Binance review, the largest crypto exchange in the world
This crypto giant was founded in 2017 and has grown into the largest crypto exchange in the world in just a few years. The statistics are staggering. Several billions are traded on the platform every day. But what does this mean for you? In this Binance review, we explain the pros and cons. We zoom in on the fees and look at the security of the most influential organization in the blockchain industry. Create an account at Binance now or read on for more information.
What is Binance?
Binance is an innovative crypto exchange. After its founding in 2017, Binance grew to become the largest crypto exchange in the world within eight months. The company was founded by the originally Chinese entrepreneur Changpeng Zhao (CZ) and operates worldwide. The company has more than 1,300 employees and is located in more than 20 different countries.
Although Binance is primarily a crypto exchange, it offers many other services. The organization sees itself as an ecosystem that is active in the blockchain industry. This becomes clear when you look at the other activities. Binance has its own academy to spread knowledge about blockchain and cryptocurrency. In addition, they have developed their own wallet. Moreover, they offer support to initiatives and entrepreneurs who are active with blockchain technology through Binance Labs and support charities through the Binance Charity Foundation.
Binance also has its own cryptocurrency: the Binance Coin (BNB). Later in this Binance review we will discuss BNB and its use.
Binance review
Binance reviewIn just a few years, Binance has grown into the largest crypto exchange in the world. With its huge range of over 250 different cryptocurrencies and various crypto-related services, you could see Binance as a one-stop-shop.
It is an absolute crypto giant and with a total market share of almost 25% of all cryptocurrency transactions worldwide, it is almost impossible to write a Binance review without considering the size of this organization. For comparison, 4.9 billion PIN transactions are made in the Netherlands every year. Binance processes 5 billion transactions per hour. It is therefore logical that Binance puts safety first.
However, opinions seem to be divided. With a rating of 4.7 in the Google Play Store, the Binance app gets a good rating. On the other hand, Binance is rated with a 2.1 on the popular review site Trustpilot. However, this rating is distorted. The majority of people with a bad Binance review use Trustpilot to advertise other websites. Unfortunately, bad reviews get more attention. However, Binance’s customer service in particular is open to improvement. Unfortunately, this is one of the consequences of its rapid growth. We will come back to this later in this Binance review.
However, a rating based on reviews from others is of course crazy. That is why we will focus on the following points in the rest of this Binance review:
- Binance security
- Binance fees
- Use of the BNB coin
- Binance wallet security
- User-friendliness of the app and web platform
- Binance customer service
Binance Security
As the largest crypto exchange in the world, security is of course high on Binance’s priority list. With a total share of approximately 25% of all managed assets on exchanges, that is not surprising. But the way in which your Binance wallet is protected and your assets are secured is special.
Binance is probably the most secure crypto exchange of all. By protecting your Binance wallet in no less than 7 different ways, you can sleep soundly. Without having to worry whether your cryptos are still safe in your wallet when you wake up. In this Binance review, we will discuss the most important methods used to protect your assets.
Use of AI, facial recognition and data analysis
By using advanced technology, Binance protects your wallet. This way, Binance prevents anyone from logging into your Binance account. If this does happen, these smart systems immediately make it clear that there is probably a hack.
If someone gains access to your phone’s SIM card. In theory, your phone can be used to access your phone number, email and 2 Factor Authentication. But because Binance uses data to secure the platform, the platform sees that this is probably done by someone with bad intentions. If someone does try to make a transaction – but does so with a new device (different phone) or tries to withdraw money, your Binance wallet will be blocked. Your money is safe. After such a “hack” you can contact Binance customer service to regain access to your wallet.
Safety education
We previously mentioned the Binance Academy. On this platform, Binance explains all kinds of things related to cryptocurrency, blockchain and security. The parts that deal with security, among other things, teach you how hackers work.
It is therefore a misunderstanding that they try to gain direct access to your data. Much more often, it is a scam. In this case, they try to get your data from you. Actually, just like those annoying text messages you get about your bank. This, and many other examples, are cited to keep your Binance wallet safe.
In addition to the above points, there are many other things that Binance does to protect your assets. In the guide “How does Binance work?” we explain how the Binance registration process works and how you buy cryptos.
Binance review – Security: 5/5
Binance fees
One of the main reasons to choose an exchange instead of a broker is that trading is easier. Especially if this is your plan, it is good to look at the trading fees you pay. The various brokers and exchanges earn money from your transactions. With some providers, this can be a few percent. Others, including Binance, charge low fees. Because Binance keeps fees low, they focus on traders. But, even if you do not want to trade, it is good to leave these fees.
In this Binance review, we will discuss the various costs associated with using the platform. These fees can be divided into purchase costs and transaction costs. You pay purchase costs when you transfer money to a platform. While you pay transaction costs when you actually trade. For example, from Bitcoin to Ethereum. These costs together are called the Binance fees in this review.
The Binance fees are clear. Especially when you look at purchase costs. Depending on your payment method, you pay an amount for this. In the case of iDEAL, this is only €1.30. Bank transfers are completely free and if you use a credit card, this is 1.8% of the purchase amount. We therefore advise you not to use a credit card. Choose a bank transfer or iDEAL to get your first “return”.
The fees that Binance uses as purchase costs are in line with other major parties. However, if you compare this with some brokers, purchase costs of between one and two percent are not an exception. Do you want to transfer money from your Binance wallet to your bank account? Then that is also free of charge. Only when transferring to a Visa/Mastercard payment account, costs of 0.8% of the total amount are charged.
Binance maker/taker fees
In addition to the fees that have to be paid, Binance also scores well on transaction costs. Binance is one of the cheapest exchanges. To explain this, we will first consider the different forms of trades. There are two ways to make a transaction. Maker and taker. In the case of a maker order, you set up a buy or sell advertisement. For example, you sell your Bitcoin for an amount of €40,000. Someone else can then choose to accept it. In this case, you are the market maker, while the person who likes your “proposal” is the taker.
Binance benefits from having more open orders. That is why creating a transaction is slightly cheaper than accepting a transaction. Of course, you only pay the costs when your order has been executed. As a novice trader, the Binance fees for both maker and taker are 0.1% of the total amount. If you start trading more, this 0.1% decreases further. The total fees can drop to 0.02% for a maker order and 0.04% for a taker order. In that case, you must have a total transaction volume of more than 150,000 Bitcoins.
Binance review – Fees: 5/5
Use of the Binance coin
Since Binance earns money through transactions, they benefit from a well-filled order book. That is one of the reasons that Binance has another way to get a discount on transaction fees. Binance has its own cryptocurrency. The BNB coin. By paying transaction costs with the BNB coin, you get another 25% discount on your transaction costs. This applies to both maker and taker fees.
Because Binance is such an important organization in the field of cryptocurrency and crypto trading, the value of the Binance coin has risen enormously in recent months. At the beginning of February, the price was still €40, while the price has now risen to between €300 and €500. This also makes it one of the most important cryptocurrencies on the market
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Binance wallet security
Given the large number of users and Binance’s revenue model, security is essential. This is also noticeable in the case of your Binance wallet. Every device you use must be approved by means of an email confirmation and 2FA (2 Factor Authentication) is also strongly recommended.
If it seems that someone else gains access to your wallet, Binance will temporarily block your wallet. This makes it almost impossible to transfer money from your Binance wallet to another wallet or bank account. In the rare cases that this does happen, Binance also offers another form of security. There is a joint pot of money that is built up from a portion of all collected Binance fees. If you have been hacked, you can in some cases claim compensation for your loss. This process does seem to be time-consuming. However, in the case of a loss of thousands of euros, that may not be so bad.
Usability of app and web platform
Like many other exchanges, Binance has its own app. Trading in the app is extremely easy, but as a beginner it can be a bit overwhelming. That is why Binance has two options. Binance and Binance Lite. The Lite version offers fewer options and therefore makes it considerably clearer. In the case of the Binance fees that have to be paid, there is no difference.
In addition to the app, you can also use the trading platform via the website. Although this works well, the web platform is less intuitive. It is clear that the emphasis is on using the app. In addition, the app also contains all kinds of other options that are not only about trading in cryptocurrency. Think of staking, trading in futures, managing your Binance credit card or getting started in starting crypto projects.
As an experienced trader, the Binance platform offers excellent user-friendliness. Both in the app and in the web application you can add many different trading indicators. This gives you a lot of flexibility and analysis options. This in combination with the low fees that Binance charges makes it extremely suitable for traders.
As mentioned, the Binance platform can be overwhelming when you are just starting out. It offers a ton of options and once you get used to it, the platform works great. However, for a beginning crypto trader, it can be a bit more complicated to get started. That is why we have also written a step-by-step guide for Binance.
Binance review customer service
We consider Binance’s customer service to be the only point of attention. Because Binance has grown so much in recent years, customer service is often slow to respond. Binance focuses on security. Questions about the security of your account or if an account is blocked are resolved considerably faster than questions about alternative products that Binance offers.
It is clear that Binance makes choices regarding its customer service. The quality of the customer service is good, but the response time is somewhat low. All in all, this is the main point of improvement for Binance.
Binance review – Customer service: 3/5
Binance review final verdict
The largest exchange in the world is an absolute success story in the crypto industry. It scores well in many areas, but there is room for improvement, especially in the area of customer service. The costs that Binance charges and the functionalities of the platform are among the best in the market.
Binance rating: 4.5/5
Are you convinced after reading this Binance review? Create an account now and start trading via the largest crypto exchange in the world!
