Binance Exchange Review

In Reviews by CryptoWalkthrough Team

Our Rating: 9.6/10

Binance is one of the newest, yet fastest growing cryptocurrency exchanges. Recently, they have seen as much as $5 billion in daily trade volume, making them the largest exchange in the world currently.

  • Easy Account Setup
  • Lowest Transaction Fees
  • Hottest Cryptocurrencies
  • Trading Interfaces for All Experience Levels
  • Quick Deposit Confirmations
  • No Fiat Deposit Options
  • Trading Bots Are Competitive
  • Some Recent Site Outages
  • Winning Trading Contests is Difficult

Binance has an excellent overall reputation based on their solid user interface, high liquidity, low transaction fees, and frequent addition of many of the hottest new cryptocurrencies. We highly recommend Binance and use it daily for trades ourselves.

Pros

Easy Account Setup

  • Binance account creation is quick, easy and free
  • They do not require personal information for Level 1 Accounts and still have great withdrawal limits (2 bitcoin equivalent value per day) and other benefits. Upgrading to Level 2 by submitting identification documents increases the daily withdrawal limit to 100 bitcoin equivalent!
  • Binance offers easy two-factor authorization (2FA) setup to help secure your account

Lowest Transaction Fees

  • Compared to other exchanges, Binance has very low transaction fees. They charge 0.1% of the total transaction amount. Most other exchanges charge 0.15% to 0.25%. Some even more!
  • By purchasing and using Binance’s own token, BNB, fees can be lowered even further to just 0.05%. Simply buy some BNB, hold in your account, and toggle on the Use BNB to Pay Fees option, and you will receive the 50% discount

Hottest Cryptocurrencies

  • Binance has over 100 currencies now available to trade, and typically adds 2-4 new currencies per week
  • They have many of the most popular new currencies/tokens, having recently added Tron (TRX), Icon (ICX), IOTA, Request (REQ), Enigma (ENG), Neblio (NEBL) and many others
  • Binance is often one of the first exchanges to make trading available for recent ICOs and other new currencies
  • Binance also supports forks more readily than almost any other exchange, giving traders credit via forks like Bitcoin Cash, Gold and Diamond, as well as Ethereum Fog

Trading Interfaces for All Experience Levels

  • Use the Basic trading interface when you want a clean and easy use display of the order book and trading charts
  • Use the Advanced trading interface when you want additional tools and charting options such as Moving Averages and RSI (plus dozens more)
  • Use the Desktop interface which adds some features not available on their website
  • Use the Mobile apps when on the move (Android available, iOS in beta testing as of this writing)
  • User interfaces are currently available in English, Korean, Russian, French, Chinese, Japanese, Spanish and German

Quick Deposit Confirmations

  • All Bitcoin or Ethereum deposits will take some time to process (like any other exchange), but Binance confirmation times are reliably quick. For ETH, new deposits are usually confirmed and available to trade within 10-15 minutes. Bitcoin is also quick, but more reliant on the network, which has been sluggish as of late because of Bitcoin’s surging popularity and usage. When the Ethereum network is humming, we have seen confirmations in as quick as 8 minutes!

Excellent Liquidity

  • Binance has very high trading volume, making both buying and selling quick compared to smaller exchanges with less volume. Depending on the currency, Binance is often the highest volume exchange available

Trading Contests

  • Binance sponsors frequent trading contests, allowing winners to receive prizes of currency (e.g. a chance to win 100,000 FUN tokens). Typically there are between 20-100 winners per contest, with tiered rewards.
  • Some contests even include other prizes like new cars (yes, even a Lamborghini – win and answer the When Lambo? question!), vacation packages and smartphones
Cons

No Fiat Deposit Options

  • Binance does not accept fiat currency (e.g. U.S. dollars or Euros). In order to start trading, you will need to deposit either Bitcoin (BTC) or Ethereum (ETH) from your personal wallet or another exchange. We recommend ETH given the much faster deposit confirmation times

Trading Bots Are Competitive

  • Like most large exchanges, Binance does offer an API allowing advanced users to utilize trading bots. If you are trading manually, it can be frustrating to see your buy or sell order being ‘beaten’ by 0.00001 or similar by a bot as soon as you enter your trade

Some Site Outages

  • With their heavy growth, Binance has experienced some outages recently. Most issues have lasted just minutes, but several have extended into hours, frustrating investors trying to make quick trades when markets move

Winning Trading Contests is Difficult

  • There are quite a few high volume traders on Binance already, making it difficult for smaller investors to win any prize in their trading contests
Summary

We find Binance to be one of the very best exchanges currently available to traders. They are relatively new to the game, having launched just in Q3 2017, but they have aggressively improved their platform and added new currencies to trade. Their Basic UI is straightforward and clean, even if there is still room for improvement. The Advanced UI is definitely above average. For many traders interested in buying or selling altcoins, Binance has become their favorite exchange to use, and we highly recommend them.

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