Binance Review and Experiences (2021) - All about this exchange and coin

Binance

Are you considering trading crypto currencies with the Binance exchange? Look no further! In this Binance review, you can read everything about trading on Binance. We will also discuss the costs of using Binance in the Binance review.

Starting with Crypto Trading - Steps

1 - Choose a broker: Find a good and reliable broker where you can trade crypto, we like to work with eToro!

2 - Deposit money: To buy crypto, you first need money in your account. Complete the steps and make your deposit!

3 - Choose a crypto currency: There are dozens of different crypto currencies that you can invest in. Which one do you choose?

4 - Buy the crypto currency: The transaction is very simple. You simply choose the crypto and amount.

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Binance is an established name in the crypto world. On the Binance exchange, you can create a Binance wallet and buy coins, among other things. We will explain how it works in this Binance review. You can also read more about the various services, customer support and costs in the Binance review.

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Binance Review: a brief introduction

Binance is a young crypto-to-crypto trading platform and founded in 2017 by Changpeng Zhao (CEO).

The company operates globally and is considered the largest decentralised exchange (DEX) in the world based on trading volume (CoinMarketCap). This makes the Binance Exchange very popular.

Binance originally operated in China and moved to Malta in 2018 due to its attractive regulatory environment. 

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Binance released their own cryptocurrency in 2017, before the introduction of the Binance exchange. This crpyto is called the Binance Coin (BNB) and is also used when trading on the platform.

They also have a so-called 'stablecoin' (BUSD and BGBP), a cryptocoin that aims to not be as volatile as other crypto currencies. Therefore, they try to follow the price of the USD (BUSD) and the GBP (BGBP) in order to avoid large price changes.

Besides these coins, Binance also has its own blockchain, the Binance Chain, and its own crypto wallet. This Binance wallet is called the Trust Wallet.

Thanks to Binance, people can also pay with their crypto currency at different shops by using the Binance Card. The Binance Card runs on the platform of swipe, which was bought by Binance in 2020.

The goal of all these features is to create a complete digital monetary eco-system that is separate from the monetary system as we know it.

We will discuss the various features in more detail later in the Binance review. You can also read about the security of the platform in the Binance review. In addition, the Binance review contains our experiences and those of its users. So be sure to read on!

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Binance Review: Is Binance safe and reliable?

It is important that an exchange such as the Binance exchange and the Binance App are safe and reliable. After all, it is a place where you have both money and valuable data.

Since the trading volume is high and the crypto market is known for its cry for annonymity and security of payments, Binance will have a hard time doing this. In this part of the Binance review, we will discuss it further.

Is the platform of Binance safe?

As a cryptoexchange, Binance has the largest trading volume in the world, with around 1.4 million transactions per second. Therefore, it is important that the platform and payment transactions are secure.

In the past, Binance has been in the news due to a security breach in which hackers managed to get hold of a total of 7,000 bitcoins (BTC) using various methods. To give you an idea: one bitcoin is currently worth approximately €45,000. Therefore, 7000*45000 = €315 000 000 were stolen through this security breach.

Fortunately, Binance had an insurance policy in place that was able to cover the costs of the hack for users. They claim to be doing even more to ensure security these days. However, it shows that even the largest exchanges are not always safe.

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Of course Binance takes steps in the field of security, but it is important that you also research what you find important. Most online brokers are regulated by a financial institution or regulator. Examples are the AFM or the SEC.

Binance really takes matters into its own hands and is not regulated by an independent government agency or national regulator.

Binance - The Platform

In short, in our Binance review we stated that security is often partly in your own hands. Binance is generally a safe and reliable platform that wants to protect its users. However, it is of course always possible that a security breach occurs.

How do I protect myself on the Binance app and exchange?

To ensure you do not fall victim to a security breach or theft from active hackers, it is good to pay attention to the following points.

  • Make sure you have a strong and unique password
  • Change your password every two to three months
  • Turn on two-factor authentication
  • Never put too much money in your account that you don't use for trading
  • Stay informed about phishing scams via email or text message, for example.

In short, in our Binance review we stated that security is often partly in your own hands. Binance is generally a safe and reliable platform that wants to protect its users. However, it is of course always possible that a security breach occurs.

How do I get started on the Binance Exchange?

In this part of the Binance review, we will cover how to use the platform and how to get started trading on Binance. After that, the Binance review will cover the different trading products and Binance fees and costs.

Crypto currency trading at Binance

The aim is to trade the crypto that is in your Binance wallet for other crypto currencies. For example, when you bet your bitcoin (BTC) against another crypto currency, you want the currency you purchase to rise faster than the bitcoin you held.

When this is the case, your Binance wallet will be worth more, and you will be able to buy more bitcoin back with the amount you deposited.

Trading is as follows. Press the trade button and then click on "classic". Here you will find the trading screen for all available assets on the Binance exchange. Find your coin on the top right and you will see the candlestick patterns appear (the chart with red and green blocks).

You can choose to make a market order or a limit order. With a market order you buy the indicated quantity at the price the market makes of it at that moment. With a limit order you set a limit of what the order can cost per coin. Press 'buy' or 'sell' when you are satisfied and that's it.

How do I log in to Binance?

Logging into Binance simply requires a username and password. You also need to complete a security verification. You can also enable two-factor authentication.

How do I trade on the Binance app and Binance exchange?

On the Binance homepage, you can easily create an account by pressing the 'register' button. Fill in your details and verify your account via the link in your email.

On the dashboard, under 'wallet', you will find the button 'Spot'. Here you can start depositing your crypto tokens into your Binance account so you can trade.

You can also buy crypto coins directly at Binance, these will be automatically added to your Binance wallet.

After this it is time to start trading on the platform. It is important that you determine in advance which crypto coins you would like to trade.

How does the Binance exchange work?

Trading on Binance can be done via the Binance app for iOS and Android, or via your desktop internet browser. To purchase bitcoin, for example, you can simply use your Binance wallet that comes with your account.

To be able to log on to Binance, Binance always recommends users to make use of an extra security layer such as Google Authenticator.

The platform of the Binance exchange is built on Binance's own blockchain network, called Binance chain. All traffic runs through this chain, which allows them to process up to 1.4 million transactions per second.

Of course, the Binance platform also has a Binance app that we highlighted in this Binance review.

The Binance app can be downloaded from the Apple App store on IOS or the Google Play store. Logging in goes as usual on the Binance platform.

The app is clear and easy to use. On the homepage, you will immediately find all the frequently traded crypto currencies. A simple button allows you to buy, sell or convert crypto on your Binance wallet.

The app therefore gets all the praise in this Binance review. User-friendliness and clarity are of paramount importance.

Binance exchange

What services does Binance offer?

In the Binance review, we will tell you which different services Binance offers on its platform. Of course, it is clear that Binance is the market leader in trading crypto currencies. This crypto currency is traded with other crypto currencies. You can also buy directly via credit card, if you don't have anything on your Binance wallet yet.

What else does Binance offer?

Cryptovaluta
Binance Futures Trading
Binance earn
Binance Launchpad
Binance Card

Binance

With Binance Futures trading, it is possible to hold a long or short position on the various crypto currencies. This type of trading is risky and often very difficult for beginners, but it can also be very profitable for the well-informed investor.

Binance earn is a function on the platform where you can 'save' a fixed return without too much effort. This function is therefore intended to attract less active investors to the platform. With Binance earn, you earn an annual percentage interest on your crypto coins.

In the Binance review, we also highlight the Binance Launchpad, a launchpad for blockchain start-ups that can make use of Binance's name and resources.

Finally, we have the Binance Card, which was also mentioned earlier in the Binance review. The Card allows you to pay with your crypto coins, just like you would with your debit or credit card.

Binance Review: Costs Binance

You pay 0.1% transaction fee at Binance. As of 2018, Binance has its own coin which, among other things, makes it possible to lower the transaction fees (BNB coin) to a 0.05% fee.

On the separate Binance Jersey you can create a Binance trading account in Euro with which you can make SEPA transfers directly from your own IBAN bank account.

The Binance exchange has also been expanded with many options that are particularly interesting for wholesalers. These include an over-the-counter (OTC) trading desk for orders of 20 BTC or higher, and the option to trade in futures. This allows you to speculate (with a leverage) on the crypto prices.

The exchange is rarely offline and has been the victim of three hackings to date, with the damage covered by the so-called 'Safety Fund'. Partly because of this, almost every review is positive about the Binance cryptoexchange.

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What is the customer support like at Binance?

Binance offers a 24/7 support service for the investors on the platform. You can also find a lot of information and frequently asked questions at the Support Center. So even after reading the Binance review, please check the Support Center if you cannot find something.

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You can ask for help via a request form or via the chat function on the platform. The ticket is the most common way of submitting requests. After testing the ticket system, we can conclude in the Binance review that the speed of response is high.

The support department at Binance is therefore well organised and quick to respond to requests.

Binance Review: user experiences

The reviews of Binance on trustpilot are not very high at the moment. Of course we have to take into account the fact that people are more likely to post something on trustpilot if they are not satisfied than if they are.

From what we can tell, there are occasional problems with withdrawing money from the Binance Wallet or dissatisfaction with tickets.

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In addition, it still sometimes happens that a deposit of a user disappears.

The higher reviews often focus on the usability of the Binance app or Binance exchange platform. The services are therefore certainly highly regarded.

All in all, we see in this Binance review that the services and usage of Binance are highly regarded, but the customer service is sometimes lacking a few points. This may be due to the lack of depth and focus on volume in handling complaints.

In addition, users occasionally experience annoying problems that Binance simply has to deal with, like the security breach we talked about earlier in the Binance review.

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Advantages and disadvantages of Binance

Pros

  • Long verification process as of 5 BTC
  • Slow support
  • Complicated interface

Cons

  • Anonymous accounts possible (limit 2 BTC)
  • More than 100 crypto currencies freely tradable
  • Stable iOS and Android apps
  • Low transaction fees

Binance Review: Frequently Asked Questions

How does Binance pay out?

Users on Binance can choose two ways to have their funds paid out. First of all, the crypto coins can be sent to a private wallet, which means that the crypto coins are no longer in the Binance wallet.

Users can also choose to have the crypto tokens exchanged for euros or dollars. This amount can then be paid out via a bank transfer.

If an account has already been verified, this can take up to five working days. If an account has not been verified, the user must first have the account verified.

Where is Binance located?

Binance was based in China until 2017 and moved to Taiwan due to stricter regulations. In early 2018, the cryptocurrency exchange decided to move to Malta which is known for its attractive regulations.

What is the 2FA code on Binance?

The 2FA code is the code you need to enter as a second password if you have an authenticator activated as an extra layer of security. In the respective authenticator app, you can then find the 2FA code that you need to log in.

How does stop-loss work on Binance?

On the Binance trading platform, it is possible to make use of a so-called stop-loss. This means that if the value of a certain coin drops below a predetermined value, the coin is automatically bought or sold.

Why does Binance sometimes not work?

It is possible that Binance will not function properly from time to time, for example because of a malfunction or because maintenance is being carried out.

To find out what the exact cause is, you can consult the status page or the Twitter account of Binance. This is where Binance posts current information about the status of its trading platforms.

How can you deposit money on Binance?

Using Mastercard and VISA credit cards, among others, users can deposit money in their Binance wallet. This amount can then be used to purchase crypto coins such as Bitcoin, Ripple and Ethereum.

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Binance Review: Conclusion

In this Binance review, we have read a bit about the history of the platform Binance and its coin, the Binance Coin (BNB). Want to read more about different crypto currencies? Then go to our article about the crypto exchange!

Furthermore, in the Binance review we talked about the different services of Binance, the customer service of Binance and the security of the Binance Exchange. The Binance fees and costs were also discussed in the Binance review.

All in all, we can say that Binance is a good and beautiful platform that has managed to attract so many users in its 4 years of existence. The platform is user-friendly and well-organised. The Binance site also offers a lot of information on crypto trading and the use of the platform.

Extra points go out to the Binance app. We give lesser points to the support services of Binance and the security breach that Binance suffered some time ago.

So always be aware of the risks of investing and protect yourself as much as possible from hackers. In our Binance review, you have already read a few tips on how you can best do this.

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