Binance is a pure cryptocurrency exchange. Recently it has become the largest cryptocurrency exchange in the whole world.

This post contains affiliate links. Before reading more, an important disclosure.

Pros
  • Low fees for trading a large number of cryptocurrencies
  • Frequently adds new coins and trading pairs
  • Highest volume exchange, so good liquidity
Cons
  • Customer support has slow response times
  • Website can be somewhat laggy
Visit Binance

What is Binance?

Binance is a cryptocurrency exchange. Its CEO is Changpeng Zhao. Zhao has made appearances on major TV stations like Bloomberg:


Its name is a play on words:

Binary + Finance = Binance.

Where is Binance Located?

Binance is based in Hong Kong.

Does Binance Work for USA Customers?

Binance appears to accept users from any country.

Payment Methods Accepted

Binance is a pure cryptocurrency exchange. Only cryptocurrencies can be deposited and traded. This means it is not possible to connect a bank account and use a bank account to fund your trading.

You will first need to buy cryptocurrency on a different exchange and then deposit into Binance to trade.

limits and liquidity: How Much Are You Buying?
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There are no deposit limits for Binance.

If you are not verified, you can only withdrawal 2 BTC per 24 hours.

If you submit verification documents you can raise the limit to 100 BTC per 24 hours.

privacy
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Binance offers good privacy for its users. Only an email address is required to sign up and start trading.

speed: When Are Your Coins Delivered?
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Binance has good speed. You can sign up and deposit instantly.

reputation and regulation: Can You Trust Binance?
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Binance is the world’s largest cryptocurrency exchange based on total trading volume. Its CEO, Changpeng Zhao, is well-known in the cryptocurrency space.

fees: Are You Paying Too Much?
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Binance charges 0.1% on all trades. If you choose to pay fees using BNB, Binance’s own coin, you can get a 50% discount. This makes the fees when using BNB just 0.05% per trade, which are some of the lowest in the world.

Customer Support

The main issue with Binance is its customer support. There are many people reporting that they are not receiving answers.

Binance Verification

The verification process is very strict. You will be required to submit:

  • Full name
  • Picture of ID card
  • Selfie with photo ID and note

Once this information is submitted and confirmed you can withdrawal up to 100 BTC per 24 hours. Only big traders need to do this verification.

Can You Use a Credit Card on Binance?

No, you cannot buy any coins on Binance using a credit card. You can only fund your account using cryptocurrency.

The best option is to buy bitcoins, litecoin or ether with your credit card and then deposit into Binance. Once you have bitcoin, litecoin or ether on Binance you can easily convert it into any of the other smaller coins.

Are there Binance Accounts for Sale?

No, Binance does not allow users to sell their Binance accounts.

Is Binance Safe?

Binance is only 3 months old but has taken many steps to become a trustworthy exchange. Still, it’s best to keep large amounts of cryptocurrency on exchanges for the smallest amount of time possible. Use Binance, and then get your money into cold storage.

Rating: 4.5

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