Binance Review UK – Pros & Cons

If you’re looking to trade in the largest cryptocurrency exchange in the world, Binance, then it’s important to know the key features that the platform has to offer. In this Binance review, we also go through the user experience, tools available, a Binance app review, and more.

After reading this Binance review UK, rest assured you’ll have everything you need to know to get started. We did the whole Binance exchange review, Binance trust wallet review, and Binance savings review.

What is Binance UK?

In terms of the daily trading volume of cryptocurrencies, Binance is the largest crypto exchange in the world. The company, Binance Holdings Ltd, was founded in 2017 in China by Changpeng Zhao, a developer who had previously created high-frequency trading software in the past. Later, the company moved its headquarters out of China following the Chinese government’s strict regulations of crypto.

There’s a reason why hundreds of billions of dollars in trades go through Binance every day and in the Binance UK review, we found out why. On top of their regular crypto exchange services, Binance also offers tons of crypto trading products for its users.

Users looking to trade crypto using margin or those interested in crypto options and futures would be happy to hear of Binance’s crypto derivatives. There’s also Binance’s peer-to-peer (P2P) trading which we found in our Binance app review.

Additionally, Binance also offers users to earn interest on their owned cryptocurrencies through savings accounts. This feature, found through our Binance fixed savings review, essentially lets users lend their coins to give more liquidity to the platform. In return, lenders earn interest.

63% of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you can afford to take the high risk of losing your money.

Not only does Binance offer many different products but they also make sure they’re featured with competitive fees. Although there are a lot of different fees due to the many ways to trade crypto, they remain relatively low – especially with higher trading volume. Alongside our Binance review UK, we also featured a Binance exchange review and Binance Earn review.

With the popularity of non-fungible tokens (NFTs) having grown in the past year, Binance has also added an NFT marketplace to its platform. Here, users can buy and sell NFTs offered in ETH, BUSD, BNB, and other tokens. Find out everything you need to know in our Binance review Trustpilot!

Later on in this Binance UK review UK we’ll go through the many different features and the different ways of using and earning crypto on the platform. The site is arguably jam-packed with information that could be daunting for new users. Hopefully, you get to understand the most relevant features after this Binance app review.

Binance UK Pros & Cons

Trading crypto derivatives involves a high amount of risk.  You should consider whether you can afford to take the high risk of losing your money.

Supported Coins and Markets

With over 500 coins listed on the platform, Binance is one of the best platforms when looking to trade lower-cap cryptocurrencies. It’s important to note that in this Binance UK review, cryptocurrency derivatives trading may involve leveraged positions. This means that these options are riskier and can result in higher losses.

In this section of the Binance review UK, we go through the different supported coins and markets of the platform.

Crypto-to-Crypto Pairs

Similar to how forex trading features a currency pair of two different national currencies, crypto-to-crypto pairs let you trade one digital currency against another. One of the most popular examples of this from our Binance exchange review is the BTC/USDT pair which consists of Bitcoin and the stablecoin Tether.

One of the biggest advantages when it comes to trading crypto-to-crypto pairs on Binance is the amount of liquidity available. As a central exchange, transactions of crypto-to-crypto pairs can be quick. The only thing you’ll need to consider first is you’ll need to already own crypto to access this tool.

There are many different reasons why one would exchange crypto for another, and Binance helps you do this quickly and at a reasonable rate. For example, if you find a crypto project that requires Ether and you have Bitcoin, you can use the ETH/BTC crypto pair to exchange your Bitcoin for Ether in your wallet.

Fiat Markets

If you’re looking to buy cryptocurrency with fiat currency like the British pound Binance offers a good selection of fiat markets to help you with that. From our Binance review UK, the P2P market on the platform offers you to buy Bitcoin, Tether, Ether, and other crypto using fiat money.

One advantage of using fiat currency and the P2P market on Binance are the lower fees. Takers are not charged any fees while makers are charged a small number of transaction fees upon every completed order. What’s more, based on our Binance card review, you can buy and sell crypto with over 150 payment methods, including bank transfer, cash, PayPal, M-Pesa, and multiple e-wallets.

Direct Crypto Purchases

Our Binance review also found that users of the platform can directly buy crypto using a bank card. On the account dashboard, there’s an option that lets you use a debit/credit card to buy crypto and simply add the details of your bank card as the payment method. It’s really as simple as inputting how many pounds you want to convert into cryptocurrency.

Through the direct crypto purchase, users wouldn’t need to look through the different fiat markets or even crypto pairs to fund their accounts. They only need to confirm the transaction and the payment will instantly have crypto funds added to your Binance wallet.

Crypto Derivatives

For the more experienced investors that understand the inherent risks and rewards of using leveraged trading financial instruments, crypto derivatives are available on Binance.

These include the following:

• Futures
• Margin
• Leveraged Tokens
• Options

According to the Binance leveraged tokens review, Bitcoin futures can be traded for a leveraged position of up to 125x. This means that opening a position here with just £100 would actually be worth £12,500 in the trade. Of course, this is the maximum and one of the riskiest trade types available on the platform.

There’s a reason why the platform has you answer a quiz that tests your knowledge on derivatives trading. It’s really more suited for seasoned investors who already know how to manage risk properly.

Your capital is at risk. 

Binance UK Fees & Commissions

With all its different products, instruments, and cryptocurrencies, Binance actually has a lot of fees that can all be accessed on its platform. Based on the Binance app review, below is a table of the relevant fees for the platform.

Note that there are actually no deposit fees and that using BNB to pay for your fees on Binance lets you earn a 25% discount. Based on our Binance lite review, more of the platform’s specific fees can be found on their FAQ page.

Your capital is at risk.

Binance UK User Experience

It’s easy for new users to get overloaded with the features and products on the Binance crypto exchange. Findings from our Binance exchange review have shown that the site does take some time to get used to. However, there are many ways that Binance helps users get a better grasp of the site – for beginners and expert traders too.

On their support page, are articles, dropdowns, and videos on the different account functions as well as the platform’s very own tutorial. Accessible on the page are resources like a Binance visa card review, a Binance affiliate program review, a Binance withdrawal review, and even a Binance trading bot review through spot grid trading.

In terms of account security, Binance has several implementations to keep accounts properly secured. For one, the platform uses two-factor authentication whenever a login attempt occurs. This makes sure that only the user with their mobile phone can access his account. Aside from this, there’s also an authorized devices function that helps Binance recognize a login attempt from a new account.

Even if there’s a lot of products to explore on the Binance platform, the actual user interface for each of the products is intuitive and fairly easy to use. Granted, some of these products may take time to get used to, the learning curve can definitely be overcome.

The review Binance exchange has shown us that the platform is very responsive, consistent, and quick to load – facilitating in the platform learning process.

Binance UK Features, Charting, and Analysis

This Binance UK review finds plenty of features to bring up as well as the tools available on the platform. Whether the crypto trading strategy is to buy and hold, day trade trends, or even staking coins to earn passive income, it seems that Binance has a product or a tool for all.

A lot of digital coins like Bitcoin and Ethereum cryptocurrency can be ‘mined’ as they have proof of work (PoW) consensus models. Crypto miners use computing power to solve the hashing algorithm of a specific blockchain and are rewarded with tokens. For miners, Binance has what’s called the Binance pool which is a comprehensive service platform dedicated to improving the income of miners.

Our Binance mining pool review found that to use the Binance pool simply follow these steps:

• Create a mining account, and configure the mining URL and worker ID on the configuration page of the mining machine.
• Choose the Smart Pool as the payment setting under the Mining Account Management tab
• In the Smart Pool, check the estimated income of the BTC, BCH, and BSV.
• Then you can check the Extra Bonus page for the extra earnings from the Smart Pool.

One of the exchange’s biggest products, Binance Earn, offers users a way to earn from their owned cryptocurrencies. Thanks to our Binance Earn review and the Binance flexible savings review, we found that the Binance flexible savings feature lets you deposit your crypto and gain daily interest from your dormant funds. Unlike fixed savings, flexible savings means you can easily redeem your digital assets anytime.

Another great feature on the Binance platform is Spot Grid Trading. Essentially, Spot Grid Trading is an algorithmic trading bot that automates trading within a certain range. For example, after setting the grid parameters with the upper and lower price, grid number, and the coin to invest in, the program will calculate the minimum investment requirement for the strategy.

In terms of charts, Binance actually offers classic and advanced trading pages when it comes to the user interface. From the Binance review UK, the classic page offers a more easy-to-use beginners interface while the advanced page has complete access to all trading tools.

Furthermore, the analyses on Binance are standard and offer a clear and concise overview of the instrument. In our Binance review UK’s example – when looking at the EUR/USD currency pair, Binance shows a financial summary, the day range, and a currency profile.

Binance UK Account Types 

In this section of our Binance review UK, we showcase the two different account types for Finance. A verified account is the standard, with the basic benefits. If you want a Verified Plus account, you’ll simply need to verify your address which can be found in the Binance assurance review.

Your capital is at risk. 75% of retail investor accounts lose money when trading CFDs with this provider.

Binance UK Mobile App Review

Seeing that crypto markets operate 24/7, having a mobile platform is a norm for cryptocurrency exchanges. The Binance mobile app is a highly rated platform that offers many of the web-platform features but on iOS or Android devices. Available on the mobile app is Binance Lite, a new option that makes buying crypto much easier based on our Binance Lite review.

We found in our Binance UK review that the app is very much safe to use as the two-factor authentication and registered devices features remain even on the app.

If you’re the kind of investor that wants full control of their crypto assets like private and public keys, then another application to use together with Binance is the Trust Wallet. This crypto wallet is backed by Binance and can be installed on iOS and Android.

From our Binance Trust Wallet review, the application offers access to decentralized apps (dApps), a decentralized wallet, staking services, and features that allow you to earn interest on your owned crypto. You can also use this wallet to swap cryptocurrencies on different decentralized exchanges. Basically, the Trust Wallet gives you access to Web 3.0 and the applications run on it.

Your capital is at risk. 75% of retail investor accounts lose money when trading CFDs with this provider.

Binance UK Deposit and Withdrawal Methods

Before being able to use the peer-to-peer markets or swap cryptocurrencies, you’ll need to first fund your Binance account whether it be through cryptocurrencies or through fiat currencies. Binance allows you to fund your account via a crypto wallet. You’ll need to copy your unique wallet address from your Binance dashboard then use your external crypto wallet to send whichever cryptocurrency you wish to transfer.

Additionally, Binance also supports both debit and credit card deposits for UK residents. When transferring funds to your account this way, you’ll need to pay a 1.8% fee. In this method, you’ll need to first make sure that your account is verified by providing personal information and uploading a government-issued ID. Funding through this method happens almost instantly after the transaction’s success.

Note that there are no minimum deposits at Binance when adding cryptocurrencies. In fiat currencies, however, there is a minimum deposit of £15 and a maximum of £5000.

Binance UK Contact and Customer Service

Although our Binance review UK finds that you won’t be able to directly call a Binance customer support agent, there is a live chat available. In the live chat, you’ll be able to type a message to the support service alongside a recommended page of common issues. Among them are crypto deposits, fiat deposits, crypto futures trading, P2P trading, and security issues.

If your issue can’t be immediately solved through their network of resource articles then you will be redirected to a live chat agent. They usually reply within minutes and operate 24/7.

We’ve also found in the Binance UK review that the FAQ page is a great help center. The site is organized and ordered from the basics to the more specific and advanced features of the platform. Tutorials are even available in the help center which can be very useful for first-time crypto traders.

Is Binance UK Exchange Safe?

After checking our Binance exchange review, we found the platform to be safe and secure. Even if the platform is not licensed under the Financial Conduct Authority here in the UK, this only affects the derivatives trading of the platform. The other features such as staking and Binance earn from our Binance earn review remain the same for UK residents.

One of the reasons why Binance is so secure is because of its user authentication features and authorized devices functions. They even have anti-phishing code which can ensure that all emails that you receive are legitimate and not from unknown and potentially dangerous sources. The site is SSL secured as well.

How to Use Binance UK

Once you’ve really learned all the important features of the platform through this Binance broker review, then you can start trading with Binance. Here’s a step-by-step guide to help you set up.

Step 1: Open an Account

75.26% of retail investor accounts lose money when trading CFDs with this provider.

First, create an account on Binance by filling in your email and password.

Step 2: Verify Your Identity

Next is the account verification process. You’ll need to verify your account by giving details such as your place of residence as well as your complete name. Afterward, you’ll be asked to upload a valid ID wish is usually in the form of a government-issued ID. You should be emailed or notified once your Binance account under assurance review is completed.

Step 3: Deposit Funds

Once that’s complete, you can log in to your account to fund it. Go to Wallet then click Fiat, search GBP, and click Deposit. Enter the desired amount of GBP that you wish to deposit and choose from Bank Card (credit/debit card/) or Faster Payments (from your bank account). You’ll be shown the information you need to submit to the bank to complete the transfer.

Step 4: Start Trading with Binance UK

Once your account has been funded, you can now use your deposited GBP to buy cryptocurrencies! Simply head over to the market of your choices such as the P2P or the fiat markets and start trading!

75.26% of retail investor accounts lose money when trading CFDs with this provider.

Binance UK Review – Conclusion

All throughout this Binance UK review and Binance App review, we discussed the many different products as well as the main advantages of using the platform. Just like how finding the right stock trading platform will depend on your trading preferences and strategy, so does finding the right crypto exchange require you to know what you’re looking for in crypto.

If you’re looking to trade cryptocurrencies, stake them, earn passively, and immerse yourself in the blockchain ecosystem of smart contracts and NFTs, then Binance is a great place to start. Throughout this Binance review UK, we’ve shown what you need to get started. Ready to start your crypto investing journey?

Start investing in crypto with Binance and experience fast trades, flexible savings, and more! Simply follow the link below and open a crypto exchange count with Binance today!

75.26% of retail investor accounts lose money when trading CFDs with this provider.

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