The international crypto exchange Binance is one of the most famous trading exchanges in the branch. For many coins, Binance has the highest level of liquidity of all exchanges. We put the provider through its paces for this Binance test. Read our Binance experience on fees, trading platform, service, and other features.

How we tested Binance

Costs: In the Binance Review, we devote a great deal of attention to trading costs. For us, the costs include account management and inactivity fees, commissions, spreads and financing costs. Low trading costs are a necessary condition for a good test result.

Platform: The trading platform should also be understandable for beginners who are gaining experience with a crypto exchange such as Binance for the first time. At the same time, the user interface should offer more than just the basic trading functions. In the test, we therefore pay attention to charts, order types, price lists, market depth and much more.

Seriousness: Trading in cryptocurrencies has so far not been regulated at all, if at all. That is why we only recommend exchanges that have acquired a certain reputation – be it through their background or through their business success.

Payment methods: How can you pay when you buy Bitcoin and Co. from Binance? The simpler deposits and withdrawals are, the better for the valuation of a stock exchange.

Is Binance worthwhile as a cryptocurrency exchange?

We consider Binance to be a good address for everyone who wants to trade cryptocurrencies. The features that particularly impressed us in this review are summarized below.

Moderate transaction costs: Binance charges commissions of 0.10% of the transaction volume and grants discounts of up to 50% on these fees. The spreads are moderate due to the high liquidity in the order book. Binance is the exchange with the highest turnover for many coins. High turnover is a prerequisite for narrow spreads and thus low costs. There are no account management fees, no flat-rate fees for the Binance Wallet (regardless of the coin) and no inactivity fees.

Professional trading platform: A good trading platform is clear and user-friendly, but does not forego important functions and features. Limit and stop limit orders are possible with Binance. Charts can be displayed as candle charts and combined with indicators. The Binance App is a mobile access option. The platform can process up to 1.4 million orders per second. A plus point for the Binance rating is the subdivision of the platform into “Basic” and “Advanced” versions.

Successful business performance: Binance is one of the world’s largest crypto exchanges and has been active since 2017. Just 143 days after its foundation, Binance was one of the world’s three largest exchanges. In July 2017, an ICO raised 15 million dollars. The Binance Coin BNB is an ERC-20 token whose use enables discounts on transaction costs, among other things.

In the largely unregulated crypto market, size and brand awareness are key security guarantees. We have searched the Internet for opinions on the stock market and, for example, in forums and social networks. The result: we are convinced that Binance works seriously.

Deposits possible in numerous cryptocurrencies: Deposits at Binance are possible in more than 100 different coins. A free Binance Wallet is available for each coin. A large number of accepted cryptocurrencies is a positive aspect of the Binance test: if you have a portfolio with different coins, you can transfer them very easily. However, USD and other established currencies are not accepted: You cannot make deposits by credit card or bank transfer.

If you are just starting out with cryptocurrencies, this is a weak point for the Binance rating. In this case, you must take a detour and first buy Bitcoin, ETH or other coins elsewhere (e.g. at Coinbase) and then transfer them to Binance.

Binance fees: What accrues when?

Binance fees are a key criterion for this review. The decisive factors are explicit transaction costs, spreads, financing costs, account management fees, fees for deposits and withdrawals and inactivity fees. Overview of trading and other costs at Binance:

  • Commissions: 0.10% of trading volume
  • Spreads: Variable; BTCETH sample: 0.09%.
  • Deposit fees: None
  • Payout fees: BTC 0,0005, ETH 0,01
  • A special feature of the fee structure are the discounts granted to you when you use the Binance Coin (BNB) to pay transaction fees. In the first year after opening the account, the discount is 50%. After that, the percentage is halved annually to 6.75% in the fourth year; there are no more discounts in the fifth year.

Admittedly: We would like to see statistics with detailed information on historical spreads and note this as an additional plus point in the Binance Review. However, such statistics are rare even for regulated brokers (e.g. CFD brokers). After all, you can call up the current spread for each individual coin pair.

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To do this, click on “Depth” in the trading platform (which we will introduce in more detail in the section below), as shown in the figure below. It shows the market depth and the difference between the highest bid price and the lowest ask price. In this case the spread in the BTC/ETH is 0.09% – a low value.

Overall, the conditions are favorable, above all due to the regularly narrow spreads. The fact that there is a fee for every Binance payout is a pain in the ass – after all, there are no deposit, payout and inactivity fees as with many competitors.

Advantages and disadvantages at a glance

An overview of the broker’s main strengths and weaknesses:

Pro:

  • Low and transparent transaction costs
  • Narrow spreads
  • Professional, easy-to-understand trading platform
  • Discounts for payment with Binance Coin
  • No deposit and account maintenance fees
  • No inactivity fees

Contra:

  • Fees for each Binance payout (e.g. 0.0005 BTC)
  • Deposits only possible with coins

What Cryptocurrencies are there even?

The range of tradeable coins is huge. You can trade via Binance IOTA, Bitcoin, Ethereum and all other “large” cryptocurrencies as well as smaller coins.

The figure below shows an excerpt from the trading platform. With the BTC, ETH, BNB and USDT you determine which of these currencies is the “counter currency” to all other coins in the market list. 122 coins can be traded against Bitcoin, 120 against ETH, 53 against BNB (which is the Binance Coin) and 8 against USDT (Tether).

Binance: different markets

How do the courses come about?

The market model is one of the strongest we came across in the Binance Test. The prices are determined solely by supply and demand in the order book. The smallest spread available is always the difference between the highest bid price and the lowest ask price. There is no market making, no price and execution filters and no other price manipulation mechanisms. Binance does not place itself in the opposite position to customers, as is the case with market makers, but merely executes orders.

Safety and Regulation

Binance does not accept deposits from customers. Deposits can only be made with cryptocurrencies. The Exchange provides its customers with a separate Binance Wallet for each coin. The coins held in this wallet are subject to the same risks as other wallets.

The roots of the company are in Asia. The exchange now has offices in several countries, including Japan and Taiwan. The opening of offices in Malta, an EU member state, is planned. Binance does not hold a broker license. Like almost all players in the crypto segment, the stock exchange operates largely unregulated.

Customer service and Internet presence of Binance

Binance offers 13 language on their platform. Otherwise the customer service is in English – and besides only by E-Mail, not however by telephone and Live Chat attainable. The homepage contains a number of FAQs and pleasingly detailed information on various technical processes (e.g. how to use the Binance API). There is also a list of coins containing further information on each individual cryptocurrency.

How to Open and Set Up a Binance account

1.Go to Binance.com

2.Press on “Create Account”

You will be directed to the registration page.

Type in your Email, set your passoword and check the Terms of Use checkbox, press on Register and you did it.

Binance Sign Up

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