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Binance Review
Published May 3, 2020
Jared McKinney

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

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 Alternatives

  1. CEX.IO Review
  2. Coinbase Review
  3. GDAX Review
  4. Gemini Review
  5. Kraken Review
  6. Poloniex Review
  7. HitBTC Review
  8. Bittrex Review