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Binance Review 2020

Binance Review 2020

We’d like to start off our Binance review by saying that this is probably the best first impression of any exchange thus far. You head in and you’re met with a selection screen which asks you how much you want to spend, a choice of currency, and what you want to buy. For all the complexities of betting exchanges, this boils it down to the core ingredients in a way that provides the perfect introduction. We can’t start our Binance exchange review with anything better than that.

However, can Binance maintain that good first impression throughout, and does it have the depth to last in such an incredibly competitive market? Well, there’s only one way to find out, and that’s by joining us in the rest of our Binance review.

Binance: Pros & Cons
  • Perfect for intermediate to expert users
  • Brilliant design
  • Incredible amount of helpful information
  • World class customer service team
  • Astonishing variety of cryptocurrency
  • Might not be suitable for beginners

Usability, Look & Feel

Before we get into the meat of the matter, we’d like to say that one thing they deserve credit for here is how well they explain all the security measures they take to keep Binance safe. There’s a massive amount of information, so you not only understand more about their security measures but you get informed on what you can do personally to stay secure. Their section on using hard wallets is an excellent example of this.

That said, we can’t give them a perfect security score in this part of our review because sadly, they were the victim of a major hack in 2019. However, they’ve done a great deal to improve in this regard, which we will go into more detail about later.

In terms of useability, the fact is – as we mentioned earlier in our Binance exchange review – the sheer amount of options here does mean that their target is likely beyond the beginner, so there’s a lower limit of how easy this can be made. Considering the sheer variety of options here though, we would say that they have done just about everything they can to make it as simple and as streamlined as possible, with a beautiful design and seamless performance.

Payments

Alongside the cryptocurrency options mentioned earlier in this Binance review, we are also happy to say that they now have the option for both bank account and credit card options – as you probably could have guessed from our earlier mentions of the different currencies available. This is a huge step forward and a huge positive for this Binance exchange review, as they were initially a crypto-to-crypto exchange. This significantly improves the scope of their user base.

Unfortunately, there are some things that Binance don’t have control over and these include processing times to a large degree. They don’t have any control over the blockchain, however, some coins are obviously faster than others. If you are looking for speed, Ethereum is a decent choice. However, for mainstream popularity, bitcoin still reigns supreme. It really all depends what you are after. This is one part of our Binance review where there isn’t a wrong or right answer: just personal preferences.

Customer Service

You probably imagine we’re going to start this part of our Binance review by discussing how to contact customer service, but actually, customer service really begins with the Help/Support literature. And we have to say it’s astonishingly detailed. This isn’t just your run-of-the-mill Terms and Conditions page: this is an exchange encyclopedia, explaining just about anything you want to know, if you only have enough time to read it. Also, the Binance site is available in 15 languages.

That said, no Help section is good enough to forego the need for customer service with an actual dedicated team. Luckily, there is a 24/7 live chat, which is the gold standard of any site and a big positive for this Binance exchange review. At the bottom left of your screen, there’s a yellow circle with a chat box. Click on this and you’ll get through to a bot that will try to answer your question but if it can’t, you will get to talk to an actual person.

The response for us took moments and the responses we got were as informative as they were swift. Absolutely world class stuff: the only downside for some may be the lack of a phone line.

License & Security

Binance responded swiftly to try and put out the fire that was their 2019 breach and actually achieved security accreditation shortly after from the International Organization for Standardisation. This saw them examined on 114 criteria, including information systems, security policy, operational systems and more.

Their commitment to security is also obvious from their sign up process. This includes the use of KYC for fiat currencies, the use of 2FA, and the use of address whitelisting. That sign up process also ensures that minors cannot use the site.

One negative on this Binance eview is that we’re still unsure about what is going on in terms of Binance and their licensing, after some confusion regarding them having a license in Malta. We asked customer service and were told they could not disclose that information, so we’re honestly not sure what is going on and what we can expect in the future. Obviously, Binance is fine regardless of this situation – cryptocurrencies themselves are decentralised – but we would prefer the situation to be made clearer.

Binance Crypto

Trade Offer

There appears to really be two true kinds of approaches when it comes to what cryptocurrencies are made available. The first is to only allow for a small amount of options: that way, you can ensure you are only offering the cream of the crop. It also has the benefit of keeping the exchange simple and uncluttered. The alternative is to allow any and all legitimate options you can on the exchange, and leave it up to the user to make their own decision.

Binance appears to be very much in the latter category, with an ever-expanding roster of altcoin options. We don’t want to put an exact figure on it because this is something that is quite fluid and can change. Rest assured though that the selection is vast and includes all your favourite options, like Litecoin, Ripple, bitcoin and many, many more.

While we do fully appreciate this approach, more variety does have a small downside in that it creates a site which may appear intimidating to new users. That said, there’s no way around that – this amount of choice does simply take up a lot of space. This is not a criticism in this part of our Binance review but simply an acknowledgement that this may be a sign of the target audience.

Trading Costs

There have been many highlights of this Binance review before and there will be more to come, but there can be little doubt that one of the key selling points for Binance is their low trading fees. All fees in this regard are either 0.1% or below, which gives them an absolutely huge advantage over much of their competition.

On top of that, there are no deposit fees on any of your coin options, although withdrawals do vary. More information on all of this can be found on the site – it really is impossible for us to cover all the intricacies in this part of our Binance review as there’s simply too many different facets to Binance.

We will say though that their reputation for quality fees is well-earned throughout and you can find all of this information very clearly laid out, alongside things like Binance futures trading fee rates and margin borrow interest rates.

Trading Conditions

It’s a bit of a tricky subject for our Binance exchange review here because, as far as we can tell, there is no specified list of supported or restricted countries. We suppose this means that the only practical restriction is whether or not you have the means to utilise the platform. We do note though that there are geoblocks in several countries. However, the currencies of many of those countries – particularly in the case of the US dollar – is supported.

Like we said, in terms of restrictions, this appears to come down to practicality. And with that said, our best indication in this regard is through the currencies that are available. All we can say here is that the options include everything from the Dollar to the Peso, from the Shilling to the Yen and so much in between: there really is no lack of options. However, we can’t give them perfect marks in this part of our Binance review due to a lack of clarity.

Product Conclusion

We believe we’ve been pretty straightforward in our Binance exchange review that this is an example of an exchange which can cater to experts, thanks to the sheer amount of variety it offers. However, that doesn’t mean they have made the basics behind how to use it difficult.

In fact, although becoming an expert at trading may be very complicated, the practicalities of using this platform is not. That is why this part of our Binance review, will go through the basics of how to use it to give you a brief Binance how to trade guide.

1. Create and verify your Binance account

First off, you’ll need to register your account. There’s a ‘Register’ button at the top-right of your screen. Here you’ll need to provide information like your email and password. You can also utilise a Binance referral code or referral ID if you have one. Agree to the terms, click ‘Register’ and prove you’re not a robot to receive an email which you can use to verify your account.

2. Set up two-factor authentication

When you then go to set up your account, you can set up 2FA, which we really, really recommend for security purposes. This is two-factor authentication, where you not only have a password but also a code sent to your phone to authenticate sign-ins. Who says you can’t learn something new in the middle of a Binance exchange review?

3. Fund your account

To fund your account, log in to your account, go on ‘Funds and Deposits’, create a deposit address, enter that address, tell it how much you want and hit ‘Send’. You now should have money in your account.

Moving onto Binance trading, the first thing to note in this part of our Binance review is that there are Basic and Advanced options and you can choose which is most suitable for you. We have to say though, even Basic is pretty complex. The Basic option sees you heading onto the exchange, choosing a trading pair, choosing the type of trades you want to make, as well as the amount, and you are good to go.

Overall Conclusion

Despite only having been around for a relatively short amount of time – and having had a breach early on in its life – the fact that Binance’s reputation remains pretty much intact is extremely impressive.

Plus, the customer feedback we have seen during our research for this Binance review has been majoritively positive, which is rare for any kind of betting exchange as people often forget to compliment but are quick to complain. Considering the many, many things they do well, we shouldn’t be too surprised.

In terms of its user base, we would say that Binance manages to fit perfectly into a level where they are great for both intermediate users as well as being versatile enough to take on experts. The key flaw with this betting exchange platform is that we do think that a lot of beginners may just be overwhelmed by the sheer amount of options here, with even its simpler modes being enormous in scope.

However, the factors which make it not ideal for some users are its great assets to other customers. If you are part of the latter, then Binance should be an exchange option that you give a great deal of consideration. After all, it’s a terrific exchange.

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