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Binance Review

Sunday, October 1st

2023 Crypto Exchange Reviews

Binance Review 4 Star Rating


4 Star Rating
  • 075% maker/taker fees (with the BNB 25% discount)
  • Dynamic crypto withdrawal fees
  • $1.00-$15.00 fiat withdrawal
  • Extensive staking/earning options
  • Free trading for crypto trading pairs (BTC and ETH)
  • Integrated wallet "Trustwallet"

Binance has a long history as a cryptocurrency exchange, though a somewhat dodgy one at that. According to major financial publications, there has been a significant outflow of capital from Binance since the collapse of FTX: though this is reflective of cryptocurrency uncertainty more generally. As the largest in the world, it's unlikely that Binance will go the way of FTX. That being said, how does their exchange stack up for the average crypto investor?

In the U.S? Use Binance US

Before going further, keep in mind that as a U.S. user, you are only legally allowed to access Binance U.S., which has a smaller selection of about 125 cryptocurrencies, and doesn't offer margin or futures trading. Binance's shenanigans with Binance U.S. have led to extensive and ongoing legal troubles (more below).

Some of the lowest transaction fees out there

A key plus to using Binance U.S. are their low/no trading fees. Trading specific ETH pairs on Binance - of which there are many - will incur no trading fees, which is a nice benefit. Their base-rate maker/taker fees clock in at a wonderfully reasonable .075% if you pay the fees with their in-house coin, BNB.

Standard withdrawal fees

While their trading fees are welcoming, however, their withdrawal fees are an annoyance, though a standard one. As of writing this review, BTC withdrawal fees amounted to $27, where withdrawals of fiat currency cost $10-$15. While withdrawal costs are dynamic, and change daily based on demand and processing costs, they also are a critical factor in determining your exchange.

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Binance also offers staking through their exchange: supporting proof-of-stake coins and projects with your cryptocurrency and receiving a percent reward. Binance's staking is secure, and your staked coins are stored in a cold-wallet. Keep in mind, however, that as Binance was under investigation for the selling of unregistered securities, there is no telling how long such programs will last for U.S. residents.

Potentially overwhelming, but well integrated

For those newer to trading, Binance's extensive trading interface may be overwhelming. However, their simplified integrations with TrustWallet (an easy-to-use hot-wallet) and "Pay" (their in-house crypto payment service) mean that you can seamlessly buy, transfer, and pay from Binance's ecosystem. In addition, both "Pay" and Trustwallet have earned overall positive reviews, which often cite their ease of use.

Bad customer service

Binance's customer service is quite frankly terrible, which is unfortunately common across digital brokers and centralized cryptocurrency exchanges. Customers frequently report being locked out of their account at random, with Binance automatically rejecting verification documents. This technical problem is compounded by an incredibly slow, understaffed and unhelpful customer service team. In short, if you use Binance, don't be surprised if your customer service ticket takes a while to be answered.

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A pattern of regulation skirting

It's important to note that Binance has a dodgy history with regulatory compliance. According to reports from major financial news organizations, "BinanceUS" was set up as a de-facto subsidiary of Binance meant to deflect regulatory attention (it was termed the "tai chi" strategy in internal company meetings). This was coupled with the general allowance of money laundering and suspicious activity on its platform, as well as actively coaching "VIP" users how to avoid U.S. regulations. As such, Binance was being sued by the Commodities Futures Trading Commission (CFTC) and was under investigation from the SEC and IRC due to its role in facilitating money laundering.

Don't let your coins loiter

Binance saw a massive cash-outflow since the FTX scandal. Combined with the fact that - as of writing this review - Binance blocked all bitcoin withdrawals twice in 24 hours due to high withdrawal volume, Binance's U.S. services may very well be undergoing further change. While it is highly unlikely Binance will collapse like FTX, such episodes are a good reminder to always secure your crypto, and never leave your coins sitting in an exchange.

Best for day-trading

With standard withdrawal fees and low exchange costs, Binance is best for day traders making frequent transactions with few qualms about Binances' regulatory sidestepping. If you're outside of the U.S., it gets even better with robust futures and margin trading, and expanded staking options. But, with its history of legal troubles and poor customer service, more casual investors should perhaps think twice before using Binance.

What's the Best Cryptocurrency Exchange?

Are you interested in buying cryptocurrency? Want to know what all the fuss is about? Do you want to make sure you're a part of the next financial craze that sweeps the nation? When it comes to cryptocurrency, there's a lot to know - both good and bad. But it's not rocket science.

Obviously, one of the primary reasons that people to get involved in crypto is the potential for financial gain. Cryptocurrencies have experienced substantial price increases in the past, leading to significant profits for early adopters and investors. Conversely, cryptocurrencies have also experience significant decreases in value. With such a volatile asset, the old adage "buy low, sell high" has never been more true.

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Crypto Exchange FAQ

Cryptocurrency is a method of payment that exists as entries in an immutable online database: the blockchain. The blockchain is "trustless" in that it is not verified by any central authority, but through proof-of-stake or proof-of-work consensus mechanisms; all transactions made in a specific cryptocurrency are immutably recorded in its own blockchain, with each coin competing for a niche use-case in the "Web3" future. But for many, cryptocurrency is a speculative investment, one with infamous volatility, and the ability to make - or lose - fortunes overnight.
Crypto staking is the practice of putting your coins to work in verifying "proof-of-stake" cryptocurrencies and projects. Where "proof of work" coins are verified through huge databases of computers competing to be the first to verify a chain by solving - in essence - a very hard math problem, "proof-of-stake" coins are verified by user's volunteering portions of their coins to help verify the chain. Not only does staking use less processing power, but offers those "staking" rewards for their support. There is risk involved in staking, however, as you cannot sell your staked tokens; if the price plummets, you'll be left holding the bag. As such, do your due diligence before staking, especially for volatile cryptocurrencies.
A "hot" wallet is a wallet on your desktop or phone connected to the internet, one that can send and receive crypto to other wallets or exchanges. A "cold" wallet is not connected to the internet, and is usually located on a flash drive or similar storage device. As such, cold wallets are impervious to the majority of scams in the crypto world (unless you just... hand it to someone you shouldn't. Don't do that!). The safest wallets are cold, so if you plan to own a large sum of crypto (or already do), then do yourself a favor and secure your investments. Have a hot wallet for transactions and integrations with an exchange, and a cold wallet to store your holdings.
Payment for order flow is the practice of a market maker (a large company that provides liquidity to the market) paying a brokerage to route customer orders to them. Some exchanges will do this in lieu of charging transaction fees to their customers - but some still charge those fees anyway. This practice (PFOF) is illegal in many countries, as it encourages brokerages to send customer orders to the highest bidder. It also allows brokerages to harvest data on retail investors, and potentially bet against them en-masse. Many companies accepting PFOF have been fined for their practices, but as the fines are far less than profits, there is little incentive not to behave unethically regarding PFOF.
First, make sure to understand the difference between hot and cold wallets. Second, don't follow links in your email, don't join crypto-pump-and-dump groups in private platforms such as Telegram or Discord. And - in general - assume that anyone trying to get you to perform any specific action through the internet is trying to scam you.
Crypto dusting is the process of placing marginal amounts of cryptocurrencies in a myriad of wallets. When this crypto is spent, attackers can trace transactions and de-anonymize your wallet. Once identified, attackers can engage in phishing attacks and other targeted scams. Most users don't have to worry about Crypto dusting, but if something just appears in your hot-wallet, don't trust it.
It essentially boils down to one question: are crypto-assets a security? While that is far too large a topic to debate here, securities are required to be registered, in order to protect consumers from fraud and misrepresentation. SEC litigation over unregulated securities, then, could either be read as government overreach into a nascent financial system, or as long-overdue consumer protections in an unregulated industry facilitating questionable activities.
A smart contract is essentially a piece of code embedded into a blockchain network. When mutually agreed-upon parameters are met, the smart contract automatically executes. Be careful with smart contracts, as - unless you yourself are able to read and analyze the code - there very well could be malware or unfavorable terms embedded into the contract.
All the exchanges on our list are centralized exchanges (CEX); a centralized exchange acts as an intermediary to connect your buy-and-sell orders to their appropriate buyers/sellers. A decentralized exchange (DEX) has no intermediary, and allows peer-to-peer exchanges via smart contracts. As smart contracts can be dangerous for new investors, or for anyone unfamiliar with the code inside them, it's best for most to stick to CEX before experimenting with DEX.
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Continued from above...

Another reason people have turned to crypto is for financial freedom: Cryptocurrencies offer the possibility of financial freedom by providing an alternative to traditional financial systems. They operate on decentralized networks, which let you have more control over your money and bypasses the need for intermediaries such as banks.

If you want o to buy cryptocurrencies, then you need to open an account with a crypto exchange. Cryptocurrency exchanges are a sort of marketplace where buyers and sellers can connect and transact with various digital assets. Exchanges typically offer a wide range of cryptocurrencies, which can let you diversify your investment portfolio. There are literally hundreds of crypto exchanges available to you - it's enough to make your head swim.

Good crypto exchanges provide a user-friendly and accessible platform for you to trade digital currencies. They can also display real-time price information, which let you monitor market trends and make informed decisions more quickly. The best exchanges implement robust security measures in order to protect your funds and personal information. They will employ encryption, two-factor authentication, and possibly cold storage solutions to safeguard assets from theft or hacking attempts.

So which crypto exchange is the best? That's a tough question to answer, as exchanges - just like cryptocurrency itself - are currently in flux. Whether you're looking at security breaches, lawsuits and regulatory side-stepping, exploitative data harvesting practices, consistently poor customer service, high-profile collapses such as FTX, irresponsible crypto lending like Gemini, or payment-for-order flow profiteering, the crypto-scene is not for the risk averse, and not for those unwilling to do their homework. However, if you are going to be trading crypto, it is well worth your time to do the research to ensure the security of your investments, and the quality of the exchange you choose to utilize.

If that wasn't enough to make you pause, consider that a whole slew of exchanges are being sued by the SEC and the CFTC. Whatever your position, the future of crypto is being actively negotiated in the U.S, as the SEC and CFTC (Commodities and Futures Trade Commision) wage regulatory battles over the status of cryptocurrency as an unregistered security.

In short, there is a lot to consider when choosing a cryptocurrency exchange. By doing some digging on your behalf, we at TopConsumerReviews.com hope to help you find the right exchange in an increasingly volatile landscape.

Before you start with our list, here are some critical points to keep in mind:

  • Maker/Taker fees: In order to run an exchange, someone needs to pay for the transactions. Usually it's you, paying a percentage of the total transaction. An exchange's Maker (selling), and Taker (buying) fees are important to consider, because they can add up if you make frequent trades.
  • Transaction Fees: In addition to maker/taker fees, crypto exchanges will often charge a separate transaction fee to execute your trade. Some exchanges offer a subscription-based program for a nominal fee, and eliminate the transaction fee altogether.
  • Lawsuits: While it seems like most exchanges are getting sued by the SEC, some are also being sued for abusing their customers. Understanding what an exchange has been sued for, and why, can help you gauge whether or not it is safe to use.
  • Payment for order flow: Some exchanges/brokerages on our list accept payment for order flow. This means that market makers pay the brokerage for access to your orders: often leading to questionable, lightly-fined business practices. Many people object to the practice along ideological grounds, as it often strategically takes advantage of retail investors.
  • Not your keys, not your crypto: While not our mnemonic, it's an excellent one to remember. Never leave your crypto sitting in an exchange, unless you have a very good reason to be doing so. Crypto exchanges have just proven to be too volatile. Until your crypto is safely in a wallet on your device (or even better, on a flashdrive), do not consider it yours, and do not be surprised if it is lost.

That might seem like a lot to keep in mind. It's natural to feel some anxiety when choosing an appropriate exchange, but don't let it discourage you! Taking the time to find the right exchange can pay (and protect) your dividends down the line. Here at Top Consumer Reviews, we've waded through the best (and worst) of what's out there, and have found the best exchanges for your consideration.

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