Binance is one of the most popular cryptocurrency trading platforms. They launched in 2017 by founder and CEO Changpeng Zhao in China. Their headquarters then moved to Japan due to the Chinese government ban on cryptocurrency and more recently moved to Malta. They offer low fees and support over 150 cryptocurrencies ranging from Litecoin (LTC) and Ethereum (ETH) to Zcoin (XZC).
|Nationalities||US clients can make use of Binance US|
|Is a corporate Account Possible?||YES|
|Sign Up process||FAST|
|Funding options||Credit Card, Debit Card, Crypto Transfer, Bank transfer|
|Amount of coins||150+|
|Leveraged trading is available?||YES|
Regulation and Trust
Binance emphasizes the level of safety they implement in order to keep the client’s funds safe. They make use of two-factor authentication to protect their users. However, Binance was in fact hacked in 2019 and lost 7000 Bitcoin. Luckily Binance introduced the Secure Asset Fund for Users (SAFU) in 2018 and was able to pay out all affected clients. In 2020, the Malta Financial Services Authority (MFSA) released a statement clarifying that Binance is not officially registered or regulated in the country.
Commissions & Fees
Binance really does stand out in terms of their low fees. They have a very clear fee schedule that shows you what fees you can expect based on your trading fee level. There are no deposit fees but there are withdrawal fees that vary based on the market and are different for each cryptocurrency. Each trade will cost you a standard fee of 0.1%. You can receive a discount on this fee if you make use of BNB (Binance Coin) to pay for your trading fee.
Binance has placed a lot of emphasis on building a community. You can join a discussion on one of their many Telegram channels in a language or region of your choosing. They are also present on Facebook, Twitter, Reddit, Weibo, LinkedIn, Instagram and VK. Their largest following is on Twitter with over 1 million followers.
As of 2019, they have over 15 million users worldwide with an average daily trading volume of $2,852,591,354. They are present in over 180 countries and have teams in over 40 counties.
Binance creates a seamless experience across their platforms. Their trading dashboards are user-friendly and cater to traders of different skill levels. The Basic dashboard is the simplest and does not have any windows or graphs. Traders starting out can simply select two cryptocurrencies and make a conversion. The Classic platform is a big step up from the Basic and looks more like a typical trading platform. It has graphs, prices and history all on one screen and allows you to trade with margin and options. The Advanced dashboard provides traders with access to more information and all trading tools. It is modern and suits a more advanced trader.
The mobile applications are also great and their website is user-friendly and is available in a variety of languages.
Functionality & Tools
Users can access the most tools and charts through the advanced trading dashboard. These include moving averages, RSI, Bollinger Bands and the ability to draw directly on the charts. Binance also offers great educational and research resources. Binance research gives users access to advanced insights and industry information. There is also the Binance academy which provides educational resources on blockchain and crypto.
Binance offers clients three trading dashboard options to suit traders of all skill levels: basic, classic and advanced. The platforms vary in terms of trading tools and the amount of information provided. They also offer their over-the-counter (OTC) trading portal for large-volume traders. The minimum trade size is $10,000 and offers 25 different coins and tokens. Trades must have a level 2 KYC verified account in order to make use of this portal. Binance users can also make use of their peer-to-peer (P2P) marketplace. This exchange allows traders to instantly buy and sell cryptocurrency using fiat currencies.
Apart from the web platform, there are also mobile applications that can be downloaded for both iOS and Android. The Android application has been downloaded more than 1 million times and has a 4.5 star rating on the GooglePlay store. The iOS version has a 4.9 star rating and is rated number 111 in finance on the Apple App Store. A desktop trading application can also be downloaded for both macOS and Windows.
Binance could improve their customer service. Clients can make use of the live chat function by entering their email address and question. The live chat is available in a variety of languages including English, Spanish and Portuguese. There is also a FAQ page that you can make use of to find answers to more common questions. Alternatively, Binance is very present on social media and therefore clients can get in contact with somebody through Twitter, Facebook or Telegram.
Binance clients can expect low fees, a variety of trading pairs to choose from and advanced security measures. With the expansion into fiat currency deposits and withdrawals, Binance is now available to more traders. Their trading platforms are solid and cater to traders that are first-timers to more advanced traders and even large-volume traders.