Binance Coupon – Discount Code
The international crypto exchange Binance is one of the most well-known trading places in the industry. For many coins Binance has the highest liquidity of all exchanges. We have put the provider through its paces for this Binance test. Read our Binance experiences on fees, trading platform, service and other features.
How we tested Binance
Costs: In the Binance Review we devote a great deal of space to trading costs. For us, costs include account management and inactivity fees, commissions, spreads and financing costs. Low trading costs are a necessary condition for a good test result.
Platform: The trading platform should also be understandable for beginners who are making their first experience with a crypto exchange such as Binance. At the same time, the user interface should offer more than just the basic trading functions. In the test we therefore pay attention to charts, order types, price lists, market depth and much more.
Seriousness: Trading with crypto-currencies has so far been little or not at all regulated. Therefore, we only recommend stock exchanges that have acquired a certain reputation – either through their background or through their business success.
Payment methods: How can you pay when you buy Bitcoin and Co. from Binance? The easier it is to make deposits and withdrawals, the better for the valuation of a stock exchange.
We consider Binance to be a good address for all those who wish to trade crypto currencies. The features that particularly convinced us in this review are summarised below.
Moderate transaction costs: Binance charges commissions amounting to 0.10 percent of the transaction volume and grants discounts of up to 50 % on these fees. The spreads are moderate due to the high liquidity in the order book. For many coins, Binance is the exchange with the highest turnover. High turnover is a prerequisite for narrow spreads and thus favourable costs. There are no account management fees, no flat-rate fees for the Binance Wallet (regardless of the coin) and no inactivity fees.
Professional trading platform: A good trading platform is clear and user-friendly, but does not forgo important functions and features. Limit and stop limit orders are possible with Binance. Charts can be displayed as candlestick charts and combined with indicators. The Binance app provides a mobile access option. Up to 1.4 million orders per second can be processed via the platform. A plus point for the Binance evaluation is the division of the platform into the “Basic” and “Advanced” versions.
Successful business performance: Binance is one of the largest crypto exchanges worldwide and has been active since 2017. Just 143 days after its foundation, Binance was already among the three largest exchanges worldwide. In July 2017, 15 million dollars were raised with an ICO. The Binance Coin NBB is an ERC-20 token, the use of which enables discounts on transaction costs, among other things.
In the largely unregulated crypto market, size and familiarity are essential security guarantees. We searched the Internet for opinions about the stock market and researched in forums and social networks, for example. The result: we are convinced that Binance works seriously.
Inpayments possible in numerous crypto currencies: Binance offers inpayments in more than 100 different coins. A free Binance Wallet is available for each coin. The large number of crypto currencies accepted is a positive aspect of the Binance test: if you have a portfolio with different coins, you can transfer them very easily. However, USD and other established currencies are not accepted: You cannot make inpayments with credit card or bank transfer.
If you are just starting with crypto currencies, this is a weak point for the Binance evaluation. In this case you have to take a detour and buy Bitcoin, ETH or other coins elsewhere (e.g. at Coinbase) and then transfer them to Binance.
Binance fees: What is due when?
Binance fees are a key criterion for this review. The decisive factors are explicit transaction costs, spreads, financing costs, account management fees, fees for deposits and withdrawals as well as inactivity fees.
A special feature of the fee structure is the discounts you are granted when you use the Binance Coin NBB to pay transaction fees. In the first year after opening an account, the discount is 50%. Thereafter, the percentage is halved each year up to 6.75 % in the fourth year; in the fifth year there are no more discounts.
Granted: We would like to see statistics with detailed information on historical spreads and would note this as an additional plus point in the Binance Review. However, such statistics are rare, even for regulated brokers (e.g. CFD brokers). After all, the current spread for each individual coin pair can be called up.
To do this, click on “Depth” in the trading platform (which we introduce in more detail in the section below), as shown in the figure below. This will display the market depth and the difference between the highest bid and lowest ask price. In this case, the spread in BTCETH is 0.09% – a low value.
Market depth and spread in the Binance platform
Overall, the conditions are favourable, primarily due to the regularly narrow spreads. The fact that there is a fee for every Binance payout is a pain to bear – after all, there are no inpayment, payout or inactivity fees as with many competitors.
Underlying assets: What crypto currencies are there? The catalogue of tradable coins is large. You can trade via Binance IOTA, Bitcoin, Ethereum and all other “big” crypto currencies as well as smaller coins.
The figure below shows a section of the trading platform. With the BTC, ETH, BNB and USDT you determine which of these currencies is the “counter currency” to all other coins in the market list. 122 coins can be traded against Bitcoin, 120 against ETH, 53 against BNB (that is the Binance Coin) and 8 against USDT (Tether).
Market selection at Binance
The market model is one of the greatest strengths we came across in the Binance test. The prices are formed solely by supply and demand in the order book. The smallest available spread is always the difference between the highest bid and the lowest ask price. There is no market making, no price and execution filters and no other mechanisms for price manipulation. Binance does not enter into counter-positions with customers itself, as is the case with market makers, but merely executes orders.
Security and regulation
Binance does not accept deposits from customers. Deposits are only possible with crypto currencies. The Exchange provides its customers with a separate Binance Wallet for each coin. The coins held in this wallet are subject to the same risks as other wallets.
The company has its roots in Asia. The exchange now has offices in several countries, including Japan and Taiwan. The opening of offices in the EU member state Malta is planned. Binance does not hold a broker’s licence. Like almost all players in the crypto segment, the exchange operates largely unregulated.
Parts of the homepage are available in German language. Otherwise, the customer service is in English – and can only be reached by e-mail, but not by telephone or live chat. The homepage contains a number of FAQs and gratifyingly detailed information on various technical processes (e.g. regarding the use of the Binance API). There is also a list of coins, which contains further information on each individual crypto currency.
Binance registration step by step
- Call up the homepage and click on “Register
- Fill in the form, click on the confirmation link, log in
- Take note of the safety instructions
- Set up 2FA
- Deselect or retain Binance Coin as payment currency
- catch up later: send in verification documents
- deposit coins
- Call up the order mask and select the desired pairing
- Enter amount and send limit order
Trading platform: What extras are available?
If you click on “Stock exchange” in the top left-hand menu, you can choose between “Basic” and “Advanced”. The Basic variant has already been introduced in the section above. What additional features does the advanced variant offer?
The main difference lies in some additional chart options and a different layout of the user interface. The order options, however, do not change. The figure below shows the advanced trading platform.
It is possible to integrate a total of 16 indicators (including moving averages) into the chart or to do without indicators altogether. In the simple version, two moving averages are shown in the chart, which cannot be removed.
In addition, the simple version only offers the choice between a very small chart at the top in the middle of the screen and the full screen mode, whose activation hides the order ticket. The available order types (Limit, Market and Stop) are identical. From our point of view, the integration of drawing tools such as trend lines would have been a plus point for the Binance evaluation. Unfortunately, operators have so far dispensed with such tools.
In addition to the web-based platform, access to trading is possible via the Binance app – available for smartphones and tablet PCs. The applications are available for end devices with iOS, Android and Windows. The fact that mobile solutions are available is definitely a plus point in the Binance test.
Conclusion: Can Binance be recommended?
Binance is a relatively young company. It was founded by Changpeng Zhao and Yi He. The company was founded in China. However, both the headquarters and the servers were relocated to Japan shortly after the company was founded in order to escape the ban imposed in China. In March 2018, offices were established in Taiwan. At the same time, the intention was announced to set up offices in Malta to escape the strict regulatory requirements in Asia.
Binance is now one of the top addresses for trading in crypto currencies. The trading interface is convenient and user-friendly, transaction and other fees are low – especially when paid in NBB. Liquidity is very good and spreads are correspondingly tight. Both beginners and advanced traders can experience Binance with a clear conscience.
Now you are at the same level as we are. We hope that you can now form your own impression of Binance. If so, please do not hesitate to open an account. Once set up, you can “fill” it at any time and react to current market trends.