Binance Review

Donny Gamble
March 4, 2022
4.5
Personalincome rating

Binance US is a good marketplace for crypto, and they give you plenty of tools to make investing your own, but it’s difficult to see past the flak that’s had them held up in regulatory issues since 2019.

Binance logo
on Binance's website
Binance
FEES
.1%
per trade
ACCOUNT Minimum
$0
PROMOTION

$100 bonus on qualifying deposit

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The information provided on this page does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual.

Key Takeaways

  • Global Trading: Binance allows global trading for global users that aren’t in the US, primarily because of investigation for regulatory issues; there’s no telling when this will be lifted, so plan accordingly.
  • Security: Binance is secure and hasn’t undergone security issues in their time, and are constantly investigating and improving their security systems to keep your crypto secure.
  • NFTs: Once again, this isn’t available to users in the US for some time, but NFTs are the next step in cryptocurrency, and Binance is ready to trade them.

Pros & Cons

Pros
  • Fast Transactions
  • 100% control your cryptocurrency portfolio
  • Lower Fees
Cons
  • Complicated Interface
  • No Crypto Wallet

Binance has been one of the longest-standing crypto exchange services out there, but just because something stands the test of time doesn’t mean it’s the best.

Thankfully, we went through the hassle of signing up with and using Binance so you don’t have to.  We talk about Binance fees, what they stand for, and what you can expect if you decide to become a customer of theirs.

Their platform offers a lot more than you’d expect.  It’s time to buy crypto, and it’s time to do it right. Let’s take a look at what Binance has to offer you so you can make the decision for yourself.

About Binance

Binance is a global leader of cryptocurrency exchanges, with a transparent privacy policy and plenty of coins offered through their global exchange. 

They’ve been under investigation in the United States which has stunted their operations, which is why you’ll see different information for Binance US, but overall they’re still a good service that doesn’t screw over the user.

Binance wants to be known for being a leader in decentralizing the market through crypto, but it’s hard to see past that with their global operations being halted in the US since 2019.

Hopefully they’ll return to their place of prominence shortly, because they definitely know what they’re doing in providing excellent services.

Product Offerings

  • Staking: Stake your crypto to earn some crypto-based income directly into your wallet
  • OTC Trading: Not keen on solely trading BTC? Their OTC marketplace has the solutions for you
  • Advanced Trading: Access a broader market and change the way that you invest
  • Marketplace Trading: You can buy and sell crypto, or do crypto-to-crypto trading to exchange your coins for another cryptocurrency if that’s what you want to do

Binance Fees

Debit card transactions can run into a 4.50% fee for buying crypto, and because there’s no wallet, you’re forced to buy coins instead of buying stablecoins and then trading them at lower rates/fees.

Wire transfers are a flat $15.00 for US customers, and buying/selling crypto is 0.50% of the total transaction price. If you buy crypto on a debit card, that’s 5% of your total budget going directly to Binance. Buy smart and avoid this.

Trades only run into a maximum of 0.1% for fees, or just a tenth of a percent. ACH transfers are thankfully free. You can navigate Binance and avoid most fees with a bit of intelligent planning.

Who is Binance Best for?

Because of regulatory restrictions, Binance isn’t the best for traders with low volume who need high liquidity options right now. Binance is best for long-term investors who know where they want their coins to be.

With some UI restrictions, we talk about why it’s not the best for beginners later on in this guide. You should be a seasoned trader to use Binance if you want to get the most out of it and not get overwhelmed.

Last but not least, the analytical information and market info is nearly real-time and insanely useful if you’re trying to buy and sell crypto as often as possible to turn a USD profit. They really step it up here.

Binance FAQ's

Is Binance safe & legit?

Binance is a safe and legitimate company that specializes in cryptocurrency marketplace/exchange services. It is one of the most trustworthy crypto exchanges available to the public, and makes itself known with top-notch security and fantastic transparency.

It’s one of the gold standards of the crypto world.

Is Binance good for beginners?

UI/UX design is a tricky business, but Binance hit the nail on the head by making its platform easy to use for beginners, but still allowing it to be more in-depth for users who know all the ins, outs, and data points of their cryptocurrency experience.

Binance is good for beginners, although with their fees that we talked about earlier, you might want to consider the fee structure before you go full sail ahead as a new investor in the crypto space.

What are the drawbacks of using Binance?

Binance is only available in 43 states in the US, and there are a few other country restrictions on their list, so you cannot use Binance if you’re in a select few states, or if you plan on moving to those states in the near future.

Apart from that, Binance ranks as one of the best cryptocurrency exchanges in the world and has very few drawbacks. We could cite their fees, but when you offer such a large-scale level of service like Binance, they know their worth and their fees are justifiable.

How does Binance make money?

Binance makes money in more ways than your average cryptocurrency exchange. It makes revenue from loans that it gives out, transaction fees for buying and selling cryptocurrency, broker fees, cloud solutions, mining services, and even profit from its investments.

Binance only made $7.5 million in profit in 2017, but at the earliest stages of its growth, it’s all about growing beyond just profiting. In 2018, they scored a whopping $850 million in profit, showing that they know what they’re doing, and their business model works.

Does Binance sell my personal information?

Binance does not sell your personal information to any third-party websites, services, or individuals. Their privacy policy page outlines what they will do with your personal information, and it all appears to be within the realm of regular business that they need to conduct themselves.

Information such as your name, email address, and device ID (among other information) will be collected and stored for them to use, but as far as we can find, Binance does not sell anyone’s personal information without their consent.

Compare to Other Exchanges

Coinbase logo
TRADING FEES
1.49%
MINIMUM DEPOSIT
$0
PROMOTION
Offers $5 free bitcoin to new users
cryptodotcom logo
TRADING FEES
0%-2.99%
MINIMUM DEPOSIT
$0
PROMOTION
No current promotions
FTX logo
TRADING FEES
0%-0.4%
MINIMUM DEPOSIT
$0
PROMOTION
5% off trading fees

Binance

Binance is one of the largest crypto exchanges in the world, if not the largest player in the market.

  • Binance
  • Rating: 4.5
  • Reviewed by:
  • On March 4, 2022
  • Last modified:March 5, 2022

Review Summary:

Binance is one of the largest crypto exchanges in the world, if not the largest player in the market.

Review of: Binance

Reviewed by:
Rating:
4.5
On March 4, 2022
Last modified:March 5, 2022

Summary:

Binance is one of the largest crypto exchanges in the world, if not the largest player in the market.

About the author 

Donny Gamble

I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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