We test the latest trading providers on a daily basis
We test the latest trading providers on a daily basis
Ever since Alexander got his first stock savings account, he’s also taken a keen interest in the financial markets. Now a full time writer and contributor to TradersBest.com, he uses his experience in the world of finance on a range of different topics, from investment strategies to reviews of new brokers.
Binance Crypto Exchange Review India 2022
Want to know why the Binance crypto exchange is the world’s biggest cryptocurrency exchange by trading volume? Binance India customers have the option trading dozens of cryptocurrencies, all the while using Indian rupees – no need for the typical currency conversions.
We found that Binance allows you to buy and sell way more cryptocurrencies than anywhere else. Plus if you read our Binance crypto review, you’ll see how you can buy cryptos in Indian rupees at this top exchange.
Security, Usability, Look & Feel - User-friendly site found in our Binance review
Binance recently hit a daily trading volume of $80 billion across its spots and derivatives platforms. This didn’t just break a record, but it also emphasised the fact that Binance is a key player in the crypto trading realm.
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It’s something that we consistently felt during the course of our Binance exchange review. Everything about the brand’s website spelled quality. It features a sleek and stylish design where everything is paired back to the bare minimum. You’ll find quick links for important features like Buy Bitcoin, and it’s also nice to see that the main Binance markets are simple to understand. You’ll simply be able to switch between different markets for BNB, BTC, ALTS, FIAT, ETF and so on, and there’s a separate link for the Binance futures markets.
Above all, our Binance India review found that everything was designed to make things easier for the customer. This means that you’ll be given simple ways to enter in a Binance referral code and we appreciated the fact that there was an English-India version of the website. Don’t forget that Binance has also created excellent mobile trading apps for iOS and Android devices.
How To Trade – Trade in Indian rupees at the Binance crypto exchange
Want to get started in making Binance crypto trades? Then we’ve prepared a handy Binance how to trade guide to help you out. The chances are that you’ll want to buy you cryptos in Indian rupees. So what you’ll need to do is to first create a user account at the Binance exchange. This should only take a handful of minutes as you just need to provide some basic information like your name, email and so on. You will also be required to create your password and username.
Once you have your account verified, you’ll just need to login and then click on the Wallet icon at the top-right of the website. Here you’ll have to click on the WazirX wallet and then click on the WazirX pop-up. This is because Binance acquired WazirX in 2019 and you can simply link up your account between the two sites. Read our WazirX review for more about this exciting Indian crypto exchange.
From here you just need to tap on the Login via Binance button which will use your Binance email login to reach the WazirX platform. Just hit continue and then you’ll be able to enjoy Binance trading in Indian rupees. This means browsing across all of the different crypto markets and researching how the price has risen or fallen in the past 24 hours. Once you have seen a crypto that you want to buy, you’ll just need to select the amount and then submit your purchase request. The transaction should take place almost instantly, and you’ll have the cryptos transferred to your wallet.
Not concerned about using Indian rupees to buy cryptos? Then you’ll just need to register a Binance account, verify your identity, and then head to the Buy Crypto page. Here you will be asked to input the amount of the crypto that you want to buy and then you’ll need to confirm the payment details. From here you just have to complete the 3DS safety certification and you’ll complete the transaction. All of which gives you two safe and simple ways to buy Bitcoin or any other cryptocurrency at the user-friendly Binance trading site.
Payments - Making deposits at the Binance crypto exchange
The great news is that you can buy cryptos like Bitcoin at Binance in Indian rupees. We’ll walk you through how you do this further down in our Binance review. But before you start trading, you’ll need to add some money to your account. Thankfully there are simple ways of doing this and you’ll either be able to buy cryptocurrencies with a standard credit card, or there are also options for making bank transfer deposits or simply depositing directly from your crypto wallet.
The Binance minimum deposit amount ultimately depends on which payment method you are using. But you’ll be glad to know that you can make deposits with major cryptos like Bitcoin completely free of change.
When it comes to making a Binance withdrawal, you’ll find that there may be a Binance withdrawal fees of 0.0005 for Bitcoin transactions and the equivalent applies to other cryptos. In terms of the Binance withdrawal limit, for the likes of Bitcoin, you’ll only be able to make a withdrawal from a minimum of 0.001 at a time. There’s a lengthy table that explains all of the different Binance deposit fees and Binance minimum withdrawals in the Fees Schedule area.
Customer Service - The only weak part of our Binance India review
We think that customer service is an incredibly important part of all good crypto exchanges. After all, there’s a chance that you might need to get some help with anything from making a withdrawal to actually buying Bitcoin and so on.
So we were a little disappointed to find that Binance doesn’t make it very easy for you to get in contact with its customer support team. While there looked to be a live chat feature in the bottom of the site, we found that it turned out to be a little more than a customer service bot called Bot Bibi. While this was OK, we’d have preferred to have been able to get in contact with a real human.
Despite this, it’s worth noting that Binance has put together a comprehensive help section that goes into a huge amount of depth into all areas of the crypto trading platform. Plus we should note the fact that you can contact Binance on its Facebook, Twitter, Instagram, VK and Reddit channels.
License & Security - Secure trading site found in our Binance crypto review
So is Binance safe? We found that everything about this trading site seemed very secure. This can be seen in the fact that the brand will keep your data safe in fault-tolerant secured storage with industry standard encryption. We also liked the fact that each time that you buy cryptos, you’ll have to complete the 3DS safety certification for extra protection.
In terms of regulation, it’s important to remember that Binance is a truly multinational brand and therefore won’t be regulated in just one single country. So we were interested to see that there are a variety of regulated Binance fiat-crypto exchanges in operation that have all of the necessary authorisation to operate in locales as wide-ranging as Singapore, Jersey and so on.
By visiting these sites, you’ll know that there will be all of the required know your customer (KYC) and anti-money laundering (AML) checks in place. All of which shows that you should feel perfectly confident in using Binance’s encrypted trading site. Take a look at how this regulation compares to what we found in our Coinbase review.
Reputation and Customer Feedback – A quick look at other Binance reviews
One of the best ways to see if there are any Binance scams is to look at some other Binance crypto reviews. So we took a little time to scour the internet to see what real crypto traders thought about the Binance trading service.
Unsurprisingly, there seemed to be a wide variety of opinions about Binance. To be honest, the vast majority of these seemed to be less than genuine as they were either showering Binance in endless praise, or they were saying that the entire operation was nothing more than a complete scam.
So just to be on the safe side, we checked up on a few more authoritative Binance reviews and discovered that most experts agree that this is one of the best crypto exchanges currently in operation. While there seem to be a few criticisms regarding minor points like customer service, it seems that Binance is a legit crypto trading site.
Cryptocurrencies - Massive number of cryptos found in our Binance crypto review
Our Binance crypto review found that this brand allows you to buy and sell way more cryptocurrencies than you’re going to find at other trading sites. While some exchanges just focus on the biggest cryptos like Bitcoin, Ethereum and Ripple, Binance go way beyond this. We found that there were literally dozens of crypto trading pairings in our Binance India review. These enabled you to make trades on anything from Neo and EOS to Ethos, Qtum and much more.
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We can’t really have a Binance review and not mention the fact that the brand has created its own cryptocurrency – the Binance coin (BNB). Not only is this a Binance cryptocurrency that you can trade, but it can also be used to get a discount on those Binance trading fees.
It’s worth noting that you can actually buy cryptocurrencies like Bitcoin outright here. If you go to a crypto broker, then you might only be able to trade on the value of the crypto in the form of a CFD. All of which makes Binance a great place to buy, sell and trade cryptos.
Fees - Fair and competitive fees at the Binance crypto exchange
Our Binance India review found that this exchange is nicely transparent about the fees that you’ll be facing. The basic format is that there will be a 0.1% fee on your trades. These are roughly what you can expect from any of the best cryptocurrency exchanges.
But our Binance review found that this brand will always work to help you bring those fees down. The easiest way to do this is to use the Binance coin to pay off those transaction fees. This means that you could bring down the fee to just 0.075% per trade. In addition to this, there are special deals like the Kickback scheme or even the VIP program that can also work wonders in making your trading better value for money.
We think that Binance offers you a relatively straightforward way to get started in crypto trading. This is one of the biggest crypto trading exchanges in the world, and it offers you a comprehensive collection of cryptocurrencies to buy and sell. We particularly enjoyed the way that there were quick links for carrying out the most common tasks like buying Bitcoin. Plus it was good to see how you could easily link up your Binance account with WasirX to quickly buy a variety of cryptocurrencies in Indian rupees.
Of course, massive trading sites like Binance aren’t going to be without their critics. We felt that the brand’s customer service could have been improved to make it easier to actually speak to a human. But this is just a minor criticism as there were a number of helpful guides and tutorials that revealed the best ways to use this crypto trading site.
Similarly, the transaction fees at Binance might initially appear harsh, but if you’re willing to buy some of the Binance coins, then you’ll find an easy way to get a handsome discount on these fees and take advantage of the Binance price of top cryptos. So while there is some room for improvement, we think that most people will be happy with what they find at Binance.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.