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 also currently looking for a reliable and high-quality crypto exchange, you are reading the right article. Below you will find a comprehensive analysis of Binance, the world's largest cryptocurrency exchange. In this review, we will share with you our Binance experience and you will learn about all the important services and offers of the service provider.
The most important advantages and disadvantages at a glance
As you have already read, Binance is the world's largest cryptocurrency exchange. Considering that Binance was only founded in 2017, this title seems to be a foretaste of the great qualities of the provider. In fact, our Binance experience shows a large number of advantages that you can also enjoy during 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?
Once you have chosen Binance as your new cryptocurrency exchange, the next step is to create a user account with this provider. Binance is available in many languages at the time of writing this review, but unfortunately not in German.
To do this, you must first click the "Register" button. This is located at the upper right edge of the homepage and is highlighted in yellow. Due to the well sorted homepage and the clear layout, the button should quickly catch your eye. As soon as you have clicked the button, you will be asked to enter your nationality. This is important because the registration process differs from country to country. The reason for this is that the legal framework for crypto exchanges differs from country to country.
Once you have entered this information, the next step is to enter your email address and a password. Binance does not require you to provide sensitive information, which is why you do not have to provide your name or address and enjoy a high degree of anonymity. However, before you click "Confirm", you should still consider whether Binance should inform you about interesting news and offers in the world of crypto trading with a newsletter. If you are interested in this, you should check the corresponding box. If you do not like newsletters, you can proceed to the next step of registration with a clear conscience.
After that, Binance will send you an email 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 completed at this point. In addition, you will be asked to enter your phone number, which will be used for the next step of account confirmation.
Once this is done, your new user account at Binance will be fully available to you and you can jump right into trading.
Clear layout enables professional handling
For a demanding activity like trading, a practical user interface is needed that does not distract the user unnecessarily. Imagine you want to find out about the latest price changes, but you have to scroll to the bottom of the page. Such a design would not only be unintuitive, but would 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.
Already at the first glance at the homepage you can see the most important information. If you don't have a user account at Binance yet, you will see the button for registration in the center. Below that, 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 subpages and practical tools of Binance. Under the "Buy Crypto" section you can exchange fiat currency directly into cryptocurrencies, while the "Market" and "Trade" categories allow you to start trading right away.
Finally, if you scroll all the way down on Binance's homepage, you'll find information about customer service, the company itself, and 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 is trading done 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. For 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, the individual offers show which cryptocurrency has lost the most value and which has gained the most. In this way, players can see at a glance which cryptocurrencies could be particularly profitable at the moment and which ones are best left alone.
In addition 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 has the great advantage that you do not have to watch the prices every hour to not miss your desired price. This is a convenient feature that especially favors occasional traders and those who still pursue 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. One 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 climb up the VIP ranks, the lower the transaction fee will be for you. For example, at VIP level 8, the fee is only 0.0500%, effectively halving it. It is nice that Binance also offers special deals and promotions. For example, traders can enjoy a 25% 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 incur a fee of only 0.0300% on the Maker side. With the anniversary offer, the fees would even be limited to only 0.0225%.
Below you will find a list of the individual VIP levels and which transaction fees apply for the respective level:
|VIP-Level||Maker||25% Discount||Taker||25% Discount|
If you are wondering how you can climb up the VIP ranking, the answer is quickly explained: The more you trade, the higher your VIP level rises. To be precise, 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 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 taken into account numerous different 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. For example, since Binance is an international cryptocurrency exchange, you can decide whether you want to purchase 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.
In terms of payment methods, users can also enjoy 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 recommendable. But what if you are not in possession of a credit card? Don't worry! Even in this case, users can trade at Binance to their heart's content. A popular alternative is, for example, the classic bank transfer, which can also be used without any problems.
So, all in all, you can personalize your trading setup to a great 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 do not have to worry about such a situation. Our Binance experience shows that the provider provides a considerable number of different cryptocurrencies. Thus, fiat currencies can be exchanged for numerous major cryptocurrencies at Binance, such as:
Whether you choose the top dog Bitcoin or maybe even the in-house cryptocurrency Binance Coin, you will find it at Binance. However, not only users of the cryptocurrencies with the largest market capitalization can rely on Binance, many smaller cryptocurrencies are also represented on the crypto exchange. For example, users can specialize in the following currencies:
- Shiba Inu
As you can see, the main representatives and also many more exotic cryptocurrencies are represented at Binance. Accordingly, you should feel well taken care of at Binance, no matter which cryptocurrency you want to specialize in.
Nowadays, a professional mobile presence is essential for any trading platform. For example, many users of cryptocurrency exchanges enjoy the convenience and flexibility of being able to trade on the go without being tied to their home computers. In addition, the ability to quickly buy and sell a cryptocurrency must be guaranteed. This is the only way users can be sure that they can strike at good prices and not be hindered by a slow or buggy 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.
This way, you're sure not to miss any lucrative course changes and can act at any time, even when you're on the move.
The conclusion of our Binance review
As the world's largest cryptocurrency exchange, Binance quite naturally triggers a lot of expectations. Fortunately, the provider has managed to meet these high standards and was able to convince us all along the line.
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 the core competence, the trading itself. It is precisely in this area that Binance has managed to become the world's largest crypto exchange within just a few years. Right from the start, the user-friendly access stands out positively. Registration is quick and practical. The purchase and exchange of cryptocurrencies can also be arranged 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 in order to reliably execute their desired trades.