Can you make money with Binance? Is a gotcha? How to contact customer service?
POINTS IN FAVOR
It allows you to invest in a large number of altcoins.
It is possible to operate in its desktop version and also in its mobile application.
You can send your cryptocurrencies to your wallet for greater security and privacy.
Binance is a broker founded in 2017 mainly focused on the exchange of altcoins. This platform offers us more than 100 different trading pairs between different cryptocurrencies. It offers some fiat-crypto pairs, but most of its pairs are cross-crypto.
If you are looking for opinions on Binance you have come to the right place. We have analyzed more than a hundred opinions online about this broker in addition to testing it personally and we can say that Binance is a totally reliable operator. It is true that there have been many cases of cryptocurrency theft in operators like this one, but usually behind these thefts are security failures of the accounts themselves (insecure passwords, sending passwords, information theft, etc.)
The best way to guarantee the security of our accounts on Binance and any other operator is by sending our cryptos directly to our wallet. Luckily, this operator allows this action to be carried out and it already has its own wallet on the Binance Chain network available . In this article we will talk about this and also about the commissions it charges for each transaction, as well as its most outstanding services and its customer service so that you can contact the company in case you need it.
💡TO TAKE INTO ACCOUNT:
- Binance allows us to trade more than 100 different altcoins.
- The rates compared to other exchangers are quite good.
- The options of its platform in terms of charts and orders are very professional and recommended for advanced traders.
Who is Binance for?
This broker is somewhat more complex than others such as Coinbase . If you are a professional trader looking to have more analysis options, as well as more investment options in cryptocurrencies, this platform interests you.
The commissions are not bad compared to other platforms and although the customer service is quite slow, if you do not have to resort to it because you are an advanced trader, you may be interested in everything that Binance has available for trading cryptocurrencies.👍 Pros
- Lower rates than other brokers
- Wide variety of cryptocurrencies and trading pairs
- More advanced graphics
- Aimed at more advanced users
- Slow customer service
- Falls in times of great volatility
- Binance’s fees are cheaper than other competing brokers. This commission varies depending on the type of user you are, but for those who have just started it is 0.1% for purchases and sales.
- This broker stands out above the rest in the large number of cryptocurrencies that exist to invest. They easily exceed 100 and every month they add new ones so it is very easy to find small altcoins that in the future can have great profitability.
- Binance is designed for advanced traders , that is why the charts are quite professional and from a computer you can make very complete analyzes. From your mobile phone you can see these charts and trade, although it is more difficult to perform a complex technical analysis.
- As we have just mentioned, this broker is designed for more advanced users who already have experience in cryptocurrency trading. All the features can overwhelm users who are just starting out, and even doing an operation can be difficult.
- Customer service, although much improved in recent months with the incorporation of staff in several languages, including Spanish, is still somewhat slow and it is difficult to get an instant answer about a problem we have with this platform.
- We have been able to read complaints on social networks, especially in times of great volatility of Bitcoin , that Binance gave problems to enter either through the app or through the web . This is because many people enter to operate and the servers go down. They should invest more in servers so that this does not happen because there is a lot of money at stake.
As we have already commented, many opinions of Binance affirm that the commissions are low compared to other brokers . Once the test is done, it is true since for the most basic accounts the commission for buying and selling is only 0.1%.
Commissions can be found in this table taken from Binance’s own website. As you can see, there are different user levels depending on the trading volume traded in recent days or the balance in BNB (Binance’s own currency).
And it is important to mention that Binance has its own virtual currency and considerably premiums to users who operate with it. In fact, if you add 50 BNB in balance, you can save 0.01% in commissions as you can see in the table. Transactions in BNB are also cheaper since they are originally 0.075% for purchases and sales of this currency.
But as we say, the normal thing is that you are at VIP level 0, especially when you start, and the commission will be 0.1% for your purchases and sales of all virtual currencies except BNB which will be 0.075%.
At the moment this broker does not have deposit fees and although a few months ago it was not possible to deposit fiat currency, it already is and you can add euros to your account and then operate with cryptocurrencies.
Withdrawal fees are dynamic and vary from withdrawal method, currency, etc.
On Binance you can trade more than 150 currencies . You can see all the available ones from this link . It is undoubtedly well above the average and especially highlights the superiority in the number of cryptocurrencies compared to its main competitor, Coinbase, which only allows trading with just over 25 altcoins.
If you are looking for variety and cannot find the fashionable crypto, it will surely be on Binance. In addition to the usual ones, it has its own virtual currency (BNB) with which also if you trade with it you have a discount on the fees.
Using this broker is not easy, it is designed for very advanced users who know the world of investment , technical analysis and have previously operated with cryptocurrencies in other brokers easier. But, not everything is negative, Binance has a large number of articles by way of tutorials that will help you understand the platform. In any case, to buy or sell altcoins there are two modes available, a simpler interface and a more complex one that will greatly facilitate the entry of the newest.
After registering, they will need to verify your account . For this you must send a photo of your identity document. In less than a day you will have it verified and without limits. However, you can trade without this verification but you have a limit on income and operations.
Once inside, you can trade at market price, with limit price or stop loss . In this way you will be able to enter to operate in the market conditions that you consider most appropriate.
By clicking on each of the currency pairs, you will be able to view and analyze the charts with a multitude of tools to do so, both in the desktop version and in the mobile application.
Before operating it is necessary to make a deposit. As you see in the image, you can deposit money in the following ways:
- Through a SEPA bank transfer
- Through VISA or MasterCard credit or debit card
- By means of a cryptocurrency or crypto cash transfer
- With other types of third party payments such as Mercuryo, Simplex, Koinal and BANXA
Thanks to the fact that it is one of the brokers with the most volatility in the market, orders will easily enter at the chosen price.
Binance Customer Support
2.5 / 5
Although it has a long way to go, Binance’s customer support has improved considerably in recent months . In fact, it is now possible to contact support in Spanish, something that is more appreciated when it comes to dealing with technical issues.
This platform has a help center where you can solve the most global problems.
If this center is not enough, you can contact customer service directly in the chat from this page . It is very difficult for them to happen to you with a human because what you find at the beginning is a bot to which you can send questions. Although that if they ask for your email and finally if you do not find the solution they respond to that address. But this support is insufficient when we are talking about problems with our money.
4.5 / 5
One of the aspects that stands out the most about Binance is its training. Since it is a platform designed for experienced users, you know that you must invest a lot in training to attract new customers. And the truth is that it succeeds.
First of all, we can find tutorials in your academy designed for those who have doubts when it comes to operating. Then, it has different training articles designed for users of different levels.
As you can see, there are lessons for beginner traders, with an intermediate level and, finally, with a more advanced level. These lessons are not as platform-centric and are more generic for learning about trading, investing, and cryptocurrencies.
Binance has one of the most secure platforms. It allows the connection with biometric accesses and with double authentication. In addition, it allows you to connect from the desktop through a qr code captured from the app.
Beyond the security of the platform itself, this broker is regulated by the Financial Conduct Authority (FCA) , the main regulatory institution in the United Kingdom (equivalent to the National Securities Market Commission here in Spain).
For all this and beyond the specific hacks of accounts resulting from the lack of security of the accounts themselves, that Binance is safe and is a reliable broker.
Although it has a lot to improve, especially in customer service and in controlling the servers when the web is saturated, it is clear that Binance is one of the best options to operate with cryptocurrencies .
In fact, opinions affirm this because there are many users making money and investing thanks to the great variety of altcoins they have in their portfolio. Of course, you should bear in mind that it is a platform designed for experienced traders and that support will not always be there if you have a problem and you may have to wait until it is resolved.