Binance Experience 2023 - Review of the World's Largest Crypto Exchange
For people who are interested in getting into crypto trading or would like to acquire cryptocurrencies for other reasons, the first place to go is one of the numerous crypto exchanges. However, the respective crypto exchange should be chosen well, as each provider brings different advantages for its users. If you are currently looking for a reliable and high-quality crypto exchange, you are reading the right article. Below is an extensive analysis from Binance, the world's largest cryptocurrency exchange. In this review, we share our Binance experience with you and you will find out all the important services and offers of the service provider.
Table of Contents
- The most important advantages and disadvantages at a glance
- How does the registration work?
- Clear layout enables professional handling
- How to trade at Binance?
- Flexible transaction fees
- Deposit methods
- With which cryptocurrencies can be traded at Binance
- Binance Mobile
- The conclusion of our Binance review
- More pages
The most important advantages and disadvantages at a glance
As you have already read, Binance is the world's largest cryptocurrency exchange. Against the background that Binance was only founded in 2017, this title appears as a foretaste of the great qualities of the provider. In fact, our Binance experience shows many advantages that you can also enjoy with your regular trading:
|+ User-friendly interface||- Large abundance of features can cause confusion|
|+ Numerous payment methods|
|+ Large selection of fiat and cryptocurrencies|
|+ Limit function offers automatic trading|
How does the registration work?
If you have chosen Binance as your new cryptocurrency exchange, the next step is to create an account with this provider. At the time of writing this review, Binance is available in numerous languages, unfortunately not in German.
To accomplish this, first press the “Register” button. This is located at the top right-hand edge of the homepage and has a yellow background. Due to the well sorted homepage and the clear layout, the button should quickly catch your eye.
As soon as you have pressed the button, you will be asked to enter your nationality. This is important as the registration process differs by country. The reason for this is the different legal basis for crypto exchanges, which differ from country to country.
Once you have entered this information, the next step is to enter your e-mail address and a password. Binance does not provide any sensitive data, which is why you do not have to provide your name or address and enjoy a high degree of anonymity.
However, before you click on “Confirm”, you should consider whether Binance should inform you about interesting news and offers in the world of crypto trading with a newsletter. If you are interested, please tick the appropriate box. If, on the other hand, you dislike newsletters, you can proceed to the next step of registration with a clear conscience.
Binance will then email you, with which you can confirm your email address. However, since the provider attaches great importance to the security of its customers, the account verification is not yet complete at this point. In addition, you will be asked to provide your telephone number, which will be used for the next step in account verification.
As soon as this is done, your new Binance user account will be fully available to you, and you can start trading straight away.
Clear layout enables professional handling
A demanding activity such as trading requires a practical user interface that does not unnecessarily distract the user. Imagine you want to find out about the current price changes, but first have to scroll to the bottom of the page. Such a design would not only be less intuitive, but would also actively interfere with your trading.
Fortunately, the provider is aware of this connection, and our Binance experiences show that the cryptocurrency exchange places great emphasis on a tidy homepage.
You can see the most important information as soon as you look at the homepage. If you do not yet have a user account with Binance, the button for registration will be displayed centrally. Already below, you will find a dynamic display that informs you about the current price changes of various cryptocurrencies.
At the top of the homepage, you will find access to other sub-pages and practical tools from Binance. Under the “Buy Crypto” section, you can exchange fiat currency directly for cryptocurrencies, while you can start trading directly with the “Market” and “Trade” categories.
Finally, if you scroll all the way down the Binance homepage, you will find information about their customer service, the company itself, as well as some handy tutorials.
Overall, the site is intuitively designed so that users can quickly find their way around. In addition, users are informed about price changes directly when they access the homepage. This helps to inform oneself at a glance and to always stay up to date.
Nevertheless, Binance also offers numerous advanced tools and features that are likely to be beyond the skill level of most beginners. In addition, there are many elements that are not needed for everyday trading. For this reason, especially newbies can easily get lost in the numerous submenus. Therefore, it is recommended that new traders focus on the essential functions of Binance.
How to trade at Binance?
The core element of any cryptocurrency exchange is, of course, the marketplace and the ways in which users can interact and trade with it. Basically, users have two options to trade on Binance.
The first variant is a trade via Market-Option. To accomplish this, the targeted cryptocurrency must first be selected. Current offers are then displayed, which can be accepted at the push of a button. It is practical that the exchange rate is displayed directly.
In addition, it is displayed above the individual offers which cryptocurrency has lost the most value and which has gained the most. In this way, players can orientate themselves at a glance which cryptocurrencies could currently be particularly worthwhile and which ones are best left alone.
To this direct purchase, Binance also offers the extremely practical limit option. Here, you specify the value from which you want to buy the desired cryptocurrency. Once the value is reached, Binance will automatically execute the transaction for you.
This provides the great advantage that you do not have to pay attention to the prices every hour in order not to miss your desired price. A convenient feature that is particularly beneficial for occasional traders and those who have another professional activity.
However, one must be careful to adjust the desired limit regularly. For example, if it becomes apparent that the desired rate will not be reached, it is recommended to readjust it.
Flexible transaction fees
The amount of transaction fees at Binance depends on several factors. A key variable is the VIP level of the user. For example, the taker fee at VIP level 0 is 0.1000%. However, the further you rise in the VIP ranks, the lower the transaction fee will be for you.
At VIP level 8, the fee is only 0.0500%, effectively halving it. It is nice that Binance also offers special offers and special promotions. Traders can enjoy a 25 percent discount when trading Binance Coin. The reason for this offer is the upcoming fourth birthday of the cryptocurrency exchange.
Another feature is that as a maker, you can enjoy lower fees. To stay with the example above, a transaction at VIP level 8 would only incur a 0.0300% fee on the maker side. With the anniversary offer, the fees would even be limited to just 0.0225%.
Below you will find a list of the individual VIP levels and the transaction fees for each level:
|VIP-Level||Maker||25% Discount||Taker||25% Discount|
If you're wondering how to climb the VIP rankings, the answer is simple: The more you trade, the higher your VIP level increases. Strictly speaking, the VIP level is based on your monthly trading volume. The VIP level 0 applies to all users who trade less than 50 BTC per month. However, as soon as this limit is exceeded, the VIP level increases, and you can enjoy the better trading conditions.
Apart from the transaction fees, it is also important to know which currencies and methods can be used to purchase cryptocurrencies on Binance. Fortunately, our Binance experience shows that the cryptocurrency exchange has considered numerous deposit methods. For this reason, every user can choose the method that is most convenient for them.
This flexibility is already evident in the choice of currency. Since Binance is an international cryptocurrency exchange, you can decide, for example, whether you want to buy cryptocurrencies in EUR or USD. In addition to these two major currencies, there are many other smaller national currencies, such as the British pound or the Japanese yen.
Regarding payment methods, users can also look forward to a wide range. For credit card holders, Binance naturally offers the use of a Visa or MasterCard. Due to the fast transaction and the high security standards, this deposit method is particularly recommended.
But what if you don't have a credit card? Do not worry! In this case, too, Binance users can trade to their heart’s content. A popular alternative is the classic bank transfer, which can also be used without any problems.
All in all, you can personalize your trading setup to a large extent and use the transaction methods that are most convenient for you.
With which cryptocurrencies can be traded at Binance
Of course, as a user of a crypto exchange, you also want to be able to access as wide a selection of cryptocurrencies as possible. Usually, of course, you only need one cryptocurrency, but it would be impractical to register with an exchange only to find that the desired cryptocurrency is not offered at all.
Fortunately, in the case of Binance, you don’t have to worry about such a situation. Our Binance experience shows that the provider provides a considerable number of different cryptocurrencies. At Binance, fiat currencies can be exchanged for numerous major cryptocurrencies, such as:
Regardless of whether you choose the top dog Bitcoin or perhaps even the in-house cryptocurrency Binance Coin, you will find what you are looking for at Binance. But not only users of cryptocurrencies with the largest market capitalization can rely on Binance, many smaller cryptocurrencies are also represented in the crypto exchange. For example, users can specialize in the following currencies:
As you can see, the most important representatives and also many more exotic cryptocurrencies are represented at Binance. Accordingly, you should feel in good hands with Binance, regardless of which cryptocurrency you want to specialize in.
A professional, mobile presence is essential for any trading platform these days. Many users of cryptocurrency exchanges enjoy being able to trade conveniently and flexibly on the go, without being tied to their home computer. In addition, the possibility of quickly buying and selling a cryptocurrency must be guaranteed. This is the only way users can be sure that they can hit good courses and not be hindered by a slow or faulty app.
Fortunately, as the world's largest cryptocurrency exchange, Binance lives up to its reputation in mobile trading as well, providing its users with a high-quality app (Apple or Android), which allows unrestricted access to the most important features of the crypto exchange even on the go.
So, you will definitely not miss a lucrative change of course and you can act at any time on the go.
The conclusion of our Binance review
As the world's largest cryptocurrency exchange, Binance naturally inspires great anticipation. Fortunately, however, the provider has managed to meet these high standards and was able to convince us across the board.
Despite the impressive wealth of features, Binance manages to maintain a good level of clarity. New players should therefore not have too much trouble finding their way around. Nevertheless, we recommend limiting yourself to the most important features at the beginning.
However, the focus of a cryptocurrency exchange should always be on its core competence, trading itself. It is precisely in this area that it becomes clear why Binance was able to blossom into the world's largest crypto exchange within just a few years.
Right from the start, the user-friendly access makes a positive impression. Registration is quick and practical. The purchase and exchange of cryptocurrencies can also be designed by each user according to their preferences thanks to the numerous currencies and payment methods represented.
Trading itself is facilitated by the practical limit feature and has noticeably enriched our Binance experience. Since purchases are made automatically from a freely definable price, Binance users do not have to pay constant attention to reliably execute their desired trades.