Binance is one of the world’s most trusted cryptocurrency exchanges which offers trading on over 100 cryptocurrencies. It is well known for its transparency within the industry and the high levels of liquidity on the platform. Binance is a fairly new cryptocurrency trading app, having launched in 2017. Nevertheless, it quickly established a good reputation and became one of the world’s largest cryptocurrency exchanges.
Want to get a sign up bonus on Binance? Check out this article.
| App | Binance |
|---|---|
| Website URL | binance.com |
| Founded | 2017 |
| Intruments | Crypto |
| Headquarters | Malta |
| Languages | English, Chinese, Japanese, Korean, Russian, French, Vietnamese, Dutch, Italian, Indonesian, Spanish, German, Turkish, Portuguese, Polish |
| Trading Platforms | Web & Mobile Apps |
| Minimum Deposit | 0 BTC |
| Maximum Leverage | No leverage |
| Demo Account | No |
| Regulated | No |
| Pros | Cons |
|---|---|
|
|
Features
Quick Sign Up
The beauty of Binance is that you can set up an account in under 5 minutes and start trading right away – that’s right, about the same time as it takes to make a coffee. You don’t even have to verify your identity to start trading.
Instant Withdrawals
Binance offers instant withdrawals 24/7. This gives traders a huge amount of flexibility when it comes to trading the cryptocurrency market. You’re able to move funds in an instant and take advantage of opportunities in the market. Although, it is important to note that some cryptocurrencies take longer than others to transfer, this is all down to the blockchain they use.
Advanced Charts
The in-built charts on the Binance app are advanced and quick. We really like the fact that you can access advanced indicators on the go, as well as see detailed market information all within one app. There’s a nice feature which allows you to favourite a chart, so you can go back to it later. The chart colours make it easy to read the chart, and if you want to change them, you can do so in your account settings on the Binance app.
Referral Program
The Binance referral program is ideal for those who want to earn some cryptocurrency on the side. It’s perfect for bloggers, website owners and anyone who knows people that might want to trade on the Binance app. Getting started with the referral program is simple, just register on Binance and then go to the ‘Referrals’ tab – there’s no more steps involved than opening a normal Binance account.
Custom Alerts
Never miss an opportunity with the in-build alerts on the Binance app. Set an alert for any cryptocurrency and know when it moves up/down past a level of your choosing. You can set as many alerts you like for free. Even if you don’t want to trade on Binance, it’s a great free tool for any cryptocurrency trader. Free cryptocurrency alerts – why not?
Trust & Safety
With any crypto exchange, it’s important that we know that it is safe to use it.
Is Binance Safe?
Yes. Binance is one of the safest cryptocurrency trading apps. However, you shouldn’t leave your funds on any digital asset exchange for a long period of time since they are more vulnerable due to Blockchain’s decentralised nature.
Regulations
Binance.com is not regulated, however, it’s US sister company; Binance.us aims to be fully regulated in the near future.
Fund security
Considering there have been a large amount of cryptocurrency hacks in the past, Binance decided to create something called the ‘SAFU Fund‘. 10% of all trading fees collected by Binance are put into this fund incase of any security breaches. This fund and it’s legitimacy have already been tested in 2019 when some users funds were affected by a breach in security, Binance refunded all of the affected accounts and lived up to their promise. As far as cryptocurrency trading apps go, Binance is one of the safest when it comes to the security of your funds.
Is Binance a scam?
There is no evidence to suggest that Binance is a scam. It’s founder and employees are well-known and therefore the chance of it being a scam are slight.
Is Binance legit?
Yes. We believe that Binance is a legitimate cryptocurrency exchange. It is trusted by thousands of traders all over the world, every single day.
Trading & Account
What can you trade on Binance?
As a cryptocurrency trading app, Binance only offers trading on select cryptocurrencies.
For a full, current list of the cryptocurrencies supported by Binance, see this page by CoinGecko.
Account Types
There is one main account type on Binance although you can upgrade your account to different levels of ‘VIP’ by trading more often. The main standard account on Binance is free and takes 5 minutes to sign up.
The VIP account levels offer discounts on trading fees, below you will find a table by Binance.com which explains each VIP level and the benefits associated.
Leverage
Binance offers leverage ‘margin’ trading on the exchange and mobile app which means that you can trade with more than your account balance. This can increase profits yet can also increase losses, and therefore should only be used by those who know what they’re doing.
The maximum leverage available on Binance margin is 20x.
How to register on Binance
Opening an account on Binance is quick and easy, follow the steps below to get started with Binance.
- Visit website
Go to the Binance website by using this link
- Register
Enter your email address and a password
- Confirm email
Go to your email inbox and click the verification link from Binance
- Sign in
Go to Binance.com and login using the details you used to register
- Deposit & start trading
If you’re ready, make a deposit and start trading cryptocurrencies on the Binance app
Demo Account
Unfortunately, Binance does not offer a demo account. However, there is no minimum deposit on the Binance exchange so you can get started trading with limited financial risk.
Fees
Binance’s trading fee schedule is simple.
Standard maker & taker orders have a 0.1% fee.
For example, if you buy $1,000 worth of Bitcoin, you’ll be charged $10 in fees.
Hold on though, there is a way you can get this down to 0.075%. All you have to do is hold some BNB (Binance Coin).
You can also get these fees down by trading more often, see this section of our Binance review for more information on the VIP fee structure.
| Maker | 0.1% |
|---|---|
| Taker | 0.1% |
Calculating your fees on Binance can be difficult as they are charged in the cryptocurrency you are trading or BNB. Axsonex; a cryptocurrency signal provider have developed the Binance Calculator to help people with this.
Deposit & Withdrawal
Deposit Methods
You can deposit onto Binance via any of the cryptocurrencies listed on the exchange.
Although sometimes there is maintenance on certain wallets so they may not be available – it’s best to check your account balances dashboard before depositing to see whether or not the deposits for the crypto you want to deposit are open.
The most popular deposit methods on Binance are as follows.
- Bitcoin
- Ethereum
- Litecoin
- XRP
How to deposit on Binance
To deposit on the Binance app, follow the instructions below.
- Sign in to your Binance account (Don’t have one? Use this link to register and get 5% off trading fees)
- Head over to your ‘Funds’ tab using the bottom navigation bar
- Select which asset you wish to deposit onto Binance
- Select ‘Deposit’
- Copy the deposit address
- Transfer assets to that deposit address
- Wait a few moments – your deposit should arrive within 1 hour
Minimum Deposit
There is no minimum deposit on Binance. This is great as it allows traders with smaller bankrolls to get started trading cryptocurrencies.
Are there any deposit fees on Binance?
No – there are no deposit fees whatsoever on Binance.
Withdrawal Methods
The withdrawal methods on Binance are exactly the same as the deposit methods.
How to withdraw from Binance?
To make a withdrawal from Binance, follow the steps below.
- Sign in to your Binance account (Need an account? Sign up here and get 5% off fees)
- Go to the ‘Funds’ section using the navigation bar at the bottom of the app
- Select which asset you would like to withdraw
- Tap on ‘Withdraw’
- Enter the address you would like to make a withdrawal to
- When promoted, enter your verification code
- Confirm the withdrawal on your email
- You can check the status of your withdrawal on your ‘Funds’ page
Minimum Withdrawal
The minimum withdrawal on Binance depends on the asset you are withdrawing.
Binance has provided a full deposit & withdrawal table which gives the minimum withdrawal for each asset on the app.
Are there any withdrawal fees on Binance?
There are withdrawal fees associated with most assets on Binance.
Most of the time, these fees are charged by the Blockchain which is being used to make the transfer, not Binance.
To see the entire range of withdrawal fees on Binance, use this table.
Bonuses & Promotions
Binance offer a good range of bonuses and promotions to support new & existing cryptocurrency traders. Our favourite is the 5% fee discount you can get by using a Binance referral ID when registering for your account.
Customer Support
Binance provides traders with a 24/7 dedicated support team. This is vital for a cryptocurrency trading app since they can be slightly more complex to use. To get in touch with Binance support, use the methods highlighted below.
| No Email | |
| Support Request | binance.zendesk.com |
| Telegram | t.me/binanceexchange |
| Support Centre | binance.com/support-center |
Binance Review: FAQs
Binance App Download
Follow the instructions below to download the Binance app for your device.
Download Binance App for iPhone (IOS)
- Register on Binance (5 minutes)
- Go to the App Store and search for ‘Binance’
- Click ‘Download’
- Once it has complete, simply open the app, sign in, deposit and start trading
Download Binance App for iPad (IOS)
- Sign up to Binance
- Open the Apple App Store on your device and search for ‘Binance’
- Tap ‘Download’
- You’re all done! Simply sign in, deposit and start trading on the Binance app instantly
Download Binance App for Android
- Register on Binance
- Go to the Google Play Store and search ‘Binance’
- Select the app and tap ‘Install’
- Once complete, simply sign in, deposit and get started trading cryptocurrencies on the Binance app!
Binance Alternatives: Apps like Binance
Binance is a great app for trading cryptocurrencies, however, it’s also worth taking a look at some of the alternatives.
Below we’ve listed some of our favourite Binance alternatives.
| App | Rating (Max 5) | Bonus | Download |
| Abra | 3.5 | $25 free Bitcoin | Click here |
| CEX | 4 | $8 free Crypto | Click here |
| Huobi | 4.5 | Fee discounts | Click here |
| Revolut | 4.3 | No hidden fees | Click here |
| Coinbase | 3.5 | Free $10 Bitcoin | Click here |
Binance App Review: Conclusion
In conclusion, Binance is a brilliant app for cryptocurrency trading. It is one of the most popular exchanges in the world and offers unmatched liquidity among a variety of other useful tools & features. Our favourite highlight of the app is the alerts function – you usually have to pay upwards of $20/month to get this on TradingView but it’s completely free on Binance. If you want to get started trading cryptocurrencies, look no further than Binance.
As a partner of Binance, we can offer you 5% off trading fees. To get this deal, simply use this link to sign up to the exchange.
We hope you enjoyed our review of the Binance app – if you have any questions or comments at all, leave them below in the comments section, we’d be more than happy to help you out.