Binance is a cryptocurrency exchange that attracts some of the largest trading volumes in the digital asset arena. You can buy, sell, and trade hundreds of pairs at low commissions and depending on where you live – fund your account with a debit/credit card.
But, is Binance the best cryptocurrency exchange for you?
In this Binance Review 2023 – we explore where the exchange stands in terms of fees, payment types, safety, tradable markets, customer support and more.
In This Guide
Launched in 2017 by Changpeng Zhao, Binance is a cryptocurrency exchange that allows you to buy, sell, and trade digital currencies from the comfort of your home. The platform is home to hundreds of supported crypto assets – covering both large-cap and small-cap coins and tokens.
The Binance trading exchange is now the largest in terms of volume – with tens of billions of dollars going through the platform each and every day. In fact, in the 24 hours prior to writing this Binance review – the exchange facilitated more than $294 billion in trades.
On top of conventional cryptocurrency exchange services, Binance offers a plethora of other popular products. This includes leveraged cryptocurrency derivatives – which consists of Bitcoin futures and options. Binance also offers peer-to-peer (P2P) exchanges and savings accounts that allow you to earn interest on your cryptocurrency holdings.
When it comes to fees, Binance is known for its low-cost commission structure. This starts at just 0.1% per slide – but you can get this down even further when you trade larger volumes or hold an allocation of Binance Coin (BNB). Depending on where you live, you might be able to deposit funds with a debit/credit card or bank transfer.
What we like
In the first section of this Binance review 2023, we are going to discuss what coins and markets you can access. This is no easy feat in the case of Binance, as the trading platform offers a significant number of crypto assets.
With that said, the platform is home to hundreds of cryptocurrencies – so irrespective of which digital asset interests you, there is every chance that you will find it. Not only in term of large crypto assets like Bitcoin and Etheruem but heaps of small-cap coins and ERC-20 tokens.
Breaking the asset library down further, the vast majority of pairs come in the form of crypto-to-crypto markets. For those unaware, this means that you are trading one digital currency against another. A prime example of this is BTC/USDT – which consists of Bitcoin and Tether.
This is by far the largest trading market at Binance, with almost $50 billion changing hands in the last 24 hours alone. It is important to note that crypto-to-crypto pairs on Binance are only really suitable if you have a digital currency to fund your account with.
For example, if you have Bitcoin and wish to buy Ethereum, you can simply exchange the two by heading over to the BTC/ETH marketplace. However, if you want to buy Bitcoin with fiat money – crypto-to-crypto pairs won’t be sufficient.
Binance offers a good selection of fiat markets – allowing you to buy digital assets with your preferred currency. The vast majority of markets are denominated in US dollars – with the likes of BTC/USD and ETH/USD attracting the most volume.
However, it’s also possible to buy digital assets in other fiat currencies, including British pounds (GBP), euros (EUR), and Australian dollars (AUD).
Our Binance review 2023 also found that you can buy cryptocurrency directly with a debit/credit card. This is available in many nations, but not all. As such, you will need to check whether or not your country of residence is supported.
Nevertheless, the process of buying crypto directly works as follows:
By purchasing cryptocurrency at Binance in this manner, there is no need to trade a fiat-to-crypto or crypto-to-crypto pair. Instead, as soon as you confirm the transaction, the payment will be processed instantly and the crypto funds added to your Binance wallet.
Binance also allows you to trade crypto derivatives. This is a trading market that is suited for experienced investors, that understand the risks and rewards of leveraged financial instruments.
This includes a number of Bitcoin futures markets that permit margin trading of up to 125x. As such, a stake of just $100 would give you access to $12,500 in trading capital. You can also trade Bitcoin options and leveraged tokens.
The latter allows you to trade individual crypto tokens with leverage – and you get to choose from a long or short position. Once again, this will suit seasoned traders that seek to speculate in a more flexible and sophisticated manner.
When you consider the sheer number of markets and trading products that Binance offers – it will come as no surprise to learn that fees will vary quite considerably. In fact, not only will fees vary depending on the market you wish to access – but the amount you trade and whether or not you have any BNB coins in your Binance wallet.
With this in mind, this section of your Binance review will provide an overview of the main fees and charges to be aware of before signing up.
Starting with payment fees, you will be charged depending on the payment methods you use and your country of residence.
For example, if you are depositing funds with a digital currency – you will only pay the respective blockchain fee on your side of the transaction. But, if you are depositing funds with a debit/credit card, the fee will increase quite considerably.
In the UK, debit/credit cards come with a fee of 1.8%. In other regions, the fee will often surpass 3-4%. As such, you need to check the specific fee depending on where you live.
If opting for a bank transfer, this is often free at Binance. Once again, this isn’t the case in all countries, so be sure to check this yourself.
Withdrawal fees on cryptocurrencies shouldn’t cost you more than the respective blockchain fee. Withdrawals on debit/credit cards and bank transfers will vary depending on your location.
Trading commissions are applicable when you buy, sell, or trade a digital currency on the Binance exchange. Like many providers in this industry, the platform applies a ‘maker’ and ‘taker’ commission structure.
For those unaware, a market maker is an individual that provides liquidity for Binance. Naturally, they will benefit from the most competitive fees. A market taker is an individual that uses the liquidity already available on Binance – which covers most traders.
You can also reduce your trading commission by holding BNB coins. This is the native digital currency backed by Binance, it is now one of the largest in terms of market capitalization. You will get 25% off your commission rate by holding BNB coins – and a 10% discount when trading futures.
Below you will find an overview of the main Binance fees that need to be considered.
Like many exchanges, Binance has trading limits in place. The amount you are able to buy, sell, and trade will depend on your account tier and the specific market itself.
On the one hand, limits are of significant size across most pairs. For example, when accessing the BTC/USD marketplace, you can enter a position worth the equivalent of 3,200 BTC. At the time of writing, that’s an order size worth over $126 million.
On the other hand, if you wish to trade more than 2 BTC (about $80,000 at the time of writing) in a single day – then you will need to upgrade your account tier. In simple terms, this means that you will no longer be able to trade without providing your personal information and uploading a copy of your government-issued ID.
Like many exchanges in this space, our Binance review found that the platform offers two options when it comes to storing your digital funds. This includes keeping your crypto assets on the Binance platform and withdrawing them to the provider’s native mobile wallet.
To ensure you choose the right storage options for your personal requirements, in this section of our Binance review we will explain how each wallet type works.
When you have cryptocurrencies in your Binance account – this is automatically held in your web wallet. This means that you do not have access to your private keys. Instead, this is controlled and secured by Binance itself.
It goes without saying that this is the most convenient option when it comes to storage, as you simply need to log in to your account to access your crypto funds. You can also use your balance to buy other cryptocurrencies and engage in trading. Furthermore, you have the option of withdrawing your balance to a private wallet at any given time.
With that said, the Binance web wallet is considered to be a less secure option – as you are trusting the platform to keep your funds safe. In other words, if Binance is hacked and the perpetrator gains access to its servers, your capital could be at risk of loss.
The good news is that Binance has a number of crucial safeguards in place to prevent this from happening – such as:
Binance claims to keep the vast majority of client funds in cold storage. This means that the funds are kept in secure wallets that are never connected to the internet. As a result, this makes it super difficult for an external hack to occur.
In a similar nature to Coinbase, Binance will keep a small percentage of client funds in hot wallets. Not only is this to provide liquidity of its exchange, but it ensures that withdrawals are processed quickly.
Binance offers that all-important security feature on your account – two-factor authentication (2FA). The way this works is you will be sent a code via SMS or the Google Auth app every time you wish to log in or withdraw funds.
In theory, a hacker would need access not only to your password but mobile device, too. As such, you are strongly advised to set up 2FA when using Binance.
It’s likely that you will have a small number of regular devices you like to use when accessing your Binance account. In many cases, this will be a laptop device and/or mobile phone.
Binance will recognize if you are trying to log in to your account with a new device and subsequently require an extra verification step. Your new device can be confirmed via email.
Phishing attacks – which involves receiving an email that hasn’t been sent from the true source, are on the rise. The idea is that the hacker will send an email that looks like it has been sent from Binance, and then ask you to log into your account.
When you do, the hacker will extract the username and password that you entered. At Binance, you can set an ‘anti-phishing code’ to ensure that all emails received are legitimate. As such, when you see your chosen code appear in the Binance email, you know it is safe.
If you’re the type of cryptocurrency investor that wants full control over your funds and thus – your private keys, you might want to consider the Trust Wallet. This wallet is backed by Binance and can be downloaded to your mobile device.
Compatible with both iOS and Android, the Trust Wallet offers the following features:
Just remember – by choosing the Trust wallet to store your digital assets – you need to have a firm grasp of how to keep your funds safe. After all, if your wallet is hacked remotely or you lose your private keys – Binance won’t be able to help you regain access. On the contrary, your digital currency will be gone forever.
If you’re planning to trade cryptocurrency frequently, it’s worth downloading the Binance mobile app to your phone. In doing so, you will have access to all of the features and tools that you are accustomed to using on the main website.
For example, you might have an open position on BTC/USDT and look to cash out when it appears the markets are about to go bearish. By having the Binance app, you can do this at the click of a button. The Binance app is also useful if you want to keep tabs on your open positions.
For instance, you might want to see how your investments are performing while you are away from your main desktop device. The Binance app can be downloaded free of charge on both iOS and Android devices – and you will log in with your usual credentials.
We should make it clear that the Binance app is different to that of the Trust wallet. In other words, if you keep your funds in your main Binance web wallet – this will appear when using the mobile app. If you wish to use the Trust wallet, you’ll first need to transfer the funds from your main Binance account – either online or through the app.
Binance is arguably more appealing to those with experience in cryptocurrency trading. This is especially the case when trading complex financial instruments like Bitcoin futures and options. Our Binance review found that the platform actually offers two options when it comes to trading.
The first is the ‘Classic’ platform – which is allegedly tailored to inexperienced traders. However, we found that this is still a little bit cumbersome to navigate. For example, you will see heaps of pricing charts and order books – which for the untrained eye can appear intimidating.
You then have the ‘Advanced’ platform – which as the name suggests, is tailored to those with experience in the trading arena. This will get you access to an abundance of trading data – such as market depth, indicators, drawing tools, trend lines, and more.
In other areas of the website, Binance offers a smooth, clean, and easy-to-navigate interface. For example, if you elect to buy cryptocurrency with a debit/credit card – the steps involved are relatively straightforward. All you need to do is follow the on-screen instructions by uploading your ID, entering your card details, and confirming the purchase.
This Binance review 2023 has covered the exchange itself, as well as some of the core tools that you will have access to when day trading. This includes the ability to perform technical analysis without needing to leave the exchange, and choosing between a basic and advanced platform.
With this in mind, we are now going to discuss some of the most notable features offered by Binance outside of its native exchange service.
The Binance Coin is the digital currency backed by the exchange. The main purpose of the token was to allow traders to benefit from reduced commissions. As we noted earlier, you’ll get a 25% discount on trading fees when holding an allocation of BNB coins.
This is less than the previous discount of 50% and will once again be lowered in the near future. Although the Binance Coin might seem like it has an overly basic function, it is important to note that BNB is now one of the largest cryptocurrencies in terms of market capitalization.
For example, at the time of writing, Binance Coin is valued at over $54 billion – making it fourth largest behind Bitcoin, Ethereum, and Tether.
One of the main reasons for this is that the Binance team regularly ‘burns’ BNB tokens – which means that the number of coins in circulation is reduced. This has the desired impact of increasing the value of Binance Coin in a similar nature to a stock buyback scheme.
If you want to buy the Binance Coin – you can do so at eToro on a spread-only basis. The minimum trade size is just $25 and you can deposit funds with Paypal, Neteller, a debit/credit card, or bank wire.
Many newbie cryptocurrency investors are unaware of the fact that you can earn interest on your digital assets. This is a service offered by Binance via its savings account feature. The main concept is that your crypto assets will be used to fund loans.
The individual borrowing the funds will need to put cryptocurrency up as collateral – which acts as a safeguard in the event of a default. In terms of how much interest you can earn, this depends on the cryptocurrency being used and whether you elect to have the funds locked up.
For example, you can earn an annual interest rate of 7% when locking up Tether for 90 days, and 6% on USDC for the same period. If you want instant access to your fund, the flexible savings account pays 6% on BUSD and 5.79% on Tether. Bitcoin attracts an annual interest rate of just 1.20% – but you can withdraw your funds at any given time.
Binance has launched its very own Visa debit card that can be used online, in-store, and even at ATMs. The Binance Visa card does not attract any fees, and transactions are paid for with your cryptocurrency balance. For example, let’s suppose that you have $500 worth of Litecoin (LTC) in your Binance card wallet.
If you were to buy a cup of coffee for $3 – Binance would instantly sell $3 worth of Litecoin into US dollars. Then, the transaction would reduce your Litecoin balance to $497.
If you want to buy, sell, or trade cryptocurrencies on the Binance exchange, you will first need to make a deposit. Binance supports both crypto and fiat deposits – but the latter will depend on where you are based.
Nevertheless, our Binance review found that the platform supports the following payment types:
Binance allows you to deposit funds with any cryptocurrency that the exchange supports. This allows you to fund your account with hundreds of different crypto assets.
The main benefit of depositing with cryptocurrency is that you do not need to provide any personal information when you sign up (for trading volumes of less than 2 BTC per day). This also means that you don’t need to upload any ID.
In order to deposit with a digital asset, you will first need to copy your unique wallet address from within your account dashboard. Then, head over to your external wallet, paste the address in and transfer the funds.
Binance supports both debit and credit card deposits in many countries. As we mentioned earlier, the specific fee will vary depending on where you are based. For example, UK traders pay a transaction fee of 1.8% while South Africans pay a flat charge of $10.
If you want to deposit funds with a debit/credit card, you will need to go through a Know Your Customer (KYC) process. This means proving personal information and a copy of your government-issued ID.
Binance also supports local bank transfers in many locations. This allows you to transfer funds from your bank account and benefit from a low-cost and fast deposit.
If you’re looking to deposit funds with an e-wallet like Paypal – Binance doesn’t support this. You can, however, deposit funds with Paypal, Neteller, and Skrill when using eToro.
When it comes to the minimum deposit at Binance, this will depend on the payment type and your country of residence. For example, there is no minimum deposit when funding your account with cryptocurrency. If you were to deposit funds with a debit/credit card in US dollars, the minimum is $15.
If you want to withdraw your cryptocurrency holdings out of Binance and into a private wallet – the process is easy.
If you want to withdraw fiat currency, this will need to go back to the same payment method that you used to make a deposit.
There is often a misconception that Binance as an entity is regulated. Although the platform has the legal remit to accept fiat currency deposits and withdrawals in each of the respective countries that this is available in, Binance itself is not in possession of a license.
This is within the realms of legality, meaning Binance does not breach anti-money laundering regulations. It also asks for ID when individuals trade more than 2 BTC worth of cryptocurrency in a day – even if the user hasn’t deposited funds with fiat money.
Looking to use Binance right now to start trading digital currency? If so, this part of our Binance review will walk you through the steps required.
You will first need to visit the Binance website and open an account. You can do this by clicking on the ‘Register Now’ button from the homepage.
Initially, you will only be asked to enter your email address and to create a strong password. If you are planning to deposit funds with cryptocurrencies only – there is no other information that you need to provide.
If you want to fund your Binance account with a debit/credit card or bank transfer – you will need to complete a KYC process.
First, you need to enter your personal information – such as your name, country of residence, date of birth, and home address. You also need to supply your mobile number.
Next, you need to upload a copy of your government-issued ID. This can be a passport or driver’s license. In some countries, you might be able to use a national ID card.
The deposit process on Binance will depend on the payment method you wish to use.
If you are depositing funds with cryptocurrency – you will need to head over to the deposit page from within your account dashboard. Look for the digital asset that you wish to use and click on the ‘Deposit’ button. You will then be shown your unique wallet address for the respective digital currency.
Copy it to your clipboard, head over to your private wallet, paste in the address, and confirm the transaction. The funds should arrive in your Binance account in approximately 20 minutes.
Debit/Credit Card Deposit
If you want to deposit funds with your Visa or MasterCard – hover your mouse over the ‘Buy Crypto’ tab and click on ‘Credit/Debit Card’. Then, decide whether you want to fund your account with fiat money or directly purchase a cryptocurrency. Follow the on-screen instructions by entering your card details and confirm the transaction.
Bank Account Deposit
If eligible, you might also be able to deposit funds by performing a local bank transfer. Hover your mouse of the ‘Buy Crypto’ tab and click on ‘Bank Deposit’. Then, Binance will display the bank account details and reference number that you need to use.
Head over to your online or mobile banking app and complete the transfer. In some countries, such as the UK, the deposit will be processed in a matter of minutes.
Once your deposit has arrived, you can start trading on the Binance exchange. To go to your chosen crypto pair, hover your mouse over the ‘Trade’ tab and select from the ‘Classic’ or ‘Advanced’ platform. Then, you can use the search facility to find the pair that you wish to trade.
Then, you need to set up an order. Scroll down below the chart area and choose from a ‘limit’ or ‘market’ order. You can also need to choose from a ‘buy’ or ‘sell’ order and enter your stake. Finally, confirm the order to place your first Binance trade.
The Binance Reddit group has over 404k members – so this is a great way to talk to like-minded traders and investors. The group has lots of useful information and helpful guides for inexperienced traders. There is also an official Binance rep that strives to reply to questions and concerns.
Before taking the plunge and signing up with Binance – it’s worth seeing if there is a better broker or exchange out there for your personal needs. After all, Binance is just one provider out of hundreds. We have reviewed dozens of prominent exchanges in the cryptocurrency arena and found that eToro comes out on top.
This is for the reasons discussed below:
The first, and perhaps most important reason why we would choose eToro over Binance is that the platform is heavily regulated. This includes authorization and regulation from the FCA (UK), ASIC (Australia), and CySEC (Cyprus).
There is also approval from the SEC and FINRA in the US. Having such a strong regulatory framework will ensure that your funds are kept safe at all times and that you are trading in fair and transparent conditions.
67% of retail investor accounts lose money when trading CFDs with this provider. Your capital is at risk.
When using your debit or credit card at Binance, you might need to pay as much as 3-4% on your transaction. This is hugely expensive – especially when you consider that eToro supports free deposits for US traders.
Those based elsewhere will pay a small foreign exchange fee of 0.5% – which is still really competitive. Furthermore, eToro supports several e-wallets – including Paypal, Skrill, and Neteller.
On the one hand, it is true that Binance offers a significant number of cryptocurrency pairs. However, other than a few stocks that are represented by digital tokens and financial derivative markets – the asset library is relatively bare.
Over at eToro, not only can you access cryptocurrency-related markets, but thousands of stocks and ETFs that you can buy and own outright. Best of all, you won’t pay a single cent in commission. You can also access forex, commodities, and indices via CFD trading instruments.
If you are planning to use Binance to trade digital currencies – you need to have a firm understanding of technical analysis and charting tools. You will also need to have a number of proven crypto day trading strategies under your belt. This can take many years to master – which is why Binance is arguably more suited to experienced traders.
If you’re a newbie, you will find eToro super easy to use. In fact, eToro even offers a copy trading service that allows you to select an experienced investor and then copy their positions. You can also make use of social trading tools at eToro – which allows you to post threads and reply to comments in a public setting.
This Binance review has explored each and every metric of the cryptocurrency exchange. This includes tradable markets, fees, payment methods, user-friendliness, customer support, safety, and more. We concluded that although Binance has a great reputation and is highly suited for newbies – there are much better options in the market.
In fact, we found that eToro is by far the best brokerage site to buy and sell cryptocurrencies. In terms of fees, you’ll pay just 0.5% to deposit funds with a debit card or e-wallet, which is much more competitive than the 3,99% charged by Binance. You will also benefit from a spread-only trading fee that starts from 0.75%.
Buying cryptocurrency at FCA-regulated broker eToro will take you less than 10 minutes from start to finish!
Binance is primarily a cryptocurrency exchange that allows you to buy, sell, and trade digital assets. This includes hundreds of crypto-to-crypto pairs like BTC/USDT and ETH/BTC - as well as crypto-to-fiat pairs such as BTC/USD.
Binance isn't regulated in the same way as brokers like eToro, but the platform does offer a number of core safeguards nonetheless. This includes cold storage, 2FA, device whitelisting, and the Binance SAFU (Safe Asset Fund for Users).
There is no minimum deposit when funding your account with cryptocurrency. In most cases, debit and credit card deposits come with a minimum of $15.
Binance signals are trading suggestions sent by a third-party that should be used on the exchange. For example, your chosen provider might send you a signal that instructs you to place a buy order on BTC/USDT when the pair hits a price of $45,600.
You can send Bitcoin from your Binance account by requesting a withdrawal. Simply paste in the wallet address that you want the funds sent to, complete the 2FA verification, and confirm the transfer.
Yes - you can trade on Binance anonymously if you plan to deposit and withdraw funds with cryptocurrency only. If opting to use fiat currency, or you trade more than 2 BTC per day, you will need to provide your personal information. You will also need to upload a copy of your government-issued ID.
Binance charges a standard trading commission of 0.1%. You can reduce this fee if you are a market maker, hold an allocation of BNB coins, or trade larger amounts.
No - Binance does not accept Paypal deposits. The only way you can use Paypal is on the Binance P2P exchange - but you won't be depositing funds into the platform. Instead, you will be initiating a cryptocurrency purchase directly with the seller.
Binance offers a Visa debit card that can be used online or in-store. You can also use it at an ATM.
Binance offers a live chat feature that is active 24/7.
Binance was launched in 2017. Since then, the platform has grown to become the largest cryptocurrency exchange in terms of market capitalization.
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Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner.
Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.
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