Binance Review (September 2018)

Binance is a very popular crypto-to-crypto exchange in 2018, which at the time of writing this has more 24 hour trading volume than any other exchange in the world. It offers many hundreds of trading pairs with low trading fees, has its own coin called Binance Coin (BNB), and has a great reputation in the crypto space. But is it any good?

Below we provide a review of the Binance exchange, going through pros/cons and other aspects like their development team.


Pros & cons of Binance

Although Binance is very popular, it isn't perfect. Many new users have reported slow verification times and confusion when first using their trading interface. Below we list various positive and negative aspects to Binance.

Positive:

  • Very fast & high capacity trading functionality.
  • Supports 13 different languages.
  • Although Binance has experienced several attacks, such as manipulation of prices via their API, they've taken steps to resolve these very quickly and publically (some exchanges are very secretive in this scenario, which can lead to a loss of public trust).

Negative:

  • Not as easy to use as exchanges like CEX or Coinbase.
  • Many users have reported slow proof of identity verification, some reporting this to take as long as 2 months.
  • We've seen many reports of account funds being stolen from users, but not much proof of this. It may just be due to human error by accidentally sharing things like withdraw-access API keys.

If you want to try using Binance, we posted a getting started tutorial here.


Binance Fees

Binance doesn't charge anything to deposit coins, they do charge withdrawal and trading fees though. For withdrawals see our Binance Fees Comparison here, the fee varies for each coin.

Binance's trading fees are more consistent between coins, where you pay a fixed fee of 0.1% each time you make a trade. If you hold Binance Coin (BNB) in your account you get a 50% reduction on this to 0.05% per trade (this process is automatic, you just need to hold the BNB in your account).

If you'd like more information on Binance Coin (BNB) and how it's integrated with the Binance exchange, see our guide on it here.


Binance's team

Binance is led by their CEO, Changpeng Zhao, who has years of experience in the space of blockchain and trading. He founded an 'exchange systems provider' called BijieTech in July 2017, and prior to that was the head of development at Blockchain between 2013-2014, a popular crypto wallet. Going further back he was even the head of 'tradebook futures development' at Bloomberg between 2001-2005.

As well as their CEO, Binance has a team consisting of hundreds of employees around the world. Notably, many of their employees opt-in to receive their salaries in BNB (as many as 90% of them), which raises the question that if employees with insider information would rather get BNB than cash, they must think their exchange has lots of potential to continue growing. This makes perfect sense if their employees planned to buy crypto with their paycheck anyway.

Looking at this more skeptically though, employees may be incentivised to be paid in BNB with the goal of boosting BNB's trading volume (as those employees would have to sell some of this to pay their day to day bills). This is purely speculation, and given as much as $20M BNB are traded each day on Binance, likely wouldn't have a big effect even if it were the case.

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