Binance Review (2024): Is this a reliable cryptocurrency exchange?
Are you considering trading crypto on Binance?R ead my extensive review of my experiences with Binance. This way, you’ll know immediately whether the world’s largest crypto exchange is right for you.
Tip: Want to receive a free, permanent 20% discount on all your transactions? Use the button below to open an account with Binance:
What are the biggest advantages of Binance?
- Extensive offering: Binance has the most extensive offering on the market.
- Liquidity: Binance has the highest liquidity on the market.
- Low fees: Binance has the lowest transaction fees of any exchange.
- Binance Earn: You can earn extra by putting your crypto to work.
- Software: You can trade crypto with different software packages.
- Credit card: You can apply for a free crypto credit card with Binance.
- Education: Learn a lot about crypto with Binance’s education options.
What are the biggest disadvantages of Binance?
- Regulation: Binance does not have licenses everywhere.
- Complexity: The many possibilities can make Binance difficult for beginners.
- Customer service: Support is only available via live chat.
- Withdrawing money: Withdrawing fiat currency is expensive and complicated.
What is Binance?
Binance was founded in China in 2017 by developer Changpeng Zhao. In a few years, Binance has become the world’s largest crypto exchange. You can use Binance to trade cryptocurrencies, but you can also use it for a variety of other crypto services. In the rest of this review, you’ll read in detail about the possibilities at this crypto exchange.
| Offer: | Never more than 0,1%, with discount 0,075% or less |
| Payment methods: | Crypto, credit card |
| Application: | Online-interface & mobile application |
| Promotion: | 20% discount through this website |
| Online wallet: | Yes, 100% free wallet |
| Costumer service: | Online through live chat |
| Staking: | Yes |
| Minimum deposit: | €1 |
How can you invest in Binance?
One drawback of Binance’s crypto exchange is that the website can be overwhelming. Binance has dozens of possibilities, which makes it sometimes difficult to navigate.
The quickest way to buy crypto directly within Binance is to navigate to “trade” and then to “convert.” Here, you can immediately exchange one crypto or fiat for another cryptocurrency.
How does opening an account work?
Opening an account on Binance is very easy: you just need to choose a username and password. If you want to trade with large amounts of money, you will need to take further steps to verify your account. Click here to open an account and take advantage of your 20% permanent discount on trading fees!
Is Binance reliable?
Many people wonder if Binance is reliable: because the exchange is decentralized, it’s difficult to verify what the company is doing. However, I believe that Binance is a reliable party:
- Size: Binance is the world’s largest crypto exchange and gained a lot of trust.
- SAFU: Binance deposits 10% of all revenue into a fund to compensate stolen users.
- History: In past hacks, Binance has refunded all funds.
- Security: You can secure your Binance account with, among other things, 2FA.
Despite my belief in the reliability of Binance, crypto is never 100% safe by definition. If another user manages to hack your account, they can steal your crypto. It is therefore advisable to send your crypto to an external wallet to stay in full control of your cryptocurrencies.
How much does it cost to invest with Binance?
Binance may be the cheapest crypto exchange I know of. You never pay more than 0.1% in transaction fees when buying or selling crypto on Binance.
If you want to lower the transaction fees even further, you can::
- Sign up: Sign up through this website & receive a 20% discount on your transaction fees.
- BNB: Buy BNB & receive a discount on your transactions.
- VIP: With high trading volumes, you receive a further discount.
Because Binance currently has problems with European authorities, it may be more expensive to deposit and withdraw funds from your account. It’s important to keep this in mind when investing with Binance.
What can you invest in on Binance?
You can trade in over 500 different cryptos on Binance. This makes Binance one of the exchanges with the most extensive offering of altcoins.
If you want to trade with a user-friendly crypto exchange with an official licence, you could open an account with one of these parties:
On the other hand, Binance is ideal for trading in different altcoins. Altcoins are even more volatile than, for example, Bitcoin or Ethereum. They often have a small market capitalization and can also go “bankrupt.” Thereful be careful when investing in altcoins, because remember: high reward = high risk.
Depositing & withdrawing money at Binance
Due to Binance not having a license in many countries, it can be hard to deposit & withdraw money from your Binance account. The easiest way to trade crypto on Binance is to transfer crypto directly to your crypto wallet.
To do this on Binance, click on the deposit crypto button in the top right of the menu. Note that you often need a MEMO code when transferring money and it is important to copy the crypto address correctly.
You can then buy the required crypto from Bitvavo and send it to your Binance wallet. Here, you can then sell the crypto again and buy another crypto.
How to buy crypto on Binance?
Convert: With Binance convert, you can quickly and easily exchange crypto and fiat.Classic trader: With the classic trader, you can view charts and perform basic analysis. You also have more control over the orders you place.
Binance advanced trader: With this online software package, you can perform more advanced analyses.
P2P trader: You can use the P2P trader to buy crypto directly from another user. In this case, you do not use the Binance crypto exchange market.
Binance liquid swap: Here, you can buy crypto with a decentralized liquidity pool. You can trade in a lower amount of altcoins, but you will receive cashback.
Special Features of BinanceYou can use various unique features at Binance. In this part of the review, I will briefly show the additional functionalities of the Binance exchange.NFT: At Binance, you can both buy and sell NFTs. When you sell NFTs, you receive a commission of 1%.
Binance Launchpad: If you win the lottery, you can directly buy a new crypto with the Binance Launchpad.
Binance Launchpool: By staking your crypto, you can also “win” new crypto at Binance.
Margin trading: You can also trade on margin at Binance. Note that you can receive a margin call and subsequentally lose your entire investment.
Binance savings: With Binance savings, you can achieve a high return on your crypto. Keep in mind that cryptocurrencies can also significantly decrease in value while you are saving.
Binance crypto credit card: You can request a free crypto credit card at Binance, which gives you up to 8% cashback. Read my separate Binance crypto credit card review for more information!
How is Binance’s customer service?
A weak point in the Binance review is the costumer service. You can only reach the costumer service through live chat or email. Especially when it is crowded, it can take a look time before you receive an answer.
Binance education
A positive point within this review is the extensive education available at Binance:
- Binance Academy: Here you can learn the basics about cryptocurrencies.
- Binance Research: Here you can read studies and analyses about the crypto world.
- Binance Live: Here you can follow videos from other users about crypto.
Binance Coin (BNB)
Binance Coin is the cryptocurrency of Binance. You can use BNB for various functions within the exchange. For example, by holding BNB, you receive a discount on your transactions and a higher cashback with your credit card.
Conclusion of the review: How reliable is Binance?
Binance is a comprehensive crypto exchange… probably too comprehensive for many users. If you simply want to buy well-known cryptocurrencies, then an exchange like Bitvavo is more than sufficient. However, if you really want to dive deep, then Binance can be very interesting. You can use a huge variety of different functions at Binance, which makes it one of the best exchanges for crypto enthusiasts.
Frequently Asked Questions about Binance
Binance has taken many steps to make the crypto exchange as safe as possible. However, due to the decentralized nature of crypto, Binance can never be 100% safe. It is therefore recommended to secure your account well and to store your cryptocurrencies in an external wallet.
Binance is a fairly complex exchange with dozens of possibilities. Beginners can quickly become overwhelmed by the extensive options. However, the low transaction fees make Binance attractive to investors with a small budget.
Binance was founded in China but is no longer based there. Binance is a decentralized exchange without one clear central point. The staff of Binance works all over the world. When I needed help once, for example, I spoke to an employee in Turkey via webcam.
Personally, I do not necessarily find Binance better than Bitvavo. Binance certainly offers more extensive options, but Bitvavo is a lot more user-friendly. Which crypto exchange is best for you depends primarily on your personal preference.
By speculating, you can both make and lose money with crypto. By using Binance Earn, you can earn extra returns by lending your crypto to Binance. Always research the risks of investing in crypto carefully: that way you can avoid disappointments!
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When I was 16, I secretly bought my first stock. Since that ‘proud moment’ I have been managing trading.info for over 10 years. It is my goal to educate people about financial freedom. After my studies business administration and psychology, I decided to put all my time in developing this website. Since I love to travel, I work from all over the world. Click <a href="/about-us/">here</a> to read more about trading.info! Don’t hesitate to leave a comment under this article.
