Binance Review

Alyaziah Hayat | May 19, 2022

Binance is a well-known Cryptocurrency exchange where you can change one crypto for another with minimal charges. The exchange offers you over 150 crypto coins for trading and exchange. I like how the trading platforms are fast, robust and versatile; available on desktop, web and mobile apps. The exchange also provides you with a comprehensive academy as well as analysis. It’s a bit disappointing that they don’t offer non-Crypto instruments so there is no stocks, commodities or forex trading available. Binance also does not provide the popular MetaTrader platforms and is unregulated. I recommend only proceeding with caution with any unregulated service.

Broker Pros / Cons
  • Trade over 150 Cryptos
  • Powerful trading platforms
  • Option to buy cryptos with credit card
  • Comprehensive training academy
  • 24/7 Multilingual customer support desk
  • Not regulated
  • No support via telephone
  • No comprehensive daily market analysis
  • US clients are not allowed to trade
  • Cryptocurrency trading only
  • No stocks, commodities or forex trading
  • No MetaTrader platforms

Summary

Binance is a leading cryptocurrency exchange that gives you access to trade multiple cryptos and also offers other services. Binance was founded in China in 2007 but moved out of China when the Chinese government banned cryptocurrency trading.

Today, it is one of the largest exchanges in the world. You have the option of exchanging one crypto for another. Over 100 cryptos can be exchanged. I also like how there is also the option of buying cryptos with fiat currencies through debit/credit cards.

The exchange boasts of about 1.2 billion average daily volume and over 1.4 million transactions every second. I appreciate how the website is available in 17 languages to cater to the international community. Binance calls itself an ecosystem comprising of various services such as exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity.

Binance is the initiator of Blockchain Charity Foundation (BCF) which is a non profit organization with a vision of empowering the less privileged through blockchain based donations. I really appreciate organizations that are socially active as well.

In May 2019, Binance was a victim of cyber attack in which the hackers stole 7,000 Bitcoins worth $40 million at that time.

Regulation

Binance did not provide any regulatory information on its website. Most experts and professionals would not use an unregulated service as they cannot offer the same protections to users that a regulated provider can. For alternative regulated options, you may want to take a look at Coinexx.

Clients from USA are not allowed to trade. For alternatives, you can go through our broker comparison tool.

Platforms

Basic platform

This platform is easy to use and contains all the simple tools needed to trade cryptocurrencies. The application interface is simple and user friendly. I like that it is web based as it loads on the browser without needing to download or install any additional software. The platform shows the live prices of all the crypto pairs. I appreciate that the list can be customized by clicking the star beside favourite assets. Trade history and recent market activity is also shown. Over 150 cryptos can be traded on the platform. Charting is fully supported as the assets can be displayed on 13 timeframes. Chart analysis is performed with drawing tools and popular technical indicators. Multiple order types are supported.

Binance Basic Trading Platform

Binance Basic Trading Platform

Advanced trading platform

This application interface is more sophisticated and has more analytical tools than the basic platform. I really like how it is available in 16 languages and accessible on a web browser. The charting is powered by TradingView; a research firm known for sophisticated charting and social network.

The platform supports multiple orders such as market orders, limit, stop limit and OCO. Open trades can be monitored in real time. Trade history, order history and general account history can be viewed.

Binance Advanced Trading Platform

Binance Advanced Trading Platform

Binance Desktop trading platform

This platform can be downloaded on Windows and MacOS computers. It is built for professionals as it is loaded with complex tools for analysis and trading. The user interface is simple; an experienced trader should not find it difficult to use.

The ‘Markets’ tab shows all the available trading instruments’ groups as BNB markets, USD markets, BTC markets and ALTS markets. For example, ‘BTC markets’ show all pairs with BTC as the quote currency and so on. From the platform, you can make deposits and request for withdrawals. There is also a link to buy Bitcoin and Ethereum with a credit card.

Multiple charts can be displayed simultaneously over 12 timeframes. Over 25 analytical tools and 17 technical indicators are available for analysis. Trades can be placed using Market, stop-limit, limit and OCO order types. Market trade history, as well as your trade history, is available.

Binance Desktop Trading Platform

Binance Desktop Trading Platform

Binance mobile app

This is the crypto exchange app in a mobile app developed for iOS and Android apps.  The apps can be downloaded from the respective app stores. The app supports crypto futures trading and margin trading on multiple cryptocurrencies like BTC, ETH, LTC, BTT, XRP, TRX, XLM, BNB, etc. I like how it also supports direct buying of popular cryptos with credit card or bank transfer. The app also supports multiple wallets.

Tools

Trust Wallet

This is the official crypto wallet of Binance. It is a secure crypto wallet that supports multiple cryptocurrencies. The wallet is in form of a mobile app designed for iOS and Android devices. It works seamlessly with Binance network enabling instant trades. I like how it is protected with many security layers which help to ensure digital security.

Binance Trust Wallet App

Binance Trust Wallet App

Binance Research

This section of the website provides you with research analysis, insights and important information. It also gives project reports and crypto market news. The articles are informative, educating and interesting. The only thing I don’t like here is that it is not updated regularly. I recommend checking out CM Trading for better tools and resources.

Taker trading analysis

This trading tool is found in the Binance desktop trading platform. It shows the traders’ sentiment on how the traders are buying and selling. I like how you can check the percentage of small, medium and large buy or sell trades within different timeframes of 15 mins, 30 mins, 1 hr, 2hrs, 4hrs and 1 day. The total ‘buy’ and ‘sell’ trades, charts and live taker trade tracking is also provided.

Binance Taker Trading Analysis

Binance Taker Trading Analysis

Education

The Binance website features a Binance academy. It is divided into the following categories:

Economics

This section contains over 35 articles and videos on basic economic principles as it concerns the financial markets and cryptocurrencies. It features articles on Elliot wave theory, assets, Dow Theory, Crypto-economics, Risk management, Wyckoff method, fractional reserve, market psychology, inflation and technical analysis.

Blockchain

This section is comprised of over 50 articles, audios and videos on the blockchain technology. Some of the articles focus on Blockchain oracles, guide to blockchain, peer to peer networks, smart contracts, crypto wallets, blockchain uses, Ethereum plasma, Proof of work vs. proof of stake, Coin burn, crypto mining, hard and soft forks, Bitcoin, lightening network, etc.

Security

There are over 25 articles on digital security technology. Some of the topics are in the following areas: Device fingerprinting, Eclipse attack, Hashing, Threshold signature, symmetric and asymmetric encryption, social engineering, public key cryptography, DoS attack, Multisig wallet, Dusting attack, Phishing, keylogger, Cryptojacking, Ransomware, etc

Additionally, I like how there are over 20 tutorials on how to use Binance various services like creating a wallet, orders, etc. A glossary of over 240 terms and their meanings are also available.

Markets

Binance supports the trading of over 150 cryptocurrencies including the very popular ones like Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin cash. It also has its own cryptocurrency known as the Binance coin (BNB) which can be used to pay fees for a discount. I would’ve liked to see them offer a better variety of trading instruments like other top brokers such as Saxo Bank.

Accounts

There are no trading accounts. Binance charges trading fees of 0.1% on each trade. To get a discount, pay the trading fees using BNB.

Support

I really appreciate how the Binance support team is available 24/7 to assist with queries and other client assistance requests. The support centre features FAQs, getting started topics, beginners guide and other guidance materials useful to a newbie. I found that the fastest way to reach the support team is by initiating an instant web chat. The chat support representatives are always available to assist in multiple languages. I really appreciate this added feature as it shows the international community that you care. The support team can also be reached by filling the ‘submit a request’ form and also via email. Binance is on social media; Facebook, Twitter, Telegram, YouTube, VK, Reddit, Instagram, Weibo and LinkedIn.

Funding

Binance accepts deposits in over 150 cryptocurrencies. There are no deposit fees. For withdrawals, you must withdraw to the same currency as your external wallet; else the coins are lost forever. Withdrawal charges vary for each cryptocurrency.

For clients that do not have cryptocurrencies, Binance has partnered with third party websites like Simplex, Banxa, Koinal, Paxful to enable buying the popular cryptos with credit/debit cards and bank transfers.

Signup

Binance trading account can be easily created within minutes. On the website, click ‘Register’. The form below displays.

Binance Account Registration Form

Binance Account Registration Form

Enter your email, choose a password, check the agreement box and click on ‘create account’. You will be requested to slide a piece of puzzle to complete it. Email verification is next. A 6-digit code is sent to your registered email address. Use it to verify your email address. The account is opened and you are logged into the clients’ area. Wallets are opened for you in order to make deposits. To remove any restrictions on your account, complete the KYC verification with your government issued ID card and a utility bill.

Compare

Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
Founded200619742007
RegulatedASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSAFCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFFASIC, CySEC, FSA, SCB
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
SpreadsFixedVariableVariable
Leverage1:4001:2001:500
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit Broker

Conclusion

Binance is a popular exchange that has been in operations for quite a while now. The exchange offers multiple cryptocurrency trading and also supports buying of the most popular cryptos using fiat money. I like how Two factor authentication (2FA), SSL, KYC and other security measures are in place to ensure a safe trading environment.

Binance offers multiple trading platforms on the web, desktop computers and mobile applications. The platforms provide multiple order types, chart analysis and other trading tools to give the user a rewarding experience. The broker has also acquired Trust Wallet, which is a secure multi-currency crypto wallet. I like this feature as it prevents any fraudulent behaviour.

Though the analysis and news available is infrequent and inadequate, I believe the exchange still provides a comprehensive trading academy replete with videos, articles and essential training needed by all traders.

I would’ve liked to see Binance offer stock, commodities or forex trading online. I’m also disappointed that they do not provide the popular and user-friendly MetaTrader platform used by millions of traders worldwide. If you would like to trade assets other than Cryptocurrencies and also gain access to the MetaTrader platforms, you can see a list of alternative options on our best trading brokers list.

Binance Logo

Min $10 Deposit

Binance is a Cryptocurrency exchange where clients can exchange cryptos for a charge. Binance offers over 150 crypto coins for trading & exchange. The trading platforms are efficient & available on desktop, web & mobile apps. The exchange also provides a trading academy along with market analysis.

Trading complex instruments can come with a high risk.

About the Author

Alyaziah Hayat
I had previously been forex trading for about 2 years and I now mainly focus on writing forex-related content. I also deal with cryptocurrencies and other financial assets in this industry. I've dealt with several brokers, assets, EA robots, and everything that this industry has to offer.

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