Binance Review 2020

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 fees.

How Binance Fees Compare Against Other Brokers

Binance review
Binance Minimum Deposit

Binance require a minimum desposit of 100 GBP/USD 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.

Dont 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 there 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 some way, so transaction commissions and other 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 review
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Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.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 and processing times.

Binance for example allow you to withdraw your funds to

Binance review
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, clients may have to fulfill.

If a clients trading account dues 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 review
Binance Desposit Fees

Binance does charge deposit fees.

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 review
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.

An 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

Binance Trading benefits :

• Low min deposit

Binance Trading Accounts Offered :

• Standard account
• Managed account

Can I try Binance before I buy?

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 payment methods below depend on the Binance Entity and the Clients Country of Residence.

Binance offer the below funding payment methods. learn more about Binance

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.

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.

Binance offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing 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

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 Please kindly note 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 3 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 the loss of your 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 12th August 2018.

Binance review written by Andrew Blumer and Mark Hansen