Exchanges / Binance

Binance Exchange Review

Binance does not accept users from United States but we have found 8 exchanges that do.

Quick Summary

Unless you are from the US (but there is a Binance US), Binance is the best overall choice for most users with low fees and a wide range of coins

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Overview and Reputation

Binance is one of the most popular cryptocurrency exchanges in the world. It claims to have over 15 million users worldwide and to do $2 trillion or more in volume each day.

Binance was launched in July, 2017. It was created by a trading software developer named Changpeng Zhao.

In the months after Binance was launched, it became well known for having a large number of coins listed. By January, 2018, it had become the largest cryptocurrency exchange in the world in terms of trading volume.

Binance was originally based out of Shanghai, China. But after the Chinese government banned cryptocurrency exchanges, Binance moved its main office to the more crypto-friendly city of Tokyo, Japan.

Binance also has branch offices in Taiwan.

The exchange is most known for the depth of its offering. It carries over 150 tokens and more than 500 trading pairs.

In addition, it is well known for providing support in many different languages.

Our Rating: 8/10
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Trading Fees

Trading fees can greatly impact a crypto trader’s profits. And with many brokerages, these fees are complex and often confusing. So we’ll break down Binance’s trading fees here.

Trading fees at Binance are determined by your VIP rating. If you’ve never used the exchange before, you’ll start off at VIP 0. This level has the highest fee of any VIP level.

Still, Binance’s fee is extremely low when compared to competitors - even at VIP 0. The only trading fee is a flat 0.1% per trade. If you don’t own Binance’s own crypto, called BNB, this fee comes out of the crypto you purchase.

For example, our purchase of 500 LOOM incurred a fee of 0.5 LOOM, leaving us with just 499.5 LOOM leftover. And when we later sold 499 LOOM, we received 0.00003209 ETH less than the price we had sold it for.

If you frequently trade large volumes, these fees can add up quickly. But they are still lower than the fees charged by most of Binance’s competitors.

It’s important to note though that Binance doesn’t allow fractional unit trading for most of its coins. This can lead to “trading dust” or fractional coins getting stuck in the platform.

For example, although we held 499.5 LOOM, we could only sell 499 because the extra .5 is a fractional value.

Because a single LOOM doesn’t cost much, this didn’t bother us. But if you trade a coin that has a higher unit price, you may need to take this extra cost into account.

With Ethereum and Bitcoin, however, fractional trading is allowed.

VIP levels explained

For the casual crypto user, Binance’s trading fee may seem incredibly cheap. But if you are a high frequency and large volume trader, this cost may significantly impact your trading profits.

In this case, you can lower your per trade fee by increasing your VIP level. There are two ways to do this:

  1. Increase your 30-day trading volume
  2. Increase the amount of BNB you hold in your account

Trading volume

At midnight UTC each day, Binance’s computers calculate your trading volume over the past 30 days. Assuming you are not holding any BNB, this volume determines your new VIP level for the day. At 2 a.m. UTC each day, your fee is adjusted based on this new VIP level.

At higher VIP levels, the fee is also determined by whether you are placing a limit or market order.

Here is the volume required and trading fee for each level.

VIP Level30 day volume (in BTC value)Limit order feeMarket order fee
0Less than 500.1%0.1%
150 to 5000.09%0.1%
2500 to 15000.08%0.1%
31500 to 45000.07%0.1%
44500 to 10K0.07%0.09%
510K to 20K0.06%0.08%
620K to 40K0.05%0.07%
740K to 80K0.04%0.06%
880K to 150K0.03%0.05%
9150K or more0.02%0.04%

BNB

If you are not doing enough trading volume to reach the VIP level you desire, Binance will allow you to stake its utility token, BNB, to achieve whatever VIP level you want. Here is the amount you’ll need to stake for each VIP level.

VIP levelAmount of BNB stake needed
00
150
2200
3500
41000
52000
63500
76000
89000
911000

It’s important to note that if you hold BNB in your account, trading fees will be paid out of BNB instead of coming out of the coin you purchase. For this reason, your stake will decline as you continue to trade.

If you choose this route to high VIP levels, you may want to periodically replenish your BNB holdings to keep from losing levels.

Additional temporary discount for BNB holders

BNB holders also gain an additional discount for the rest of 2020 and half of 2021. Until July, 2020, they get an additional 25% off all trading fees. From July, 2020 to July, 2021, they will get 6.75% off instead.

After July, 2021, BNB holders will gain no additional benefits other than what their VIP levels allow them.

Our Rating: 9/10
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Available Coins

Having a great user interface won’t help you much if the exchange doesn’t carry the coins you want. So you may want to know what coins are available on Binance.

Binance excels in this department, offering 19 markets and over 150 coins. There are over 180 BTC currency pairs, more than 100 ETH pairs, 2 pairs with TRX as the counter currency, and 1 XRP currency pair (TRX/XRP).

Binance also offers markets for 15 different stable coins and fiat currencies, including USDT, USDC, EUR, GBP, and more.

And for more experienced traders, it offers tokens that behave like leveraged ETFs. For example, BTCUP allows you to make a leveraged bet on the price of Bitcoin going up, while BTCDOWN allows you to make a leveraged short trade against Bitcoin. Both of these are available in Binance’s “ETF” market.

Binance typically does over $9 billion in trading volume each day. So it has plenty of liquidity for users, another big advantage over many exchanges.

Coins are listed and delisted every day but suffice to say its a long list of coins including for example:

Bitcoin
Ethereum
XRP
Bitcoin Cash
Cardano
Bitcoin SV
Litecoin
Binance Coin
Chainlink
EOS
Tezos
Stellar
Monero
Tron
VeChain
Cosmos
Neo
Ethereum Classic
IOTA
Dash
ZCash
Dogecoin
+ 13 more
Our Rating: 10/10
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Permitted Countries

Binance accepts cryptocurrency deposits and withdrawals, but does not require ID verification for accounts that withdraw less than 2 BTC per day. Because of this aspect of the exchange, it is available throughout the world to any user that has Internet.

Binance does accept residents of over 100 countries including the following:

United Kingdom
Ireland
South Africa
France
Germany
Italy
Sweden
Denmark
Switzerland
Netherlands
Austria
Spain
Belgium
Hong Kong
India
Singapore
South Korea
Poland
Portugal
Croatia
Bulgaria
Malaysia
+ 30 more

However, Binance may block users from certain countries if it knows their locations. For example, a customer who attempts to access Binance.com from within the United States may be blocked if he tells the exchange that he is a U.S. resident. Binance now has a separate site for US residents Binance US but there may still be reasons US residents might want to use the parent site.

When we attempted to access Binance using a VPN server located in the U.S., we received a warning message. This message asked us to state whether we are “American” or not. However, we found that clicking I’m not gave us full access to the site, regardless of what our IP address appeared to be. So it appears that U.S. residents can use Binance.com - even if they don’t have access to a VPN.

Still, Binance has stated that it does not wish to do business with residents of certain countries, including users in the US. Any user who ignores these warnings will be limited to withdrawals of 2 BTC (or equivalent value) per day, since he/she will have no way to verify their identity without revealing their location.

Binance has put this policy in place to comply with financial regulations in these countries.

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Deposit Methods

If a coin is listed on Binance, you can deposit it into the exchange. It does not need to be a major cryptocurrency or the counter currency of a pair.

If you deposit a small market cap coin and want to buy a different small market cap coin, you may need to first use the exchange to trade for BTC, ETH, BNB, or some other major crypto. But you can still deposit the coin you want.

There is no limit on how much cryptocurrency you can deposit.

Deposit with Debit or Credit Cards

In a few countries, Binance users can purchase crypto directly using a debit or credit card. Here are the countries where this can be done:

BrazilColombiaCzech Republic
FranceGermanyIndonesia
ItalyLatviaLuxembourg
MexicoNetherlandsNorway
PolandRussiaSlovakia
SloveniaSpainSwitzerland
TurkeyUKUkraine

Binance offers VISA card crypto purchases only in EEA countries, Russia, Ukraine, and the UK. In the rest of the countries on this list, only Mastercard is accepted.

Our Rating: 8/10
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Withdrawals

When dealing with centralized crypto exchanges, withdrawals can be a real headache. So how does Binance stack up in terms of making withdrawals easy?

Withdrawing crypto

To withdraw crypto from the account you need to navigate to the spot wallet from the drop-down menu.

Scroll down the list of coins until you find the one you want to withdraw. The coins that you have the greatest amount of should be listed first.

Once selected you will be presented with a withdrawal form with an address field in the upper-right. Here you mist paste the address of your crypto wallet. Then enter the amount of crypto you want to withdraw in the “amount” field below it.

Important: make sure the wallet you are using is for the coin you have selected. If you send crypto to the wrong wallet (for example, you send BTC to an ETH wallet), you will lose your crypto!

For users withdrawing Ethereum: Binance will ask if you want to use the BEP2 network or ERC20 network. This is a strange question that has confused many users. What Binance means by “ERC20” is the regular Ethereum network, while BEP2 is Binance’s own network. Unless you have a BEP compatible wallet, always choose ERC20 as the network you want to use. Users withdrawing other, non-Ethereum coins should not be confronted with this question.

Once you’ve entered the information, click the yellow submit button.

You have the option of setting up two factor authentication or you can immediately withdraw your crypto. However, setting up two factor authentication is recommended for anyone who keeps crypto in the account.

Withdrawal limits

As mentioned earlier, non-verified accounts can only withdraw up to the equivalent of 2 BTC of crypto per day. At the current BTC price, this is over US$20,000 worth of crypto per day, so could be enough for many people.

For users with large accounts, this is a significant disadvantage. However, getting verified will allow you to withdraw up to 100 BTC (over US$1 million) worth of crypto per day.

Withdrawal fees

Binance charges withdrawal fees each time you withdraw crypto from the account.

Withdrawal fees are determined by transaction fees on the blockchain network. Because congestion on each network varies by day, we can’t give you precise fees. However Binance publishes their withdrawal fees each day on its site and is relatively transparent about the fees charged. Withdrawals of fiat currencies and of USDS stablecoin are always free.

Its often thought that only crypto withdrawals are possible using Binance. This is because Binance has a reputation for being a “crypto-to-crypto” or “altcoin” exchange. However it is possible to withdraw in your local currency from Binance. This feature is available for residents of the following countries and regions:

European UnionUnited KingdomSwitzerland
AustraliaCanadaMexico
UgandaSouth AfricaRussia
SwedenIndonesiaDenmark
NorwayCzech RepublicKazakhstan
HungaryUkraineHong Kong
NigeriaPolandNew Zealand
Our Rating: 8/10
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Verification

If you need to withdraw more than 2 BTC worth of crypto per day, you can increase the limit by getting “verified” status. This status allows you to withdraw up to 100 BTC (or equivalent crypto) per day, instead of having to deal with the usual limit of only 2 BTC per day.

Verification requires your full legal name and date of birth and country of residence. You will also need to upload both an image of your photo ID and of your face. Binance’s computers will compare the image of your face with the image on your ID.

If you pass this test, you’ll move on to the final and most difficult phase of verification.

Verification final phase

For the final phase, you’ll need to either have a webcam connected to your computer or else use the Binance app on your mobile device to finish this process.

Either way, you’ll be asked to stare into the camera and move your head from side-to-side until the software confirms that it has recorded adequate images.

When this process is finished, the only thing left to do is to wait for an email from Binance. Verification has to be approved manually, so it can take anywhere from a few minutes up to a week - depending on how backed up the staff is with its attempts to process these verifications.

If your verification is rejected the first time, don’t despair. It is common for this to happen. It is usually because your photo was blurry or you didn’t move your head just right in the final step. Keep trying.

Overall its relatively painless and the benefits are considerable if you are wanting to operate at higher values.

Our Rating: 8/10
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Security

If you are planning to keep a significant amount of crypto on Binance, one of the most important issues you’ll need to consider is the exchange’s security record.

It is generally not advised to keep significant amounts of crypto on an exchange for an extended period.

Binance publishes detailed information about its security practices in its blog.

In the blog, Binance claims that it uses “artificial intelligence” and “big data analytics solutions” to detect unusual activities on accounts. It also claims to maintain a Secure Asset Fun for Users (SAFU) to reimburse users in case of losses from a crypto hack. 10% of all trading fees are put into this fund to protect users. Further, Binance suggests that it will soon create a bounty program to reward users who help “detect and fix potential vulnerabilities in the platform.”

Despite the Binance team’s efforts to ensure funds are secure, Binance has experienced one major hack in the past. This hack was reported on all of the major crypto news networks, and is still a source of concern for many in the crypto community today.

Binance hack

On May 7, 2019, Binance CEO Changpeng Zha reported that a security breach had been discovered on the platform that day. Hackers had managed to steal “a large number of user API keys, 2FA codes, and potentially other info.”

Using this info, the attackers had stolen 7,000 BTC (approximately $40 million worth at that time). All users affected were reimbursed using the exchange’s SAFU fund. No customers lost funds.

In the post, Zha explained that only 2% of crypto holdings at Binance are kept in a hot wallet. The rest are kept in cold storage, on a device with no Internet connection. This was one of the reasons why a greater loss did not occur.

3 days later, Zha promised to make “significant changes to the API, 2FA, and withdrawal validation areas” and to improve “risk management, user behavior analysis, and KYC procedures.”

Binance seems to be making an effort to correct the mistakes that led to the hack. But some crypto users are still concerned that similar incidents may happen in the future, although this could be said about any exchange, hence why its always recommended to withdraw and store your long term crypto in your own wallet. As mentioned above, withdrawal security is strong as long as you use the Two Factor Authentication.

Our Rating: 7/10
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User Interface

We checked out the Binance user interface to see how it works, and we learned how to register and place trades on Binance. Here is how to use the web version of the interface.

Registering for a Binance account

Registering is a simple 3 step process not dissimilar to many site:

  1. Click the yellow register button in the upper-right corner
  2. Enter your email address and a password
  3. Check your email for the verification code, and enter it on the screen. You’ll be brought to a welcome screen with several options

If you just want to go to the main menu, click the yellow words Go to Dashboard in the upper-right corner. You can also go straight to the crypto deposit screen by clicking Deposit Crypto from here.

Depositing crypto

Depositing crypto takes 5 simple steps

  1. Select spot wallet from the drop-down menu
  2. Scroll through the list of cryptocurrencies until you find the one you want to deposit, then click deposit to the right side of the listing e.g. Ethereum
  3. A page will appear showing a QR code and the deposit address. This screen should also tell you the number of confirmations Binance requires before it will credit the deposit to your account.
  4. You can copy the address by clicking on the orange symbol to the right of it. Important: make sure the coin you have selected to deposit is the same as the coin you are sending. If you tell Binance the wrong coin (for example, you are sending TRX but tell Binance you are sending ETH), you will probably lose your crypto!
  5. Once the deposit is received and accepted, Binance will send you an alert both from within the interface and through email letting you know that it is available to trade.

Placing a Basic trade

There are several ways to trade on Binance

The simplest way is to use the basic trade function. This allows you to swap one token for another without needing a complicated interface.

To place a basic trade just select Trade from the menu and then Basic from the dropdown. This opens an interface you can use to swap one coin for another

In our testing, we found that only 15 coins were available to buy using the basic trade interface. And many of these coins had minimum order amounts that were greater than the minimum stated on Binance’s website.

For example, the minimum order amount for ETH should be 0.001 according to the Binance Trade Rules page. Yet when we tried to spend 0.03 ETH, we were told “minimum amount 0.08.”

Because of the small number of coins and ambiguity of trade minimums, we recommend only using the basic trade function if you are in a hurry and have no other option.

Placing a market order using the Classic Interface

The classic interface on Binance is a little more complicated to use than the basic one. But it has more features and allows you to trade any coin the exchange offers. You access it from the same Trade menu and selecting Classis

This will open a trading interface that includes a candlestick chart, Depth of Market (DOM), and other useful features for serious traders

Here's how to make a market trade

  1. In the upper-right is a market group selector tab. Click the market or group you want to participate in. There are 6 total: Margin, ETF, BNB, BTC, ALTS, and FIAT.
  2. Once a market is selected, you can choose the coin you are interested in from the list. For this example, we’ll buy the video game cryptocurrency, LOOM
  3. Clicking a particular coin brings up its candlestick chart and other info. Below the chart is the order placement widget
  4. By default, this widget is set to accept limit orders. To issue a market order, click the market tab at the top
  5. On the left side, above the green buy button, enter the amount of coins you want to buy. A slider bar at the bottom will update to show how much of your deposited crypto will be used up when the order is filled
  6. Click the big, green buy button to place your order. You should see a message telling you that your order has been filled, and your balance should display the new total for each coin

To place a market sell order, use the right side of the box with the red button instead of the left side. Other than this difference, placing a market sell order is done in exactly the same way as a buy order.

Advanced interface

In addition to the classic interface, Binance also offers an interface which it calls advanced

The primary benefit of the advanced interface is its cleaner, less cluttered look. The chart is larger, the order book is to the right of the chart, and the buy/sell widget is closer to eye level.

The advanced interface also lists your open orders at the bottom of the screen. In classic view, your open orders can only be seen by going to a separate page. So if you place many limit orders that tend to not get filled right away, the advanced interface might save you time.

In advanced view, the market and coin selector is in a drop-down menu to the upper-left of the chart.

Classic vs advanced

Whether you like advanced view or classic view is really a matter of personal preference.

Both interfaces give you full access to technical indicators, trend lines, DOM, and other useful trading tools. But the advanced view has less descriptive menus, so it may be more difficult to use for beginners. On the other hand, classic view may feel like a more tedious interface to seasoned experts.

Ease of Use

For the most part, we found the Binance user interface to be simple and highly intuitive. Registering and making a deposit was straightforward, as was placing an order using classic or advanced view.

There were only two things we didn’t like about the Binance user interface. First, both versions of the interfaces offer limit orders by default. Since most beginners probably prefer to make market orders, this may cause confusion to new users.

Second, the basic trade feature only allows a few coins to be traded, and the minimum order requirements while using this feature are different from the requirements using other interfaces.

This may cause problems for crypto users who want to play video games, use DeFi apps, sell BAT they’ve earned from viewing ads, or engage in other tasks that may involve small amounts of crypto. These users may want to use the basic interface for these small purchases.

Still, this is not likely to bother users who are primarily interested in crypto trading rather than crypto use - since most of these traders will probably ignore the basic trade interface anyway.

Our Rating: 7/10
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Customer Support

If something on the site isn’t working, or if you can’t figure out how to use a particular feature, customer support can be obtained through the submit a request function.

How long does it take for Binance to answer a support request?

We have searched across the Internet to find users who will vouch for how long customer support requests take. We were not able to find anyone who said they had made a request and received a reply.

We did find several people who said they had made a request and waited a long time without getting a response. One person said he had been waiting for 12 hours, another said 1 week, yet another said 3 weeks.

However, this does not mean that Binance always takes a long time to answer replies. As with all services, crypto exchange users are more likely to post messages on forums if they are unhappy than if they are satisfied.

There may be plenty of users who have gotten quick replies, but they simply haven’t posted messages telling others about these experiences.

However, in a LinkedIn blog post, Changpeng Zhao has admitted that Binance “has a backlog” of support requests. In the post, he states that Binance receives over 25,000 support requests each day, all of which must be processed by a team of 20 customer support specialists. This means that each representative must spend no more than 20 seconds per ticket, which is usually not possible.

Despite this problem, we have noticed that Binance representatives sometimes respond to posts in the Binance reddit group. If you submit a ticket and don’t get a response for a long time, you may want to try posting about your problem to this group.

Binance also offers a support center filled with articles that explain how to perform various actions on the exchange. So you may want to browse through these articles to see if they help answer your question, as this may be faster than using the support request system.

In our own testing, we found that depositing, trading, and withdrawing was simple and easy; so we never needed to contact customer service. But we only tested for a short time. Others may have encountered problems we never did.

Other service issues

Aside from the issue of answer speed, we have tried to find out if there are other problems people have been experiencing with Binance.

Some users say that they have been getting a “maximum deposit amount 0” error message when using a debit card to make deposits. But this seems to be a fairly rare problem.

Other users have complained that their bank accounts are becoming periodically delinked from the exchange. This is forcing them to delete the bank account from Binance and then relink it.

This problem seems to be widespread. But it appears to be only an annoyance. We haven’t found any users who have stated that they were unable to eventually get their accounts linked again.

Crypto exchanges are generally not known for having great service. They usually offer support only through email, not by phone. And it isn’t uncommon to have long wait times for ticket responses. So we think Binance has adequate customer support in the sense that it does what is expected of a crypto exchange. But we would like to either see more evidence of speedier ticket responses or phone or chat support being added.

Our Rating: 5/10
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Other Features

Binance futures

Binance offers more than just spot crypto trades. It also offers futures contracts for Bitcoin, Ethereum, Bitcoin Cash, XRP, EOS, Litecoin, Tron, and Ethereum Classic.

Positions on these contracts can be entered or exited using Tether (USDT) as the purchasing currency.

There are two types of futures on Binance: quarterly futures and perpetual futures. As could be expected from the use of these terms, quarterly futures must be settled at the end of each quarter, whereas perpetual futures have no fixed settlement date.

Margin trading

If you want to make leveraged trades to increase your rate of return while taking on greater risk, Binance will loan you capital to buy crypto. These trades are not limited to just major cryptos, any coins listed at Binance can be traded on margin.

When you open a margin account, you must transfer funds to it to be used as collateral. These funds remain separate from your regular trading account. This way, if you lose all of the crypto in your margin account, your regular account will not be affected.

OTC trading

If a user wishes to take advantage of it, Binance offers an over the counter (OTC) trading feature. This allows the user to make private trades that do not appear on the order book.

For example, suppose that you want to buy 5 BTC but don’t want this order to appear on the order book. You can fill out a form that says “I want to buy 5 BTC.” Within a few seconds, a quote will appear on the right side of the screen.
If you accept the offer, the trade will go through on the Binance platform instantly.

Peer to peer (P2P) trading

Binance also offers a Peer to peer (P2P) trading system similar to LocalBitcoins or LocalCryptos.

Users post ads offering to buy or sell crypto in exchange for fiat. Other users respond to the ads and work out details as to how payment will be made. An escrow service is used to hold crypto, ensuring that crypto sellers make delivery.

This service is especially popular with Chinese users, as many legal scholars in China believe it does not violate the ban on crypto exchanges.

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Mobile App

While most of this review has focused on the web version of Binance, we know that users often need to use their crypto exchange on the go. So we’ve checked out the Binance mobile app.

This review will focus on the Android version of the app. But the functions of the iOS version should be similar.

Where to find the Binance app

The official Binance app is available from the Google Play and iOS App Stores. It is not available on the Binance website, so any copies found outside of Google Play or the App Store should be avoided as suspicious.

App Functionality

The app has much of the key functionality of the website, in particular:

We found the Binance Mobile app to be extremely intuitive and easy to use and a valuable tool if you get a sudden urge to trade

Our Rating: 10/10
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Conclusion

Binance has several strengths vs its competitors.

The first of these is the number of coins offered. If you’re looking for a small cap coin that is not offered by other major crypto exchanges, Binance may be your best bet to obtain it.

The second of these is the lack of KYC/AML paperwork for users who withdraw less than 2 BTC worth of crypto per day. Many crypto exchanges force users to go through tedious processes to get verified. Users often find that they cannot get verified because their device’s camera can’t take a clear picture or because they just can’t figure out how to turn their heads correctly when the picture is being taken. While Binance also makes users go through this process if they want to make larger withdrawals, users with small accounts can avoid this process entirely by never attempting to get verified. For many users, this is such a great benefit that it may trump whatever other concerns they have

However, Binance does have some weaknesses as well. First, Binance is a centralized exchange. This means that the user has to trust Binance with custody of his crypto. And because Binance often has a backlog of customer service requests, a user who runs into trouble while trying to withdraw may end up with his crypto stuck in his account. This is true of many exchanges though, as most of the better know exchanges are centralised.

If you are comfortable using market orders, limit orders, stops, and other tools of professional traders, you should feel right at home when using Binance.

Overall, we think Binance is probably an excellent choice for most crypto users.

Binance Rating Summary
Overview and Reputation
8/10
Trading Fees
9/10
Available Coins
10/10
Deposit Methods
8/10
Withdrawals
8/10
Verification
8/10
Security
7/10
User Interface
7/10
Customer Support
5/10
Mobile App
10/10
TOTAL
8.0/10
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FAQ

What cryptocurrencies are only listed on Binance?

BNB is the only cryptocurrency we have found that is only listed on Binance. While Binance carries many more coins than other major exchanges, it is still very conservative compared to most small exchanges that will accept small cap coins.

What is the minimum deposit amount on Binance?

We are not aware of any minimum deposit amount on Binance. We were able to deposit as little as $15 worth of ETH with no problems. So the exchange appears to be a great option for holders of small accounts.

Is binance legit?

Binance is the largest cryptocurrency exchange in the world. Platforms don’t generally get that big by being outright scams. And we had no problems withdrawing crypto in our testing. However, Binance is a centralized exchange. So there is always the possibility that a user could get his crypto stuck in a Binance account, at least temporarily.

Does binance work in Canada, US, UK, etc.?

Yes, Binance works in any country that has the Internet, although unverified customers will only be able to withdraw 2 BTC or less crypto from it per day.

How can I transfer Bitcoin from Binance to Paypal? (How to “cash out”)

Most Binance users do not withdraw fiat from Binance. Most of them withdraw crypto and send it to a primary crypto exchange, such as Kraken, or Coinmama. From there, they convert it to cash and send it to their bank account or Paypal. However, Binance does offer fiat withdrawals to users in some countries as described in the Withdrawals section

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