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.
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Binance Guide - Read our In Depth Binance Review

This Binance review was written by industry experts with over 20 years of financial experience in Forex trading, Spread Betting, Social trading, .

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.

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 breakdown 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 Binance 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 review
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.


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

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Binance, this will be honored.

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.

How Binance as a Company Compare Against Other Brokers

Broker binance eToro IC Markets Trading212
Year Established 2011 2006 2007 2006
Head Office Australia Cyprus, UK Australia UK
Regulation Unregulated Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Used By 10,000+ 12,000,000+ 60,000+ 14,000,000+
Negative balance protection Yes Yes Yes
Guaranteed Stop Loss No No Yes
Learn More Visit Binance Visit eToro Visit IC Markets Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits 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 review
Binance Pros and Cons

What we like about Binance

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

What we don't like about Binance

Binance review
Binance Regulation and Licensing 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 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

Broker binance eToro IC Markets Trading212
Min Deposit 100 200 200 1
Withdrawal Fees $25 – $35 Yes No No
Inactivity Fees Yes No No
Deposit Fees No Varies No
CFD Commission Fees No Yes No

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
What can you trade with Binance?

Be aware that Different entities under Binance Brand offer different trading instruments due to regulatory restrictions. Trading instruments offered may differ based on the country of residence of the Client.

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 IC Markets below.

Your capital is at risk

How Binance Trading Options Compare Against Other Brokers

Broker binance eToro IC Markets Trading212
Instruments Available 52 100 232 3000
Platforms Desktop,Android,iPhone/iPad,Mac Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac Web Trader, Tablet & Mobile apps
FX / Currencies        
Forex pairs offered 50 65 177
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        
Commodities Offered 0 0 19 14
Metals No Yes Yes Yes
Energies No Yes Yes Yes
Agricultural No Yes Yes Yes
Indiced & Stock CFDs        
Stocks Offered 957 100 1731
UK Shares No Yes No 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 eToro
75% of retail investor accounts lose money when trading CFDs with this provider.
Visit IC Markets
Losses can exceed deposits
Visit Trading 212
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 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

Broker binance eToro IC Markets 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 No No 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.

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

Broker binance eToro IC Markets 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, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More Visit Binance Visit eToro Visit IC Markets Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. Losses can exceed deposits 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:

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
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 review
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.

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.

Binance review
Related Binance Vs Comparisons

We have covered allot in this Binance review, If you want to see how Binance compares side by side with other brokers check out our Binance Vs pages.

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 our indepth Binance VS pages below.

Binance review
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?

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

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?

Binance is considered good and reputable to trade with. BinanceBinance 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 100.

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 overseen by the top tier financial regulators Unregulated so can be considered a good broker. 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 a fee for inactive accounts. 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