What Binance experience can traders expect on the well-known platform? The following review is dedicated to a detailed test of the exchange. Which cryptocurrencies are traded, how high are the fees and is the offer reputable?

Binance is one of the largest Bitcoin exchanges in the world. Several million users use the platform to trade cryptocurrencies. This Binance test is intended to explain the offer to new investors.

The website received good reviews in various forums, which is why we will go into more detail on the following points: what can be traded, what functions does the website offer, what security precautions are taken and what fees can be charged to the customer. Binance is a licensed broker and can therefore be regarded as reputable.

Binance Review – The Offer

Binance is a classic crypto exchange. You can only trade cryptocurrencies and exchange them with each other. A wide variety of coins are supported. According to the website operators, there is multilingual support and the platform can be accessed via any operating system and from any electronic device. The most important point listed in the offer is the security of the website. In addition, the platform is said to be able to carry out 1.4 million transactions per second.

The name Binance is derived from the English “binary” and “finance”. As of January 2018, Binance is considered the largest cryptoexchange with a market value of 1.3 billion US dollars. In August 2018, Binance and three other major exchanges raised US$32 million for a new cryptocurrency that is not supposed to have such an extreme price fluctuation as the other cryptocurrencies. In addition, the platform already has its own cryptocurrency, which is called Binance Coin or BNB for short. You can buy such a coin for 4.86 US dollars at the moment.

Currently, the site is available to investors in 17 different languages and the customer service is also available in several languages, according to the platform. The platform is used by over nine million investors, which was the status in June 2018. This means that the website has grown by two million users in just three months.

The story behind the Binance Exchange

Binance is a very young company that was founded in 2017 by Changpeng Zhao and Yi He. The website focuses exclusively on cryptocurrencies and their trading. You can buy them, transfer them to a wallet, sell them or bet on their price. Between 250 and 500 employees work for the website and the company headquarters are in the European Union, more precisely in Malta.

The platform has eight investors who come from all over the world. Binance also acquired Trust Wallet on 31 July 2018. On 12 December 2018, the website also launched a new learning platform to teach new users or investors about blockchain and cryptocurrencies. Binance’s chairmen also invest heavily in various cryptocurrencies, such as TravelbyBitt, Contentos, Zhidian, Republic and MobileCoin.

The Binance cryptocurrencies

On a platform for trading cryptocurrencies, the main focus is on how many different cryptocurrencies are offered and how high the fees are. The website offers 171 different coins to buy, sell and exchange with each other. This is the largest number that Exchanges has had so far. The tradable cryptocurrencies include e.g:

  • Bitcoin Ripple
  • Ethereum
  • Stellar Lumens
  • TetherUS
  • EOS
  • Bitcoin Cash ABC
  • Bitcoin Cash SV
  • Litecoin
  • TRON
  • Cardano
  • Monero
  • Binance Coin
  • MIOTA
  • NEM
  • Dash
  • Ethereum Classic
  • NEO
  • Ontology
  • Zcash
  • Maker

The functions

The platform offers a learning academy for new and experienced investors. You can have all new articles sent to you by newsletter or read them directly on the website. You don’t have to be a member to do this; every visitor has free access to the content. Secondly, the website offers its own wallet for storing and using cryptocurrencies. This can be downloaded from the iOS Store and Google Play. It is called Trust Wallet and in the comparison of Kryptoszene.de you can find the best wallets on the market. Binance has also founded its own charity organisation called Binance Charity. You have the possibility to donate money or get more information about their projects. However, if you want to launch a cryptocurrency yourself, you can contact the Binance Lab and ask for funding for the project. Binance has already confirmed several investments in different coins.

Open an account with Binance

To register on the Binance platform, you need a valid email address and a password. After a short time, you will receive an email with a confirmation link, which you follow to gain access to the trading platform. After logging in for the first time, you receive an overview with security warnings, which you confirm by checking the box, otherwise you will not be forwarded. This is to prevent someone else from gaining access to your account and transferring the money to another location. Next, the programme asks if you want a 2FA activation, which requires you to identify yourself via Google or SMS.

The Binance App

The Binance app has already existed for a few months. It is 11 MB in size and thus fits on every mobile phone. However, one should have the required Android version of 4.2. or higher installed for the app to work smoothly. It has already been downloaded over a million times and is in version 1.5.1.1 at the time of this Binance test. Critical voices complain at times that the login can cause problems. Others, however, emphasise the functionality and simplicity.

If you follow the information from Binance and the programming, you can use the app to check the market, make purchases and sales, manage your cryptocurrencies and change your private settings at any time. So you have the same functions as on the computer itself. If you need help or have a wish or suggestion, the easiest thing to do is to leave a Binance review and wait for the customer service to reply. The iOS app is larger at 48.7 megabytes and requires iOS 9.0 or later. Both apps received ratings of over 4 out of 5 stars. A stable internet connection is required to receive all necessary live updates. Users note that the data consumption of the mobile platform can be very high. Therefore, the Binance app is probably best used via WLAN.

Binance: Advantages and disadvantages

An important point when trading with money is security. This is written in capital letters at Binance and every trader can further secure himself. In the user account, you can see every single login attempt with the IP address, the location and what device was used. In addition, when you log in for the first time, you are informed about the risks that can be avoided.

So many security warnings ensure increased trustworthiness. This is one of Binance’s strengths compared to many brokers or exchanges. In addition, the website offers an enormous number of cryptocurrencies. Such a large offer is rarely found on the market. Binance also announced via its own YouTube channel that new and revised trading platforms will be released soon. These should provide significantly more functions for investors than was previously the case. The exchange is thus making great efforts to meet the wishes of investors and to further develop and improve the platform.

One disadvantage, however, is that Binance is a pure cryptocurrency exchange and therefore does not allow fiat transactions. So you have to buy a cryptocurrency first before you can trade it via Binance. A short guide to buying bitcoin via PayPal can be found here. However, if you absolutely want to deposit money on the platform with fiat currencies, you can do so via three different third-party platforms. This way could be cumbersome and tedious, especially for new users.

  • 171 Cryptocurrencies
  • High safety standards
  • Further development of the platform
  • Clear and simple operation of the trading platform
  • Transactions executed cannot be cancelled
  • Only cryptocurrencies as a commodity
  • No PayPal or credit cards directly usable for deposit

The Binance payment methods

Through Binance, you can trade exclusively in cryptocurrencies. There are well-known currencies such as Bitcoin, Ethereum, Ripple, Dash or EOS, but fairly unknown cryptos are also offered. The platform also has its own token called Binance Coin. To make a deposit into the user account, you have to connect your own wallet to the account and make crypto transactions from here.

If you have digital currencies in several wallets, you can connect them all to your account on the Binance platform and switch from one wallet to another or transfer coins at any time. However, a small percentage is retained per cryptocurrency, but this depends on the currencies traded. There are no other Binance fees for withdrawals or deposits. There are various ways to buy cryptocurrencies beforehand.

Here is a guide to buying bitcoin.

What about security?

Security is one of the most important points for investors in online exchanges. It comes into play in the storage of the deposited money just as much as in the trading itself. As soon as you are on the trading platform, you are protected via an SSL connection. Furthermore, the website gives some tips on how to act in a protected manner online and which risk factors the investor can eliminate himself.

After you have ticked all these boxes, you will be taken to the actual platform and can protect it using 2FA. This means that you can either authenticate via Google or via SMS. In addition, you can see all IP addresses and locations of the last login attempts on the start screen of the Binance platform. If a device does not look familiar to the user, he can delete it and this terminal will be automatically logged out. The website also advises that passwords should not be stored in the browser, but rather on a secure USB stick or at home in a safe place.

Binance customer service

Customer service is available 24 hours a day, 7 days a week and can be contacted in various languages. On the website itself, you can be redirected to the help page via the “Contact” button and there is a note that you should first read the FAQs. On this subpage, many questions regarding the platform, deposits and trading are answered. New members can also find help and tips in the learning centre, the Binance Academy. Afterwards, if the question could not be answered, you can send a request to the customer service.

However, there is no option to contact a phone number or email address directly to get immediate and personal help. Binance does, however, offer contact via Telegram and this is also available in 25 different languages. The point of support, however, is criticised by several people in Binance reviews: It is said to be unreachable and not really helpful. In case of such incidents, it is best to contact other members so that they can help you with minor difficulties. In the case of serious problems, however, you have to fall back on the customer service and hope that they will get in touch and solve the problem.

How much are the Binance fees?

With Binance fees, you have to distinguish between two different positions. There are normal trading fees that have to be paid for each transaction. The cost per purchase or sale is 0.1% of the traded turnover. If you want to settle this amount in the BNB currency, you get a 25 percent discount on the trading costs. This amount is deducted from the account every 30 days and the larger the trading turnover in Bitcoin and the larger the holding of Binance coins, the lower the percentage of Binance fees you have to pay. For withdrawals, costs are charged again, which depend on the respective currency.

With Binance Coin, you have to withdraw at least 0.22 Coins and have a withdrawal fee of 0.11 Binance Coin. All Binance fees are deducted in the withdrawn currency, which means that if you withdraw Ethereum, you will also be charged Ethereum as a Binance fee. One does not have to pay any fees for opening an account or for depositing into the account. No matter how many small deposits one makes from different wallets, one will not be charged anything. This 0.1% is significantly lower than on many other platforms. Often you have 0.5% or you only get 60 to 80% of the profit when trading CFDs. On the Binance platform, one does not have the possibility to exchange one’s cryptocurrencies for fiat currencies. It is exclusively a cryptocurrency exchange and does not have the possibility to make transfers to the bank account or transactions to the credit card.

Binance testimonials and user opinions

When it comes to Binance experiences, you have to be a bit careful. Of course, there are some bad Binance reviews that are based on the fact that investors have made losses and therefore think negatively about the platform. One should not pay attention to such Binance reviews, as the market of cryptocurrencies is considered extremely speculative and one has to expect high losses. In addition, the operators point out the danger of online trading at all times and on all pages, and every investor should understand so much about trading on exchanges that losses must be expected in any case and profits cannot be guaranteed.

Of course, there are also many positive Binance reviews, which are critical of the website in some points, such as customer support, but are very satisfied with the trading platform. The only shortcoming that is mentioned again and again is the inaccessible customer service. The app in the iOS and Android stores was rated with over 4 out of 5 stars. This result best reflects the opinions of all users.

Is Binance a scam?

By no means is Binance a scam. After reading all possible testimonials and doing the Binance test, it seems that the licensed exchange is a good platform for trading cryptocurrencies. It has the latest security standards and there are notices everywhere for the user. Also, you don’t have a minimum deposit amount and you can deposit it from almost any wallet in any cryptocurrency. The founders are real people who have also made investments in the financial sector before. The company is very young but already has over nine million users and the mobile app has been downloaded over a million times on Android phones alone.

The best Binance alternative

eToro is a trading platform that specialises in CFD trading. However, you can also buy cryptocurrencies directly and it gives you access to a larger market. Shares, commodities, indices and FIAT currencies are also offered. The in-house app is suitable for buying shares online, but also for the derivatives and crypto deals mentioned. PayPal is available as a payment option and deposits can be made using credit cards or a bank account. Kryptoszene has already explained what is possible for eToro experiences in its own test. This gives you the opportunity to make a profit if the price falls.

  • Wide range of trading opportunities
  • Many deposit methods
  • PayPal available
  • Good customer service
  • Clear and modern trading column form
  • Copying from successful investors possible
  • Fee list somewhat hidden
  • Only 14 cryptocurrencies
  • 171 Cryptocurrencies
  • High safety standards
  • Further development of the platform
  • Clear operation of the trading platform
  • Transactions executed cannot be cancelled
  • No trading in shares/commodities/foreign exchange
  • Only cryptocurrencies as a commodity
  • No PayPal or credit cards directly usable for deposit

Binance – The Conclusion

After the Binance test, it can be concluded that there is almost no other broker or exchange that offers a larger number of cryptocurrencies for trading. 177 different cryptocurrencies are made available to investors for buying, selling and exchanging. Security is clearly a priority on this platform and Binance fraud seems very unlikely. The website is a licensed trader for cryptocurrencies and you can only make deposits on this platform via a wallet. That’s why you don’t have to provide a lot of personal data, which might please some users.

The trading platform and software have a simple design and the developers are always uploading new updates. The only thing that is criticised by some users on the net is the almost non-existent customer service. It can only be reached via a contact form or allegedly by telegram. These options are inadequate compared to other brokers. In this sense, there is still some room for improvement, but basically Binance can be recommended. However, the good offer still cannot come close to the test winner eToro. The selection of stocks, commodities, indices, CFDs and cryptocurrencies with an in-house wallet and the deposit option via Paypal simply speak their own language. The social trader eToro therefore remains the first choice when it comes to investing in cryptocurrencies.

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Binance experiences – the crypto exchange in the test
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