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With several hundred thousand customers worldwide, Binance is one of the top 10 largest and most well-known exchanges - the use of the exchange is free, with fees only for the purchase and exchange of cryptocurrencies
Payment options
Pro
- Exchanges for beginners and advanced users
- Number of different cryptocurrencies
- Moderate fees
- Own Binance Coin (BNB) and Stable Coin (BUSD)
Contra
- English-speaking support only
- Demanding usability
90%
5.0 out of 5.0 stars5.0
Sehr gut
Verified provider
Long-standing expertise
Transparent selection
Regulated platform
Binance.com, or Binance for short, is a well-known crypto exchange and one of the largest worldwide. It was founded in 2017, so at first glance it has not been on the market for very long. However, the founding team comes from companies that already gained experience with software for trading platforms in 2003. Especially within Asia, the Binance crypto exchange is now one of the best-known and most frequently used crypto exchanges. A simple registration, a comprehensive security concept and more than ten tradable digital currencies are among the provider’s strengths. In our following review, we will discuss both the strengths and weaknesses of the offer in various categories.
Binance in German: our Experiences
Registering on the Binance crypto exchange is quick and easy. For a long time, the website with all its functions was only available in English. The platform has recently become available in German – this applies to all users from Switzerland. Investors from Germany and Austria can still only access the English version. The necessary information that you have to provide during the registration process includes your name, address, date of birth and a telephone number as a contact option. As a rule, however, the registration process is completed after just a few minutes.
Security in the Test: how Secure is the Crypto Exchange?
In the security category, we can definitely give the Binance crypto exchange a plus point, because the security concept is modern and consists of numerous measures. For example, Binance uses various systems that constantly monitor the servers and computers and keep them up to date. Two-factor authentication is also an important part of the security concept, which ensures the security of user accounts in connection with access. It also contributes to security that special encryption systems and signatures are used when uploading certain documents via the customer account.
It is important to most customers not only that the systems of the crypto exchange are protected and secured against unauthorized access, but also that the financial security of the funds plays a major role. Overall, Binance’s security concept is certainly one of the best that you can currently find on the market in the area of crypto exchanges.
Cryptocurrencies on Binance
In the area of tradable cryptocurrencies, Binance.com is particularly convincing because it is not only the best-known cryptocurrencies that can be traded, as is the case on various other platforms. Instead, there are currently over 300 (!) digital currencies that you can trade via Binance, such as:
- Bitcoin
- Solana
- Dash
- Cardano
- Binance Coin
- Litecoin
- Monero
- Ethereum
- and a variety of others…
In this area you will find a huge selection, even if there are of course more than 900 other cryptocurrencies that could also be traded. Nevertheless, Binance is one of the exchanges where you will find one of the largest selections of tradable cryptocurrencies. In addition, the range is constantly being expanded with new interesting coins.
Binance Fees in the Test
In the following, we will take a look at the Binance costs and classify them in comparison.
Deposits and Withdrawals
On the Binance crypto exchange – as with numerous competitors – there are two cost factors, namely the fees for deposits and withdrawals and the trading fees. Which fees the crypto exchange charges for deposits and withdrawals depends almost exclusively on the currency in which the payments are made. So far, only bank transfer is available as a payment method, which of course represents an extremely small selection. Depending on whether it is a deposit or withdrawal, the costs range between zero euros (SEPA transfer in euros) and up to 60 pounds (withdrawal in British pounds).
Trading Fees
In addition to the fees for deposits and withdrawals, costs are also incurred on the Binance crypto exchange when trading cryptocurrencies. The two influencing factors that influence the amount of the fees charged are, on the one hand, the trading volume and, on the other hand, the cryptocurrency traded. Binance works with the so-called maker and taker fee. However, these fees have been 0.0 percent for almost every cryptocurrency for some time. Depending on the currency traded and the volume, the costs for trading in the form of a spread average between 0.10 and 0.30 percent, which is a thoroughly moderate value.
Experiences with Support
In the customer service category, we would first like to mention that Binance is one of the few crypto exchanges that also provides a wallet. According to the crypto exchange, customer service is generally available around the clock, 365 days a year. During our test, however, we found that the live chat in particular is often not available or it takes a very long time for someone to answer. In addition, customer service is generally only available in English, which of course represents a major restriction for traders from Switzerland. Overall, there are neither major criticisms of customer service nor is it a particularly good part of the offer. In the test, we used the contact form and received a suitable answer to our question relatively quickly.
Binance Special Features in the Test
The exchange has its own cryptocurrency, the Binance Coin or Binance Token (BNB), its own cryptocurrency. Currently, the coins are limited to 200 million BNB. The highlight: Users and customers of the exchange can use it to pay their fees and save money. If they pay with the BNB, the fees are reduced by up to 50% depending on the year (50% in the first year, 25% in the second year, 12.5% reduction in the third year). So it’s worth it. Another special feature is the Academy. A place where beginners and advanced users can access a large knowledge database.
Conclusion: Binance Convinces in the Test with a Good Overall Package
It is not without reason that Binance.com is now one of the best-known and most frequently used crypto exchanges worldwide, especially within Europe. The overall package is coherent, even if there is still room for improvement in some categories. The comprehensive security concept and the fact that more than 100 cryptocurrencies can be traded are particularly positive. The fees are in a fairly moderate range and with the BNB (Coin), users also save significantly on fees. In our opinion, Binance could become a little more international in that the website and customer service could be available not only in English in the future. Nevertheless, there is no reason to advise against the Binance crypto exchange, on the contrary.
With several hundred thousand customers worldwide, Binance is one of the top 10 largest and most well-known exchanges - the use of the exchange is free, with fees only for the purchase and exchange of cryptocurrencies
Payment options
Pro
- Exchanges for beginners and advanced users
- Number of different cryptocurrencies
- Moderate fees
- Own Binance Coin (BNB) and Stable Coin (BUSD)
Contra
- English-speaking support only
- Demanding usability
90%
5.0 out of 5.0 stars5.0
Sehr gut
Verified provider
Long-standing expertise
Transparent selection
Regulated platform
