Binance Review

Owned and operated by Changpeng Zhao and based in Malta, Binance is the world’s largest cryptocurrency exchange. This is an impressive feat when considering that it launched in 2017 and has already overtaken crypto exchanges that have been around much longer.

What’s behind Binance’s relatively quick success? First off, they allow you to trade a massive range of cryptocurrencies and are often the first of the major exchanges to offer new cryptocurrencies. Binance also has very low trading fees and a high volume of traders. This makes binance a very well rounded trading platform allowing the average person to enter the world of crypto trading

Fees

Binance charges among the lowest trading fees in the industry. The standard rate when you trade cryptocurrencies is just 0.1%. However, you can lower this amount even more by using Binance Coin (BNB).

BNB can lower your trading fees to as little as 0.05% based on when you registered and what volume you’re trading. You can potentially pay just 0.02% in trading fees when you trade on Binance.

Does Binance Hold Your Funds?

Yes, Binance acts as a custodian for your coins. Based on their history, they’re one of the safest exchanges with regard to storing crypto.

They did suffer a $40 million hack in 2019. However, Binance decided to cover the full amount of the damage.

Binance Wallet

One of the key selling points for Binance is their integration with Trust Wallet. Back in 2018 Trust Wallet joined the Binance ecosystem. Trust Wallet is the official mobile wallet of Binance. It provides you a safe and easy place to store your funds outside of Binance, with loads of features built in to enhance your crypto experience.

Here's a list of the top 5 reasons to use Binance's Trust Wallet:

1. Free to use

Using Trust Wallet is completely free. You don’t have to pay to download the app and there are no hidden charges inside. Naturally, as with any blockchain product, you’ll have to pay network transaction fees and similar fees, but the Trust Wallet team does everything they can to minimize their fees.

2. Multi-asset

Having loads of different wallets is a headache. It’s easier to have everything in one place. Trust Wallet supports more than 40 blockchains, meaning there are hundreds of thousands of supported cryptocurrencies and tokens.

3. Easily use your crypto

It’s never been easier to send and receive crypto. You can send crypto to regular blockchain addresses, QR codes, or simple address names thanks to partners such as ENS, FIO, and Unstoppable Domains straight from your phone!

4. Decentralized

Trust Wallet is a decentralized wallet which means you control your private keys and ultimately have complete freedom over your crypto. By owning your own private keys you can access your funds without Trust Wallet if you need to.

More importantly, no one can access your crypto but you. Trust Wallet cannot move your crypto. In fact, Trust Wallet cannot even see how much crypto you have stored with them.

5. Private and secure

Binance and Trust Wallet share many core values, one of which is the absolute necessity of user protection. Trust Wallet is carefully designed to keep your funds safe. Furthermore, none of your personal data is ever collected or stored, so you know your identity is safe.

Speed of Purchases

The speed of your cryptocurrency deposits largely depends upon how fast your crypto transaction is completed. If you’re sending Bitcoin to Binance, for example, then miners need to complete the transaction, which would usually take longer than sending Ethereum.

In most cases, you should only wait 10-30 minutes for your funds to arrive at Binance. However, this wait time can vary based on network congestion and the size of fees you offer to miners.

Fees

Binance charges among the lowest trading fees in the industry. The standard rate when you trade cryptocurrencies is just 0.1%. However, you can lower this amount even more by using Binance Coin (BNB).

BNB can lower your trading fees to as little as 0.05% based on when you registered and what volume you’re trading. You can potentially pay just 0.02% in trading fees when you trade on Binance.

Buying Limits

This exchange doesn’t place any limits on your cryptocurrency deposits. You could essentially send 1,000 Bitcoins or more without any hassle.

However, you do need to consider that there are withdrawal limits. Non-verified users can cash out up to 2 Bitcoins’ worth of crypto every 24 hours, while verified users can withdraw up to 100 BTC in the same timeframe.

Charity

Another unique feature of Binance is the Blockchain Charity Foundation. It is a nonprofit organization dedicated to achieving global sustainable development goals by adopting the power of blockchain technology.

With their partners and donors, the aim is to not only create thoughtful solutions and long-term change for some of the world's most complex problems, but also a brand new experience for donating.

Working towards giving everyone the ability to see how their contributions via blockchain technology are making visible changes in the world.

Customer Support

The Binance customer service team is only available through email. The fact that they don’t also offer live chat is a bit strange due to their size.

However, Binance does feature a lot of information about using their exchange on the website. You can find the guides here. These guides should help you figure out most aspects of the site without having to contact support.

Payment Methods

As you would expect from the leading cryptocurrency exchange, there are several available options to deposit. Users can easily buy Bitcoin and other cryptocurrencies using a wide range of payment options, including bank transfer, credit or debit card, and cash. There’s a payment option for everyone on Binance.

Binance only works with verified and trusted partners to give you a secure and seamless crypto-buying experience.

Binance accepts a wide range of currencies and makes it easy for you to buy crypto using US Dollars, Euros, Pound Sterling, and other fiat currencies. You can also use a wide range of accepted stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX) and Tether (USDT)

Once you complete the purchase, we will deposit your new crypto directly to your Binance wallet - a safe and simple way to manage your crypto assets. You can immediately trade your purchased crypto on the many products and services on the Binance Platform.

Which Coins Are Supported?

Binance supports over 150 cryptocurrencies and a myriad of trading pairs. Here’s a sample of what’s available:

• Bitcoin
• Cardano
• Ethereum
• Dash
• Dogecoin
• IOTA
• Litecoin
• Nano
• NEO
• Ontology
• VeChain
• Zilliqa

Which Countries Can Use Binance?

This exchange accepts almost every country. However, they’ve notably blocked US residents from their main site.

They’ve since opened Binance US. At the time of this review, the US version supports far fewer coins than the main site.

Speed of Purchases

The speed of your cryptocurrency deposits largely depends upon how fast your crypto transaction is completed. If you’re sending Bitcoin to Binance, for example, then miners need to complete the transaction, which would usually take longer than sending Ethereum.

In most cases, you should only wait 10-30 minutes for your funds to arrive at Binance. However, this wait time can vary based on network congestion and the size of fees you offer to miners.

Verification Process

Binance features two levels of verification. The first level is unverified and entails registering for a basic account. Your max withdrawals will be smaller at this level.

The second level earns you verified status. With this verification, you can make withdrawals worth as much as 100 BTC.

You must provide the following information to reach the second level:

• Country
• First & last name
• Gender
• Passport ID & photo
• Selfie holding the passport

Privacy Features

Binance provides little information on how they protect your personal details and coins. Despite the lack of info and 2019 hack, they’re largely trusted due to their size and success.

Binance does require you to set up two-factor authentication (2A) on your account, regardless of your status. They also make you jump through hoops if you forget your username and password and need to access your account.