2021 Update To This Binance Review
When it comes to this Binance review, two major changes happened in late 2020 and first half of 2021.
First, UK’s government has banned Binance. That happened because the new rule requires all cryptocurrency firms to register with the government and Binance hasn’t done so.
Second, Binance began blocking US residents from using their exchange. The emails sent to US users state that all US users have 90 days to withdraw all funds from the platform before they will lose access. Once the new restrictions go into place, IP address-based geofencing will prevent former clients from accessing the platform.
There’s a US version of Binance, but this review is about its global counterpart Binance.com. So all of the Binance links here lead to Binance.com, not its US version Binance.us. These two websites have similar interfaces though.
You can use BitQuick as an alternative if you live in the USA. It’s available in six out of the seven states in which Binance.us isn’t available, which are: Louisiana, Idaho, Vermont, Texas, Hawaii, and Connecticut.
Introduction To The Original Review
I tell you the tips, explain many important things, and compare Binance to 5 alternatives. So read this Binance review now to learn what you need to know.
Or if it’s your personalized recommendation from my website homepage and you’re in a hurry, here’s the link to Binance.
If you read this review, you’ll learn two most frequent complaints. I’ll also show you how to avoid the problem that caused one of these complaints.
As a bonus, I share with you affordable cybersecurity device. Google employees use technology behind this device to secure Google’s secrets. With this device, you can do two things. First, you can secure your email account. Second, you can make your Binance account more secure.
In short, this article is long, informative, and useful. So please bookmark it in your browser right now.
Disclosure: this page has affiliate links that may make this website money. But the content is objective and trustworthy.
2020 Update: Binance Cloud
Binance Cloud offers a complete platform for launching a crypto exchange. It allows any organization that has made necessary preparations to start its own exchange in three to five days.
Binance Cloud has many features. Some of them are local bank API integrations, matching engine, and trading risk controls. Peer-to-peer exchange services, futures trading, and crypto spot market are also available. Plus, there’s a big data security system that protects the funds.
Considering that this project adds a level of diversification to Binance business, the future looks bright for Binance.
2019 Update: 1 Important Addition You Better Know
Now you can turn your fiat money into cryptocurrency. So please ignore the original review which says it doesn’t do that.
You can turn your fiat money into cryptocurrency via credit or debit card. The fee is reasonable. It’s 10 USD or 3.5% for each transaction. The higher of the two applies to each transaction.
Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash ABC (BCHABC) are available for card purchases. Plus, you can trade them for other cryptocurrencies.
Furthermore, both MasterCard and Visa are accepted. Plus, the speed is fast. Cryptocurrency arrives in your wallet in 10 – 30 minutes. Maximum limits are good too. They are 20,000 USD per day and 50,000 USD per month. Minimum limit is only 50 USD.
Summary Of This Binance Review That Takes Little Time To Read
Binance has become the world’s largest cryptocurrency exchange. It accomplished that in less than 180 days. There are good reasons for this growth.
Binance offers effective security features, reliable trading platform, and easy verification. Furthermore, it’s an excellent choice for anyone who wants to buy lesser known cryptocurrencies. According to CoinMarketCap, Binance crypto exchange has more than 380 trading pairs.
One weak side is customer support. It can be slow and occasionally dumb. There’s also a second issue. But if you read this Binance review, you’ll learn how to avoid the second issue. I explain that in the section about first complaint.
On the bright side, fees are the lowest among cryptocurrency exchanges. Plus, only email is necessary for registration.
After registering, you can deposit bitcoin or ethereum. Then you’re ready to buy any cryptocurrency you want. So you can easily start using it today. But read my tips after registering there.
|Ease Of Use|
2 New Tips For Protecting Your Binance Assets
1) Avoid calling any numbers that claim to be Binance customer support. Unfortunately, even legitimate sites contain fake customer support numbers. One of them is Indeed.com. Since anyone can post there, there’s a page on it with fake Binance customer support number. Remember: Binance has no phone support.
2) Move your cryptocurrency into a hardware wallet because two factor authentication won’t save you. Sophisticated hacking techniques can bypass it. Hackers usually do this by taking control of either email accounts or phone numbers.
Hackers can also use phishing attacks to capture 2FA credentials. Binance users complained about attacks like that on Reddit. One of them posted about that in 2018. In 2019, hackers are likely to become even smarter and more devious.
Protect yourself from those hackers. Listen to cryptocurrency experts who recommend a hardware wallet. This one is the best hardware wallet. So please check out my favorite hardware wallet now. Please see how affordable it is right now.
Also, please keep in mind something important. Some third party sellers have been selling pre-configured scam wallets and took people’s cryptocurrency out of them. So it’s important to buy only from the manufacturer. So please visit and bookmark this link right now because it’s the official manufacturer website.
Bottom Line About These Tips
These tips aren’t the only tips you’ll find here. There are more tips below. So please read this article until the very end.
Is Binance Cryptocurrency Exchange Safe Or Is It A Scam?
In May 2019, Binance did refund the users after it was hacked. Even though hackers stole more than 40 million dollars worth of cryptocurrency, Binance’s secure asset fund for users (SAFU) has covered the losses. Apparently, Binance CEO, Changpeng Zhao, can be trusted.
While Binance is definitely a legitimate organization, it isn’t registered with any government organizations. This is common in crypto space. But if you want a registered exchange, feel free to check out CEX.IO bitcoin exchange. Just keep in mind that Binance has better trading platform. Both exchanges are on my list of 5 Best GDAX & Coinbase Alternatives though.
More than one source says that Binance fails to provide information about its security measures. However, Binance may simply be keeping their security measures secret for the sake of security. Regardless, Binance did fend off sophisticated cyberattack in 2018.
Binance exchange website has sophisticated automated systems. Some of them are designed to detect malicious activity. They were successful in 2018 when they helped Binance detect hackers. But this attack wouldn’t be even possible if people were more careful.
The hackers tricked people into disclosing their Binance passwords. They used a phishing website that looked almost identical to Binance.com. Then they started trading scam with those accounts. But Binance disabled withdrawals. They stopped hackers before they could withdraw their ill-gotten gains.
There are two things you can do to protect yourself from phishing attacks like this. First thing is browser bookmarking. So do bookmark the websites you visit. Start now by bookmarking my website in your browser. Second thing is described below.
3 Binance Website Security Features You Need To Use Plus A Bonus
Besides bookmarking, there are three security features you can use.
1) Anti-Phishing Code protects you from phishing attacks. Binance is the first place where I saw this technique used. Here’s how Binance website describes this feature:
By verifying your Anti-Phishing Code, you will be able to prevent phishing attempts from fake Binance websites or email addresses.
Screenshot from Binance website below illustrates this feature further.
It’s easy to enable this security feature. So please enable it right away after registration.
2) Binance offers two factor authentication. Google Authenticator or SMS can be used.
Receiving codes via text messages is the easiest option. But you should avoid that. SMS authentication has security problems. Google Authenticator is more secure. But there’s an even more secure option.
By the way, two factor authentication is required for withdrawals. But you have to use it regardless. Many hackers attempt to steal people’s crypto assets. You should protect yourself from them today.
3) Email confirmation link is another security feature. Binance emails a confirmation link for each withdrawal request. Clicking that link opens Binance website where your withdrawal request is confirmed. This guarantees that only the person who has access to your email can withdraw money.
So secure access to email is extremely important. Secure it with two factor authentication today. That’s important not only for Binance. That’s important for all your online accounts. But don’t secure it with SMS or some app.
Secure it the way Google employees do. Secure it with an affordable cybersecurity device that uses FIDO U2F technology. Please buy two Yubico devices to have a backup device. Then secure your Gmail account and Binance account with them. So please see their prices on this Amazon page right now.
Frequent Complaint #1: How To Avoid This Issue
That’s the most common complaint of Binance users.
Many Binance users couldn’t recover account access. They lost smartphones with Google Authenticator app. Then they weren’t able to provide requested information. But this issue affects not only Binance.
Two-factor authentication (2FA) can cause issues at any exchange. So follow the advice below. Otherwise, you’d risk losing access to your funds.
Please avoid Google Authenticator without a dedicated device. Also, avoid SMS 2FA. Instead, use two Yubico devices. First device will be your primary method of access. Second one will be a backup option.
Binance doesn’t support Yubico devices. So you’ll need to install Yubico Authenticator and use it instead of Google Authenticator. But that’s easy to do. Instructions are on this Yubico page and the device is on this Amazon page.
Frequent Complaint #2
This complaint is less common than the first one. But you should consider it too.
Binance customer support is often slow and sometimes useless. However, that’s the issue you’ll find at almost every major exchange.
The only exchange that doesn’t have this issue lacks trading platform. Furthermore, it has high fees and only five cryptocurrencies. But it can convert fiat to cryptocurrency. Binance can’t do that at the moment. So feel free to check out PayBis review now.
Here Are Binance Recommendations For Protecting Login Credentials
Binance doesn’t provide only good security features. It also gives good security advice. Your login credentials will be safer if you follow it. Furthermore, you can use this advice on any exchange. You can see this Binance login advice in the screenshot below.
Is Binance Trading Platform Reliable? And What Is Known About Its CEO Changpeng Zhao?
Binance turned out to be the most reliable exchange. Its trading platform works well even during heavy market activity. You can trade there even during record highs and record lows.
Furthermore, cryptocurrency withdrawals and deposits are fast. They worked well for me.
The track record of Binance CEO inspires confidence too. Changpeng Zhao started his career at Tokyo Stock Exchange. Then he continued his career at Bloomberg’s Tradebook. While working for these companies, he was promoted more than once.
Most importantly, he has worked in major cryptocurrency firms. Changpeng Zhao was head of development at Blockchain.info and chief technology officer at OKCoin. Both of these companies are well-known in crypto industry.
What Does Reddit Community Think About Binance Crypto Exchange?
For the most part, Redditors like it. You can be sure that these Redditors are real Binance users.
I went through their Reddit posts and checked whether the same person posted something about Binance twice. I haven’t found a single instance of this.
Redditors praise a wide selection of cryptocurrencies available there. Indeed, 386 trading pairs is a lot.
If you’re reading this Binance review in 2019, then it probably has even more trading pairs by now.
But some Redditors aren’t happy with some Binance features. One person in Reddit community said that Binance charts are “trash”. But I like them. I think they’re intuitive. I’m not the only one who thinks this way. There’s Reddit user who calls them “simple and clean”.
You can judge them yourself. You can see Binance charts below.
The first chart in this review shows basic view.
The second chart in this review shows advanced view.
More than one Redditor expressed his happiness about the fact that new coins are added regularly. Furthermore, Redditors like the fact that Binance holds a monthly community vote for new coins. Any Binance user who meets their requirements can participate in this vote.
Redditors also praise high limits and good security features. Indeed, 2 BTC without verification is a lot. And 100 BTC with quick verification is a lot too. By the way, you can read more about verification and limits in the next section. So please continue reading this review for more helpful information.
Binance Verification: All You Need To Know Is Here
It’s easy to be verified on Binance. But most people don’t even need that. Simple registration with email address gives you a fairly high withdrawal limit. But you have to enable 2FA to withdraw funds.
Level 1 Binance Withdrawal Limit
Maximum daily withdrawal limit at this exchange is 2 BTC. But you can raise it. Keep reading to find out how you can do that.
Here’s How To Increase Binance Withdrawal Limit And Get Level 2 Verification
Binance verification is simple, quick, and easy. Upload of an ID gets you verified. Before you can upload it, however, you have to enable 2FA. Once verified, your daily withdrawal limit is 100 BTC.
Keep in mind two things when you get verified. First, complete the verification process in 15 minutes. Second, refrain from refreshing your browser. These are official recommendations from Binance website.
Average Wait Time For Verification To Complete
I checked Bitcointalk forum and Reddit posts for this information. According to them, it ranges between eight hours and one week.
Level 3 Verification
It allows you to withdraw more than one hundred bitcoins daily. To get Level 3 Verification, you can contact Binance.
Binance Exchange Location
Binance is located on the European island of Malta. It moved to this European Union island in 2018.
Two things caused this move. First is China’s ban on cryptocurrency trading. Second is Japan’s Financial Services Agency warning for lack of license. So previous locations of Binance are Taiwan, Japan, and China.
Binance App Review You Need To Know Now
Google Play and App Store users reviewed it positively. But there’s one frequent complaint. So please read this Binance app review right now.
This app enables digital assets trade. It boasts the same wide digital currency selection as Binance website.
Android Binance exchange app has the same frequent complaint as the website. Many users weren’t able to restore account access. This happened after they lost smartphones with Google Authenticator. That’s yet another reason to buy two Yubico devices right now.
Binance iOS app supports family sharing and seems well-designed. It’s compatible with iPod touch, iPad, and iPhone. But some users are annoyed by animation. They’re also annoyed that it doesn’t take them to the last open screen when switching from a different app. Let’s hope Binance developers fix it in 2019.
Overall, the apps are good. Both are easy-to-use and well-designed. These are the two main reasons behind their high user ratings. They’re rated as 4.2 on Google Play and 4.3 on App Store.
The Best Place To Buy Binance Coin
Binance exchange is the issuer of Binance Coin. It’s abbreviated as BNB.
Binance is also the most well-known exchange that sells this asset. I checked that.
I checked the list of CoinMarketCap markets for Binance Coin. There’s only one other well-known exchange on that list as of 2018. But that exchange has terrible customer reviews. So if you’re want to buy Binance Coin, choose Binance instead.
What Is Binance Coin?
Binance Coin (BNB) is a utility token. You can use it to pay for Binance trading fees. It can also be used to pay for cryptocurrencies’ listing fees. Plus, some Initial Coin Offering’s (ICOs) accept BNB investments.
Binance Review Continued: How Does it Compare To Other Exchanges?
Overall, Binance outperforms other cryptocurrency trading platforms. You can find details below. The sections below explain how it stacks up against competition. The first section compares the fees.
Trading Fees: Binance Vs. CEX.IO Vs. LivecoinLivecoin and CEX.IO trading fees are based on a 30 trading volume. Binance trading fees also depend on the trading volume. Keep in mind that Binance has nine tiers of trading fees, though the table below shows only two tiers. Check out some of the details in the table below.
|Exchange||Taker Fees||Maker Fees|
|Binance||< 50 BTC|
0.075% using BNB for fees
0.1% not using BNB for fees
≥ 50 BTC
0.075% using BNB for fees
0.1% not using BNB for fees
|< 50 BTC|
0.075% using BNB for fees
0.1% not using BNB for fees
≥ 50 BTC
0.0675% using BNB for fees
0.09% not using BNB for fees
|CEX.IO bitcoin exchange||≤ 5 BTC: 0.25% |
≤ 30 BTC: 0.23%
≤ 50 BTC: 0.21%
≤ 100 BTC: 0.20%
≤ 200 BTC: 0.18%
|≤ 5 BTC: 0.16% |
≤ 30 BTC: 0.15%
≤ 50 BTC: 0.13%
≤ 100 BTC: 0.12%
≤ 200 BTC: 0.1%
|Livecoin exchange||0 - 100,000$: 0.18%|
100,001 - 200,000$: 0.16%
200,001 - 400,000$: 0.14%
600,001 - 800,000$: 0.10%
800,001 - 1,000,000$: 0.08%
1,000,001 - 1,500,000$: 0.06%
1,500,001 - 2,000,000$: 0.04%
|the same as taker fees|
Binance Vs Bittrex
Both exchanges have many assets. But Bittrex has issues that Binance doesn’t. As a result, Bittrex has worse rating on Trustpilot than Binance. However, Bittrex converts fiat money into cryptocurrency. Binance plans to allow such conversions soon.
Binance Vs Coinbase
Coinbase has terrible privacy track record. It tracks cryptocurrency transactions and may close your account for any transaction it deems questionable.
Binance, on the other hand, has strict privacy rules. You can register and start trading by providing only email. Coinbase requires a lot of other information. That information makes you identifiable to the government. On Binance, you can’t be identified that easily.
Plus, Coinbase wallets are some of the least secure. In 2018, they lacked basic security measures. As a result, they’re a favorite target of sophisticated hackers. Binance wallets are much more secure.
Hardware wallets are even more secure, however. So you should be using a hardware wallet like this one.
On top of that, Coinbase has dismal reviews. Only Better Business Bureau has 530 unanswered complaints. By the time you’re reading this, that number is probably even higher. Coinbase just can’t stop sucking.
Binance Vs Kraken
Kraken exchange had serious problems. In 2018, for example, its website had ‘partially degraded service’ for more than a month. You could only log in and see your balance. But you could neither trade nor withdraw your funds. Binance never had such serious problem for so long.
2 Viable Binance Alternatives For Converting Fiat Money Into Cryptocurrency
One of them is CEX.IO bitcoin exchange, which is a good exchange registered with authorities in USA and UK. Another one is Bitquick, which allows you to buy bitcoin with cash in less than three hours. For people in the USA, Bitquick is a better option because of faster fiat money deposits.
Binance beats the competition in many areas. Plus, it has started converting fiat money into cryptocurrency. So feel free to sign up for Binance now because you know enough.
1) Wikipedia: Binance
2) CoinMarketCap: Binance trade volume and market listings
3) Blockonomi: Exchange Review
4) Binance.com: Summary Of 2018 Cyberattack
5) Forbes: Changpeng Zhao
6) Reddit: Opinion About User Interface
7) Reddit: Overall Opinion About This Exchange
8) Binance.com: Verification
9) Reddit: Verification Wait Time
10) CoinMarketCap: Binance Coin
11) Investopedia: Binance Coin
12) TechCrunch: Binance May 2019 Breach
13) Cointelegraph: Binance Cloud
14) Yahoo Finance: Binance Blocks US Users
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