Binance Review 2022

Binance review
Binance Fees Explained

• Binance withdrawal fees varies on payment method
• Binance does charge a fee for inactive accounts.
• Binance does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How Binance Fees Compare Against Other Brokers

Binance Minimum Deposit

Binance require a minimum deposit of 100 GBP/USD/EUR when opening an Binance trading account.

A minimum deposit is the minimum amount of money required by Binance to open a new online brokerage account with them.

Don't be scared off by brokers like Binance charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on their platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make returns some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

Binance Withdrawal Fees

Binance withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your receiving currency and your payment provider.

For example Binance allows you to withdraw your funds to Crypto deposit, Bank Deposit, Credit cards, Debit Cards, PTP Trading, Banxa, Simplex.

Binance Inactivity Fees

Binance does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts and clients may have to fulfill.

If a clients trading account does not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

Binance Deposit Fees

Binance does charge deposit fees.

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee.

The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

Binance Commission Fees

Binance does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

Binance review
Trading on Binance web platforms and other applications

Binance offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

A Binance iOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device.

Binance also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See Binance's platforms

Is the Binance Trading Platform Secure?

Binance safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. Binance also urges its clients through its web platform to always look for the SSL security sign (a lock sign) on the browser while operating Binance.

Binance Trading Platform Options

Binance does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

Binance offer an their own custom trading platform developed and tested in house. The Binance trading platform allows traders to track their portfolios, track the current markets, locate trade ideas and place trades.

The Binance platform allows traders to filter the financial marketplace for trade opportunities that match a criteria.

With Binance you can look for and examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the Binance platform including news and quotes. Discover possible trades with the strong charting tools found with Binance. Binance is available as downloadable applications or online through the cloud. Monitor your orders with Binance and receive breaking news in your positions.

Binance Trading benefits

• Low min deposit

Binance Trading Accounts Offered

Below we give an overview on the account types that Binance offer. Whatever you are looking to trade the varying Binance account types will be able to provide you with what you need.

• Standard account
• Managed account

Can I try Binance?

Binance offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

Binance withdrawal and funding methods

Please note that the list of Binance payment methods below depend on the Binance Entity and the Clients Country of Residence.

All available Binance payment methods available to you can be found in your Binance members area checked on the Binance website.

Binance offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about Binance

Binance Payment Methods

• Binance accepts Crypto deposit
• Binance accepts Bank Deposit
• Binance accepts Credit cards
• Binance accepts Debit Cards
• Binance accepts PTP Trading
• Binance accepts Banxa
• Binance accepts Simplex

How can I start trading with Binance?

When opening a trading account with Binance, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Binance trading platforms here. You will need to provide some basic documentation to prove your identity as part of Binance onboarding and normal KYC identity checks. These checks are standard practice and help Binance provide a safe financial environment for their 10,000 users.

Your capital is at risk

Performing trades with Binance

Binance allow you to execute a minimum of trade of varies. This may vary depending on the account you open. Binance allow you to execute a maxium trade of varies.

As a market maker, Binance may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

Education Resources at Binance

To trade effectively with Binance, it's important to get a have a good understanding of the Binance trading tools and the markets. Make sure you make full use of all education tools. This includes eduction tools with Binance and externally.

Binance offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy/sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing risk.

Having an analytical approach may be a good way to approach trading with Binance.

Take time to look around the Binance platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at Binance

As part of our Binance review we review customer service options, response times and Binance trading platform problem resolution effectiveness.Binance support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

Binance have a D grade support rating because because sometimes the response was slow or our query wasnt answered. Binance less customer support features compared to other brokers like live chat, phone and email support. Live chat support supports a limited amount of Languages.

Livechat Support at Binance

We tested the Binance live chat and it works well. We sent messages to Binance livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with Binance support in multiple languages in multiple countries. Binance where able to resolve our customer issues.

Email Support at Binance

Binance does not offer Email Support.

Phone Support at Binance

Binance does not offer Phone Support.

See how Binance Support Compares Against Other Brokers

What you will need to open an account with Binance

As Binance is regulated by Unregulated, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

• Be aware that the expiration date of Proof of address document for different entities under Binance Brand may be different.
• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 5 minutes or so to complete the account opening process.

While you might be able to explore Binance's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Binance you can visit the Binance trading platform here.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.binance.com/ on May 19, 2022.

Binance review written by Andrew Blumer and Mark Hansen