Binance is the leading cryptocurrency exchange in the market. It has an awesome cryptocurrency selection combined with futures, staking, and other cool features! This article is a Binance review. It is a beginner’s guide to Binance features. Read this review to find out how to deposit, withdraw, and trade safely at Binance before opening an account!
Binance general information
Binance was founded in 2017. The CEO (and the founder) is Changpeng Zhao, who has become one of the best-known persons in the crypto universe. Zhao has vast experience in building trading software and working in a cryptocurrency exchange.
Binance was built for several years with a strong team before the launch. This was the main reason its popularity exploded in late 2017. When all other exchanges went offline and had to even disable registrations, Binance was running 24/7 and getting millions of new customers.
Even if Binance is a young enterprise, it has been the leading crypto exchange for 2+ years. The volume on Binance is bigger than all its main competitors have combined. Binance has tens of millions of global customers.
The trademark of Binance has always been continuous development. Even if Binance has become the number one exchange, they’ve kept releasing new features every year. Futures, staking, LaunchPad, debit card, and stock tokens just to name a few.
Once the company opened SEPA bank transfers for Europeans in 2020, they’ve become even popular in the “old continent”.
Do you have Binance experiences? Write a comment below the article and share your views of this exchange!
Opening a new account is a fast and pain-free process. All you need is an e-mail address. Start the registration process by clicking the link below.
You should land on the registration form. Input a username, an e-mail address, and a password. Next, you’ll get a confirmation e-mail to your inbox. Finalize the registration by clicking the confirmation link in the e-mail.
Note. This article is a guide for the desktop version. If you are using Binance with a mobile device, some features and menu items might be slightly different.
Binance KYC process
Once your registration is complete, it’s time to go through the KYC process. This is a standard procedure in every exchange, which supports bank wire transfers.
Binance can be used without KYC as well. There is a limitation, though. It’s only possible to deposit and withdraw cryptocurrencies with an unverified account. Those who want to avoid extra KYC procedures can buy Bitcoin with fiat from Coinbase and move bitcoins to Binance for altcoin trading.
If you wish to proceed with KYC, click the round user icon in the top menu. Choose Identification from the opening list.
This will open the Basic Info page, where you’d see a yellow Verify button. Do NOT start the KYC process before you have the necessary images and equipment ready!
You’ll need a high-quality picture of one of these: a passport, a driver’s license, or a government-issued ID card. If the ID card has information on both sides, take two pictures. You can also take a selfie because that’s needed too.
You must also use a device with a webcam. This is needed in the final phase of the KYC process. A standard laptop or a mobile phone will suffice. You can also check this Youtube video guide before beginning.
Once you are all set, click the Verify button to start the KYC process. The following popup opens.
Select your country and click the Start button to proceed. Next, the system is going to ask for your name, DOB, and address information.
In the third phase, you have to choose the ID card you wish to use: a passport, a driver’s license, or a government-issued ID card. Make the selection and upload images to the system. Binance will also ask you to upload a selfie.
The camera is needed in the final phase. You must move your head from side to side, so the system knows there is a real person doing the KYC process. This is the part that causes problems for some users. If you have issues, try to move closer or further from your webcam and see if it make a difference.
How to deposit euros to Binance
If you have a verified account, it’s possible to make a bank wire transfer. Click Wallet from the main menu and choose Fiat and Spot. You’ll see a yellow Deposit button. Click that to deposit fiat.
Next, choose the Fiat option (see the image below).
Select EUR as the Currency and click Bank Transfer (SEPA) as it is chosen in the image above. This is the fastest and cheapest way to deposit fiat.
Choose the desired amount and click Continue. Next, you’d see the bank information for the deposit. Go to your internet bank and make a standard wire transfer abroad. Input the Binance Reference Code to the message field.
You should see your deposit in minutes, in hours, or in the next business day. This depends on the bank used. SEPA transfers are usually very fast.
It’s also possible to make a deposit by using a debit/credit card. You’ll find this option by clicking Buy Crypto from the top menu. See the image below.
This opens a simple form for a debit/credit card deposit. With this method, you have to buy cryptocurrency. If you are unsure what to buy, pick Bitcoin. You can always trade bitcoins to any other currency.
Note, that a debit/credit card deposit is the most expensive way to deposit money. You should use a bank wire instead if possible.
How to buy and sell crypto from Binance (the easy way)
Once there are euros in your account, you can buy some bitcoins!
There are two different ways to buy cryptocurrency from Binance. You can use a form best suited for newbies or you can go to the exchange. Let’s check the easier option first.
Click Trade from the top menu and choose Convert.
The Convert option gives you a simple form for purchasing cryptocurrencies. See the image below. We are spending 100 euro to buy bitcoins.
First, there is no Bitcoin price visible on the form. Once you click Preview Conversion, the system will fetch the latest price. You just confirm the purchase and that’s it.
If you want to sell your bitcoins to euro, just reverse the process. Click Trade -> Convert and come back to this form. You can also convert from one cryptocurrency to another instead of fiat.
This option might not have every cryptocurrency available that is listed on the Binance exchange.
How to buy and sell crypto from the Binance exchange
For more experienced buyers, we recommend the Binance exchange. Click Trade from the main menu and choose Classic.
This is the “good old” exchange Binance has always had. The Convert and Advanced options are more recent additions. The Classic exchange has everything a regular trader needs for altcoin shopping.
In this example, we are trading euros for bitcoins. Check the top right corner of the exchange. This is where you’ll find all trading pairs. See the image below and look at what the arrow is pointing.
You’ll find all stablecoins and fiat currencies under FIAT.
Next, you’d see all euro trading pairs. The list is pretty short considering how many altcoins there are on Binance. This is because EUR is not the most used and popular trading pair. Binance Coin (BNB), Bitcoin (BTC), and Tether (USDT) are mostly used for purchasing altcoins.
Use the search box to find the coin you are looking for. You have to use the ticker, not the name of the coin. For example, LTC instead of Litecoin, BTC instead of Bitcoin, and so on.
See the image above. We have searched for PancakeSwap’s CAKE token. The list shows USDT, BUSD, BNB, and BTC as trading pairs. If you only have euro on your account and you wish to buy CAKE, trade euro to one of these currencies first.
Once this currency pair is selected, you can move to the Buy/Sell form. Click the small star icon to make the most-used trading pairs your favorites.
Notice there are options on the Buy/Sell form: Spot, Cross 3x and Isolated 5x. Choose Spot, which should be selected by default.
Below these options, there are three more choices: Limit, Market, and Stop-Limit. If you don’t know any better, choose the Market option. It’s the easiest one for newbies.
The purpose of Limit and Stop-Limit is to set a price level when your purchase is made. Either higher or lower compared to the current market price. When using these options, your order is left open and will be filled if the price ever moves to the chosen target.
One of the arrows in the image points to a bar, which you can drag from left to right. Use that to purchase BTC with a certain percentage of your funds. If you want to spend all your euro, drag it to 100%. Finally, click the green Buy button.
If you try to make a purchase with a maximum amount (100 %) and an error appears, it is because the price has just moved against you. In that case, try to make a new order or use the limit option.
Selling is no different from buying. Repeat the process for finding the currency pairs and use the Sell form. Once again, we recommend the Market option for newbies.
You can move the white bar from left to right to sell 50% or 100% or any other percentage of your coins. You can also input the number of coins you wish to sell instead. Once you are ready, click the red Sell button.
When using the market option, your purchases and sales will appear on your account instantly. Click Wallet from the main menu and choose Fiat and Spot to view your portfolio.
How to deposit crypto to Binance
It is possible to deposit any supported cryptocurrency to Binance. You can also withdraw your holdings at any time to an external wallet. Next, we’ll show how to deposit bitcoins to your Binance account.
Click Wallet from the main menu and choose Fiat and Spot. This will open the Portfolio view, which shows all cryptocurrencies available on Binance. If you don’t see the coin you wish to deposit, use the search box.
Now you should see the desired coin under Crypto Balance. Look at the Action column. You’ll see the following options: Buy, Deposit, Withdraw, Trade, and Earn. Click the Deposit link.
This will open the deposit page for the selected cryptocurrency. There are few important points here you must consider.
Look at the image above. See the top row with BTC, BEP2, BEP20 (BSC)… options. These are different networks because bitcoins don’t just exist in the Bitcoin blockchain anymore. They are “wrapped” also on Ethereum and few other blockchains.
You’ll see similar options with other cryptocurrencies too. If you deposit Ether (ETH), you’ll see BEP2, BEP20, and ERC20.
We cannot go through every option of every single coin out there. If you are a newbie and unsure what network to choose, ask for help! Otherwise, you’ll risk losing your deposit. You can also make a small test deposit first to ensure all goes smoothly.
Look at the image again. The arrow points at two icons. The one on the left copies the deposit address to the clipboard. The icon on the right opens up the QR code of the address. That is very useful if you are depositing from a mobile wallet.
Next, make a deposit from your external wallet to the given address. Processing time depends on the cryptocurrency used.
How to withdraw crypto from Binance
Even if we consider Binance as a safe place to trade, many want to store their coins in an external wallet. This is always recommended if you have the technical skills to set up and secure your wallets properly.
If you want to make a withdrawal, click Wallet from the top menu and choose Fiat and Spot. You’ll see all your holdings under the Crypto Balance list. Click the Withdraw link for the coin you want to move out.
The following picture shows how a Bitcoin withdrawal looks like.
Copy and Paste your wallet address to the Recipient’s Address box. Next, you need to make a network choice, just like with deposits. We have selected the Bitcoin network, but there is nothing selected here by default.
We cannot go through all the possible options of hundreds of cryptocurrencies. The only advice we can give here is this: make sure you know where to withdraw. If you are unsure, make a small test withdrawal first or ask for help from an experienced user. Otherwise, you might lose your funds.
Once you click Submit, Binance will ask for a 2FA code (if enabled) and a confirmation code sent to your e-mail inbox.
Binance processing times are very fast on deposits and withdrawals. The total processing time of your withdrawal depends on the cryptocurrency and the wallet provider used.
Binance is one of the cheapest exchanges to use. The massive volume makes it possible for Binance to charge extremely low fees.
You’ll get the fees even lower with Binance’s own cryptocurrency, Binance Coin (BNB). Every active user should hold at least a small amount of BNB in their account. To use BNB for fees, click the round user icon in the main menu. Choose the first link from the list that opens.
This will open your Dashboard, which has tons of information of your account. Scroll down and you’d see a box titled Your Trading Fee Level. This should be 0.1 % on the VIP 0 level.
Choose the Using BNB to pay for fees (25% discount) option. This will lower your fees from 0.1% to just 0.075%.
Even if you don’t want to hold BNB, 0.1% fees are very low. Binane has VIP levels from zero all the way to 9. Once your trading volume increases, fees will keep falling to almost zero. The more you trade, the less you pay.
Many newbie-friendly services (like Coinbase or Bitpanda) have fees around 1% to 2%. This means Binance is 10x-20x cheaper. Other exchanges like Kraken and Coinbase Pro start from 0.2-0.5% fees.
Binance safety features
Binance is one of the safest exchanges in the market. It has more funds in its vaults than all competitors put together. This means that Binance is probably targeted by more hackers than other exchanges. All security procedures must be extremely tight!
Even if Binance has top-notch security procedures, each user has also responsibility for their accounts. You must use a strong password, 2FA authentication, etc. Remember to also secure your e-mail!
Click the round user icon from the top menu and select Security.
This opens a page with all available security features. You must decide yourself how many different features to enable. Each security feature makes using the site a bit “heavier”.
We recommend enabling at least the 2FA (Google Authentication). You should use 2FA in every app where it is available.
Notice that this doesn’t mean that Google & SMS Authentication is on! It means you have to click the On button to enable them. Once the feature is on, the button is titled Disable.
Click the On button for Google Authentication and download the Google Authenticator app. It is available for iOS and Android. Follow the on-screen instructions to enable 2FA. At the final stage, you are given a backup code. Store this safely! It gives access to your account in case your Authenticator App cannot be used (mobile phone lost or broken).
Consider also enabling whitelist addresses and anti-phishing codes.
Binance Earn and futures
Binance is so much more than just a cryptocurrency exchange. We’ve seen tons of new features added in the past few years. There are futures, staking, the Launchpad, crypto loans, and even a Bitcoin mining pool!
You can access futures from the main menu. They have become extremely popular among professional traders. It’s possible to use leverage up to 125x at Binance! We don’t recommend leveraged trading for newcomers. There is a high risk involved in using such products.
Binance Earn, however, is suitable for newbies. Click Finance from the main menu and select Binance Earn. You’ll land on the staking page, which gives you different options for earning passive income.
There are both flexible-term and fixed-term solutions. Binance pays you a lower interest rate on Flexible Savings, but it’s also possible to withdraw funds quickly to your spot balance. If you are willing to lock your stake for 7, 14, 30, or 90 days, Binance pays you a higher yield.
The third option is called DeFi Staking. The yields are even higher, but this carries more risk as well.
If you hold significant funds at Binance for long periods, check the Binance Earn selection. It’d be smart to put your funds to work. A compounded 20% yearly interest makes a big difference in the long run.
Binance review – final thoughts
We have just scratched the surface on Binance. Yet, this review is one of the longest ones on the site! It tells something of the pure depth of Binance’s services. The site has grown immensely since 2017 and keeps adding new features.
We have lots of good experiences from using Binance. If you are an active player in the cryptocurrency market, you simply must have a Binance account. It would be crazy not to.
Binance has also its own debit card. You can use this debit card on any merchant and spend the crypto from your Binance account. More and more people are using the Binance debit card these days.
Are there any negative sides? There is something you need to consider. The sheer size of Binance means there are tens of millions of customers on the platform. This has caused a lot of stress to Binance customer service. They simply get new customers faster than they can hire customer care workers.
If you have issues with Binance, getting a reply from the customer service might take many days or even 1 to 2 weeks. Smaller sites don’t have this problem, but then, they don’t have all the features either. This is something that every user must consider. What is the most important feature for you?
We recommend trying Binance today. There is also an excellent mobile app for Android and iOS. Many newcomers feel the mobile version is even easier to use than the desktop app.
You should also follow Binance on social media. The official Twitter account is @binance and the Reddit page Reddit.com/r/binance. We also recommend following the CEO, Changpeng Zhao. He is very active on Twitter and gives updates if there is anything going on at Binance.