Binance Review 2020

Binance Rated 3/5
learn more Learn more about eToro. 75% of retail investor accounts lose money when trading CFDs with this provider.

Binance Guide

Binance are an online broker founded in 2011 offering Forex trading trading, Spread Betting trading, Social trading trading, and trading.

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

Binance have a listed stock symbol. This means that Binance have publically listed and you can officially buy shares in Binance on one of the worlds global market exchanges.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of Binance we break down the pros and cons. What Binance are able to offer, what countries Binance are available in. Who Binance are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with Binance

Open Binance's Website

Your capital is at risk

At the bottom of this review you can also learn about some pretty good alternatives to Binance

With this review we hope to help you see if Binance is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding Binance that will help you get off to a good start in the world of online trading.

Binance Review Table of Contents

Binance what you should know

Binance offer four ways to trade: Forex trading, Spread Betting, Social trading, .

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 choosing a broker like Binance the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2011, and in operation for 9 years Binance have a head office in Australia.

Binance is regulated. This means Binance are supervised by and is checked for conduct by the Unregulated regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Binance, this will be honored. If Binance violate any regulatory rules their regulated status could be stripped.

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 banks financial health and strength.

Try creating two accounts when you are working with Binance. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

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.

Broker binance eToro XTB Trading212
Year Established 2011 2006 2002 2006
Head Office Australia Cyprus, UK Poland UK
Regulation Unregulated Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Used By 10,000+ 12,000,000+ 250,000+ 14,000,000+
Negative balance protection No Yes Yes
Guaranteed Stop Loss No No Yes
Learn More Visit Binance Visit eToro Visit XTB Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Binance Pros and Cons

What we like about Binance

  • Used by over 10,000 traders
  • Established in 2011
  • Regulated by Unregulated
  • Min. deposit from $100

What we don't like about Binance

Binance Financial Regulation and Supervision in more detail

Binance are not supervised or regulated by any well known regulatory bodies. Its normal to find online brokers like Binance that are not regulated yet appear to be legitimate.

Binance maybe relatively new. Some brokers provide their service under offshore licenses to save operational costs. Regulatory licensing can be very costly. We recommend only trading with regulated brokers. Should anything go wrong with Binance you are not guarenteed help in a difficult situation.

  • Unregulated

Binance General Fees

  • Binance withdrawal fees varies on payment method
  • Binance does charge inactivity fees
  • Binance does charge deposit fees
Broker binance eToro XTB Trading212
Min Deposit 100 200 0 1
Withdrawl Fees $25 – $35 Yes varies No
Inactivity Fees Yes No No
Deposit Fees No No No
CFD Commission Fees No Yes No

Binance Commissions

  • Binance does charge commission on CFD instruments.

What can you trade with Binance?

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

If you are looking at trading currency pairs Binance offer over currency pairs.

Compare Binance with eToro and XTB below.

Your capital is at risk

Broker binance eToro XTB Trading212
Instruments Available 52 100 1,500 3000
Platforms Desktop,Android,iPhone/iPad,Mac Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
FX / Currencies Visit Binance Visit eToro Visit XTB Visit Trading 212
Forex pairs offered 50 50 177
Major forex pairs No Yes Yes Yes
Minor forex pairs No Yes Yes Yes
Exotic forex pairs No Yes Yes Yes
Cryptocurrencies Yes Yes Yes Yes
Commodity CFDs Visit Binance Visit eToro Visit XTB Visit Trading 212
Commodities Offered 0 0 21 14
Metals No Yes Yes Yes
Energies No Yes Yes Yes
Agricultural No Yes Yes Yes
Indiced & Stock CFDs Visit Binance Visit eToro Visit XTB Visit Trading 212
Stocks Offered 957 1696 1731
UK Shares No Yes Yes Yes
US Shares No Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes

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

Binance withdrawl and funding methods.

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

Broker binance eToro XTB Trading212
Bank transfer No Yes Yes Yes
Credit Cards No Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer No Yes Yes No
Neteller No Yes Yes No

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.

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

Broker binance eToro XTB Trading212
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, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More Visit Binance Visit eToro Visit XTB Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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:

  • 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 their website 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.

Is Binance A Good Broker?

We spent over 3 months examining Binance in depth. Although we found some very useful aspects of the Binance platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative Binance broker.

  • Binance have a good track record of offering Forex trading, Spread Betting, Social trading, .
  • Binance has a history of over 9 years.
  • Binance has a reasonable sized customer support of at least 10.
  • Binance are regulated by Unregulated. This means Binance fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • Binance have regulation from a Tier 1 reputable country.
  • Binance has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • Binance have an international presence in multiple countries. This includes local Binance seminars and training.
  • Binance are able to hire people from various locations in the world who can better communicate in your local language.

Binance Risk Disclaimer

Your capital is at risk

Binance not quite right?

Check out these Binance Alternatives

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

If you feel some of the above Binance are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of Binance alternatives below.

Related Binance Comparisons

If you would like to see how Binance stands up against other brokers you can read some of our Binance comparisons below. We compare side by side some of our top rated Binance versus comparisons. Read some indepth Binance VS pages below.

BINANCE Frequently Asked Questions

Can I try Binance before I buy?

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?

Binance offer the following funding payment methods among other payment methods.
Learn more here

Your capital is at risk

Is Binance safe?

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 banks financial health and strength.

Is Binance trading good?

While Binance may not necessarily be considered bad, they are not regulated. We would recommend trading with only regulated brokers.Binance is used by over Binance active traders. Binance offers Forex trading trading, Spread Betting trading, Social trading trading, and trading. Minimum deposit with Binance is mindeposit.

Is Binance trading Legit?

Binance was founded in Australia in 2011. Binance has been facilitating trade on the financial markets for over 9 years. Binance offers clients Forex trading trading, Spread Betting trading, Social trading trading, and trading. All funds deposited to Binance are held in segregated tier 1 bank accounts for security. Binance is not regulated. Although this doesnt mean Binance are awful, we recommend trading with regulated brokers.

Is Binance a good broker?

Binance is not regulated by a top tier financial regulator. While many traders may still find trading with Binance useful, we recommend only trading with a broker that has regulation.Binance allows Forex trading trading, Spread Betting trading, Social trading trading, and trading.

Is Binance trustworthy broker?

While having many plus points because Binance is not regulated we personally would not trade with them. Make any broker you trade with is regulated and places any funded money into segregated tier 1 bank accounts. If your money is in a segregated bank account the broker has no direct access to your funds so cannot misappropriate your money.

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 but averages 2-5 days.

Is Binance regulated?

Binance is not regulated by a top tier financial regulator.

Is Binance a market maker?

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

Is my money safe with Binance?

Binance is regulated by Unregulated. One of the most important criteria for traders when choosing a broker like Binance is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Binance, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is Binance a con?

While we would noy say that Binance is a con. Because they are not regulated by a top tier financial regulator 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 varies on payment method. Binance does charge inactivity fees. Binance does charge deposit fees.

When was Binance founded?

Binance was founded in 2011.

How many people use Binance?

Binance is used by over 10000 registered traders.

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 means 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 guarenteed 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 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?

Binance accept the following funding methods :

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 editor 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 experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, 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