Binance Review – Is it Legit? (July 2024)

Ensuring a high level of trust and transparency is vital to the success of any cryptocurrency exchange. This is something which Binance places a very high value on, and they have worked hard to create a trusted environment for trading.

The first move in this regard came early on in the history of the exchange. They decided to relocate from China to Malta following a Chinese government crackdown on crypto trading in 2017. Here they are regulated under the Maltese Virtual Financial Assets Act. This provides a degree of protection to traders, though such regulation is minimal and still developing as is the nature of the sector.

Considering the personal security of traders though, Binance has performed very well having largely avoided any significant security breaches which have befallen many exchanges in the industry. They also provide 2-factor authentication as standard, and offer both multi signature wallets, and cold storage options to traders in order to keep funds secure.

This is one of the areas in which Binance manages to excel. They support trading in a total of more than 200 cryptocurrencies. You can both deposit and withdraw in a number of these currencies if you are engaged in crypto to crypto trading.

Binance now also offer fiat-crypto trading which allows you to trade crypto with many fiat currencies from around the world. This represents a progressive step for the broker who had previously been crypto-crypto only. In this regard, more than 30 fiat currencies from around the world are supported for deposit and trading.

The number of markets on offer at Binance is well above many other major crypto trading exchanges and this level of accessibility has certainly contributed to the exchanges success. You can also trade in some cryptocurrency futures, and access a high leverage of up to 125:1 on some major markets.

Binance are also regularly adding new coins as they become available and popular with crypto traders.

The fees structure at Binance is one which often gets the better of many cryptocurrency exchanges in an already very competitive sector. Binance charges a flat fee of 0.1% on crypto to crypto trades, and the majority of fiat to crypto trades too.

These fees are among the most competitive in the industry, and can be further reduced by as much as 25% is you are paying with the exchanges native BNB coin. Fee discounts are also available based on your trading volumes and how much BNB you hold in your Binance account. Overall, fees can drop as low as 0.015%.

Deposits and withdrawals through Binance are typically fee free. This is particularly the case if you are trading crypto to crypto through the exchange. The only fees you may pay for deposits and withdrawals are some minimal network fees which can vary.

Some withdrawal limits apply based on your level of use with the exchange. The standard withdrawal limit here is a maximum of 2 BTC in a 24 hour period, or a maximum of $5,000 for fiat currency withdrawals.

When it comes to the trading platform offered on Binance, this trading platform is a webtrader which is built into your browser so there is no download required. At first viewing, the Binance trading platform may appear more complex and less visually friendly than some of those on offer in the sector, though it is a highly functional trading platform.

You will have the choice of a “Classic” view, which is more simplified in how it displays the markets available and make trading more convenient for newer traders. The “Advanced” view will make a wide range of charting tools and indicators available for each market alongside a number of order types and additional options. This additional level of detail is great for more experienced traders.

Overall, the general trading platform experience at Binance is very good. The trading platform is detailed but is also fast to execute both your movements around it, and the orders you place. This fast, focused execution can happen in just a few clicks and is a great positive within a very fast-moving sector.

The first point of note when discussing customer support at Binance is the number of languages that are made available. There are no less than 15 languages supported which is perfect for keeping traders from all over the world informed.

Prior to contacting the customer support team, you can also search through a well-resourced FAQ section on the exchanges website which answers many of the most common questions. If you want to contact the team, they say they are available 24/7 and you can submit a support ticket through the website. In response to this ticket you can request to be emailed or called back.

The follow up here is generally fast, and the knowledge provided is typically of a high professional level which you would expect from a major exchange in their position.

Overall, Binance is one of the most popular major forces in the industry when it comes to cryptocurrency trading. It is no surprise then that they cover every area comprehensively. From providing a well-trusted trading environment with a reputation for transparency, and security, to offering some of the most unbeatable fees in the sector, Binance has positives in each category. Couple this with their user-friendly approach to trading, and the sheer number of assets they make available for trading, and their strong position in the industry comes as no surprise.