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Reviews/Binance

Binance

Van Thanh Le

Feb 5 2024

9.2 / 10

Summary

Don't gamble with your crypto. Read our comprehensive Binance review before you invest. We expose the good, the bad, and the regulatory drama so you can make an informed decision.

Pros

plus

Competitive Fees

plus

Robust Security Measures

plus

Vast Asset Variety

plus

User-friendly interface

Cons

plus

Complex for Beginners

plus

Regulatory Challenges

Binance Review Scores

9.2

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Overall

Information

9

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Security & Safety

Information

8.5

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Fees & Costs

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8.8

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Ease Of Use

Information

9.5

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Trading Pairs

Information

8.7

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Payment Options

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8.6

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Customer Support

Information

Binance Review in 2024: A Look at the Crypto Giant

Binance, founded in 2017 by Changpeng Zhao (CZ), stands tall as one of the tier 1 crypto exchanges, dominating the market with its sheer volume, liquidity, and fast-paced ecosystem. Starting with a bang through a $15 million ICO, Binance rapidly ascended to become a market leader. 

Its diverse ecosystem, encompassing the Binance exchange, BNB Smart Chain, Binance Academy, and Trust Wallet, showcases its expansive influence. Despite facing regulatory scrutiny and legal challenges, especially in 2023, Binance has been pivotal in shaping market trends, like advocating for Proof of Reserves post-FTX collapse. 

Wonder if it’s your ideal exchange? Dive into our comprehensive Binance review!

Key Takeaways

Diving into the heart of Binance, here's a razor-sharp breakdown:

  • Asset Variety & Liquidity: Binance boasts an impressive range of 431 assets and 1785 trading pairs. Its market share might have dipped but remains dominant in BTC & ETH/USDT pairs.

     
  • Security Measures: A robust framework including Secure Asset Fund (SAFU), KYC/AML compliance, 2FA, TSS, and multisig technologies, alongside real-time monitoring and data encryption.

     
  • Interface Usability: It's a mix of sophistication for pros and guided learning for newbies. The platform's response time is swift, crucial in crypto trading.

     
  • Funding Options: Offers a variety of deposit and withdrawal methods, though market volatility can affect these services.

     
  • Fees Structure: Competitive trading fees, with discounts for using BNB. Reasonable withdrawal fees and varied deposit fees depending on the method.

     
  • Trading Tools & Features: A suite of tools for different trading levels, including futures, automated bots, and margin trading. Offers income opportunities through Binance Earn, savings, staking, and liquidity mining.

     
  • Customer Support: Offers various support channels. Response quality varies depending on issue complexity.

     
  • Mobile Accessibility: A user-friendly app with security features, catering to both beginners and experienced traders.

     
  • Regulatory Compliance: Faced legal challenges but is now focusing on compliance, which boosted its user base.

     
  • Market Reputation: Maintains a strong reputation with a significant reserve, showcasing high community trust.

Binance's Pros and Cons

Pros:

  • Vast Asset Variety: Offers a wide range of trading options with 431 assets and 1785 trading pairs.

     
  • Robust Security Measures: Implements strong security protocols including Secure Asset Fund, KYC/AML compliance, and Proof of Reserves.

     
  • User-Friendly Interface: Provides an easy-to-navigate platform with advanced features for experienced traders and learning resources for beginners.

     
  • Competitive Fees: Low trading fees with additional discounts for using BNB, along with reasonable deposit and withdrawal fees.

Cons:

  • Complex for Beginners: The platform's extensive features can be overwhelming for new users.

     
  • Withdrawal Limitations: During high market volatility, Binance may suspend deposits/withdrawals of certain cryptocurrencies.

     
  • Regulatory Challenges: Faced legal issues and scrutiny, impacting its operations and reputation.

1. Asset Variety and Liquidity

In my journey through the crypto world, Binance has consistently impressed me with its vast array of trading options. By the end of 2023, the platform offered a staggering 431 assets and 1785 trading pairs, according to its EOY report. This diversity is a treasure trove for traders like me who enjoy exploring beyond the usual BTC and ETH markets.

Despite some regulatory hiccups last year, Binance's appeal hasn't waned, evident in its growing user base of 170 million. Sure, its market share dipped a bit – from 62.3% to 44.5% – but in the BTC & ETH/USDT pairs market, it's still the king with over 50% dominance, as Kaiko observed

usdt pairs.webp
Source: Kaiko

What really sets Binance apart for me is its knack for picking out promising new tokens (remember it was one of the first exchanges to list TIA?). Each new listing brings a buzz of excitement to the community. It's a reminder, though, to always do your own research.

2. Security and Reliability

screenshot binance
Source: Binance

Is Binance safe? When it comes to digital asset security, Binance stands out with robust measures. This Binance review delves into the specifics.

  • Secure Asset Fund (SAFU): Established as an emergency reserve to protect user assets, SAFU compensated users with $570 million after a BNB Smart Chain incident in October 2022.

     
  • KYC/AML Compliance: Yes. You must complete KYC verification to get full control of your account and access more features. For example, unverified users can only withdraw a maximum of 0.06 BTC per day, while verified users can withdraw up to 100 BTC per day.

     
  • Two-Factor Authentication (2FA): Adds an extra layer of security, fortifying account access.

     
  • Organizational Security: Employs advanced techniques like TSS and multisig for enhanced protection.

     
  • Proof of Reserves (PoR): Binance ensures a 1:1 coverage of user assets with reserves, a claim verifiable on their platform.

     
  • Real-Time Monitoring: Scrutinizes activities like 2FA resets, withdrawal attempts, and email changes.

     
  • Security Notifications & Settings: Customizable for optimal account safety.

     
  • Data Encryption: Guarantees end-to-end encryption for all transactions.

     
  • Secure Storage: Majority of assets are kept in offline cold storage.

     
  • IP & Withdrawal Address Whitelisting: Bolsters security against unauthorized access.

     
  • API Whitelisting & Anti-Phishing Email Codes: Shields against API misuse and phishing.

Knock on wood, but Binance security hasn't given me any scares so far. They seem to do a pretty good job of keeping the exchange itself safe from hacks and exploits (though remember, BNB Smart Chain is a separate product with its own security considerations). As long as you practice good account hygiene like strong passwords and two-factor authentication, you should be in good shape.

3. Ease of Use and Interface

You can easily register for a Binance account on their website using your email, phone, or Apple/Google account. When starting, just provide personal information and verify your ID documents for a personal account. It's a quick and simple process. 

binance verification.png
Source: Binance

On my way through the Binance crypto exchange review, I found its interface to be a blend of sophistication and simplicity. For the seasoned trader, Binance is a haven with its advanced charts and seamless navigation. The platform responds swiftly, ensuring that your trades – whether placing or canceling – are almost instantaneous, a crucial factor in the fast-paced crypto world.

However, if you're new to the crypto scene, brace yourself. Initially, Binance can seem like a maze with its myriad of features. It's not just a trading platform; it's a learning curve. But here's the good part – Binance doesn't leave you in the lurch. 

Take the 'Trade > Spot' tab, for instance. Click on it, and a tutorial pops up, walking you through spot trading basics. It's like having a mentor right there. Plus, the Binance Blog is a treasure trove of knowledge, from tutorials to market insights. So, while it might be overwhelming at first, Binance is committed to making you a pro in no time.

screenshot binance 1
Source: Binance

4. Deposit and Withdrawal Options

Managing your funds on Binance is a breeze, whether you're a seasoned crypto holder or just starting out. Let's break down the deposit and withdrawal methods that make Binance stand out.

Depositing Funds on Binance

If you're new to Binance and don't have any supported cryptos yet, no worries. You can easily buy crypto using your credit or debit card. Options like Visa and Simplex are available, but keep in mind, they tack on extra fees. For those who prefer a more direct approach, P2P trading and cash balances are your go-to. And if you're into third-party payments, Binance has got you covered.

screenshot binance 2
Source: Binance. Screenshot taken when BTC price was at $46,700.

Already own some crypto? Binance lets you switch between crypto and fiat deposits seamlessly. Just remember, depositing fiat currency requires a verification process, and most deposits come with a 2% fee. 

Crypto deposits are straightforward, but be extra careful to use the correct blockchain – a mistake here could mean losing your crypto. Although, I've heard Binance support can sometimes recover wrongly-sent crypto for a fee, it's not a guarantee.

screenshot binance 3
Source: Binance

Withdrawing Funds from Binance

Ready to withdraw? You can move your Binance-supported cryptos to external wallets with ease. Just double-check the wallet address and blockchain to avoid any mishaps. For added convenience and security, consider adding your wallet as a 'whitelisted' address. This way, you can withdraw crypto from Binance without the hassle of complex verification each time. 

Binance withdrawal requests typically process within 5 minutes. Some tokens and transactions may take up to 24 hours. Fiat withdrawals to bank accounts can take 1 to 5 business days.  

As someone who often withdraws crypto, I've noticed that Binance's transaction speed hinges on the blockchain's pace, which varies. Yet, their security verification is super swift. It's a double-edged sword though. Once your assets exit your Binance account, there's no turning back - no cancellations, no reversals. So, a word to the wise: double-check everything before you hit 'send'.

Binance isn't just about crypto. You can also withdraw fiat money. The platform recommends using bank or card withdrawals for this. It's straightforward and user-friendly, perfect for both newbies and crypto veterans. 

However, I must say that Binance can be annoying during market volatility, as it may suspend the deposit/withdrawal of certain cryptocurrencies and networks. This prevents buying, selling, or even moving cryptocurrencies during peak fluctuations, and of course, leads to frustration. 

5. Fees and Charges

In the crypto exchange jungle, Binance roars with a diverse ecosystem and a user-friendly fee structure. Let's ditch the jungle metaphors and dive into the nitty-gritty: what you pay for trading, staking, and making the most of your crypto with Binance.

Trading Fees: A Closer Look

Binance's trading fees are a cut above the rest. For spot trading, they charge a flat fee of 0.1%, which currently dips even further to 0.075% for regular users. This is notably lower than the industry norm of around 0.25%. 

And here's a pro tip: use BNB to pay these fees, and you'll snag a 25% discount. For futures traders, the fees are set at 0.02% for makers and 0.05% for takers. Options traders enjoy even more competitive rates, with both makers and takers charged at 0.03%.

screenshot binance 4
Source: Binance

Deposit and Withdrawal Fees: The Full Picture

Depositing crypto on Binance? You'll only be paying the blockchain network fees, as Binance doesn't add extra charges. For fiat deposits, the fees vary from 0 to 2.2%, depending on the currency and transfer type. 

Withdrawal fees are reasonable too. For instance, withdrawing BTC costs 0.00029 BTC, which is competitive compared to other exchanges like Kraken (0.0004 BTC). And while Binance's withdrawal fee via the Bitcoin blockchain isn't the lowest, it's still fair, especially compared to its almost-free but limited Lightning Network withdrawals.

When it comes to assets available on different networks, such as USDT, withdrawing via BNB Smart Chain or opBNB is your most cost-effective option, typically under $0.5. Avalanche C-Chain is a close second. Picking networks like Polygon or Tron, despite their reputation for low fees, bumps the cost to around $1 or even more. 

screenshot binance 5
Source: Binance

This fee strategy is common among centralized exchanges, especially for networks they're less aligned with. I believe it's not a huge issue unless you're super strict about fees and expect fairness when transferring assets akin to decentralized platforms.

Interest Rates: A Comparative View

On the interest front, Binance's rates are slightly higher than some competitors. For example, the yearly interest for BTC is 1.14% on Binance, compared to OKX's 1.00%. For USDT, Binance offers a yearly interest of 12.15%, significantly higher than OKX's 5.00%.

6. Trading Tools and Features

In this Binance review, let's delve into the trading tools and features that elevate your experience on the Binance crypto exchange. Binance is not just about buying and selling; it's a hub of advanced tools and income opportunities.

Trading Tools and Platforms

  • Futures Products: Binance offers USD-Margined and COIN-Margined Futures, both perpetual and delivery contracts. The options market is particularly user-friendly, perfect for retail users with built-in leverage.

     
  • Automated Trading Bots: These include Grid Trading, TWAP, and VP. They're similar to tools on other exchanges but require savvy market knowledge. Not for beginners, but a game-changer for the experienced.

     
  • Spot and Margin Trading: The 'Money Flow' feature in Spot Trading is a gem for day traders, showing large buys and sells in real-time. Margin Trading amplifies this with leverage options.

Additional Features and Income Opportunities

  • Multi-Assets Mode: A standout feature allowing trading with various coins as margin. Ideal when Bitcoin is stable, but altcoins are buzzing.
  • Social and Gamified Trading: The Leaderboard and Battle features blend social networking with trading, adding a fun twist to the serious business of trading.
  • Other Tools: Advanced TP/SL and Portfolio Insight offer a deep dive into your trading strategy and performance.

Binance isn't just for traders. For those looking to profit without the trading hustle, options like staking and liquidity provision are available. Whether you're a day trader or an investor, Binance has something for everyone. Some of the income-generating options that it launched:

                                                                                                                                                                       
OptionDescription
Binance EarnVariety of investment tools ranging from low to high risk.
SavingsIncludes Flexible Deposits for interest-earning investments with withdrawal flexibility, and Fixed Deposits for higher interest with fixed terms.
LaunchpoolEnables earning extra tokens by investing in specific pools.
DeFi StakingFlexible and fixed staking products using decentralized protocols for increased income.
BNB VaultMulti-functional tool for earning income from BNB tokens through various methods.
Liquidity MiningEarn by providing liquidity to pools and receiving a percentage of transaction fees.
Dual Currency InvestmentsHigh-risk investment options with potential high returns, settled in one of two coins.
DOT Slot AuctionParticipate in Polkadot’s slot auction to earn rewards based on votes.
ETH 2.0 StakingInvestment opportunity in Ethereum 2.0 staking, including shared staking pools.
Grid TradingAutomated trading tool for both spot and futures markets.
TWAP OrdersFutures market trading strategy based on the weighted average price over a specified period.
Auto-InvestAutomates cryptocurrency purchases on a scheduled basis.
LaunchpadPlatform for Initial Exchange Offerings (IEOs), allowing users to subscribe for new tokens.

7. Customer Support and Service

For cryptocurrency exchanges, customer support is a crucial pillar. My Binance review focuses on this aspect, particularly examining if Binance is safe and how effective its support system is. 

Customer support includes options like submitting tickets, live chat, and social channels. Trustpilot reveals a mixed bag of experiences. Many users commend Binance for its reliable and responsive support. However, some have stumbled upon hurdles, especially with account access and transaction glitches.

From my interactions, Binance's support team stands out for their promptness and courtesy. This is a breath of fresh air compared to a past experience with a less accommodating support team at another exchange. What a nightmare. 

Binance shines in resolving straightforward issues like crypto receipt or deposit troubles and tackling P2P scammers, provided you report in time. But, when it comes to intricate problems, like accounts flagged for 'unusual activity', their assistance might not hit the mark. Their commitment is evident, though, as they address 81% of negative reviews, typically within a week.

8. Mobile App and Accessibility

Ah, mobile crypto trading! My thumbs have gotten quite the workout exploring different apps, but Binance has truly impressed me. It's like carrying the full-fledged trading floor in your pocket, seamlessly switching between Pro mode for the seasoned wolves and Lite mode for us fresh-faced explorers. No matter if you're Team Android or Team Apple, Binance welcomes you with open arms (or screens, I guess).

screenshot binance 6
The difference between the Lite and Pro mode on Binance app. Source: Binance

What really gets me, though, is how beginner-friendly they are. Fancy a test drive without risking your hard-earned sats? Hop into the demo account and practice those trades till your confidence soars. And if you ever get lost in the crypto wilderness, fear not! Binance has local guides in over 180 languages, ready to hold your hand.

Now, the crown jewel for me is security. Let's face it, crypto can be a bit Wild West sometimes, but Binance takes it seriously. Mandatory two-factor authentication acts like a fortress around your investments, and the app itself is surprisingly light on my phone - no sluggishness or overheating, even when I'm neck-deep in charts.

9. Compliance and Regulation

Binance, a titan in the crypto world, has had its fair share of regulatory hurdles. Last year was particularly turbulent for them. On November 21, 2023, Binance and its then-CEO, Changpeng Zhao, faced a major setback

They pleaded guilty to money laundering charges, leading to a staggering $4.3 billion settlement. Zhao himself contributed $50 million and stepped down as CEO. This drama unfolded shortly after Binance halted all U.S. dollar transactions on October 17, 2023, a move triggered by a lawsuit from the SEC alleging various securities law violations.

Despite these challenges, Binance didn't just throw in the towel. In their End-of-Year (EOY) report for 2023, they showcased a renewed commitment to regulatory compliance. This pivot wasn't just for show – it led to a 30% surge in their user base. Binance has been actively realigning its operations to meet regulatory standards, proving that even giants can adapt and evolve.

screenshot binance 7

10. Reputation and Community Trust 

The crypto world whispers about Binance like a secret society. Some swear by its steely resolve, a fortress amid market storms. Others cast wary glances, murmurs of "dubious" circling like dust devils. 

But when the ground trembled and investors stampeded, guess who stood tall? Binance did. Its reserves, a mountain of $55.6 billion according to Nansen, barely flinched. That's four times the size of its closest competitor, a staggering figure that speaks volumes about the trust this exchange commands. 

screenshot nansen
Source: Nansen

In a world where confidence is as fragile as a glass figurine, Binance has carved its name in granite, weathering the storm and emerging stronger. It's a testament to the community's unwavering faith, a silent vote of confidence from users who know, deep down, that when the crypto winds howl, Binance will be their North Star.

Our Verdict

In wrapping up this Binance review, it's clear: Binance stands out as one of the notable tier 1 crypto exchanges. Its robust platform, diverse offerings, and user-friendly experience make it a top choice. Whether you're starting out or a seasoned trader, Binance is a wise pick for your crypto journey.

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