Binance review: updated broker reviews in 2021

Warning: the information presented here about Binance and its services is merely generic and comes from reliable publicly accessible sources or received from Binance (an entity authorized to operate in New Zealand by the CNMV or through the dollarpeo financial passport regime).

Investing in cryptocurrencies gives you the opportunity to get great returns in a short time. In Binance they give you the option of investing in bitcoins and other cryptocurrencies , but first you need to make sure that it is a secure platform. That's what we've done in Estafa.info , and we can confirm that it is a legitimate site for trading BTC, ETH, BNB and USDT.

The great cryptocurrency boom has attracted certain scams to the market. In fact, if you have been interested in that topic, you have probably received emails from spammers recommending this or that platform to you. Fortunately, Binance is a serious broker which does not give rise to any doubt that Binance is not a scam.

Our Binance reviews that it is not a scam are rNew Zealanddas for its good quality of financial services which are offered exclusively in the field of cryptocurrency markets. Therefore it is a platform where there are no other options to invest such as online brokers which provide trading on Forex and CFDs.

If you want to invest in stocks, commodities, stock indices and use a greater number of financial instruments, you we recommend finding other serious brokers as for example eToro where there is a wide range of options to invest online.

Our experience with Binance

Our team's Binance reviews describe a simple page whose goal is to allow you to investing or trading with cryptocurrencies such as bitcoin, ethereum, binance coin and Tether. To give you an idea, just with bitcoin there are more than 80 pairs available, so the opportunities are many.

At first glance we can notice that the page offers two modes of operation: a classic one and an advanced one. The classic version is simple and easy to use and therefore it is suitable for those who do not have much experience with this type of platforms. The advanced one is suitable for experienced traders who know what they are doing and know the cryptocurrency market and how to trade online very well.

Platform it provides several trading options with stock token, futures, traditional options and leveraged tokens.

The registration process is very fast , since you only need an email address and define your password. When you send it to them, you will receive an email almost immediately to verify your identity. With that, you will already have an active account with which to trade.

As you will see later, this platform has interesting security measures , which make it a good choice for trading. Next, we go into detail so that you get to know the Binance broker platform better.

Is Binance a scam?

When we did our research on the Internet we have found a lot of reviews about Binance they were very negative, but positive opinions also abound. It came to our attention that the Binance reviews that are negative were basically from users who lost money and felt scammed by Binance or because they could not withdraw money from the platform.

However, after analyzing the platform we can say that Binance is not a scam . On the contrary, it is a safe place in which to trade with cryptocurrencies, something that is not easy to find.

Even in the great tangle of reviews of users onfaVegas Palms because they lose money with their operations and they try to excuse their mistakes in intermediaries, Binance comes out well, since in general the Binance opinions of users are very good.

Summary of the highlights about Binance

The Binance platform allows its users to buy, trade and sell cryptocurrencies and provides a secure and reliable exchange. The funds of the users are insured and guaranteed so according to our opinions Binance is a safe cryptocurrency broker since the funds stored in this wallet are protected .

The user funds are guaranteed through compliance with the highest safety standards which we talked about in detail in the section “Safety and Regulations”. Anyway, we can mention as an advantage the double authentication process that uses two identity confirmation factors to allow access to a Binance user account.

Binance Offer

The product offering that can be invested in on Binance is dedicated exclusively to cryptocurrencies, but there is also a separate trading platform for trading futures on currencies . It is possible to trade on perpetual or quarterly contracts and the settlement can be carried out in currencies or in USD stablecoins.

Binance also offers an options trading platform, where you can trade dollarpeo-style vanilla options in cryptocurrencies. As well you can trade on margin . Margin rates and borrowing limits depend on your BNB balance and trading volume.

Binance has a number of separate trading for futures and for options . This is a common practice among cryptocurrency exchanges to have such a separate place for trading cryptocurrency futures.

The Binance broker provides additional products for trading such as leveraged tokens, which they allow you to trade with leverage without the risk of being eliminated by a margin call. This selection is excellent, but it can be difficult for beginners to understand. You have to be careful with leveraged products and make sure you understand all the associated risks.

On Binance, you can also bet coins and stablecoins, which allows you to earn rewards for betting on your possessions. However, the assets staked they are not covered by insurance against losses and they are not eligible for the protections of the Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC).

Trading cryptocurrencies on Binance

Binance contemplates more than 150 cryptocurrency pairs that can be bought, exchanged and sold, although all pairs are in relation to four specific cryptocurrencies: bitcoin (BTC), ethereum (ETH), Binance coin (BNB) and stablecoin such as USDT. From these four, you can buy, sell and speculate with many others.

The broker Binance has often been praised for its wide variety of support coins . Traders can use the platform for multiple digital currencies, including but not limited to bitcoin, bitcoin Cash, bitcoin Gold, ethereum, ethereum Classic, EOS, dash, liteCoin, NEO, GAS, Zcash, Ripple.

Investing with Binance is very simple. To get started, make sure you have deposited some funds - there are options for exchanging pairs on BTC, ETH, BNB and USDT. You have two screen options, the simple and the advanced, and both allow you to buy or sell the cryptocurrency pair you want, setting the stops you want to manage your risk.

You can also clearly check both your open orders, and your order history, to keeping track of profitability of their strategies.

Binance also supports numerous tokens that are part of an initial coin offering (ICO) or an initial exchange offer (IEO). These events allow Binance users to speculate on a newly listed crypto asset.

It might have been interesting to be able to trade against the dollar or the dollar, but that means stricter regulations that do not interest this platform at the moment.

Demo account

Although most online brokers provide a demo account to their clients so that they can familiarize themselves with their products, there is no demo account on Binance . The lack of a demo account on the Binance platform does not mean that this broker is inappropriate for beginner investors because it provides two configuration modes: one basic and one advanced. That way inexperienced users can use the basic mode and trade the market easily and simply.

Payment methods

How could it be otherwise on Binance you can enter money in a large number of cryptocurrencies, but of course you can also deposit fiat currencies in your Binance account. The payment options on this platform are several. The simplest is to use your credit or debit card; however, this is also the most expensive option.

Binance users can deposit fiat money and purchase digital currencies with a credit or debit card. This is made possible by the feature provided through a partnership with Simplex, a leader in access to fiat ramps for cryptocurrency purchases. The coins that they can be obtained directly with VISA or Mastercard and depositing into a Binance account include BTC, ETH, BNB, XRP, BUSD and USDT.

As for the withdrawals of money from Binance these are made by a transfer from a Binance wallet to an account or bank card. The earnings can also be withdrawn in cryptocurrencies which can be transferred to a hardware wallet. To withdraw cryptocurrencies, users can select the currency from their wallet and click on the 'withdraw' button.

For each of them they offer you their deposit address, and you can send money just like you do in any other trade or company in which you have used such currencies.

There are 14 coins that they can be sent from Binance to a bank which include AUD, BRL, NZD, GBP and USD. This means that the money does not have to leave Binance through a fiat-to-crypto exchange such as Coinbase to be able to withdraw and send money to a bank account.

In addition, Binance has launched its own currency, called BNB that gives you discounts on the fees of the operations you make. Of course, they have announced that the coin will have a maximum liquidity volume of 200 million, after which Binance will buy back and destroy currency until reducing it to 50%, that is, 100 million.

People who want to withdraw cash from Binance and send it to a bank account, select the wallet currency to withdraw and click on the 'withdraw' button. User you will need to complete the ID verification to add and verify a bank account in order to complete the process. Withdrawals from trust funds to a bank account may take 1-3 business days to complete.

Safety and regulations

The security of Binance is something that could worry anyone since as we commented at the beginning, there are not a few scams existing on the Internet .

Although a priori Binance does not require much to register you, once you are already registered it will offer you the option of carry out a two-step verification which you can do using the Google service or by SMS. In this way, you can be sure that no one except you will be able to enter your account, since even if they guessed your password, they would need to receive the SMS that they will send to your mobile for verification.

Of course, the Binance URL has the advantage of SSL encryption. In addition, their customer service will give you useful tips on how to use a exclusive email that you only use on this platform and avoid clicking on any link in any email you receive, unless you have just registered on a well-known website and have been informed that they were going to send you that email.

As for the regulations, there is little to say. Cryptocurrencies are based precisely on the absence of regulations from central banks and other institutions , so Binance is not subject to any specific laws.

Customer service

To get in touch with the customer service at Binance you can use the live chat or email. If you decide to send your inquiry via email it is almost certain that your response will take a minimum of 6 hours . If we take into account the huge customer base of the platform, this delay should not surprise us.

If you do not have urgent questions, you can solve them with the help of the FAQ section or in the Support Center where you can send your inquiry via a contact form . At the same time if we write the question in the chat we can ever receive an automated response from the chat bot.

Functionality of the website

We have mentioned above that the Binance website is easy to use and has two versions: an advanced one and a basic one. The web it has an intuitive design which makes it easier for users to navigate.

Another point that we must highlight is that the website is multilingual and it can be used in a total 15 languages. This really is one of the main advantages of Binance because in this way it can be used by a huge number of users from all over the world.

The disadvantages in the functionality of the website are mainly reflected by the large number of complaints related to the confirmation of the identity of the double factor 2FA/SMS which usually has failures in the registration process on the platform.

Other complaints about the operation of the website are related to the withdrawal process. Many users are frustrated by the difficulties of being able to withdraw money easily and quickly and therefore accuse the web of being a fraud. However, we can assure you that Binance is not a scam .

Reviews of Binance and its mobile application

As expected, the Binance broker platform is available from the mobile thanks to its standalone application called API . You can download it from the AppStore if you have a device with an iOS operating system and from the Google PlayStore for Android devices.

The Binance mobile app is available in native version for iOS and Android and it is a great advantage to be able to trade cryptocurrencies from anywhere. In the application you can choose the basic design (Binance Lite) or the advanced one (Binance Pro).

The use of the Binance app is similar to the desktop computer version and it also requires two-step authentication . The fingerprint or Face ID function can also be used for this purpose (on iOS devices).

On Binance Lite, you can only perform a basic conversion, which means placing a market order. On Binance Pro, you can use the same types of orders as on the web platform. Binance Lite provides a simple chart of the price of the selected currency. However, in Binance Pro the graphics are more sophisticated with a limited number of technical indicators.

Finding

The conclusion of our review on Binance is that it is a good place to do cryptocurrency trading . Although it is true that there are platforms that offer a greater number of them, this one offers the most well-known ones, which seems sensible to us, since it is impossible to offer them all.

There is a lot to love about Binance and many traders continue to be optimistic about the service. Low fees, a responsive exchange and developers with a proven track record leave most people happy. Binance is generally considered a complete success in his short life so far.

Although on the Internet you can find a lot of reviews from disappointed users, there are also many who successfully use the platform for their financial operations with cryptocurrencies. The platform is intuitive, easy to use , with Moderna innovative features that facilitate cryptocurrency investments.

What we consider to be a disadvantage is the limited fiat currency market , but it is understandable in most circumstances. That said, Binanace is constantly adding more options for currency trading.

The low fees of the exchange combined with the proven knowledge of the team on how to build a trading platform are enough to turn the Binance broker into a major player in the global cryptocurrency market .

FAQ: frequently asked questions

In the following paragraphs we offer you the answers to the frequently asked questions that we have collected on this topic. Due to the controversial news about the cryptocurrency broker in the last few months before writing this review, there were queries and opinions about Binance on the Internet that increased doubts about this broker. With our short and concise answers we hope to help solve the main doubts about Binance.

What is Binance?

The binance broker it is a cryptocurrency exchange platform it allows to operate with more than 100 digital currencies. It is an online broker that provides you with a very comfortable way to invest in cryptocurrencies different from the world market.

💰 What are the Binance fees and commissions?

When you make a transfer to buy or sell cryptocurrencies, the Binance broker charges you a commission of 0.1% for each operation made through its platform. However, the broker does not charge anything for deposits and withdrawals from NZD with bank cards.

🧐 How does Binance work?

The Binance Platform it works very simply . Once registered as a user you can trading with different cryptocurrencies starting with the most popular ones such as bitcoin, ethereum, binance coin and Tether, to the most exotic ones. Cryptocurrencies can be combined into more than 80 available pairs.

👨 How to invest in Binance?

Investing in Binance is a very simple process. Can buying and selling cryptocurrency pairs which are related to the four main ones: BTC, ETH, BNB and USDT. Each client of the platform can trading more than 150 cryptocurrency pairs and at the same time manage your risk.

🤨 Is Binance safe/reliable?

Cryptocurrencies are not regulated by banks or financial institutions, so Binance is not subject to any specific laws either. However your platform uses an SSL encryption to ensure the security and the user account requires double identity verification: by means of a password and a code that is received by SMS.

Is it possible to invest in cryptocurrencies with Binance?

Binance is one platform specialized in trading with cryptocurrencies so investing with Binance is not only possible but also recommended. On Binance you can invest in wide cryptocurrency offer , in more than 150 cryptocurrency pairs, from the most popular to the least known.