Binance Review

Jared 4:31 pm

Binance Review

8.5
Out of ten
Check It Out

Headquarters: Hong Kong / Tokyo

Description: Exchange the World

Website: https://www.binance.com/

24-hour trade volume: $2.6 B

Availability: Worldwide

 

 

 

 

Looking for the best bitcoin exchange in 2018? Check out our Best Bitcoin Exchange Guide to compare all of the top cryptocurrency exchanges side-by-side.

User Experience

Design

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.

Beginner-Friendly

Yes – Thanks to a beginner trading mode and a minimal navigation, Binance is very beginner-friendly.

Documentation

Yes – Binance offers a basic support center with answers to some of the most common questions.

Support Response Time

TBD

Security

Verification Tiers

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

2-Factor Authentication

Google Authenticator, SMS

Insurance

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

Deposit Fees

Only accepts cryptocurrency – Free to deposit

Withdrawal Fees

Variable fixed fee depending on cryptocurrency. See fee schedule

Unit Fee Unit Fee Unit Fee Unit Fee
BNB 1 BQX 2 POWR 5 QSP 30
BTC 0.0005 KNC 2 ARK 0.1 BTS 1
ETH 0.01 FUN 80 YOYO 10 XZC 0.02
LTC 0.001 SNM 20 XRP 0.15 LSK 0.1
NEO Free LINK 10 MOD 2 TNT 35
QTUM 0.01 XVG 0.1 ENJ 80 FUEL 60
SNT 50 CTR 7 STORJ 3 MANA 30
BNT 1.2 SALT 0.4 VEN 5 BCD 0.0005
EOS 0.7 IOTA 免费 KMD 1 DGD 0.03
BCC 0.0005 MDA 2 NULS 4 ADX 2
GAS Free MTL 0.5 RCN 20 ADA 1
USDT 10 SUB 10 RDN 0.3 PPT 0.1
OAX 6 ETC 0.01 XMR 0.04 CMT 15
DNT 60 MTH 35 DLT 15 XLM 0.01
MCO 0.3 ENG 5 AMB 10 CND 180
ICN 2 AST 10 BAT 15 LEND 50
WTC 0.4 BTG 待定 ZEC 0.005 WABI 4
OMG 0.3 DASH 0.002 BCPT 14 TNB 70
ZRX 10 EVX 2.5 ARN 7 WAVES 0.002
STRAT 0.1 REQ 30 GVT 0.5 ICX 1.5
SNGLS 20 LRC 12 CDT 35 GTO 30
TRX 100 VIB 20 GXS 0.3 POE 350
HSR 0.0001 OST 60

Trading Fees

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

Crypto-Crypto

Supported Currencies

  • ADA
  • ADX
  • AMB
  • ARK
  • ARN
  • AST
  • BAT
  • BCC
  • BCD
  • BCPT
  • BCX
  • BNB
  • BNT
  • BQX
  • BTC
  • BTG
  • BTM
  • BTS
  • CDT
  • CMT
  • CND
  • CTR
  • DASH
  • DGD
  • DLT
  • DNT
  • ENG
  • ENJ

  • GXS
  • HCC
  • HSR
  • ICN
  • ICX
  • IOTA
  • KMD
  • KNC
  • LEND
  • LINK
  • LLT
  • LRC
  • LSK
  • LTC
  • MANA
  • MCO
  • MDA
  • MOD
  • MTH
  • MTL
  • NEO
  • NULS
  • OAX
  • OMG
  • POE
  • POWR
  • PPT
  • QSP
  • QTUM
  • RCN
  • RDN
  • REQ
  • SALT
  • SBTC

  • SNGLS
  • SNM
  • SNT
  • STORJ
  • STRAT
  • SUB
  • TNB
  • TNT
  • TRX
  • USDT
  • VEN
  • VIB
  • WABI
  • WAVES
  • WTC
  • XLM
  • XMR
  • XRP
  • XVG
  • XZC
  • YOYO
  • ZEC
  • ZRX
  • EOS
  • ETC
  • ETF
  • ETH
  • EVX
  • FUEL
  • FUN
  • GAS
  • GTO
  • GVT

Technology

Reliability

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.

Mobile App

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.

Binance Exchange Review 2018
Binance is a good bet
When it comes to cryptocurrency exchanges, size doesn't always matter. Some of my favorite exchanges aren't necessarily the largest in terms of 24-hour trade volume. As an American, I'm not even (technically) allowed to trade from several of them. But in the case of Binance, ranked 4th globally by trade volume, bigger might just be better. Larger volume means greater liquidity, which means faster order matching and a few other benefits. I'm a big fan of Binance's beginner and advanced trading modes. I think both accomplish their purpose nicely. Overall, I can see why Binance has grown so quickly. It's a nice platform, that's easy to use, and offers excellent liquidity. If you like to trade altcoins, Binance is a great bet.
User Experience8.6
Security7.9
Payment & Fees9.2
Reliability9.5
Beginner Friendly7.4
Reader Rating2 Votes5.2
Pros
100+ Currencies
Beginner Trading Mode
Great Liquidity
Low Fees
Cons
Limited Support Docs
Crypto-Crypto Only
8.5
Out of ten
Check It Out
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