Headquarters: Hong Kong / Tokyo
Description: Exchange the World
24-hour trade volume: $2.6 B
More or less – Binance offers two versions of their trading interface—beginner and advanced. By offering two versions of the interface Binance gives traders of all skill levels an ideal interface to exchange cryptocurrency. While I think Binance has great user interfaces for trading, the rest of the platform could use an update design-wise.
Yes – Thanks to a beginner trading mode and a minimal navigation, Binance is very beginner-friendly.
Yes – Binance offers a basic support center with answers to some of the most common questions.
Support Response Time
Lv.1 – Requires Binance Account – 24-hr withdrawal limit 2 BTC
Lv.2 – Requires KYC Verification – 24-hr withdrawal limit 100 BTC
Lv.3 – Contact Binance
Google Authenticator, SMS
To my knowledge, there’s no insurance for your funds stored in Binance.
Storage & Encryption
I’ve reached out to Binance but their help center doesn’t list any information regarding storage or encryption.
Payment & Fees
Only accepts cryptocurrency – Free to deposit
Variable fixed fee depending on cryptocurrency. See fee schedule
0.1% (Or pay just 50% of fees if using BNB)
Binance allows you to pay all fees using their own BNB token. By doing so, you only have to pay 50% of the 0.1% fee. It’s a really great option but it should be noted that this will decrease over time. Binance is planning to phase out the fee discount incrementally over 5 years.
Accepted Payment Methods
Binance is one of the few exchanges to not suffer major outages in recent months from the huge surge in cryptocurrency trading demand. In just a few months Binance has gone from nothing to one of the largest cryptocurrency exchanges in the world by 24-hour trade volume. It looks like they’ve built Binance to scale. I haven’t experienced any issues at all with Reliability.
Yes — iOS and Android. Although, it’s rumored that the Android version of the app is more reliable. I read several complaints from iOS users about their version of the app.