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Binance is a crypto exchange that was founded in China and has become one of the largest and most popular exchanges worldwide. Key advantages of Binance are low trading fees, a large selection of tradable coins and tokens and a feature-rich user interface that was designed with experienced traders in mind.

Target User

Experts

Coins

351

Trading fees

low

Fiat Withdrawal Fees

low

Security

Countries

200+

Languages

EN + 27

Pros

Binance charges low trading fees compared with other players

Trading Fees
Wide range of coins and tokens available for trading

Coins
Low withdrawal fees for fiat currencies (for example USD withdrawal to bank account)

Fees
The user interface is well-suited for advanced and expert traders

User Interface
Binance insures user funds in case of security breaches with their own insurance fund. Binance insurance fully reimbursed users after an exchange hack in 2019

Insurance
Convenient Lite Trading Mode for simplified trading

Lite Trading
Users can select from 28 language options and easily change the language in the binance app

Languages
Comprehensive investor education on Binance Academy

Education
Binance offers daily, weekly, bi-weekly, monthly DCA savings plans

DCA plans
Binance offers Futures margin trading

Margin Trading

All pros

Cons

Binance does not have an officially confirmed corporate headquarters, Binance is still legitimate, but it is not clear where Binance is based

Regulations
The exchange was hacked in 2019. Investors were reimbursed by Binance SAFU Fund

Hacks
No exact information about the percentage of funds held in cold storage

Storage

A leading exchange with low fees

Binance is undoubtedly one of the leading crypto exchanges and must be part of any serious exchange review. The exchange offers low fees, various deposit and withdrawal options (including PayPal), margin and futures trading, advanced trading and order features, high withdrawal limits, and various customer support options. Despite its outstanding offerings, the exchange is not without its pitfalls: Binance has been criticized because it does not officially confirm where its headquarters is located. Also, the exchange lost Bitcoin worth more than $40 Million during a hack in 2019, but Binance refunded all investors.

Binance in the CryptoStudio-Check

Overview
Exchange functionalities
Fiat deposits and withdrawals
Security
User Experience

Overview

Platform Score

based on 5 categories

Exchange functionalities

based on 5 criteria

Fiat deposits and withdrawals

based on 5 criteria

Security

based on 5 criteria

User experience

based on 7 criteria

Pros

Binance charges low trading fees compared with other players

Trading Fees

Wide range of coins and tokens available for trading

Coins

Low withdrawal fees for fiat currencies (for example USD withdrawal to bank account)

Fees

The user interface is well-suited for advanced and expert traders

User Interface

Binance insures user funds in case of security breaches with their own insurance fund. Binance insurance fully reimbursed users after an exchange hack in 2019

Insurance

Convenient Lite Trading Mode for simplified trading

Lite Trading

Users can select from 28 language options and easily change the language in the binance app

Languages

Comprehensive investor education on Binance Academy

Education

Binance offers daily, weekly, bi-weekly, monthly DCA savings plans

DCA plans

Binance offers Futures margin trading

Margin Trading

Cons

Binance does not have an officially confirmed corporate headquarters, Binance is still legitimate, but it is not clear where Binance is based

Regulations

The exchange was hacked in 2019. Investors were reimbursed by Binance SAFU Fund

Hacks

No exact information about the percentage of funds held in cold storage

Storage

Exchange functionalities

Rating:

Amount of coins/tokens:

351

Trading Fees:

low

Margin Trading:

Binance allows their verified customers to trade with a leverage of up to 10x

Lite Trading:

The Binance Convert and OTC portal offers a streamlined interface that focuses on simplicity, speed, and ease-of-use. The platform puts their most frequently used features at your fingertips and reduces the amount of information on-screen. No trading fees are being charged for using the Convert and OTC portal

DCA-Plans:

Binance offers different options for DCA plans for daily, weekly, bi-weekly, monthly intervals, dependent on the user's registered residence

Attention: Outdated Information!

Fiat deposits and withdrawals

Rating:

Fiat deposit limits:

Depends on payment method and the user's country of residence. Maximum is 1m $ via bank wire

Fiat withdrawal limits:

With Level 2 Account the maximum is $7.5m using wire transfer. Limits for SEPA transactions are much lower with a daily limit of € 50,000 and a monthly limit of € 500,000 and a per-transaction limit of €15.000

Withdrawal fees:

low

Payment methods:

Bank deposit (ACH, SEPA or wire), credit card, debit card, and 62 different P2P methods such as PayPal or Western Union

Withdrawal methods:

Bank Account (ACH, SEPA or wire), PayPal, Instant Card withdrawals

Attention: Outdated Information!

Security

Rating:

Security features:

2-factor-authentication, email alerts, Anti Phishing Code, Multiple Hardware MFA Key (FIDO U2F Standard) Support, , address whitelisting

Insurance:

Binance's own SAFU Secure Asset Fund is an emergency insurance fund to protect user funds in "extreme cases." 10% of trading fees received go towards that fund. USD Deposits are FDIC insured

Crypto Storage:

According to Binance, "the majority of funds are stored in cold wallets"

Company Headquarter:

Binance never officially confirmed where their headquarter is

Security Hacks:

During a hack in 2019 about 2% of BTC holdings on the exchanged were lost (7k BTC worth over $40m). Investors were fully reimbursed by Binance

Attention: Outdated Information!

User Experience

Rating:

User interface:

Binance offers a feature-rich user interface for different types of customers. The beginners interface allows for easy cryptocurrency buying and selling. The advanced trading, future and margin desks offer some of the most advanced order type and trading interface on the market

Onboarding:

Straightforward onboarding via the website or app; no verification needed for withdrawals up to 2 BTC

Mobile/Desktop App:

Standalone mobile app & desktop app are available

Language options:

28 language options including English

Availability:

Worldwide except China, and the US states of New York, Connecticut, Hawaii, Georgia, New Mexico, Washington and commonly blacklisted countries

Customer service:

FAQ & support center, automated chat bot on the website, social media. To reach out to customer service through the website you need an account number. Binance does not provide a support email address or hotline, Twitter support is often not responding

Investor Education:

Investor education through articles and videos at Binance Academy, which explains how the exchange works and provides information on crypto markets in general

Attention: Outdated Information!

Binance is for experienced traders

Binance is especially suited for experienced traders. The user interface offers a vast amount of features which can be overwhelming for beginners. The app and wallet are well organized. Investors who are just starting out with cryptocurrencies can use Binance Lite Trading Mode and read up on the exchange functionalities on Binance Academy.