Binance Crypto Exchange Review UK 2021
Launched in 2017, Binance is a platform specialising in trading cryptocurrencies and is one of the main Bitcoin exchanges globally. Heralded for its ease of use, its ever-updating security and with an exchange score of 9.7 at the time of writing, it is ranked as the world’s number one cryptocurrency spot exchange. But with rumours in its past of lack-lustre customer care is it all it seems to be?
In this Binance review, we will examine all aspects of the Binance crypto exchange, to see if it compares with our Coinbase reviews in relation to safety, simplicity and user experience.
Pros & Cons of Binance
- No fees for depositing cryptocurrencies
- Speedy withdrawals
- Myriad of cryptocurrencies to trade
- Mulitple languages available
- Potentially complex site for new traders
The Binance crypto exchange has received criticisms about the level of security but has to date had fewer breaches than other Bitcoin exchanges. In 2020, it side-stepped some of the more common security issues via its Decentralized Exchange (DEX), thus allowing traders to exchange directly with each other and removing the middle-man.
The site’s usability is logical, with visual menus displaying icons such as ‘Buy Crypto’ and a ‘Start Trading Now’ button at the bottom of the homepage. It is easy to register and there are user guides, FAQs and tutorials to help those who may be new to the platform- there are even options for users to earn cryptocurrency.
On an SEO note, the page is displayed on page 1 of Google, when the keywords ‘cryptocurrency trading platform’ is entered, so it is easy to find online.
It has an eye-catching colour scheme, black and gold and offers 24/7 support to traders, along with a unique blog full of information about buying and trading on Binance, alongside an online community where traders can engage. Relevant to our Binance crypto review, Binance is downloadable for mobile devices, Windows and Macs with a prompt loading time.
How To Trade – Everything You Need To Know
Now onto the part you are probably the most curious about; how do you trade on Binance?To assist with this Binance review, we will offer the following step-by-step guide from the perspective of a Binance UK customer setting up a basic market order trade for Bitcoin with Euro’s to assess the ease-of-use linked with this website. As we were new to the site, as part of our Binance UK review, we attempted to set up a trade account to begin the process.
Opening an account
On the Binance home page, click register and enter your email address and password. After a confirmation email has been sent, be sure to set up a 2FA to protect your cryptocurrencies; the website will ask you to do this, so be sure you do to avoid future issues.
Log on to your Binance account once it is set up and deposit your funds; on the dashboard, click ‘Deposit’ to use currency from a debit/credit card. Alternatively, click ‘Wallet’ to deposit cryptocurrencies that you have in an e-wallet, but for this example, we are using Euros.
Once your deposit is set and you have purchased the Bitcoin with your Euro’s, you are ready to trade. In the ‘Trade’ portion of the website, select either the ‘Basic’ or ‘Advanced’ option- if you are new to Binance, we recommend using ‘Basic’ until you become more familiar with the site.
This will take you onto the trading screen, which to be fair, doesn’t appear very basic! Here, you will see statistics of all the coins currently being traded on Binance’s platform over the last 24 hours. Here, you can choose which coin you trade your Euro’s for (Bitcoin) and the trade you want to make.
There are 3 general types of trade available on Binance:
- Limit orders – Allow you to set the maximum price that you will pay for your Bitcoin and the minimum that you will sell them for.
- Stop-limit orders – Allow you to buy or sell a coin once it has reached a certain price.
- Market orders – Allow you to trade coins at their current market value.
Choose the amount of Bitcoin you want to trade. Click the ‘Market’ tab; if you are happy with the current trading price of Bitcoin, purchase it.
Click on ‘Buy BTC’ and voila! You are now a Binance trader. Based on market trends, you can now trade, sell or even purchase more of any coin you wish following the above steps. Withdrawal fees will vary depending on the cryptocurrency you are attempting to withdraw.
On that note, remember the golden rule of trading; only invest what you can afford to lose.
As part of the Binance crypto review on assessing ease of payment, when making a deposit on Binance, there are 2 options available; you can either use a credit/debit card or you can use a supported cryptocurrency; there may be fees if you are buying cryptocurrency with a bank card depending on the currency being purchased, Withdrawal of funds is done via an e-wallet, known as the ‘Spot Wallet’ which is a downloadable app.
If you wish to withdraw to a different platform or e-wallet, you will need to input the withdrawal address; withdrawing from this cryptocurrency and Bitcoin exchange should take about 30 minutes. A non-verified account holder can typically withdraw up to 2 Bitcoins (BTC) per 24 hours; a verified account can withdraw up to 100 BTC every 24 hours.
Depending on the cryptocurrency being withdrawn, you may have to pay fees from $1 to $15.
Binance has received criticism in the past for customer service, but it seems from an exploratory through the website that they have learned from these errors.
There are options for site users to contact representatives, such as an online bot, a chat option in the right-hand corner and the option to submit a request if these or the FAQ section does not answer the query. Upon looking into this feature, there was a notice stating that the site is experiencing a backlog due to COVID-19, which may delay the average 48-hour request turn-around. There appears to be no helpline contact number displayed on the page, but this was found following a Google search.
The site can be downloaded in 37 languages, and the help bot can currently support 12. The site seems to have a good level of customer service when we were conducting the Binance UK review.
As it is a global platform, Binance oversees transfers and exchanges from over 100 countries worldwide. But the question remains with Binance and other cryptocurrency exchanges- is it safe? And how do its safety protocols compare when measured against Coinbase reviews and Kraken reviews?
During our Binance UK review, we found that Binance is regulated in the UK by the FC, but on a global platform, Binance works closely with INTERPOL, the International Security of Organization and UNODC to ensure that different countries trading regulations are upheld.
The site is encrypted using HTTPS, for higher levels of security regarding cryptocurrency and informational transfers between investors.
When verifying your account or confirming payments or withdrawals, we discovered that Binance requires a government-issued ID to prove your identity, such as a driving license, passport or identity card, which also protects those under the age of 18 from illegal trading.
Reputation and Customer Feedback – Soaring Popularity Affirms Good Service
Labelled as ‘fast and ferocious’ by investors, Binance continues to grow in popularity among those interested in cryptocurrencies and at the time of our Binance crypto review, it is listed in the top 20 markets on Google, with a trading volume of 0.69%.
Innovative and continually developing, this platform’s reviews are now averaging at 4.6/5 and it is accepted as one of the safest exchange sites to purchase, sell or trade cryptocurrencies. While security concerns are highlighted by some traders, it still remains one of the most secure crypto trading platforms to date.
During our Binance crypto review, we found that the site offers traders security and ease of use when compared to Kraken reviews and Coinbase reviews.
While the website may not be easy to use for those new to the world of trading with crypto coins, it offers guides and FAQs to seemingly guide people through. The Binance debit card is a nice addition, allowing investors to use their assets in other parts of life besides the website itself. Customers highlight that, despite some initial hiccups with the platform, the site has improved its security and has enabled its users to feel more comfortable when investing, the key focus of our Binance crypto review.
A major part we cannot overlook in our Binance UK review is that it does not accept PayPal. As a worldwide system of sending money, it seems logical to pair the platform and the service up.