Binance is a well-known cryptocoin exchange that is one of the largest in the world. It was founded in 2017, so at first glance it does not appear to have been on the market for very long. However, the founding team comes from companies that already had experience with software for trading platforms in 2003.
Within Asia in particular, the Binance crypto exchange is now one of the best-known and most frequently used cryptocoin exchanges. The provider’s strengths include simple registration, a comprehensive security concept and more than ten tradable digital currencies. In our following review, we will examine the strengths and weaknesses of the offer in various categories.
Binance is by the way one of the leading brokers for crypto day traders. The alternatives are listed here.
Registration only possible in English
Although logging on to the Binance crypto exchange is quick and easy, you must be able to speak English. Until now, the website with all its functions has only been available in English. If you would like to register on the Cryptocoin Exchange, you can do so by clicking on the appropriate button (Sign Up) at the top of the website.
The information you need to provide during the registration process includes your name, address, date of birth and a telephone number to contact you. As a rule, however, the registration process is completed after a few minutes.
Security: Comprehensive Concept
In the Security category, we can definitely award a plus point for the Binance crypto exchange, because the security concept is modern and consists of numerous measures. For example, Binance uses various systems that constantly monitor the servers and computers and keep them up to date.
Users should always make sure they are visiting https://www.binance.com/ with no spelling mistake, otherwise it would be a scam site.
Two-factor authentication is also an important part of the security concept, which guarantees the security of user accounts in connection with access. Also contributing to security is the use of special encryption systems and signatures when uploading certain documents via the customer account.
For most customers, it is important not only that the Cryptocoin Exchange systems are protected and secured against unauthorized access, but that the financial security of the funds also plays a major role. Overall, Binance’s security concept is therefore certainly one of the best you will find on the market today in the cryptocoin exchanges sector.
Tradable Coins: very good Selection available
In the area of tradable cryptocurrencies, Binance is particularly convincing because not only two or three of the best-known cryptocoins can be traded, as is the case on various other platforms. Instead, there are currently almost 100 digital currencies that you can trade via Binance, for example:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dash (DASH)
- Monero (XMR)
In this section you will find a huge selection, even if there are of course more than 900 other cryptocurrencies that could also be traded. Nevertheless, Binance is one of the Exchanges where you will find the largest selection of tradable cryptocurrencies. In addition, the range is constantly being expanded to include new interesting coins.
Costs on Binance
On the Cryptocoin Börse Binance there are – as with many competitors – two cost factors, namely fees for deposits and withdrawals and trading fees. The fees the broker charges for deposits and withdrawals depend almost exclusively on the currency in which the payments are made.
The only payment method available so far is bank transfer, which is of course an extremely small selection. Depending on whether it is a deposit or a withdrawal, the costs range between zero euros (SEPA transfer in euros) and up to 60 pounds (withdrawal in British pounds).
In addition to the fees for deposits and withdrawals, there are also costs for trading in cryptocurrencies on the Binance crypto exchange. The two factors influencing the amount of the fees charged are the volume traded and the cryptocurrency traded. Binance works with the so-called maker and taker fee. However, for some time now these fees have been 0.0 percent for almost every cryptocurrency.
Depending on the currency traded and the volume, the costs for trading in the form of a spread range between 0.10 and 0.30 percent on average, which is quite a moderate value.
In the customer service category, we would first like to mention that Binance is one of the few Cryptocoin exchanges to provide a wallet. According to the Crypto Exchange, customer service is generally available around the clock, 365 days a year. During our test, however, we found that live chat in particular is often unavailable and that it takes a very long time for someone to respond.
In addition, the customer service is generally exclusively in English, which is of course a strong limitation for traders from Switzerland. All in all, there are no major criticisms of customer service, nor is it a particularly good part of the offer. We used the contact form in the test and received a suitable answer to our question relatively quickly.
The Special Thing about Binance: The Binance Coin (NBB)
The Exchange has its own crypto currency, the Binance Coin, or Binance Token (BNB), its own crypto currency. The coins are currently linked to 200 million NBBs. The highlight: users and customers of the exchange can pay their fees and save money. If they pay with the NBB, the fees are reduced by up to 50% depending on the year (50% in the first year, 25% in the second year and 12.5% in the third year). It is therefore worth it.
Conclusion: Good overall Package
It is not for nothing that Binance.com has become one of the best-known and most frequently used cryptocoin exchanges worldwide, especially within Europe. The overall package is consistent, although there is still room for improvement in some categories. Particularly positive are the comprehensive security concept and the fact that more than 90 cryptocurrencies can be traded.
The fees are in a fairly moderate range and with the NBB (Coin) users also save significantly on the GE fees. In our opinion, Binance could become a little more international in the sense that the website and customer service would not only be available in English in the future. Nevertheless, there is no reason to advise against the Binance crypto exchange, on the contrary.