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Binance is the world's largest crypto exchange and impressed us in our test - using the exchange is free, with only minimal trading, deposit, and withdrawal fees.
Payment options
Pro
- Exchanges for beginners and advanced users
- 500+ cryptocurrencies
- Low fees
- Deposits via credit card & bank transfer
Contra
- No MiCA license
- User interface overwhelming for beginners
- Not all content available in English
87%
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.
There was a major setback in 2018. At that time, Binance fell victim to a large-scale hacker attack. They were able to access funds from countless customer accounts without authorization after placing ads with the search engine giant Google. A scam concept was hidden behind it. Many users fell for the fraud and transmitted their account login details to the perpetrators. The company did react to the threat by blocking withdrawals from the platform early on. However, the Japanese authorities significantly tightened their regulations as a result of the incident. Due to another change of location, Binance changed its business practices to the extent that today many employees work for the exchange from home—long before the global lockdown and home office measures. The result was a distribution of the workforce across all parts of the world.
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.
In contrast to many German-speaking crypto exchanges, Binance does not hold a MiCA license. This is the biggest disadvantage of Binance when it comes to security. There is also no deposit insurance for fiat funds. However, users shouldn’t keep their funds and cryptocurrencies on the crypto exchange anyway, but always in a crypto wallet.
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
- BNB
- Litecoin
- Monero
- Ethereum
- and a variety of others…
With more than 500 tradable cryptocurrencies, 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
Below, we take a look at Binance costs and see how they compare with other crypto exchanges.
Trading Fees
When looking at the Binance fees, it’s noticeable that the crypto exchange is significantly cheaper than, for example, Bitpanda or Coinbase. The two factors that influence the level of fees charged are the traded volume and the traded cryptocurrency. Binance works with so-called maker and taker fees. You are considered a maker if you provide liquidity to the platform. However, if you use existing offers, taker fees apply. Therefore, maker fees are usually lower than taker fees. For the average Binance user, both fees are 0.1 percent of the traded amount. However, costs decrease as trading volume increases or if you hold BNB tokens. Below you will find an overview of the current costs at Binance.
| 30-day trading volume (USD) | Condition | BNB balance | Maker / Taker | Maker / Taker (25% discount with BNB) | USDC Maker / Taker | USDC Maker / Taker (25% discount with BNB) |
|---|---|---|---|---|---|---|
| < 1,000,000 USD | or | ≥ 0 BNB | 0,100 % / 0,100 % | 0,07500 % / 0,07500 % | Standard / 0.095% | Standard / 0.07125% |
| ≥ 1,000,000 USD | and | ≥ 5 BNB | 0,090 % / 0,100 % | 0,06750 % / 0,07500 % | Standard / 0.095% | Standard / 0.07125% |
| ≥ 5,000,000 USD | and | ≥ 25 BNB | 0,080 % / 0,100 % | 0,06000 % / 0,07500 % | Standard / 0.095% | Standard / 0.07125% |
| ≥ 20,000,000 USD | and | ≥ 100 BNB | 0,040 % / 0,060 % | 0,03000 % / 0,04500 % | Standard / 0.055% | Standard / 0.04125% |
| ≥ 100,000,000 USD | and | ≥ 500 BNB | 0,040 % / 0,052 % | 0,03000 % / 0,03900 % | Standard / 0.047% | Standard / 0.03525% |
| ≥ 150,000,000 USD | and | ≥ 1,000 BNB | 0,025 % / 0,031 % | 0,01875 % / 0,02325 % | Standard / 0.026% | Standard / 0.01950% |
| ≥ 400,000,000 USD | and | ≥ 1,750 BNB | 0,020 % / 0,029 % | 0,01500 % / 0,02175 % | Standard / 0.024% | Standard / 0.01800% |
| ≥ 800,000,000 USD | and | ≥ 3,000 BNB | 0,019 % / 0,028 % | 0,01425 % / 0,02100 % | Standard / 0.023% | Standard / 0.01725% |
| ≥ 2,000,000,000 USD | and | ≥ 4,500 BNB | 0,016 % / 0,025 % | 0,01200 % / 0,01875 % | Standard / 0.020% | Standard / 0.01500% |
| ≥ 4,000,000,000 USD | and | ≥ 5,500 BNB | 0,011 % / 0,023 % | 0,00825 % / 0,01725 % | Standard / 0.018% | Standard / 0.01350% |
We have repeatedly made deposits and withdrawals at Binance over the past few years and haven’t had any problems. It’s important to note that depending on the country, you have to go through various KYC steps to use all the functions and the deposit and withdrawal limits of Binance.
Deposits and Withdrawals
Additionally, you may incur costs for deposits and withdrawals on Binance. The fees the crypto exchange charges for deposits or withdrawals depend almost exclusively on the currency in which the payments are made. Crypto deposits are generally free, while low fees apply for crypto withdrawals on Binance depending on the network. Of course, you can also deposit and withdraw at Binance via bank transfer or credit card. Direct deposits via CHF are not yet possible via bank transfer, but it is still possible via credit card.
| Currency | Deposit method | Deposit fee | Withdrawal method | Withdrawal fee |
|---|---|---|---|---|
| EUR | Bank transfer (SEPA Instant) | 1 EUR | Bank transfer (SEPA Instant) | 1 EUR |
| EUR | SEPA transfer | 0.5 EUR | Bank transfer (SEPA) | 0.5 EUR |
| EUR | ZEN.COM | 1 % | ZEN.COM | 0 |
| USD (optional) | Bank transfer (SWIFT) | 0 | Bank transfer (SWIFT) | 25 USD |
| USD (optional) | Credit card (Visa / Mastercard) | 3,5 % | – | – |
Binance functions tested
Nowadays, crypto investors want more from their crypto exchange than just trading cryptocurrencies. So you can do more than just buy and sell cryptocurrencies on Binance. Below you will find an overview of the most important Binance features:
- Spot Trading: Classic buying and selling of cryptocurrencies
- Futures Trading: Leveraged trading with long and short positions
- Binance Earn: Staking and interest on cryptocurrencies
- Launchpad / Launchpool: Participation in new crypto projects
- Auto-Invest: Automated savings plans for regular purchases
- Convert: Simple crypto exchange without a classic order book
- App and Platform: Lite and Pro modes for beginners and advanced users
However, not all functions are approved or regulated in Germany, Austria, and Switzerland. In addition, functions such as futures trading are a major risk for beginners. All these functions make Binance much more confusing for beginners. Otherwise, features like Binance Earn, Auto-Invest, or Convert are very user-friendly additions. For beginners, the Lite version of the Binance app is therefore suitable for simple trading of cryptocurrencies.
Experiences with Binance Support
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 unavailable or it takes a very long time for someone to respond. Binance sometimes offers customer service in German, but these are often support employees who use a translator for this service. In summary, there are no major points of criticism regarding customer service, but it isn’t a particularly standout part of the offer either. We used the contact form in the test and received a suitable answer to our question relatively quickly. In the coming weeks and months, we will continue to test the customer service extensively and then report on our experiences with Binance customer service here.
In our opinion, the large Binance Academy is a big plus. There you will find numerous articles about cryptocurrencies and trading. The Academy is currently available in many languages, but not in German.
Conclusion: Binance Convinces in the Test with a Good Overall Package
It’s no coincidence that Binance.com is now one of the best-known and most frequently used crypto exchanges worldwide, especially within Europe. The overall package is consistent, even if there is still room for improvement in some categories. The comprehensive security concept and the fact that more than 500 cryptocurrencies can be traded are particularly positive. Fees are in a fairly moderate range, and with the BNB (coin), users also save significantly on fees. However, to be among the best providers in the German-speaking region, the MiCA license is still missing.
Binance is the world's largest crypto exchange and impressed us in our test - using the exchange is free, with only minimal trading, deposit, and withdrawal fees.
Payment options
Pro
- Exchanges for beginners and advanced users
- 500+ cryptocurrencies
- Low fees
- Deposits via credit card & bank transfer
Contra
- No MiCA license
- User interface overwhelming for beginners
- Not all content available in English
87%
5.0 out of 5.0 stars5.0
Sehr gut
Verified provider
Long-standing expertise
Transparent selection
Regulated platform
