Reviews
22
Nov
binance review

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Binance Review

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

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. Various additional settings can improve Binance account security. In addition to crypto trading, Binance offers plenty of other services and features.

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. It was founded in 2017, and the current CEO is Richard Teng. He replaced the previous CEO and founder, Changpeng Zhao, on November 21st, 2023.

Binance has dominated the cryptocurrency exchange market since 2018. Binance’s spot and futures market trading volumes are significantly larger than its competitors. Currently, the exchange serves over 180 million customers worldwide. Binance has grown due to both acquisitions and a broad range of services.

binance

Nowadays, Binance is much more than just an exchange. It has a mining pool, LaunchPad, institutional services, investment company, and more. You can also earn interest on your cryptocurrencies with Binance Earn or take crypto loans.

When the exchange opened, Binance also introduced its cryptocurrency. It was initially known as Binance Coin, but the token was rebranded in 2022 as BNB. Paying Binance fees with BNB tokens will give you a 25% discount. BNB is also the native token of the BNB Chain, one of the largest smart contract platforms on the market.

Binance experiences

Our team has experience using Binance for more than six 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 fantastic selection 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 excellently daily. The new features haven’t caused instability either.

Our team has had positive experiences using Binance, which has more than 180 million customers globally.

Binance Registration and KYC

Registering a new account on Binance is easy and quick. To begin, you’ll need a valid email address. 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.

binance registration

Enter your email address on the form and accept the terms and conditions. After you click the Next button, a verification code is sent to your email inbox. Pick the code from your inbox and type it into the form.

Next, you will choose your account’s password. Choose a long enough password containing special characters and numbers to ensure better security. The final step is to input a referral code. If the referral code is not input, use 11965276 to support our website.

We recommend downloading the Binance mobile app after registration. You’ll need it for the KYC process. This user guide was also created using the Binance mobile app.

Binance authentication (proof of identity)

After registration, the customer identification process is performed. This procedure is often referred to as the KYC process. It is currently done in all exchanges that use bank transfers.

Before logging in, you should download the Binance mobile app. It can be found in the Google and Apple app stores. Binance identification is completed on the mobile app side.

You need a photo of your passport or driver’s license to verify your identity. You can also verify in the browser version, but the phone’s camera completes the KYC process in the mobile app. During identification, the personal information of the account opener is asked, and the home address is verified.

You will receive an email notification when your identity has been confirmed, and your account is ready. This typically takes a couple of hours. Binance has also made a separate guide video about identification.

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.

binance deposit

Select SEPA transfer, and you’ll see detailed information on depositing (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 money using a SEPA transfer as it is a fast and cheap way to transfer money.

The SEPA transfer typically arrives 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 will surely satisfy the needs of both beginners and professionals.

By default, Binance’s mobile app uses the so-called Lite version, where buying and selling is straightforward. 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 mobile app’s main menu (see the image below).

binance buy crypto

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 buy bitcoin for one hundred euros.

binance buy bitcoin

The purchase form is straightforward, even for a novice user.

Cryptocurrencies are sold similarly. Click on the trading icon in the main menu and select Sell. After that, you select the cryptocurrency to be sold and a form like the one shown above will open. Enter the desired amount 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. 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, etc. If you want to trade like a pro, change the view of your mobile app to the Pro version.

Click on Markets from the mobile app’s main menu and then on the user icon in the upper left corner. Click Binance Pro from the open menu, 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

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 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 one of Binance’s strengths. There are not many exchanges offering lower fees without any VIP levels or bonuses.

You can apply the 25% discount from user settings. Click Markets from the bottom menu and the yellow user icon in the upper left corner. You are now on the front page of your Binance user profile. Click the gear icon in the upper right corner, which opens the Settings page. In settings, click BNB Discount to access the BNB settings.

bnb discount

In the example above, a 25 percent BNB discount has been implemented for spot trading. An active trader should also use the BNB discount in other trading options. Remember always to keep BNB tokens in your account for fee payments.

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

VIP levelTrading volumeBNB holdingsMaker feeTaker fee
Regular user < 1 million BUSD < 25 BNB 0.1% 0.1%
VIP 1 > 1 million BUSD > 25 BNB 0.09% 0.1%
VIP 2 > 5 million BUSD > 100 0.08% 0.1%
VIP 3 > 20 million BUSD > 250 0.07% 0.1%
VIP 4 > 100 million BUSD > 500 0.07% 0.09%
VIP 5 > 150 million BUSD > 1000 0.06% 0.08%
VIP 6 > 400 million BUSD > 1750 0.05% 0.07%
VIP 7 > 800 million BUSD > 3000 0.04% 0.06%
VIP 8 > 2 billion BUSD > 4500 0.03% 0.05%
VIP 9 > 4 billion BUSD > 5500 0.02% 0.04%

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 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 fees. You can read more about them on the Binance website.

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 mobile app’s main menu 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.

binance withdrawal eur

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.

Transfer cryptocurrencies from exchanges to your wallet for long-term storage. Although Binance is a safe trading platform, it is beneficial for crypto investors to learn how to store coins themselves. One of the most essential features of cryptocurrencies is the ability to control one’s funds.

Trust Wallet (owned by Binance ) is a good wallet option 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. It is an entirely 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.

binance crypto withdrawal

We are making a BNB token withdrawal using 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, including 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.

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

Binance security

Various additional settings can improve Binance account security. If you keep significant amounts of cryptos or euros in Binance, it is worth familiarizing yourself with the security settings.

Click on Markets from the mobile app’s main menu and then on the user icon in the upper left corner. Click the yellow user icon on the top left corner to access your profile page. Finally, click the grey arrow next to your username (see the picture below).

binance security

You will see a menu on the screen where you can find Security. From this page, you can enable various additional settings.

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

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 ten characters) password for your Binance account.

Binance Earn

Binance offers plenty of other services and features on top of crypto trading. Binance Earn is one of the most used features on the exchange. It provides yield about selected cryptocurrencies. If you keep specific cryptos on Binance, you can use your coins to collect passive income.

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

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

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

Binance and taxes

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

Many crypto investors trade in several exchanges, and 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  BITCOINKESKUS20 when ordering and get a 20% discount on tax reports!

divly

Divly also supports Binance’s transaction reports. You can download them easily by logging into the site using the browser version. Click Wallet from the main menu and then Transaction History. You can download transactions from this page from a specific 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.

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 find 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, Binance has many other features that are useful for crypto investors.

Over the years, Binance has proven to be a reliable and secure service. It also offers its customers options to improve account security. It is impossible to review all of Binance’s features in this article comprehensively. 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, 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.

AboutBitcoin Team

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