Do you need areviews of BinanceOr his cryptocurrency exchange? You're in the right place!
Binance was launched in 2017, and already has over 10 million users. Since its creation, Binance has been offering its services throughout Europe. It currently expects to register in France as a PSAN (service provider on digital assets). We wanted to know more.
Is Binance really sure? Can we trust Binance's wallet to store our tokens and trust Binance? What are his expenses? What cryptos can be exchanged with Binance?
We will start with a summary of our opinions on Binance:
| Opinion on Binance : In brief |
|
|---|---|
 Benefits |
 Disadvantages |
| Excellent trading experienceMany services
Excellent web and mobile platform You can now deposit by transfer Excellent technical support in French A compensation fund for SAFU |
– Non-registered NPS with AMF- It is mandatory to have GNBs to benefit from various benefits and services.
– No demonstration account |
| Customer feedback |  App Store – 4.4 out of 5 (48.916 reviews). Google Play 4.2 out of 5 (165.328 comments) TrustPilot 2.4 out of 5 (3229 comments). |
| Our opinion of Binance | 18/20 |
| Current offer | Cashback up to 8%. |
Binance Review: For and Against
We are very satisfied with the Binance exam. Binance has a wide range of trading tools, from the most complex to the simplest. This allows everyone to feel comfortable on the platform. A multitude of financial products and services, some of which can be risky for beginners, are another asset. Binance is an excellent platform, provided you avoid leveraged products that can increase your risk of loss of capital.
What are the benefits of Binance?
Binance's exceptional customer service is, in our opinion, the greatest advantage. Binance has an excellent reputation for technical support and relies on its French clients to obtain quality support. Even during periods of increase, the response times are very short.
Curiously, the first answer is provided automatically. This is very useful to direct you to the right FAQ articles. You can reach an ultra-reactive human operator by email at any time.
What are Binance's disadvantages?
We found a potential negative aspect of Binance in our review. It's about security. Binance is currently receiving excellent criticism in the specialized press for this particular aspect. Binance has been the victim of security flaws in the past. The most recent one, which occurred in May 2019, saw the loss of approximately 7,000 BTC.
Binance, however, wanted to be reassuring by adjusting its security to the maximum, and then creating a compensation fund for customers affected by these failures.
Can we trust Binance?
We can trust Binance.. Security has been much better since the May 2019 hack, which led to the flight of more than 7,000 BTCs on the platform. Binance has a SAFU compensation fund, which compensates cryptocurrency theft victims. It has existed since 2018. Some Binance problems are not perfect, and caution is required.
Is Binance reliable?
Binance is, in our opinion, a platform of trust. Binance is reliable from the point of view of storage, as most crypto-stocks are preserved « Cold », which means that they are not exposed to the elements. It is completely disconnected from the internet and away from attempts to hack. Thanks to solid protocols, it is difficult for anyone to get unauthorized access to your account. It is important to note that withdrawals are fast and that the platform is not known to block unintentional withdrawals.
Is Binance a secure market?
Binance is considered a safe exchange and therefore areliable platform. Your cryptos (private keys) are stored on a medium that is not connected to the Internet. This makes them hard to hack. Access to accounts is protected by a two-step connection (a password and another password sent to your phone).
Focus on the main information about this platform:
| Binance review: Broker regulation |
|
|---|---|
| Launch | 2016 |
| Head Office | Hong Kong |
| Regulatory country | Malta (MFSA) |
| AMF approval | No |
| Deposit guarantee | No |
These points will help you better understand the security of your Binance funds.
- A licence for the Cayman Islands and Seychellesis necessary to register as an investment company in these two countries.
- LMFAdid not approve Binance's PSAN. Binance is not a cryptocurrency broker registered with the AMF. An appeal to the AMF Ombudsman is not possible.
- A SAFU compensation fund: This fund is funded by 10% of the platform's revenue in fees. It is used to compensate users for losses caused by computer failures
- Most cryptocurrency stored » Cold» : in wallets that have not been connected to the internet and only a small part of the cryptocurrency stock of the platform is exposed to internet traffic.
Binance can be considered a reliable platform. However, some factors make the situation difficult. First, there is no clear headquarters. It is therefore difficult to determine which regulatory framework applies. This legal ambiguity could be problematic in cases of appeal. The second element is the history and severity of security vulnerabilities (March 2018, May 2019, 2019), although each time the platform has taken all the necessary measures to compensate its users.
Visit Binance's official website
Binance Reviews – Our complete analysis
Discover our detailed analysis of Binance to give you an opinion: The offer offered by the grant, thecryptos available, fees applicable on transactions, platform, customer service, account opening, customer reviews.
What's Binance's offer?
Binance offers 7 main services.Themost of them are accessible via a mobile app. Binance offers many additional services, including trading, saving, credit, mining, and even a Visa card that converts cryptos into cash. It can be used in online or physical stores.
What services are offered by Binance?
Binance offers cash transactions with or without leverage, derivatives (options and futures) and cash transactions with more than 250 cryptocurrency. Binance also offers a simplified investment service that allows you to buy cryptos using a credit card and keep them in a secure wallet.
Binance offers a range of services that go beyond these two main services. These include credit cards, savings and credit.
Does Binance offer a crypto credit?
Binance offers savings and credit services in cryptocurrency. Binance Earn offers a range of products that allow you to save cryptos and earn interest. This is similar to the « staking », which consists of locking some tokens to guarantee a yield. Binance Loans, on the other hand, allows you to borrow in stablecoins, USDT and BUSD, while giving as a guarantee your crypto stock (BCT, Ethereum).
Let us take a look at these services:
| Binance Review Services provided |
|
|---|---|
| Services | – Buy/sell cryptoactives (live) – Store wallets – Send/receive cryptocurrencies – Trade cryptocurrency (with leverage) |
| Marketable crypto assets | – Cryptocurrencies – CryptoIndices – CryptoOptions – Tokenized stocks – Tokenized amenities |
| Scholarship | Yes (Binance). |
| Portfolio | Yes (Binance Wallet) |
| Cryptographic bank card | No |
| Nb for crypto | 19 |
| Internal token | CRO |
| Platform | Web interface Mobile application |
| Deposit/deduction | Crypto Carte bancaire |
| Main costs | Purchase/Sale: Spread from 0.75 to 5% – Purchase/Sale: No commission – Withdrawals: 5$ Committee |
- Cash or margin trading: Binance is the main activity. It offers a platform for trading cash or margin assets (with leverage) and a catalogue of more than 200 cryptos. This includes everything you need to buy bitcoin and other cryptos.
- Derivative trading:It is a service that allows trading of cryptocurrency derivatives (options, futures), mainly speculative products because they use leverage to multiply potential gains.
- MiningBinance Pool allows you to join a « cooperative », which allows you to give computing power to bitcoin miners
- Payment cards: A Visa debit card to use your cryptocurrency for online and physical purchases.
Binance offers one of the bestoffers that we have seen. This offer is ideal for beginners. It is affordable, secure and accessible with very little capital. The majority of services are new and have already attracted 10 million users. This rapid success can be attributed to both hyperactive marketing and high quality service.
What cryptos are available on Binance?
More200 cryptos are available for purchase or trade on Binance. Binance has most blockchain projects checked: DeFI cryptos and new cryptos (innovations), POS, Polkadot cryptos. NFT, Proof-of-Work cryptos (Bitcoin and Ether), USDT stablecoins, BUSD. To satisfy the most fervent crypto-enthusiasts.
The universe of investment is vast, with many cryptos tied in pairs. These crypto pairs can be exchanged in cash but also in the form of derivatives. Binance offers crypto derivatives like futures, vanilla options and even ETFs.
What is the Binance crypto pair?
Binance offers more than 250 pairs of cryptocurrency. Each pair can be associated with Bitcoin (xxx/BTC), Binance Coin xxx/BNB token, or other cryptos (xxx/ETH and xxx/TRX), as well as traditional currencies (xxx/EUR and xxx/USD). A crypto like bitcoin can be negotiated in many ways based on your preferences and your sensitivity to volatility, which we consider very positive.
A list of crypto-actives that can be traded on Binance
| Binance exam The platform offers cryptocurrency |
||
|---|---|---|
| Products | Number | Examples |
| Cryptocurrencies | 257 | BTC (Bitcoin). ETH (Ethereum). DOGE (Dogecoin). |
| Stablecoins | 5 | USDT (Tether). BUSD (Binance USD). USDC (Coinbase USD) |
| Internal token(s). | 1 | CRO |
| Minimum transaction | 25 $ | No example |
| Leverage effect | Maximum 125x | No example |
Let us take a closer look at the plethora of offers.
- An internal token: The BNB is Binance's internal currency. It is worth about $430, but its price is constantly changing.
- TheMost popular cryptosare Bitcoin, Ethereum and other high capitalization cryptos that are making news.
- Promising projects: Decentralised financial currencies as well as recent cryptos that are verified. These currencies are very popular among investors looking for the next currency that will compete with Ethereum and Bitcoin.
- With or without leverage in theTrading: leverage from 1 to 10. This means that negotiating BTC/USDT with a leverage effect of 10x amounts to negotiating with 1000 $ and only 10 $ capital.
Binance has one of the largest ranges of marketable cryptocurrency. Binance is also one of the few to offer crypto-backed ETFs to help you invest in their increase or decrease in the medium term. The binary options accessible via the mobile app are not trustworthy. These extremely risky products allow you to bet on the rise or fall of a crypto with deadlines ranging from 5 minutes to 24 hours. This product was repeatedly reported by AMF.
What are Binance's expenses?
Binance charges are 1.8% for direct purchases of cryptocurrency (per card) and 0.1% for indirect purchases (transfer/portfolio deposit, then purchase). The orders takers have a transaction fee of 0.10%, and the manufacturer orders 0.10%. These fees decrease as your VIP level increases. For example, if 50 BTC are exchanged within one month and you hold 50 BNB, your fee will be 0.075% for the taker and 0.0675% for the maker.
What are Binance's trading fees?
Binance bill 0.1% for trading. This is for a market order (taker), and a limited price order. If you choose to pay your fees in BNB (Binance's internal token), the fee falls to 0.075%. Holding fees apply to leveraged positions that you keep from one day to the next. These « swaps », which vary according to the cryptocurrency negotiated, are also accompanied by maintenance fees.
What are Binance's different fees?
There are four types of expenses for Binance. First, there are fees for deposits and withdrawals. These are commissions on funds deposited and withdrawn into a bank account. There are also trading fees, which are related to purchase/sale transactions. There is also swap interest, which is a daily financial interest on funds borrowed by Binance when you use leverage.
The last category is administrative costs. They are linked to account management.
Overview ofBinance fees
| Opinions on Binance : Costs |
|
|---|---|
| Type of fee | Costs |
| Trading Commission | 0.10% (taker & maker) |
| Purchase Commission CB | 1,8% |
| Spread | Variable |
| Spread | Variable |
| Deposits | Free |
| Withdrawals | 1.0% per transfer |
| Inactivity | None |
Let us now turn to the most important points concerning Binance's expenses.
- Discounts related to BNB: By holding a Binance Coin share (BNB), you can significantly reduce your transaction costs up to 25%. By recommending a friend, you can get an additional 25% discount.
- No fees for cryptocurrency deposits: Binance takes no commission on crypto deposits.
- 1% to 7% on deposits via other methods: Although Binance does not offer fiat trading pairs, it facilitates the purchase of fiat using third party service providers. The Binance Fiat Gateway offers deposits by bank transfer at a cost of 1%.
- Low withdrawal costs:removal costs depend on the crypto. For withdrawals to Bitcoin, Ethereum and Litecoin wallets, the charges are 0.0004 BTC and 0.003 ETH respectively. In comparison, Kraken invoice 0.0005 BTC.
Binance is, in our view, one of the most affordable exchanges on the market. This is a significant advantage.. The 0.10% margin and spot trading fees are very competitive, and Binance is a valid choice. Coinbase Pro bill 0.5%, Bittrex 0.2%. Kraken is more expensive with a price of 0.16% for the seller and 0.26% for the buyer. KuCoin is the only exchange offering a rate comparable to Binance's.
Discover Binance's fees
Opinion on Binance : Our conclusion
Our opinionon Binanceis positive. Binance offers a wide variety of trading tools, from the most complex to the simplest. This allows all types to feel comfortable on the platform. A multitude of financial products and services (always backed by cryptos), is another plus. However, some of them may be risky for beginners.
Binance is our recommendation. However, you must avoid leveraged products that increase your risk of capital loss.
We believe that Binance's greatest asset is its outstanding customer service. Binance has a reputation for technical support and relies on quality support for French customers.
Even during periods of increase, the response times are fast, which is great.
Curiously, the first answers are automatic. It is very useful to refer to the right FAQ articles. Messages can be sent to an ultra-reactive operator who will help you answer all your questions.
The
- An excellent trading experience
- A wide range of services
- Excellent web and mobile platform
- You can now deposit by bank transfer
- Excellent technical support in French
- A compensation fund for SAFU
The opposite
- PSAN registration still pending
- Obligation to have BNBs for different services and benefits
- Inadequate demonstration account
Binance is more than a platform « expert ».This reputation has long been acquired because of its complex and branched functioning. Binance offers the lowest transaction fees and targets all types with its fiat-crypto and crypto-fiat couplings.
Binance for peoplemore experienced with itsoptions, futures contracts and margin transactions. Binance offers savings and staking options for the most conservative. Binance is not intended for people seeking anonymity. Binance's KYC rules prohibit anonymous trading in the current regulatory environment. Binance is, in our opinion, the best stock exchange on the market.