Binance Review 2020
Binance is a well-known Cryptocurrency exchange where clients can change one crypto for another with minimal charges. The exchange offers over 150 crypto coins for trading and exchange. The trading platforms are fast, robust and versatile; available on desktop, web and mobile apps. The exchange also provides a comprehensive academy as well as analysis. They do not offer non-Crypto instruments so there is no stocks, commodities or forex trading available. Binance also do not provide the popular MetaTrader platforms and are unregulated, thus you should only proceed with caution as with any unregulated service.
Binance Review 2020, 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
In this detailed Binance review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Binance is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Binance.
Binance Review: Summary
Binance is a leading cryptocurrency exchange that gives 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, its head office is in Malta and it is one of the largest exchanges in the world. Clients have the option of exchanging one crypto to another. Over 100 cryptos can be exchanged. 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. The website is available in 17 languages. 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.
In May 2019, Binance was a victim of cyber attack in which the hackers stole 7,000 Bitcoins worth $40 million at that time.
Binance Review: Regulation
Binance did not provide any regulatory information on its website. Most experts and professional 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 our best online brokers.
Binance Review: Countries
Clients from USA are not allowed to trade. Some Binance broker features and products mentioned within this Binance review may not be available to traders from specific countries due to legal restrictions.
Binance Review: Trading Platforms
This platform is easy to use and contains all the simple tools needed to trade cryptocurrencies. The application interface is simple and user friendly. It is web based and loads on the browser without needing to download or install any additional software. The platform shows the live prices of all the crypto pairs. 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.
Advanced trading platform
This application interface is more sophisticated and has more analytical tools than the basic platform. 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 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, clients 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 the client’s trade history is available.
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. It also supports direct buying of popular cryptos with credit card or bank transfer. The app also supports multiple wallets.
Binance Review: Trading Tools
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. It is protected with many security layers helping to ensure digital security.
This section of the website provides research analysis, insights and important information to traders. It also gives project reports and crypto market news. The articles are informative, educating and interesting. The only problem here is that it is not updated regularly.
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. 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 Review: Education
The Binance website features a Binance academy. It is divided into the following categories:
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.
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.
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, 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.
Binance Review: Trading Instruments
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.
Binance Review: Trading Accounts & Fees
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.
As broker fees can vary and change, there may be additional fees that are not listed in this Binance review. It is imperative to ensure that you check and understand all of the latest information before you open a Binance broker account for online trading.
Binance Review: Customer Service
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. 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. 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.
Binance Review: Deposit & Withdrawal
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.
Binance Review: Account Opening
Binance trading account can be easily created within minutes. On the website, click ‘Register’. The form below displays.
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. It is imperative that you read and understand all of the terms and conditions before you proceed and only do so if you agree to them.
Binance Review: Conclusion
Binance is a popular exchange that has been in operations for a few years now. The exchange offers multiple cryptocurrency trading and also supports buying of the most popular cryptos using fiat money. 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.
Though the analysis and news available is infrequent and inadequate, the exchange provides a comprehensive trading academy replete with videos, articles and essential training needed by all traders.
Unfortunately, Binance do not offer stock, commodities or forex trading online. They also 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 option on our best trading brokers list.
Trading complex instruments can come with a high risk. You should consider whether you understand how investments and trading work and whether you can afford to take the high risk of losing all of your money.