Binance Review 2021: Read This Before Signing Up!
If you’re thinking of joining the Australian crypto exchange market or are looking for a platform where you can engage in advanced trading, then you’ve definitely come across Binance. This platform only launched in Australia in July 2020, and it has already experienced a lot of growth. In fact, it was recently ranked as the most popular site due to high trade volumes.
This review will cover all you need to know about this crypto exchange site, including its main features, security, pros, and cons, so that you can determine whether it’s the perfect fit for you. Check out our quick guide below!
Table of contents
- 1 Binance Review 2021: Read This Before Signing Up!
- 2 Ease of Use
- 3 Security
- 4 Fees
- 5 Supported Cryptocurrencies
- 6 Deposit & Withdrawals
- 7 Support
- 8 Editors Binance review
- 9 The Account Creation Process
- 10 Identity Verification
- 11 The User Interface
- 12 What Could Binance Improve on?
- 13 What are the Top Features of Binance?
- 14 Binance Staking
- 15 What are the Pros and Cons of Trading on Binance?
- 16 The Binance Fee Structure Explained
- 17 Does Binance Charge Withdrawal fees?
- 18 What are the Deposit Fees on Binance?
- 19 A Quick Overview of the Binance Coin
- 20 How Can You Buy the Binance Coin?
- 21 Has Binance Ever been Hacked?
- 22 Customer Support and Reviews
- 23 Is Binance Safe?
- 24 What Are the Best Binance Alternatives?
Editors Binance review
Hi! My name is Warren, and I have been using Binance for more than 7 months now. Crypto trading is one of my favorite activities, and while I do have years of experience, I enjoy trying out new platforms and reviewing them.
Perhaps the major realization I made is that there’s nothing like a perfect crypto exchange platform.
There’ll always be a downside to joining them, but you can always find a platform that strikes all the right notes.
Here’s an unbiased review of my experience with Binance to help you find out whether it’s the perfect match for you!
The Account Creation Process
Signing up for Binance was easy and straightforward and can either be done via their app or website. If you’re using the browser version, make sure you’re on the official site, as there are several phishing sites that mirror the actual one. The register button is at the top right corner of the site, and after clicking on it, you’ll be prompted to provide your email, password, and preferred username (optional).
Once you’re done, a verification email will be sent to the registered email address, and you’re all set!
Signup Process: Register > Fill in requested details > Agree to terms and conditions > Sign up > email verification
When you log in for the first time, ensure you enable 2-factor authentication to keep your account secure.
There are 2 main levels in Binance:
Level 1: it has a daily withdrawal limit of 2BTC, and you don’t have to verify your account to transact on this level.
Level 2: you can trade up to 100BTC daily, and your account has to be verified. For this level, you’ll be required to upload your photo ID by logging into your account, navigating to the user center, and clicking on identification.
The basic verification entails filling in your personal details exactly as they appear on your ID and choosing your nationality. Advanced verification, on the other hand, is where Binance authenticates the information you provided them. You have to take photos of your ID, both front and back, and upload them on the site. The final step is facial verification.
Binance takes 1-36 hours to complete the verification, but this is dependent on whether you registered during peak time as they use a third-party provider for this process. You can only attempt verification at most 10 times a day, after which you’ll have to wait for 24hrs before you can try again. Most failed verifications are caused by inconsistencies in the information provided.
The User Interface
Their mobile app is no different, but there have been complaints that it works best on iOS devices and freezes on android ones.
What Could Binance Improve on?
Advanced traders seem to love this platform, but those that are just starting out find it complicated. Some even have to use youtube videos and multiple tutorials to effectively navigate the site. There have also been complaints of slow feedback, but Binance has been addressing them.
All factors considered this platform is great for expert traders that enjoy having a diverse portfolio.
What are the Top Features of Binance?
Insurance Protection for Crypto-Traders
Binance has an emergency insurance fund dubbed SAFU (Secure Asset Fund for Users) that is aimed at protecting trades in case of a hack. This feature was launched in mid-2018 and is funded by 10% of all trading fees. These funds are then stored in a cold wallet for more protection.
Binance traders often use the term “funds are SAFU” to imply that their funds are well protected.
Binance VISA Card
The Binance VISA card works like a traditional debit card and allows you to make transactions using your digital currency. This feature is quickly catching on as there are more than 60 million merchants globally that accept it.
Some of the card’s benefits include;
- High standard security protocols to protect your funds.
- It’s free to use and doesn’t incur any processing or administration fees.
- You can easily top up and transfer funds.
- Crypto cashback of up to 8% after using the card.
The cashback rewards vary based on the BNB coins stake, with beginners earning 1% cashback even without staking anything. To earn the 8% cash back bonus, you have to stake a minimum of 6,000 BNB.
There are 3 main fixed staking options on Binance; 3, 6, and 9 months where you can earn up to 30% APY. Only 37 cryptocurrencies can be staked on these terms, and the minimum stake and yield vary depending on the type of asset you choose. Some of the supported coins include; ATOM, FYI, CELR, WAVES, SUSHI, etc.
If you’re comfortable with locking your digital assets for a while so as to accrue benefits, then this feature would be perfect for you. After you place the stake, the amount will be automatically deducted from your wallet and added to the staking pool.
Binance Lending & Loans
Binance is making headway in the financial borrowing and lending space with this feature. It allows you to lend out money for interest or obtain an instant cash loan using your digital assets as collateral. The only requirement for obtaining these loans is that you have to be a Binance user.
Some of the cryptocurrencies that can be borrowed include BTC, ETH, BUSD, USDT, and BNB. The loans can be repaid over one or 2 weeks, a month, or 3 months, and incur interest daily.
Binance margin trading is all about taking on high risks for reaping greater profits. This feature is perfect for users that want to leverage their positions so as to access more capital. Interest is calculated hourly, and the borrowing rate is fixed as 5:1.
This feature is only available on specific pairs, and you can only access it if your identity has been verified.
Other features include;
- Binance earn feature that allows you to gain interest on particular coins.
- Binance DEX, a decentralized exchange that allows you to trade directly from your account.
- The Binance academy that gives you insights into the crypto trading world.
- An affiliate program.
What are the Pros and Cons of Trading on Binance?
The Binance Fee Structure Explained
Binance uses a standard fee structure that is mainly determined by your trading volume. All new accounts are charged a standard 0.1% fee per transaction, but this fee is considerably reduced when you;
- Store Binance coins on your account (25% discount)
- Get rewards from the referral program (20% discount)
- Increase your trading volume over 30 days (20% discount)
Does Binance Charge Withdrawal fees?
Binance doesn’t charge withdrawal fees for digital assets being transferred to an external wallet. They only charge a blockchain fee that is based on network load. Withdrawals are quick and only take about 30 minutes to complete.
There are times, however, when it takes around 2 hours, especially when the network is busy.
What are the Deposit Fees on Binance?
Cryptocurrency deposits dont incur any fees, and you can transfer coins from an external wallet to Binance for free. This is one of the reasons why traders prefer this platform as the other crypto trading sites charge deposit fees based on country of residence and deposit method.
Deposits take minutes to reflect in your wallet.
A Quick Overview of the Binance Coin
The Binance coin (BNB) is a crypto coin that was launched in 2017 through an initial coin offering (ICO). It’s based on a self-sustaining model that’s easy to understand without using complicated mathematical formulas.
The allocation breakdown is as follows;
Total BNB Token: 200 million.
ICO: 100 MILLION (50%)
Founding team: 80 million (40%)
Angel investors: 20 million (10%)
There have been speculations that the main reason BNB coins were distributed in an ICO was to accelerate distribution. This was a great strategy as it also resulted in the mass adoption of the coin.
Binance also used a fees incentivization approach that allows users to pay for charges using the coin, including withdrawal charges, listing fees, exchange fees, etc. To encourage more users to pay using this coin, Binance gives significant discounts on transactions.
How Can You Buy the Binance Coin?
The best place to buy the BNB token is on the platform itself. To make a purchase, navigate to the ‘funds section of your account and click on add funds using debit/ credit card. Make a deposit to your account, and once the funds reflect on your account, go to the trade section and click on the BTC/BNB trading pair.
On the left side of your dashboard, you’ll find your order book and the current prices. Place your order by indicating the number of Binance coins you’d like to purchase.
Has Binance Ever been Hacked?
Binance experienced a major hack in 2019 where over 7000 bitcoin worth more than $40 million were stolen. This large-scale attack was well orchestrated, and the hackers used a variety of methods, including bypassing the 2FA security measures.
According to Binance, this breach only affected its hot wallet, where they held 2% of the funds. This breach didn’t impact users, though, as the platform’s insurance feature SAFU took care of the loss.
The crypto trading industry is growing at an incredible rate, but hackers are also enhancing their skills. Trading platforms are often the subject of malicious hacks, and while they already have security measures in place, you should also be vigilant in keeping your account secure.
Here are some useful tips;
- Only use trusted exchanges as there are several phishing sites.
- Keep your cryptocurrency investment on the down-low. The fewer people that know about it, the less youre likely to get hacked.
- Refrain from using SMS verification as your sim card can be stolen.
- Store all your digital currency in a secure external wallet.
- Ensure your WIFI and all your devices are secure and refrain from making transactions on public networks.
- Always confirm the recipient details to avoid sending your coins to the wrong person.
Hackers are constantly coming up with new ways to gain unauthorized access to users’ accounts so keep yourself updated with the latest scams.
Customer Support and Reviews
Binance is currently the most popular crypto exchange platform, and this has a lot to do with how they handle their customers. While their customer support could use an upgrade, compared to its competitors, Binance is one of the best platforms. Their support team is very responsive to users and provides professional help in a timely manner.
Currently, they provide their support in 7 different languages, and even though they don’t have a dedicated call line, you could submit your issue on their portal. The turnaround time for this is roughly 24 hrs.
In addition to this, Binance also has a comprehensive FAQ section that covers most of the standard issues. Chances are, if you read through it, you may not need to contact their team.
In 2018, they launched a live support feature on their site that has greatly enhanced the trading experience.
Is Binance Safe?
Yes, it is. Despite the 2019 hacks, few exchange sites come close to the level of security that this platform provides its users. There are 3 main aspects that make it stand out from the rest;
Verification process: users that only sign up for crypto to crypto trades don’t have to be verified. If you’re, however, planning on using the platform for fiat purchases or want to access advanced features and higher withdrawal limits, you need to provide them with your identity information.
The verification process is fairly quick as long as the information on your photo ID coincides with the one you provide them with.
Advanced security features: in addition to the 2FA, Binance also complies with the best cybersecurity industry standards. They store most of their funds in cold storage and use multi-signature wallets for additional security. Binance has only been hacked once, and they replaced all the funds from their reserves.
Regulations: Binance is an international company, so it’s governed differently in every country. In Australia, it’s registered with AUSTRAC under a digital currency exchange named InvestByBit Pty Ltd. this means that they have to comply with the KYC rules.
What Are the Best Binance Alternatives?
Binance is undoubtedly one of the best Australian crypto exchange sites. It has a wide range of coins to trade with, has low fees, implements tight security measures, and has responsive customer support.
Binance also has amazing features that are perfect for traders that are looking to diversify their portfolio. The only aspect they could improve on is to make the site more beginner-friendly as currently, it’s mostly suitable for advanced traders.
If you’re currently using Coinbase and want to transfer crypto to Binance here is our guide: How to transfer Bitcoin from Coinbase to Binance.