Binance Review

BINANCE is the leading cryptocurrency exchange on the market. Registering a new account on Binance is an easy and quick process.

You can deposit euros in Binance with a SEPA bank transfer. There are more than 350 different cryptocurrencies on Binance. The Binance Pro version offers professional tools for trading cryptocurrencies. Trading fees on Binance are only 0.1 percent. Binance doesn’t automatically send information about your trades to the local tax authorities.

You can withdraw your fiat holdings and cryptocurrencies from Binance at any time. Binance account security can be improved with various additional settings. Binance offers plenty of other services and features too on top of crypto trading.

Our team has experience using Binance for more than five years. Binance can be highly recommended for both beginners and experienced crypto investors.

General information about Binance

Binance is the leading cryptocurrency exchange on the market. Binance was founded in 2017. The company’s founder and CEO is Changpeng Zhao. Zhao is among the wealthiest, most famous, and most influential people in the crypto market.

Binance has dominated the cryptocurrency exchange market for several years. Both spot and futures trading volumes are higher on Binance than the five biggest competitors combined. Binance has more than 120 million customers globally.

Binance has expanded tremendously in recent years through acquisitions and new features. The company also has a virtual asset provider license in 16 countries, including eight European countries. Binance is the single most significant player in the entire crypto sector.

Nowadays, Binance is much more than just an exchange. Binance has its own debit card, Bitcoin mining pool, LaunchPad, institutional services, derivatives markets, etc. You can also earn interest on your cryptocurrencies with Binance Earn or take crypto loans.

When the exchange opened, Binance also introduced its own cryptocurrency. It was originally known as Binance Coin, but the token was rebranded in 2022 as BNB. You’ll get a 25% discount on Binance fees by paying them with BNB tokens. BNB is also the native token of the BNB Chain. BNB Chain is one of the largest smart contract platforms on the market.

Does Binance Norway exist?

There is no Binance Norway yet. We might see Binance Norway in the next few years, but for now, Norwegians have to use the English version. This is also the case with other global crypto exchanges.

Binance has been translated into several different languages. The Norwegian language is missing from the site because Binance is not yet a licensed operator in Norway. In 2023, Binance received a license for Sweden, so the company is taking an increasingly strong position in the Nordic countries as well. Those who speak Swedish can use the service in that language.

The use of Binance is allowed for Norwegian customers. Binance does not support the Norwegian krone, so deposits have to be made in euros.

Binance Registration and KYC

Registering a new account on Binance is an easy and quick process. You’ll need a valid email address for registration. Click the link below to start the process.

Sign up for Binance

Next, click the yellow Sign up with phone or email button. The registration form will open on your screen.

Enter your email address and password in the form. Accept the terms of the service and click the Create Personal Account button. You will receive a confirmation message in your e-mail after a successful registration.

Next, you have to verify your identity. This is also known as the KYC process. This operation is done in all crypto exchanges that use bank transfers. You should already download the Binance mobile app before verification – it can be found in the Google and Apple app stores. The KYC process is completed on the mobile app.

You need a photo of your passport or driver’s license to verify your identity. You can also do the verification via web browser, but the KYC process is completed in the mobile app using the phone’s camera.

You will receive a notification in your email when your identity has been confirmed and your account is ready for use. This typically takes half an hour to a couple of hours.

Binance has also made a video of the KYC process.

How to deposit euros on Binance

You can deposit euros in Binance with a SEPA bank transfer. Make a euro deposit by clicking on the Portfolio icon in the footer menu of the mobile app. It will show your Binance account balances. After that, click on the Deposit button.

Next, you’ll see two options: FIat and Crypto. Select Fiat and the currency as EUR. Next, a form appears on the screen, from which you can choose either a SEPA bank transfer or a debit card as the deposit method.

Select SEPA transfer and you’ll see detailed information on how to make the deposit (the bank account and reference code).

Binance charges a fee of one euro for bank transfers (deposit and withdrawal). For deposits made with a debit card, the cost is 1.8 percent. We recommend depositing with a SEPA transfer as it is a fast and cheap way to move money.

The SEPA transfer normally appears in your account within a couple of hours.

How to buy and sell crypto on Binance

There are more than 350 different cryptocurrencies on Binance. You can use euros to buy for example these popular cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• BNB (BNB)
• XRP (XRP)
• Cardano (ADA)
• Dogecoin (DOGE)
• Polygon (MATIC)

Binance’s selection is constantly updated. The exchange usually adds the most sought-after cryptocurrencies to its selections among the first. Binance’s offering is one of the most extensive on the market, and it is sure to satisfy the needs of both beginners and professionals.

By default, Binance’s mobile app uses the so-called Lite version, where buying and selling are really easy. Active traders and professionals can switch to the Pro version by clicking the user profile icon. The Pro version gives you access to professional trading tools. Since this is a beginner’s guide, we will walk you through the functions of Binance through the Lite version.

Buy cryptocurrencies with euros by clicking on the yellow trading icon in the main menu of the mobile app (see the image below).

Click the Buy link from the list that opens. After that, find the cryptocurrency you wish to buy and click on it to get to the purchase form. In the example picture below, we are buying bitcoin for one hundred euros.

The purchase form is very simple even for a novice user.

Cryptocurrencies are sold in a similar way. Click on the trading icon in the main menu and select Sell. After that, you just select the cryptocurrency to be sold, and a form like the one shown above will open. Enter the desired amount either in euros or cryptocurrency (e.g. 100 dogecoins).

There is also a Convert option in the list that opens from the trading icon. It allows you to convert e.g. Bitcoins to Ether or Dogecoins to Litecoins and so on. Use the Convert option when you don’t want to sell your cryptocurrency to euros but convert crypto to another crypto.

Binance Pro version

The Binance Pro version offers professional tools for trading cryptocurrencies. Binance Pro brings all the features of a high-quality exchange to your mobile app, such as various trade types, leverage, futures, technical analysis, and so on. If you want to trade like a pro, change the view of your mobile app to the Pro version.

Click on Markets from the main menu of the mobile app and then on the user icon in the upper left corner. Click Binance Pro from the menu that opens, and your mobile app will change to the professional version. A Trade link appears in the main menu of the Pro version, which opens the Binance exchange.

Binance Pro is considered by many to be the best exchange on the market. You can find all the services of a modern crypto exchange on the Pro Trade page. It’s also possible to adjust the view to suit your needs in the mobile app settings. In addition to the market order, purchases can also be made with Limit, Stop Limit, Trailing Stop, and OCO orders.

You can trade futures in the Pro version and take advantage of leverage. We do not recommend futures and leverage trading for novice investors due to their high risk.

The Binance Pro view can feel a bit heavy for novice users. You can always switch back to the Lite version by clicking Home from the main menu and the user icon in the upper left corner. Click off the Binance Pro version, and your mobile app will return to the Lite view.

Binance fees

Trading fees on Binance are only 0.1 percent. You also get a 25% discount on fees if you pay them with BNB tokens. Small fees are definitely one of Binance’s strengths. There are not many exchanges offering lower fees without any VIP levels or bonuses.

In order to get the 25 % discount you have to switch the mobile app to the Pro version. Click Home from the main menu and then the user icon. Click on the link Use BNB to get discount from the menu that opens. You will see the following settings.

Select the option  Use BNB to pay fees, and your trading fees will drop to 0.075 percent as shown above. You can also access the page in the browser version by clicking Fees from the footer menu.

The 0.1 percent fees on Binance are fees paid by the regular user. If you trade a lot or hold BNB tokens in your account, you can get to higher VIP levels and have even lower fees. In the table below, you can find Binance’s trading fees at different VIP levels. These numbers do not take into account a possible 25% discount you’d receive when paying fees with BNB.

The trading volume is calculated from the previous 30 days. The requirement for VIP levels is both the trading volume and BNB holdings. The taker fee means a fee when you make a purchase at the market price. You pay the maker fee when you offer liquidity to the exchange with a limit order.

Futures and leverage have their own fees. You can read more about them on the Binance website.

Binance and taxes

Binance doesn’t automatically send information about your trades to the local tax authorities. Each investor must keep a record of transactions and calculate capital gains from crypto trades individually.

Many crypto investors trade in several different exchanges, and in addition, cryptocurrencies can be held in dozens of wallets. If you make even 20 to 30 transactions a year, it is recommended to use proper crypto tax software. We recommend Divly. Use the code  BITCOINKESKUS23 when ordering and get a 15% discount on tax reports!

Divly also supports Binance’s transaction reports. You can download them easily by logging into the site with the browser version. Click Wallet from the main menu and then Transaction history. From this page, you can download transactions from a certain time interval or click the Generate All Statements link.

It is also possible to import Binance transactions to Divly using the API. Click on the user icon in the main menu of the browser version and select API management. This page gives you API keys that you can copy to Divly. After this, Divly will automatically update your trades from Binance.

How to withdraw from Binance

You can withdraw your fiat holdings and cryptocurrencies from Binance at any time. Let’s go through the euro withdrawal first.

Click Portfolio from the main menu of the mobile app and then the Withdrawal button. Select Fiat as the currency type and EUR from the currency list. You can then choose a SEPA bank transfer as the withdrawal option.

A SEPA transfer is an easy and affordable way to withdraw euros to your bank account. Binance charges only one euro for the transfer. SEPA transfers often arrive within a few hours, but within 1-2 banking days at the latest.

You should transfer cryptocurrencies from exchanges to your own wallet for long-term storage. Although Binance is a safe trading platform, it is good for crypto investors to learn how to store coins themselves. The ability to control one’s own funds is one of the most important features of cryptocurrencies.

Trust Wallet (owned by Binance ) is a good wallet option and is also suitable for beginners. It works on a mobile device and supports thousands of different cryptocurrencies. Read more from our Trust Wallet review. The Binance exchange is not affiliated with the Trust Wallet mobile app in any way. It is a completely independent application.

The withdrawal of cryptocurrencies is done the same way as the withdrawal of euros. Just choose Crypto as the currency type instead of Fiat and click on the cryptocurrency to be withdrawn. You will then have the following form on your screen.

We are making a BNB token withdrawal in the example above. Always remember to use copy-paste with addresses – never try to type them! If a QR code is available, you should scan it with the mobile app.

Also, be careful when choosing the network. Many cryptocurrencies circulate in several different networks. This also applies to Bitcoin. If you are not 100% sure which network to choose, ask Binance support for help. You can also make a small test withdrawal first to see if the transfer arrives in your wallet.

Binance charges a transaction fee for withdrawals like all exchanges. The fees will vary depending on the cryptocurrency used and network congestion.

Binance security

Binance account security can be improved with various additional settings. It is worth familiarizing yourself with the security settings if you keep significant amounts of cryptos or euros in Binance.

Click on Markets from the main menu of the mobile app and then on the user icon in the upper left corner. You will get a menu on the screen where you can find Security. You can enable various additional settings from this page.

No cryptocurrency exchange, e-mail, or any other important service should be used without two-factor authentication (2FA). You should also use 2FA with the Google Authenticator app instead of an SMS. You can enable biometric identification in the mobile app as well.

It is not possible to set all security settings via the mobile app. Log in to the service in the browser version, click the user icon in the main menu, and select Security. From the browser version, you can enable for example whitelist addresses.

Remember to use a unique and sufficiently long (preferably more than 10 characters) password for your Binance account.

Binance Earn and Binance card

Binance offers plenty of other services and features too on top of crypto trading. It would be impossible to go through all the services of Binance in this article, so we will highlight two popular features.

Binance Earn is one of the most used features on the exchange. It offers yield on selected cryptocurrencies. If you keep certain cryptos on Binance, you can put your coins to collect passive income as well.

Binance Earn can be found in the mobile app by clicking Services in the main menu.

You can typically get a yield from a couple of percents to ten percent, depending on the currency. Bonus returns may also be available with various campaigns. Carefully familiarize yourself with the terms of use of Binance Earn before you lock your funds.

The Binance card is also popular. It works globally as a means of payment just like other debit cards. You can order the Binance card by going to Binance’s website with a web browser. From the main menu, click on Finance and select Binance Card.

Next, click Get Started and fill in the card information and the address to which the card will be sent. After a successful order, you will also receive a virtual card. It works immediately in online shopping.

The Binance card has its own management page, where you can see the card information and the balances on the card accounts. You can transfer euros or cryptocurrencies to the card. Certain stablecoins are also supported. If there are no euros in the account, Binance will settle the purchases by converting cryptocurrencies to euros on the fly.

Binance card pays cashback of up to 8%. You get an increased cashback percentage by depositing BNB tokens into the card account. You can get more information about the card’s features and cashback on the Binance card order page.

In addition to Binance Earn and card, there is a Bitcoin mining pool, Launchpad, and much more. We recommend going through the website with the browser version, as the mobile app (especially the Lite version) does not support all features.

Binance experiences

Our team has experience using Binance for more than five years. We got to know Binance for the first time in the fall of 2017. In our opinion, it is the best cryptocurrency exchange. Binance has achieved a strong position in the market for a good reason.

Binance’s strength is its amazing selection, both in terms of cryptocurrencies and other features. Binance also quickly introduces new & interesting coins to investors. The exchange offers the best liquidity on the market for hundreds of cryptocurrencies.

From the beginning, Binance has been exceptionally solid from a technical point of view. It has to handle huge volumes of users and trades every second, but Binance works great day in and day out. The new features haven’t caused instability either.

Our team has had very positive experiences using Binance. Currently, more than 120 million customers globally use Binance’s services.

Summary of the Binance review

Binance can be highly recommended for both beginners and experienced crypto investors. It is the best exchange on the market as a whole. It’s hard to come up with a good reason why an active trader shouldn’t try this crypto exchange.

Binance’s strength is its massive selection of different services. The company’s wild growth has made it possible to build new features. Cryptocurrency trading is just one area. In addition to that, Binance has many other features that are useful for crypto investors.

Binance has proven over the years that it is a reliable and secure service. It also offers its customers options to improve account security. It is impossible to comprehensively review all features of Binance in this article. You should familiarize yourself with the service in more detail!

It costs nothing to open an account, and Binance does not charge monthly or annual fees for using the service.

Check out Binance now!

Follow Binance on social media as well, and you’ll stay up-to-date on the events and new promotions. The official Twitter account is @binance and the Reddit page can be found at reddit.com/r/binance. You should also follow CEO Changpeng “CZ” Zhao’s account. He is a very active tweeter.