Binance Rated 3/5

Binance Guide - Read our In Depth 2023 Binance Review

This detailed Binance review has been researched and fact checked by industry experts with over 30 years of financial experience in Forex trading, Spread Betting, Social trading, .

Learn more about Binance.

Benefits of Trading with Binance

Binance Review 2023 Quick Summary
๐Ÿ’ฐ Min Deposit 100
๐Ÿ‘ฑโ€โ™‚๏ธ Used By 10,000 Binance users and traders
๐Ÿ“† Founded 2011
๐ŸŒ HQ Australia
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation Unregulated
๐Ÿšซ Excluded Countries Binance is not available in the following countries : RU

Open Binance's Website

Your capital is at risk

Learn more about IC Markets.
learn more Learn more about IC Markets.
Losses can exceed deposits

What is Binance?

Binance are a worldwide financial trading platform and broker. founded in 2011

Over 12 years later Binance now serves over 10,000 retail investors Forex trading, Spread Betting trading, Social trading, and trading.

Binance are a global broker. Binance have a head office in Australia.

When trading in the financial markets, finding a broker that meets your needs can be very time-consuming.

We will dive deep in this Binance review and assess how well the Binance platform functions in its role as an international multi asset trading platform for traders in 2023.

Visiting many broker websites, all of which have different language uses. Technical language and terminology can be confusing with brokers like Binance. Choosing or shortlisting a trading platform like Binance can be time consuming. Choosing a trading platform requires a significant amount of research and analysis. It can be challenging to understand each platform's various features and benefits, especially with a complex trading platform like Binance.

As a result, selecting the right trading platform like Binance requires a deep understanding of the market, trading strategies, and platform functionality. The task becomes even more daunting when considering the vast number of online brokers like Binance available, each with unique features, fees, and regulations.

In such a complex landscape, finding a reliable and trustworthy broker like Binance requires thorough due diligence and careful consideration. Some Binance trading features can be complex when trading on mobile or using the Binance online trading platform. Beginners and inexperienced traders must take the time to learn how to use the Binance trading tools properly. In our review of Binance we explain the pros and cons. What Binance offer, countries Binance are available in. Who Binance are regulated by and more.

Binance Review Screenshot

When it comes to online trading with brokers like Binance, carefully review Binance as your broker can make or break your success. Choosing the right broker is essential to ensure your Binance investments grow and flourish. However, beware of fake and unreliable brokers lurking in the shadows, waiting to take advantage of unsuspecting traders.

You must be diligent and thorough in your Binance review selection process to safeguard your hard-earned money. It's crucial to do your due diligence and research the reputation, track record and trust worthyness of Binance. You must also ensure the Binance broker's profile, trading tools, fees and regulation aligns with your needs and goals.

Remember, Binance needs to be your partner in your trading journey.

Our team has endeavored to break down the complex world of trading with Binance into easily digestible information in this Binance review. We want to ensure you have all the knowledge necessary to use the Binance trading tools confidently, from depositing and withdrawing funds to executing trades.

We understand that informed decisions with Binance are the key to successful trading, so we've provided this detailed Binance review. So, take a seat, grab a cup of coffee, and dive in to learn about Binance and how it can benefit you or if Binance is not for you.

Online investing with Binance can be just as risky as traditional offline investments. Therefore, conducting thorough research on the company you plan to invest with is crucial. If considering trading financial assets with Binance, evaluating the Binance platform is important. Evaluation includes researching the Binance management team, track record, and services.

As a trader, you should feel confident that your financial investments are in good hands with Binance. That's why it's essential to understand the Binance company policies and practices before making any investment decisions. By doing your due diligence and understanding Binance platform, you can make informed investment choices that align with your financial goals. So take the time to research Binance thoroughly and make the most of your online investing experience.

We aim to provide you with all the information in this Binance review you need to determine if Binance is the right fit for you. But we don't stop there - we also offer valuable insights into other great alternatives to Binance, so you can make a more informed decision and compare other brokers against Binance.

If you want to look at some Binance alternatives that might better fit your needs, we list and compare some of the best Binance alternatives further down this Binance review.

Don't be fooled by the misconception that online trading is easy with Binance. It can be challenging and requires significant research and understanding of the Binance trading tools and features. You must know what you are doing when trading with Binance. That's why we've compiled this detailed Binance review with some important information that will hopefully make you more informed when online trading with Binance.

Binance Review Table of Contents

Binance review
Binance is a Multi-Assets Trading Platform with over 52+ Assets

Learn more about Binance. Binance is a multi asset platform with 52+ tradable Assets. Assets available on Binance include Forex trading, Spread Betting, Social trading, .

Binance trades in multiple financial asset types. A financial asset is any security or asset that has financial value attached, tangible or intangible. This means that Forex trading, Spread Betting, Social trading, are considered financial assets.

Features of Binance

Binance review
What you should know

Binance offer four ways to trade: Forex trading, Spread Betting, Social trading, . The assets and products available to you on the Binance trading platform depends on the region of the world, you are in and the Binance entity you have an account.

With Binance you will need a minimum deposit of $100. You can sign up for a demo account to acquaint yourself with Binance platform.

Binance are able to accommodate various levels of traders whether you are experienced or a beginner.

Are Binance safe?

When considering Binance for your trading activities, its financial regulatory status in your region is crucial. One of the primary considerations when evaluating a broker, such as Binance, is to assess the broker's regulatory status and administrative body. Brokers operating without supervision from a regulatory authority are free to make their own rules, which may pose a risk to investors. Any capital you invest is at risk.

Established in 2011, and in operation for 12 years Binance have a head office in Australia.

Binance is not regulated. This means Binance are not supervised by any regulatory bodies.

Binance withdrawal requests will be honoured. Brokers that operate under the supervision of regulatory authorities like Binance are subject to strict guidelines that prohibit them from manipulating market prices to their advantage. Regulatory oversight ensures brokers operate with integrity, fairness, and transparency, safeguarding investors' deposits. Binance are held accountable for their actions and may face severe consequences if they violate any financial regulations. If you are a client of Binance and wish to withdraw funds from your account, you can rest assured that your request will be processed promptly. Binance has a reputation for efficient and reliable fund transfers, and they take great care to ensure that your money is safe and secure. When you submit a withdrawal request, Binance will verify your account details and process the payment within the stipulated timeframe, usually within a few business days. By partnering with a trustworthy broker like Binance, you can enjoy peace of mind and focus on your trading activities without worrying about the safety of your funds.

Your capital is at risk

Is my money safe with Binance?

All payments made to Binance by traders are securely held in a segregated bank account.

Binance uses Tier 1 banks for increased security. These banks are deemed the most reliable for client capital due to their strong core capital reserves and ability to withstand losses.

What are Tier 1 banks and why should Binance use them?

Binance partnering with Tier 1 banks offers reliability, efficient payment processing, reduced counterparty risks, and better protection for client funds. These banks are the most financially stable and secure institutions globally, with robust financial strength and high-quality risk management practices. They hold substantial core capital reserves, making them capable of handling unexpected losses and market volatility without endangering their Binance clients' funds.

Binance clients can have greater confidence in their financial security when working with a Tier 1 bank because Binance are subject to strict regulatory oversight and must adhere to stringent guidelines to maintain its Tier 1 status.

What does it mean to have your funds in Binance deposited in a Tier 1 bank?

Depositing funds with Binance ensures that your money is held in a secure bank account with sufficient capital to meet your withdrawal requirements, even if Binance were to go out of business unexpectedly.

Based on the information presented, it is safe to conclude that Binance is a secure and safe platform.

Please be aware that trading in financial assets with Binance carries a risk of loss. Binance trading risk can occur due to inadequate market research, lack of experience, or failure to use the platform tools. It is common to experience rapid losses when trading financial investments like Forex trading, Spread Betting, Social trading, due to market volatility. Therefore, you should only risk trading when you understand that your capital is at risk at any time.

Binance emphasizes this risk on its platform and provides clear risk warnings - Your capital is at risk. After answering some important questions about Binance, let's closely examine its features.

To better understand the Binance trading platform, you can create two separate accounts - one with real money and the other a Binance demo account. A Binance demo account provides a risk-free environment for experimenting with the Binance platform's features and trading strategies before risking your actual funds. This approach can help you gain experience and confidence in Binance trading decisions.

Open a demo account Visit Binance

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

How Binance as a Company Compare Against Other Brokers

Broker binance IC Markets Roboforex eToro
Year Established 2011 2007 2009 2007
Head Office Australia Australia Belize Cyprus, UK
Regulation Unregulated Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund FCA (Financial Conduct Authority) Etoro (Europe) Limited FCA reference 523775, eToro (UK) Ltd FCA reference 583263, ASIC (Australian Securities and Investments Commission) eToro AUS Capital Limited ASIC license 491139, CySec (Cyprus Securities and Exchange Commission under the license 109/10), MiFID (Markets In Financial Instruments Directive), FSAS (Financial Services Authority Seychelles) eToro (Seychelles) Ltd license SD076
Used By 10,000+ Binance users 180,000+ IC Markets users 1,000,000+ Roboforex users 30,000,000+ eToro users
Negative balance protection Yes Yes Yes
Guaranteed Stop Loss No No No
Learn More Visit Binance Visit IC Markets Visit Roboforex Visit eToro
Risk Warning Your capital is at risk Losses can exceed deposits Losses can exceed deposits 74% of retail investor accounts lose money when trading CFDs with this provider.

Binance review
Binance Pros and Cons

What we like about Binance

  • Used by over 10,000 Binance users and traders
  • Established in 2011
  • Min. deposit from $100

What we don't like about Binance

Binance review
Binance Regulation and Licensing in more detail

The online broker Binance is not regulated by well-known bodies, although it may seem legitimate. Limited financial regulation is common for new brokers or those operating under offshore licenses to save costs. However, trading with regulated brokers is highly recommended as they may provide protection and assistance in difficult situations. If you encounter issues with Binance, you may not receive adequate help or recourse.

  • Unregulated

Is Binance Global?

Yes, Binance is global as Binance is available in over 194 countries.

Binance is a global trading platform in the sense that it operates in 194 countries including nations in Africa, Asia, Oceania, and Europe. Major countries Binance covers include the UK, Germany, South Africa, Thailand, the United States China and Australia. Binance has a total of more than 10,000 users.

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.

Binance Costs To Check

Modern brokers like Binance provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, Binance may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall Binance trading profitability.

How Binance Fees Compare Against Other Brokers

Broker binance IC Markets Roboforex eToro
Min Deposit 100 200 10 50
Withdrawal Fees $25 โ€“ $35 No Yes Yes
Inactivity Fees No No Yes
Deposit Fees Varies No No
CFD Commission Fees Yes No Yes

Binance Minimum Deposit

Binance requires 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 charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like Binance, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

Binance Withdrawal Fees

The fees for withdrawing funds from your Binance account will differ depending on your chosen payment method. Reviewing the fees associated with each payment method before making your Binance withdrawal request is important.

Binance Withdrawal rules may vary across different brokers when it comes to transferring funds from your Binance or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with Binance may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the Binance withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from Binance. Researching and comparing Binance withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing Binance funds frequently or dealing with large sums of money. Awareness of these Binance fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your Binance funds.

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.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by Binance terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all Binance fees and services. It's recommended that you check the Binance website before signing up. If you decide to close your Binance account, it's important to do so with the Binance broker customer support and obtain confirmation that no remaining Binance fees are due.

Brokers like Binance must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

Binance Deposit Fees

Binance do charge deposit fees.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

Binance Commission Fees

Binance does charge commission on CFD instruments.

Brokerage firms like Binance may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the Binance trading account level held by the trader.

Binance may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing Binance terms and conditions to understand the commission fees and any other charges that may apply is essential.

Binance review
What can you trade with Binance?

It's essential to note that the trading instruments offered under the Binance brand may vary depending on the customer account holder and country of residence due to regulatory restrictions. Besides, the trading platform the customer selects may also impact the available trading instruments. Therefore, before trading, verify the Binance trading instruments available and the regulations governing them based on your account holder, location, and chosen platform.

You can trade a wide variety of instruments with Binance over 52 instruments in fact.

If you want to trade currency pairs on global Forex markets, Binance offer over currency pairs.

Binance Compared To Other Brokers

Compare Binance with IC Markets and Roboforex below.

Your capital is at risk

How Binance Trading Options Compare Against Other Brokers

Broker binance IC Markets Roboforex eToro
Instruments Available 52 2250 100 5000
Platforms Desktop,Android,iPhone/iPad,Mac MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android MT4, MT5, Mac, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
FX / Currencies        
Forex pairs offered 61 35 50
Major Forex pairs No Yes Yes Yes
Minor Forex pairs No Yes Yes Yes
Exotic Forex pairs No Yes Yes Yes
Cryptocurrencies (availability subject to regulation) Yes Yes No Yes
Commodity CFDs        
Commodities Offered 0 20 21 31
Metals No Yes Yes Yes
Energies No Yes No Yes
Agricultural No Yes No Yes
Indiced & Stock CFDs        
Stocks Offered 2100 0 2042
UK Shares No Yes Yes Yes
US Shares No Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes
Risk Warning Visit Binance
Your capital is at risk
Visit IC Markets
Losses can exceed deposits
Visit Roboforex
Losses can exceed deposits
Visit eToro
74% of retail investor accounts lose money when trading CFDs with this provider.

Binance review
Trading on Binance web platforms and other applications

Binance provides traders with a user-friendly custom platform that can be accessed through a browser-based web application. If you would rather see a MT4 brokers, or MT5 brokers you can do 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 trading apps help you stay on top of your trades and execute them on the go.

See Binance's platforms

Is the Binance Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the Binance trading platform to protect you on PC and mobile Binance platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using Binance web trading platforms.

Binance Trading Platform Options

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

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

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

With Binance, you can 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

  • Binance Low min deposit

Binance Trading Accounts Offered

Below we give an overview of 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.

  • Binance Standard account
  • Binance Managed account

Can I try Binance?

Binance provides a demo account that enables individuals to explore trading before investing their funds. By creating a Binance practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the Binance demo account can help individuals to make informed decisions before investing their money.

Open a demo Binance account to practice and trade.

Your capital is at risk

Binance withdrawal and funding methods

It's essential to remember that the payment methods provided by Binance vary based on the Binance entity and the Binance client's country of residence. To view the Binance payment options available, you can log into your Binance member's area.

Binance offers various funding payment methods listed in your Binance dashboard if available in your region. To learn more about the Binance funding and withdrawal options available in your area, you can explore the Binance website.

Binance provides several payment methods for funding your Binance account. You may utilize any of these deposit options if they are available in your region. Binance ensures that users have multiple payment methods to choose from, making it more convenient for verified Binance account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the Binance user's location. learn more about Binance funding and withdrawal methods.

Binance Payment Methods

Some Binance payment methods are local and are available only to specific regions. Binance account holders should check which payment methods are provided in your region.
  • 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
Broker binance IC Markets Roboforex eToro
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes No Yes
Skrill No Yes Yes Yes
Payoneer No No Yes No
Neteller No Yes Yes Yes

*please note available Binance and other broker payment methods depend on the clients country of residence.

How can I start trading with Binance?

To open a trading account with Binance, individuals can sign up on the Binance website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for Binance account validation and making a deposit. Once completed, Binance users can download the trading platform of their choice.

It's important to note that Binance requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps Binance maintain a trustworthy financial environment for its 10,000 users. Detailed information on the Binance trading platforms is available on their website.

Your capital is at risk

Performing trades with Binance

When using Binance, the minimum trade size is typically varies units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. Binance have a max trade of varies.

Binance, as a market maker, may have more lenient entry requirements than ECN brokers, who typically benefit from higher trading volumes and may have larger capital and minimum trade requirements. Market makers usually offer a lower minimum deposit and smaller minimum trade requirements and do not charge commissions on trades. Market makers like Binance can be useful for traders starting or with limited capital.

Like other brokers, Binance margin requirements can differ depending on the traded instrument.

Education Resources at Binance

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

Binance . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with Binance. Familiarizing yourself with the Binance trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using Binance. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with Binance involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like Binance, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with Binance. Explore the Binance platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with Binance, before live trading.

Customer Support at Binance

As part of our Binance review, we review customer service options, response times and problem resolution effectiveness on the Binance trading platform. The Binance trading platform supports multiple languages, which includes English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

Binance Available Support Types

Based on our experience, we have given Binance a D grade for customer support. We encountered some slow response times or Binance queries that were left unanswered.

Compared to other brokers, Binance offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

Live chat support supports a limited amount of Languages.

Livechat Support at Binance

Our team tested the live chat support of Binance and found it to be satisfactory. While we received a response within 25 minutes on most occasions, there were instances where we did not receive a response at all.

In addition, we tested Binance support services in various countries and languages and found that Binance were able to effectively 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

Broker binance IC Markets Roboforex eToro
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, Portuguese, Spanish, Italian, Polish, Arabic, Thai, Russian, and Ukrainian English, German, Spanish, French, Italian
Learn More Visit Binance Visit IC Markets Visit Roboforex Visit eToro
Risk Warning Your capital is at risk Losses can exceed deposits Losses can exceed deposits 74% of retail investor accounts lose money when trading CFDs with this provider.

What you will need to open an account with Binance

As Binance is regulated by Unregulated.

As a new client of Binance, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with Binance in your region. During the Binance account opening process, you will be asked to provide Binance with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with Binance have the following documents available.

  • Binance require a scanned colour copy of your passport, driver's license or national ID card.
  • A recent utility bill or bank statement that confirms your residential address for Binance compliance. This must be dated within the last six months.
  • If you plan to fund your Binance account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the Binance platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under Binance Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring Binance's platform.

However, remember that you won't be able to make trades on Binance until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the Binance KYC compliance process as soon as possible to avoid any delays in accessing the Binance platform's features.

It is important to note that Binance may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the Binance platform and features immediately. However, you must pass the verification process to start live trading with Binance, which can take up to a few business days.

To start the process of opening an account with Binance you can visit the Binance trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

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 investment advice. All information collected from https://www.binance.com/ on September 21, 2023.

Is Binance A Good Broker?

We have spent over 5 years examining Binance in depth. Although we found some very useful aspects of the Binance platform that would be useful to some traders. We feel that a alternative to Binance may better suit you.

  • Binance have a good track record of offering Forex trading, Spread Betting, Social trading, .
  • Binance has a history of over 12 years.
  • Binance has a reasonable sized customer support of at least 10.
  • Binance are regulated by the Unregulated. Binance is subject to strict regulatory oversight from its respective jurisdiction, which holds Binance (the broker) accountable for misconduct. This regulatory framework helps ensure that Binance operates fairly and transparently and provides Binance customers with a safe and secure trading environment. In any disputes, the regulatory body may also act as an arbitrator to help resolve issue between you and Binance.
  • Binance have regulation from reputable regulators.
  • One of the advantages of using Binance is the quick processing time for deposits and withdrawals, which typically takes only 2 to 3 days. Fast withdrawals from Binance are particularly important as Binance traders want to receive their money quickly. With the efficient Binance payment processing system, traders can enjoy faster access to their Binance funds.
  • Binance have an international presence in multiple countries. Including local Binance seminars and training.
  • Binance can hire people from various locations in the world who can better communicate in your local language.

Binance Risk Disclosure

Your capital is at risk

Trading Risk Disclaimer

Trading financial instruments such as cryptocurrency and foreign currency markets involves high risk and is unsuitable for everyone. When trading on leverage, the potential for loss is significantly higher than when dealing with just your funds. Risky trading leverage allows you to control larger positions with less capital, increasing both the potential for profit and loss.

You will be exposed to a high risk of loss regarding leverage and margin-based trading.

Furthermore, some off-exchange financial instruments and derivatives may offer varying leverage levels and may not be subject to the same regulatory protections as exchange-traded instruments. As a result, they may be subject to higher levels of market volatility and carry a higher degree of risk.

It is important to note that no investment product, technique, or strategy can guarantee profits, and past performance does not necessarily indicate future results. Any investment involves the possibility of financial loss, and it is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

Trading financial instruments is a high-risk activity that requires careful consideration and risk management. It is important to be aware of the potential for loss and to only invest what you can afford to lose.

Binance not quite right?

If after reading this Binance review, Binance does not fulfill your needs check out these Binance Alternatives.

Click here to view the best Binance Alternatives

We have spent years researching the best alternatives to Binance. Click the links below to learn more.

After extensive research over several years, we have compiled a list of the most effective Binance alternatives available today. If you are unsatisfied with Binance or want to explore other options, we recommend checking out our carefully curated list of highly-rated Binance alternatives. Follow the links below to learn more about these Binance broker alternatives and choose the one that best suits your trading needs.

Related Binance Vs Comparisons

Throughout our comprehensive Binance review, we have covered a lot of ground and provided an in-depth analysis of the platform's features and functionality.

If you're interested in comparing Binance against other popular brokers in the industry, check out our Binance Vs pages. Our team has compiled a series of detailed Binance comparison articles, pitting the Binance platform against some of the best-rated Binance competitors in the market. Dive into our informative Binance Vs pages below to find out how Binance stacks up against other leading brokers.

Binance review
BINANCE Frequently Asked Questions

Read our detailed Binance FAQ Section updated for 2023.

Can I try Binance?

Binance do not offer a demo account so it looks like you will have to sign up for at least a trial period. Learn more here

What funding methods do Binance accept?

Please note that the list of payment methods below depends on the Binance Entity and the client's Country of Residence.

Binance offer the following funding payment methods Crypto deposit, Bank Deposit, Credit cards, Debit Cards, PTP Trading, Banxa, Simplex, among other payment methods.
Learn more here

Your capital is at risk

Is Binance safe?

Binance have over 10,000 users. While Binance may not be considered unsafe, they are not regulated or supervised by any major regulatory body. Depending on your trading style this may be okay. We recommend you trade with a regulated broker.Any payments funded to Binance accounts by traders are held in a segregated bank account. For added security,Binance use tier-1 banks for this. Tier 1 is the official measure of a bank's financial health and strength.Trading with Binance is risky, and because the market is so volatile, losses could happen at any time.

Your capital is at risk

Is Binance trading good?

Binance is considered good and reputable to trade with Binance. Binance is used by over 10,000 traders and Binance users. Binance offers Forex trading, Spread Betting trading, Social trading, and trading. Minimum deposit with Binance is 100.

Is Binance trading Legit?

Binance was founded in Australia in 2011. Binance has been facilitating trade on the financial markets for over 12 years. Binance offers clients Forex trading, Spread Betting trading, Social trading, and trading. All funds deposited to Binance are held in segregated bank accounts for security. Binance is not regulated. Although this doesn't mean Binance are awful, we recommend trading with regulated brokers.

Is Binance a good broker?

Binance allows Forex trading, Spread Betting trading, Social trading, and trading. Binance is overseen by the top tier financial regulators Unregulated so can be considered a good broker.

Is Binance trustworthy broker?

Despite any potential benefits associated with Binance, it is important to exercise caution when considering trading with an unregulated broker. Only trade with regulated brokers who adhere to strict industry standards and regulations. A regulated broker ensures that any funds you deposit are separate from the broker's operating funds in segregated bank accounts. A well-regulated broker cannot directly access your funds, providing added security and peace of mind. Therefore, before choosing a broker like Binance, check their regulatory status and ensure that money is held in a segregated account to mitigate any risks associated with unregulated trading.

What is the minimum deposit for Binance?

The minimum deposit to trade with Binance is 100.

How long do Binance withdrawals take?

Withdrawing money from Binance processing time varies depending on the method but averages 1-5 days.

Is Binance regulated?

Binance is not regulated by a top tier financial regulator.

Is Binance a market maker?

Binance is not a market maker. A market maker speeds up trading as a market maker will purchase or sell your stocks and commodities even if a buyer or seller is not lined up.

How can I start trading with Binance?

When opening a trading account with Binance, you will need to sign up here. After completing the necessary steps of receiving login details via email, submitting identification documents for account validation, and making a deposit, the next step is downloading the preferred trading platform. For detailed guidance on Binance trading platforms, you can follow the link provided below: Learn more about signing up with the Binance trading platform here. This will provide useful information and insights into the various trading platforms offered by Binance, enabling you to make an informed decision about which platform to choose for your trading needs.

Is my money safe with Binance?

Yes your money is safe with Binance.

Overall, strict financial regulation is essential for ensuring that trading platforms like Binance operate fairly, transparently, and responsibly, which ultimately benefits all Binance stakeholders involved.

Trading platforms like Binance must have strict financial regulation for several reasons:

  • Protecting Binance Investors: Strict financial regulation ensures that investors who use the Binance trading platform are protected against fraudulent or unethical behavior by the Binance platform or its employees. Financial regulation can help to prevent investors from losing their money due to dishonest practices by the Binance platform.
  • Maintaining Binance Financial Stability: Strict regulation helps maintain the financial system's stability by preventing excessive risk-taking when using the Binance trading platform. Regulatory procedures reduce the likelihood of the Binance platform experiencing financial difficulties or failing, which could have ripple effects throughout the financial system.
  • Enhancing Binance Transparency: Regulations require trading platforms like Binance to maintain detailed records and disclose Binance client information. Financial regulatory requirements enhances transparency and helps to build trust between the Binance platform and its investors.

Binance is regulated by the Unregulated. When selecting a broker such as Binance, one of the most critical factors to consider is the broker's regulatory body and regulatory status. Unregulated brokers pose a direct risk to the security of their client's funds, as they operate without any oversight or regulation. In contrast, regulated brokers are subject to strict rules and regulations that prevent them from manipulating market prices or engaging in fraudulent activities. As a reputable broker, Binance ensures that withdrawal requests are processed promptly, demonstrating its commitment to transparency and accountability. However, brokers that violate regulatory rules can face the consequences such as losing their regulatory status in specific regions, highlighting the importance of working with a trusted, regulated broker for your trading needs like Binance.

Is Binance a con?

While we would not say that Binance is a con. Because a top tier financial regulator does not regulate them, we would not trade with them.

Can you make money with Binance?

Although traders have had great success with Binance, trading on the financial markets with Binance is not a get-rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading, your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does Binance have fees?

Binance withdrawal fees vary on payment method.Binance does charge a fee for inactive accounts. Binance do charge deposit fees.

When was Binance founded?

Binance was founded in 2011.

How many people use Binance?

Binance is used by over 10,000 registered Binance users.

What is Binance Headquarters country?

Binance has its head quarters office in Australia .

Does Binance offer negative balance protection?

Binance does not offer negative balance protection. With Negative balance protection, traders cannot lose more money than they have deposited.

Does Binance offer guaranteed stop loss?

Binance does not offer guaranteed stop loss. With guaranteed stop loss protection, risk is managed. Traders are guaranteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does Binance allow scalping?

Binance does not offer scalping.

Does Binance allow hedging?

Binance does not offer hedging.

Does Binance offer CFD trading?

Binance does not offer CFD trading.

Does Binance offer STP?

Binance does not offer STP trading.

How many people use Binance?

Binance is used by over 10000 Binance users and traders.

Is Binance an ECN broker?

Binance does not offer ECN trading.

Does Binance offer a demo account?

Binance does not offer demo account.

Does Binance offer an Islamic account?

Binance does not offer Islamic accounts.

What are the funding methods for Binance?

Please note that funding methods and options available with Binance can be found in the Binance Members area and depend on the Binance clientโ€™s country of residence. Please check your specific available payment methods on the Binance website. Binance accept the following funding methods : Crypto deposit, Bank Deposit, Credit cards, Debit Cards, PTP Trading, Banxa, Simplex.

Binance review written by Andrew Blumer and Mark Hansen

We hope you found our review of the Binance brokerage firm useful.

This article was written by our financial editors, Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years of experience in financial analysis, forecasting, and financial modelling, identifying new market opportunities in Stocks, CFDs, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

Binance review written by Mark Hansen of Comparebrokers.co