (Two Factor Authentication) to protect your account. However, any funds held on the exchange are held at Binance itself — not on the user’s computer. This is considered an unsafe way to hold cryptocurrencies, but users are free to withdraw coins onto their own wallets.
Until now, Binance has had very few controversies. It has had to delist several currencies, sparking some heated debate. Affected currencies include SALT and SUB — which were delisted due to inactivity — and BSV — which was delisted due to a disagreement with major proponent Craig Wright.
One particularly notable controversy concerns Binance’s listing process. It’s generally accepted that Binance charges very high fees to list most cryptocurrencies, but it’s also been rumored that the exchange takes part in pump-and-dump like schemes on newly-added currencies to maximize profits.
As always with cryptocurrency exchanges, Binance’s support team has mixed reviews. The overwhelming sentiment is, however, positive. Binance replies to most support tickets (submitted through its dedicated ticket system) within 24 hours.
If issues are not resolved in due time, Binance has an incredibly effective PR team that is quick to respond to complaining users on social media platforms such as Reddit.
If you choose to use Binance, we hope you’ll have a smooth experience with them. Otherwise, you’ll be glad to know that you can always get your money back by taking to social media!