Founded by Changpeng Zhao, Binance is one of the best-known cryptocurrency exchanges in the world. It’s a comprehensive platform to buy, sell, or swap a huge range of cryptocurrencies.
Whether you're a seasoned or beginner cryptocurrency trader, our cryptocurrency review will help you discover if Binance is the right platform for your needs.
Inside this review
What is Binance?
Binance is one of the world’s largest cryptocurrency exchanges, offering more than 220 cryptocurrencies.
While it is best known as an exchange, Binance is also at the heart of the crypto ecosystem. It boasts a suite of products, spanning from a launchpad solely designed for budding entrepreneurs to data-driven insights, a trusted wallet, a community-backed blockchain software programme, an academy, and even a charity.
Who is Binance designed for?
In terms of design, the platform is aimed squarely at those who have been in the cryptocurrency game for some time now. That’s not to say it hasn’t been embraced by newer players looking to learn more about online currencies — it simply provides all the top features that an advanced trader desires.
There is the option to switch between a Basic and Advanced view to cater to a much wider audience who don’t need all the sophisticated trading tools on offer. Binance Academy — an online, all-inclusive learning hub — is a useful resource for newer traders to learn more about cryptocurrencies and how to trade them.
In addition to the Academy, newbies will find Binance Info highly useful. This is a complete crypto encyclopedia. Binance Research — a top-tier research platform — is available for seasoned traders looking for deeper crypto market analysis.
Is Binance safe?
Although relatively new to the market, Binance has quickly gained status within Australia. Both the digital community and current users give it high reviews, stating it to be an extremely trustworthy cryptocurrency exchange service.
This platform offers two-factor authentication, a multi-tier system structure and customer support that is available 24 hours a day, seven days a week - an asset to those who require immediate assistance or information on the likes of trading pairs or maker fees.
Binance is operated by InvestByBit Pty Ltd (ABN 98 621 652 579) in Australia, which is registered with AUSTRAC. It must comply with local regulatory standards much like any other crypto exchange operating in Australia.
Notable trading tools
From following and engaging with expert traders to putting your buying and selling skills to the test against other traders for points, Binance boasts an array of tools suited to various needs and abilities.
Binance Futures Battle
Binance Futures Battle is a gamification of trading. It allows traders to compete with each other and earn points. Users only have to predict Bitcoin’s direction in the next 5 minutes and go long or short.
The leaderboards are a combination of social networking and cryptocurrency trading, allowing you to view and follow positions of the best traders on the platform. This is reminiscent of eToro’s popular social trading platform.
Binance Asset Conversion
This is a feature that allows you to convert assets directly into a coin-margined wallet without needing to transfer them from the spot market. It is available for numerous cryptocurrencies.
This feature lets users collateralise their crypto assets to borrow against other crypto assets.
Price prediction helps protect users in extreme market conditions, which is a regular feature of crypto trading.
For trades, Binance charges a set fee of 0.1%. Those trading using Binance Coin, however, will be privy to a discount of 50%. To check your fee trading rate, you’ll need to log into your account.
You can also check the fee trading schedule on the website. It is here you can view VIP user levels and fees, which are updated at 02:00 (UTC) daily.
24-hour holdings and a progressive 30-day trading volume are also calculated daily at 00:00 (UTC).
Pros and cons
- Hundreds of cryptocurrencies and cryptocurrency pairs to pick from.
- It has some of the lowest trading fees out there. 0.1% for spot trading and 0.5% for instant buy or sell fees.
- Charting and trading features suitable for advanced cryptocurrency traders.
- Trading with their native token (BNB) reduces trading fees.
- Client assets are insured in case of security breaches, except for breaches where you were personally at fault.
- Debit card transactions add 4.5% in trading costs.
- The platform can be complicated to learn for new investors.
- The platform does not support many traditional payment methods so your best chances are to trade using crypto pairs.
If you think that Binance isn’t exactly offering what you are looking for, there are always alternatives that you can consider.
- Swyftx. An exchange that provides you with a secure wallet where you can store and hold cryptocurrency assets. It even allows you to trade over 260 assets and has a clean user interface anyone can understand.
- CoinSpot. A cryptocurrency exchange that launched in 2013 and originally focused on Bitcoin trading, but over time added other cryptocurrency offerings to its lineup. It aims to make it extremely easy for users to be able to buy as well as sell cryptocurrencies.
- Coinbase. Launched in 2012, Coinbase has gone on to become one of the largest and best-known cryptocurrency exchanges. It allows you to buy Bitcoin, Ethereum, and many other cryptocurrencies with a high level of security. Traded on the NASDAQ.
- eToro. eToro is one of the world’s leading social trading platforms. It offers trading in stocks as well as cryptocurrencies. Its stand-out feature is the commission-free trades on cryptocurrency. Broad range of options for account funding.
- Cointree. Cointree is an Australian cryptocurrency exchange. It is AUSTRAC-regulated, which means that it is bound by a set of strict rules.
- Digital Surge. Home to more than 200 altcoins that can be purchased with AUD. Uses rapid verification so new users can get verified and start trading in 5 minutes or less.
- BTC Markets. Trade cryptocurrencies against AUD and BTC. One of the few Australian exchanges where you can stake.
See how Binance compares against other exchanges with these side-by-side comparisons.
- Binance vs Coinjar
- Binance vs Cointree
- Binance vs Independent Reserve
- Coinbase vs Binance
- CoinSpot vs Binance
- Swyftx vs Binance
Do you need to be over 18 for Binance?
You need to be at least the age of 18 if you want to use Binance and be verified.
Does Binance offer customer support?
Traditional support is available 24/7 on Binance where users have the opportunity to submit a ticket with their issues and wait to be contacted by the support team.
How quickly can you buy Bitcoin on Binance?
Using a debit card, bank account, Binance coin or a credit card, you can order digital currency instantly, allowing trades to take place in a matter of seconds.
Do you own the coins in your own digital wallet?
Binance boasts a crypto trading exchange wallet, which is available to registered traders. Users can store digital funds in this wallet, which can be purchased via debit card, credit card, or Binance Coin (BNB). These are owned solely by you (the trader) and not based on a centralized server.
Is there a mobile app?
As well as the website, you can buy and sell on the move using the Binance app, which can be downloaded via a QR Code. With more than 10 million downloads, the Binance trading app means you can trade your own BTC, as well as 150+ cryptocurrencies, from any location, at any time.
Is it to buy and sell on Binance?
Trading is a hassle-free process and is one of the reasons this platform is so popular, especially with those new to the cryptocurrency game.
To begin, you will need to deposit funds into your account (BTC, BNB, ETH, and USDT are all available trading options).
Once your account has been funded, click on the menu, which features at the top right of the screen, click ‘Exchange’ and choose either ‘Basic’ or ‘Advanced’ view. This will load the trading screen of your choice. Choose your desired currency from the list and begin buying.