How trustworthy is Binance
The essentials in brief:
- Investors can trade over 150 coins and derivatives such as futures or options on Binance.
- Deposits via SEPA transfer are free, the trading fee is 0.1 percent.
- Binance is not subject to any state regulation, but is currently trying to obtain an official license.
The world's largest trading platform for cryptocurrencies is Binance - even though the provider has only existed since 2017. The head office is on the island of Malta: However, there is no regulation by the local financial supervisory authority MFSA.
Binance is known not only for its high trading volume, but also for the many coins that investors can trade there.
How does Binance work - a step by step guide
New customers register on Binance with an email address and a password. The password should consist of a random series of letters and numbers. Binance then sends an activation link to the specified e-mail account, which the user still has to confirm - this completes the registration.
For complete verification, new customers first of all fill out their own personal details and then confirm them with a photo ID such as an identity card, driver's license or passport. Binance then asks you to upload a selfie. Advanced verification is carried out via webcam: depending on the number of people, checking the process may take some time.
Important: After logging in for the first time, traders should verify their account immediately, as this is the only way to deposit euros.
Once the identification has been completed, traders can deposit up to 500 euros - in order to remove this restriction, the home address must be verified. You can do this with proof of residence, such as a bank statement or electricity bill: However, the proof must not be older than three months.
Deposit: euros or cryptocurrencies
There are various payment options available to customers for paying in euros: A SEPA transfer is free of charge - for payments via credit card, fees of 1.8 percent of the total amount apply. There is also the option to deposit money using iDeal, AdvCash or Etana. In the case of a transfer, the money should be in the account within a few days.
Note: Binance also allows users to deposit all listed cryptocurrencies - investors can also trade on Binance with these. This is relevant because the majority of all coins on Binance can only be exchanged for other crypto currencies.
Comparison of deposit and withdrawal fees
Trade: Buy Bitcoin on Binance
To buy Bitcoin on Binance, providers select the desired crypto currency and get into the trading view - the layout and the amount of information seem intimidating at first. Above all, it is important that the correct currency exchange is selected: In this case BTC / EUR.
Current: Nine crypto currencies can be traded with euros on Binance: If you want to purchase other currencies, you must first buy an alternative crypto currency such as the Binance Coin or Bitcoin and then exchange it for other coins.
Traders can choose between a limit or a market order. Binance executes the market order immediately - with the limit order, the buyer enters a price at which he would like to buy the coin: Binance only places the order when this price is reached. The price always refers to a single unit.
If you want to sell your coins again, you can also do that on Binance - the principle remains the same.
Note: Trading in CFDs is currently not possible at Binance.
The usual trading fee is 0.1 percent: Depending on the VIP status, this fee can be reduced. Anyone who also trades with the in-house Binance Coin receives a 25 percent discount on the trading fee.
There is no deposit fee - but there is a withdrawal fee: the exception is fiat money. Withdrawal fees for cryptocurrencies differ from coin to coin: Depending on the network, there is a minimum withdrawal amount and corresponding fees. A detailed overview can be found here.
Binance fees compared
Binance's Trust Wallet ensures that the coins purchased are stored securely. Not only can cryptocurrencies be stored on the Trust Wallet, investors can also buy them using the app.
Since it is a mobile application, users can always access it - provided there is a stable internet connection.
If you don't want to use the Trust Wallet, you can also transfer the coins to another wallet - cold wallets such as Ledger or Trezor are considered particularly secure.
In addition to the ability to trade crypto currencies via the browser, Binance offers a variety of other features: An app makes mobile trading possible, a learning center helps newbies, the website is in German and a charity fund is currently supporting a donation project to combat Covid- 19th
An official Binance Telegram group also enables the exchange with other members: This is particularly helpful if questions arise - your own customer service does not always answer directly.
Investors should definitely use two-factor authentication to prevent third parties from accessing their own account. The website is also protected by SSL encryption. Binance also shows all previous log-in attempts on the home page.
For the general handling of cryptocurrencies and security, Binance gives numerous hints and tips on how to best protect your own account: For example in an article that aims to help you to a secure account in seven steps.
Is Binance a reputable provider?
Although Binance is not regulated by the Maltese financial regulator MFSA, the exchange is still considered a reputable provider. This is supported by the large number of users and the high trading volume. Cooperations such as with the German financial institution CM-Equity also speak for Binance.
Tip: Another indicator of the seriousness of a crypto exchange is always a valid legal notice with valid contact details on the website.
Above all, the diversity of the portfolio is convincing
Binance is the largest crypto exchange in the world and is considered a reputable provider for a variety of crypto currencies - not all of them can be traded with fiat money.
The deposit and purchase of Bitcoin and Co. work without any problems. The low fees that are only incurred for trading and withdrawals are also attractive.
Although most of the site is available in German, some of the content is only readable in English. There are also deductions for customer service, which is not always available directly. Otherwise, Binance offers a good entry into the world of crypto trading.
- Trade: Over 150 coins, futures and derivatives
- Deposit via SEPA transfer free of charge
- Trading fee: 0.1 percent
- Security: 2FA, SSL, Binance Trust Wallet, Anti-phishing Code, Address Management
- iOS & Android app
- 19 cryptocurrencies - new since May 2021: Dogecoin
- Payment methods: including credit card, SEPA transfer, PayPal
- Security: 2FA, SSL, deposit protection € 20,000
- Important: Cryptoassets are highly volatile, unregulated investment products (your capital is at risk).
- EUR 0.00 custody account fees
- 0.00 order costs
- Minimum spread 0.3%
- 5 cryptocurrencies
Common questions about buying Bitcoin on Binance
Although Binance is not regulated by any financial services supervisory authority, the provider is considered serious - the many users and the size of the platform speak for this.
Yes, it is possible to deposit euros on Binance - transfers via SEPA are free of charge.
PayPal is currently only available as a payment method on the Binance P2P platform.
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