Beyond just crypto trading, Binance offers a wide array of products like Binance Launchpad, Launchpool, Binance Earn, Megadrop, crypto-fiat transactions, Binance Futures, and more.
It serves as a central hub for crypto enthusiasts, providing not only trading but also a variety of other services, solidifying its position as the top cryptocurrency exchange by trading volume and active user base.
Binance is not limited to crypto-to-crypto trading. It also enables FIAT-to-crypto transactions and allows users to purchase Bitcoin and other cryptocurrencies using a credit card. Advanced traders can leverage Binance’s Futures exchange for leveraged trading.
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Binance Review: Pros and Cons Explained
Pros explained:
Low fees. Binance offers some of the most competitive fees in the industry, with a tiered VIP structure providing discounts for users holding BNB.
Most liquid crypto exchange. As the largest cryptocurrency exchange by trading volumes, Binance offers unparalleled liquidity.
Large variety of supported cryptocurrencies. The exchange supports a vast array of cryptocurrencies and quickly adds new pairs based on user demand, following rigorous security checks.
Support for multiple fiat currencies. Beyond crypto, Binance provides seamless fiat on and off-ramps, allowing users to purchase crypto with fiat and withdraw fiat directly to their bank accounts.
User-friendly trading interface. As a seasoned crypto exchange, Binance features a straightforward and easy-to-use trading interface.
Advanced and beginner trading tools. The platform offers simple interfaces for beginners and advanced trading features for professionals.
Diverse ecosystem beyond crypto trading. Binance hosts a variety of products such as Binance Earn, Binance Launchpad, Binance Launchpool, Megadrop, Binance Futures, and more.
Cons explained:
The US Version is somewhat limited. Due to US regulations, the local version of Binance offers fewer features compared to other regions.
Customer service can be quicker. While Binance has grown, some users have noted that customer support response times have slowed.
Binance Security Review: Is Binance Safe?
Binance is widely regarded as one of the safest cryptocurrency exchanges, having only one reported incident in 2019, which was quickly rectified with full reimbursements.
The exchange employs numerous tools to safeguard users against scams and account takeovers, including real-time risk monitoring, two-factor authentication (2FA), anti-phishing codes, and timely alerts.
Some of the protective measures include:
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- Warning notifications
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- Binance verify
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- Suspicious wallet watchlists
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- Reporting tools
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- Anti-scam educational content
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- 2FA
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- Passkeys
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- Anti-phishing codes
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- API key security measures, and more.
The exchange maintains a real-time proof of reserve dashboard to ensure funds always exceed liabilities.
Users can download exchange wallets and verify holdings through a Merkle Tree system.
Supported Cryptocurrencies and Payment Methods
Supported Cryptocurrencies and Fiat
As the largest crypto exchange by trading volume, Binance supports hundreds of trading pairs and cryptocurrencies, with new coins added based on demand and security audits. Supported fiat currencies include:
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- USD
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- EUR
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- JPY
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- TRY, and more.
Payment Methods to Buy Crypto on Binance
Binance offers multiple payment methods through various providers, including:
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- Google Pay (VISA/Mastercard)
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- Paymonade (SEPA/VISA/Mastercard)
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- Bank Transfer (SEPA)
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- Wello
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- Wello Ramp
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- Bank card (VISA/Mastercard), and more.
Payment Methods to Withdraw from Binance
Binance provides a fiat off-ramp, allowing users to convert crypto to fiat and withdraw from the exchange. Options for EUR include:
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- Traditional SEPA Bank Transfer (charges 1 EUR fee)
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- SEPA Bank Transfer via Paymonade (charges 0.3 EUR fee)
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- ZEN
Supported Countries
Binance is one of the most internationally accepted cryptocurrency exchanges, welcoming users from many countries.
Here’s a breakdown of supported countries and regions:
Africa
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- Nigeria
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- South Africa
America
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- Argentina
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- Brazil
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- Chile
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- Colombia
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- Mexico
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- Peru
Asia & Pacific
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- Afghanistan
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- Australia
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- Cambodia
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- Mongolia
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- Kazakhstan
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- Japan
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- Vietnam, and more.
Europe
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- Bulgaria
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- Czech Republic
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- France
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- Latvia
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- Italy
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- Portugal
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- Greece
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- Hungary
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- Spain, and more.
Middle East
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- Egypt
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- Israel
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- Saudi Arabia
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- United Arab Emirates
Check the full list and country specifics here.
Customer Support and Client Reviews
Binance has long been known for excellent customer support, though user growth has presented scaling challenges, leading to some delays.
Live Chat on the platform is the best contact method, with some users experiencing wait times of up to 12 hours, though this is not always the case.
Binance excels in onboarding new users with detailed FAQ pages covering key topics such as:
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- Account functionalities
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- Trading
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- Security Tips, and more.
Binance is also committed to providing educational content for both beginners and advanced users on broader cryptocurrency topics.
Step-by-Step Binance Guide: Everything You Need to Know
How to open a new Binance account?
Step 1: Go to Binance Website
Click here to access the Binance registration form. The link will open in a new window, allowing you to continue following this guide.
Binance’s trading platform is also accessible via dedicated apps for Apple iOS, Google Android, and Windows. For security, download the app only from Binance’s official website.
Step 2: Fill up your email and a designated password
Complete the simple form with your email address and a strong password (at least 8 characters, including 1 upper case letter and 1 number).
The referral field ensures you receive a 20% discount on fees, a unique offer for CryptoAustralia users.
After agreeing to the Terms, click the yellow “Create Account” button and verify your email through the link sent to you.
Step 3: Enable 2-Factor Authentication (2FA)
Upon first login, a pop-up will prompt you to enable 2FA for added security.
Download the Google Authenticator app, scan the QR code, or enter the secret key to receive a 6-digit code that changes every minute. You’ll need this code for an extra layer of security beyond the standard login.
Don’t skip this step! Be aware of phishing attacks: Bookmark the Binance homepage for quick, secure access. Many traders have lost cryptocurrencies to phishing sites that mimic the original website but steal login details.
Enable 2FA before depositing funds to ensure security.
How to Deposit Bitcoin and Other Funds to Binance?
Once your account is secure, navigate to “Wallets” in the top menu and select “Spot Wallet” for regular trading.
Binance also offers advanced features like margin and futures trading. Upon selecting Spot Wallet, you’ll see:
You can view all offered cryptocurrencies and your current balance (likely zero initially).
Find your desired currency, click ‘Deposit,’ and proceed to its dedicated wallet page. For example, if depositing Bitcoin:
Your unique wallet address appears on the right. Anything sent to that address credits your account.
Important: Ensure you deposit the specific currency to its respective wallet to avoid loss of funds.
Copy this wallet address to your crypto wallet. For first deposits, transfer a small amount, confirm receipt, and then send the main portion. Processing times vary per coin.
Your deposit history is also here: View past deposits for the specific coin at the page’s bottom.
How to Buy or Sell Cryptocurrencies on Binance?
Once your funds are available, start trading by selecting “Spot” > “Classic” on the main menu.
Choose your desired pair from the right pane. Use the search field for efficiency. Select the base asset first, then the pair (e.g., to buy ETH with BTC, choose BTC markets).
To trade Bitcoin (BTC) for Ethereum (ETH), select the ETH/BTC pair market, leading to this screen:
The order book is on the left, with the last price in the center. Below the chart, place your order.
There are three order types:
To buy using a Limit order: Set your price and ETH amount, or choose a percentage of your total Bitcoins from the scale: 25%, 50%, 75%, or 100%. The total BTC cost auto-calculates. Selling ETH for BTC is similar but reversed.
For market price purchases, select Market. Use Stop limit for advanced orders, like buying ETH only when ETH/BTC hits a specific price.
Other Services Offered by Binance: In Brief
Binance offers various services beyond spot exchange, enhancing user experience with interconnected products. Here’s a brief overview:
Binance Earn
Binance Earn allows users to stake cryptocurrencies and earn interest. It offers “principal protected” and “high yield” options based on user goals.
Binance Launchpool
Binance Launchpool is designed to help users discover and engage with new cryptocurrencies before their official exchange listing, offering token rewards for locked assets.
Binance Megadrop
Binance Megadrop enables users to participate in token launches and airdrops through gamified tasks, integrating Binance Web3 Wallet and Simple Earn for early project access and rewards.
What is Binance Coin (BNB), and what is it used for?
Binance Coin (BNB) is Binance’s native cryptocurrency, launched during their 2017 ICO. It ranks as the eighth largest cryptocurrency by market cap.
BNB is a key currency on Binance, offering a 10% trading fee discount and eligibility for IEOs through Binance Launchpad.
Binance repurchases BNB tokens with 20% of profits to decrease inflation over time.
