With more than 90 million users around the world and more than 600 cryptos offered, Binance is necessarily the leader among cryptocurrency exchange platforms. Would you like to test the Binance platform yourself?
In this Binance review, we give you all the features of Binance: fees, features, deposits, available cryptos, etc. Everything you need to know before getting started. We also reveal our opinion on Binance, so you will have all the information to take into account in order to refine your choice.
What is Binance?
Launched in 2017, Binance is a cryptocurrency platform for buying and selling digital assets. In terms of trading volume, it generally registers the highest volumes, which makes it a heavyweight in the sector.
Its popularity comes in particular from the fact that it was one of the first to have democratized crypto-currencies and to offer them to the general public. In 2019 alone, it had more than 15 million users from almost 180 countries around the world. Today, it has nearly 90 million.
On the supply side, Binance provides access to over 600 different cryptocurrencies as well as multiple pairs and CFD buying with leverage. You will thus be able to find futures contracts and options on the major cryptos but also find a peer-to-peer (P2P) exchange offer and services allowing you to generate interest on your crypto assets. And since it has its own mobile application, you can easily follow the evolution of prices and your transactions from anywhere, as long as you have an Internet connection.
When it comes to fees, the platform is famous for its low fees and commissions which start from 0.10%. And for those who hold the platform’s native token, BNB, the fees will be even lower. Finally, in terms of its regulation, Binance has just recently been registered and approved as a PSAN by the AMF. This is thanks to its French subsidiary, Binance France SAS.
Cryptos and assets available on Binance
As the broker specializes in the sale and purchase of cryptocurrencies, its offer revolves around digital currencies. We thus find a catalog made up of more than 600 digital assets ranging from the most popular cryptos such as Bitcoin to little-known cryptos such as Zcoin or Waves. Added to this are fiat currencies. Recently, you can also have access to an NFT marketplace integrated into the site with regularly updated collections.
Binance is more than 600 referenced cryptocurrencies, ranging from major cryptos to lower capitalization assets. Among the most popular are:
- Bitcoin BTC
- Ethereum ETH
- Polkadot DOT
- Cardano ADA
- Binance Coin BNB
- USD Coin USDC
- Solana SOL
Good to know: Binance allows you to trade cryptocurrency derivatives with leverage. However, this type of trading market is recommended for experienced investors.
In the category of fiat currencies, you can find a good selection in particular the euro and the American dollar. By the way, the BTC/USD and ETH/USD pairs are the ones with the highest volume in the current market. However, you can find other fiat currencies such as the pound sterling (GBP) and the Australian dollar (AUD).
Fees on Binance
Regarding the fees, they vary depending on the market, but also on the amount to be negotiated. In any case, they are not very high and this is what makes the strength of suppliers in cryptos.
Deposit and withdrawal fees
The exchange charges deposit fees:
- 1.8% on credit card deposits. For example, if you deposit €100, the platform will charge $1.80 in fees, which remains largely affordable.
- $1 on deposits by SEPA transfer. This is a fixed amount, regardless of the amount of your transfer.
Regarding withdrawals, you should know that the fees applied are 1%. Thus, for a withdrawal of 200 for example, the platform will charge $2.
When it comes to trading fees, Binance proceeds like most providers in the industry and applies the Maker/Taker structure. More in detail, the Maker is the one who provides liquidity to the platform and he benefits from the lowest fees. The Taker, on the other hand, is the one who uses the liquidity that is already made available on the platform. Most traders are in particular to be classified in this category.
The standard commission for Maker/Takers is therefore 0.10%. In other words, you will have to pay 0.1% when you enter a position and will have to pay again when you close it.
- If you choose for example to trade 50 BTC over a period of 30 days then you will receive a commission with a margin of 0.09%.
- The more the traded volume increases, the more the fees will fall during the month.
- The lowest position fees are at 0.04%, but to take advantage of this, you will need to trade more than 150,000 BTC in a single month.
Note that it is also possible to reduce trading costs by holding BNB tokens. In particular, you will be able to obtain a discount of almost 25% and 10% on your futures contract trades.
Summary and Notice of Binance Fees
To sum up, we can say that the fees applied by Binance remain very reasonable. Deposit and withdrawal fees remain reasonable. The spreads are variable but are nevertheless a bit high compared to the market average. Here is a summary of the fees on the cryptocurrency exchange platform:
|Wire transfer||$15 for U.S. customers|
|Crypto conversion||Crypto conversion|
|Trades||0.00% to 0.1%|
The Binance App
In order to simplify access to its services, Binance has created a mobile application. It can be downloaded for free from the App Store or Google Play. As with the desktop platform, the application has been designed ergonomically and can be easily used by a novice. You can also find all the products, services, and basic functionalities of the website there. Among other things, you can:
- Buy and sell cryptocurrencies from your Smartphone.
- Receive and send cryptocurrencies quickly and securely.
- Invest in cryptocurrencies and in crypto pairs.
- Communicate with customer support teams 24 hours a day, 7 days a week.
Good to know: On the Binance app, you can choose the “ Lite Binance ” or “Pro” function. The Lite version is ideal for beginners while the Pro version gives you access to advanced functions, useful for traders with experience. With just one click, you can decide to switch between the 2 versions.
Binance User Experience
The cryptocurrency exchange platform displays a fairly standard interface. It contains the basic functionalities while the categories of products and services are easily accessible at the top of the page.
Binance provides simple and fluid navigation, which should delight beginners who won’t have too much trouble finding their way around for the first time. If necessary, the training modules should also help in understanding the market and trading tools.
Overall, we find a user-friendly and easy-to-use platform. Binance is constantly working to improve its offer, which means that updates are regularly made to the site for easy handling.
Binance Trading Tools
Binance offers access to various trading tools for performing technical analyzes of the cryptocurrency market. Charts are thus provided so that users can have easy access to volumes, price histories, etc.
Traders will also be delighted to learn about placing orders and can choose between limit bids or market orders. Added to this are tools that help to get an overview of all positions and their evolution, namely profiles and losses.
If you are looking for more specific features, that allow you to manage your own investments, then you will be delighted to access these offers:
- Binance Futures allows certain cryptocurrencies to be traded with leverage, based on rising or falling prices.
- Binance Vanilla provides access to classic Call and Put options. Note that this option is currently only available for Bitcoin.
- Binance Battle or team tournaments have been designed as a game. It consists of betting on the evolution of the price of an asset over a period of 5 minutes. Participants can earn points in return for depositing a guarantee beforehand.
- Binance Academy, allows you to learn more about cryptocurrencies and the Binance Smart Chain network, Binance’s blockchain.
- Binance Research provides technical and in-depth analysis of blockchain and cryptocurrencies in general.
- Launchpad which is dedicated to Initial Exchange Offerings (IEOs).
- Binance Cloud is an infrastructure allowing Binance partners to create their own exchange platform.
The different types of accounts on Binance
You should know that it is not only retail investors who can open an account on Binance. Companies also have the possibility. Binance has also created a sub-account function for users of business accounts and personal VIP accounts.
More concretely, a sub-account is a tool for trading more accounts and thus making more investments. In other words, it gives the possibility of having several sub-accounts on its Binance main account.
Note that each sub-account wallet is separate from the other. Also, it becomes easy to transfer assets from one account to another, whether between sub-accounts or between the main account and one of the sub-accounts. In this specific case, there are no more transfer fees.
Features on Binance
The cryptocurrency exchange platform has developed over the years, services and features that are as innovative as they are varied. This also gives it a certain advantage over its competitors, most of whom do not have such diversified offers.
In addition to the classic Binance Lite version, users will be able to access various specific features providing significant diversification in terms of trading. Here are some of the features you can find on the site:
- Binance Futures: Offering the ability to trade assets up and down by applying leverage.
- Binance Vanilla: This gives the right – not the obligation – to buy or sell an underlying asset at a price and on a date agreed upon in advance.
- Leveraged tokens: allows you to invest in tokens with a higher leverage effect, without the risk of liquidation
- Battle: It’s like a game where, in teams, users speculate on whether an asset will go up or down over a 5-minute period.
- Binance Academy: this allows users to access many resources to learn more about the world of cryptos and investment.
- Binance Launchpad: this platform allows you to launch or support your (or a) cryptocurrency.
- Binance Pool: platform allowing you to mine cryptocurrencies to obtain rewards.
- DEX: Decentralized platform allowing you to explore the entire Binance Chain ecosystem.
- Binance Cloud: this allows partners to be able to create their own crypto exchange platform.
- Binance Research: It provides access to technical analyzes on the universe of blockchain and cryptos while deepening the subjects.
Binance Regulations and Licensing
In terms of security, Binance is regulated in Malta under its new Virtual Financial Assets Act (VFA). It has just been registered and approved as a PSAN by the AMF. This is thanks to its subsidiary Binance France SAS. From now on, Binance is authorized on the French market for 4 of its services:
- Holding of digital assets;
- Buying and selling assets for cash;
- Exchange of cryptocurrencies for other digital assets;
- Operation of a crypto trading platform.
It is also important to point out that Binance is currently in the process of seeking regulatory approval in the United States.
And when it comes to site security, Binance has made sure to use state-of-the-art security protocols:
- The establishment of the Secure Asset Fund for Users (SAFU) consists of deducting 10% of all trading costs in order to pay it back into the secure asset fund. This fund makes it possible in particular to better protect customer accounts.
- The use of personalized access control which, thanks to 2FA authentication and the KYC procedure, makes it possible to constantly check access to accounts, thus avoiding the risk of hacking.
- The use of advanced encryption for data processing. Thus, you will be the only one who can access your personal information.
Our Opinion on Binance Customer Service
Apart from the FAQ which brings together most of the questions/answers that most users have. If you can’t find yours there, then you can reach the support team directly via the online chat. What is good is that you will be welcomed by a French-speaking advisor. Indeed, on most cryptocurrency exchange platforms, few support the French language.
We regret, however, that there is no mention anywhere of a telephone number, it would have been practical. Finally, if you want to exchange or ask for help from the community then join the official Binance groups on Telegram, Facebook, or Twitter.
Good to know: Binance’s support team currently has more than 150 agents from more than 20 different countries, including French-speaking advisors.
To register with Binance, please click here. Fill in the necessary information for your user account to be created (registration via e-mail or mobile phone).
Once this step has been completed, you will receive a code via the email (or mobile) address you have given. Enter this code in the form, you are now registered. However, there are other important steps to follow.
Verify your account with your ID (KYC)
Before starting to trade, like all trading platforms, you must verify your customer account with your identity document, for this, click on “identification”.
Once this step is completed, please click on “verify”. You will then be redirected to a page that will look like this.
Please select your country of residence. Make no mistake, this is a crucial step for further verification of your customer account.
You then arrive on another page where you will be asked for a lot of personal information. Again, take the time to fill in this information carefully. Last name, first name, place of residence, and all the information that appears on your identity document must correspond to what you mark on the site.
As soon as the information has been filled in, the identification process is not yet complete.
After filling in the information on your ID or passport, you will need to send it to Binance Support who will verify that you are who you claim to be.
Finally, to fully verify your identity, a photo of you taken in real-time will be requested.
Once all the steps have been completed, Binance Support Support should analyze your information as soon as possible. You are also advised to complete all the steps in less than 15 minutes and not to refresh the page during the identification process.
Securing your account on Binance (2FA)
Before making your first coin exchange, it is important to secure your account. Many users neglect the security of their online accounts despite the fact that several security options are available, for our part, we are of the opinion to systematically secure their accounts, an opinion shared by the majority of traders.
2FA is a double authentication service that further strengthens the security of your account. We are of the opinion to activate it systematically, and this is on all your accounts on the trading platforms where your money circulates.
To access this option, please click on “security”.
You then arrive at a page that will provide you with three different methods of double authentication. We have decided not to present the first one to you and to only speak to you about authentication with Google or via SMS on your mobile.
If you decide to identify yourself with the Google service, you will need to follow several steps.
– Step 1: Download the Google Authenticator app.
– Step 2: scan the QR CODE with your application. If you are unable to scan the code, please write down the code that is displayed in your application.
– Step 3: Write down your code. In case of loss or theft of your phone, this code will be used to authenticate you with Binance support.
– Step 4: Please enter the code that you receive on your email address as well as the code that is displayed on your Google Authenticator application.
Once all the steps have been completed, your account is equipped with double authentication.
You will also be able to secure your account with your phone number.
First, you will need to provide your phone number. Binance will then send you a code that you must fill in as soon as possible. SMS authentication can be complementary to Google Authenticator.
Binance offers its users to trade cryptocurrencies. To do this, follow the next two steps.
– Step 1: click on “buy cryptos” located to the right of the red arrow.
– Step 2: Choose “bank deposit”.
Buy cryptocurrency by credit card on Binance
Once on the page, choose the purchase method that suits you best. In our case, it will be a purchase of cryptocurrencies by credit card.
Step 1: click on “credit card (VISA/MC)”
Step 2: enter the amount of your purchase.
Once the first two steps have been completed, all you have to do is fill in the following information. You will then only have to fill in your banking information and your currency will be in your Binance account.
Contrary to a transfer where no fees are to be expected, with a credit card, expect a 2% fee of the value of your deposit.
Buy cryptocurrency by bank transfer on Binance
Binance also offers its customers to buy cryptocurrency by making a transfer. To do this, you must choose the “bank transfer (SEPA)” option.
Step 1: Insert the deposit amount you wish to make.
Important Notes: The name that appears on your bank account must be the same as your Binance account. If this is not the case, your transfer will not be authorized by the site.
Step 2: go to your bank or your bank’s website and make a transfer by filling in the information in the red box.
Unlike credit card deposits, no fees will occur when making a transfer.
Is Binance secure?
Binance is the largest cryptocurrency exchange/buy and sell site in the world. Used by millions of customers every day, the Binance broker is one of the most serious in the sector, you can register your personal information in complete safety.
Regarding your cryptos: Risk 0 does not exist, however, if you do not want to trade and you want to protect your cryptocurrencies from possible hacking of the Binance platform or your account, you can remove them from the platform and store them on a hardware wallet like Ledger. Not your keys, not your cryptos.
Is it possible to pay by credit card on Binance?
It will be quite possible for you to buy cryptocurrencies on Binance with your credit card. To do this, please refer to the tutorial “Buy cryptocurrency by credit card on Binance ” present earlier in this article.
Do you have to be of legal age to create an account on Binance?
Yes, to become a user of the Binance exchange and start trading cryptocurrencies, like any broker on the traditional stock market, you must be at least 18 years old as stated in the general conditions of use.
So, if you are under 18, do not attempt to become a client of Binance, because, at the time of account verification, you will get caught.
How long has Binance existed?
Binance is a trading platform that was born on July 14, 2017, and is headquartered in Hong Kong (China, but the Hong Kong regime is special).
Binance ‘s CEO is Zhao Changpeng. In 2018, the Binance platform became the largest cryptocurrency exchange broker in terms of volume and users in the world. They also have their own cryptocurrency, the Binance Coin (BNB) as well as their own blockchain, the Binance Smart Chain.
Conclusion: what is our opinion on Binance?
To conclude, Binance is definitely one of the cryptocurrency exchanges in the market alongside Bybit and Coinbase. It stands out from the competition by its low fees, but also its vast offer of digital assets.
As it has just obtained its approval in France, this reinforces its appeal and if we know that it strives to improve its services to meet all needs, we can only give it a positive opinion.
Binance is a convenient and secure cryptocurrency exchange. Among the strengths of Binance, we note:
- Its relatively low fees;
- The crypto catalog which lists more than 600 crypto-currencies;
- It’s new approval as a PSAN by the AMF.