Do you want to start trading on the largest cryptocurrency exchange in the world?
Without a doubt, Binance is also one of the best crypto exchanges and trading platforms in the crypto space, but you have to make sure it suits your needs.
To help you figure out whether Binance is the right crypto exchange for you, in this Binance review UK, we will take you through the user experience, key features, and tools.
Table of Contents
What is Binance?
Founded in 2017, Binance became the largest crypto exchange in the world. The company (Binance Holding Ltd) was founded by Changpeng Zhao, a developer with experience in creating high-frequency software.
Due to the Chinese government’s strict regulations on crypto, the company moved its headquarters out of China. Binance is now registered in the Cayman Islands.
Hundreds of billions of dollars in trades go through Binance every day, and we will tackle the reason in this review. In addition, Binance offers a variety of crypto trading products. Then there are Binance’s crypto derivatives as well as peer-to-peer (P2P) trading.
Furthermore, Binance offers its users a chance to earn interest on their crypto through savings accounts. In essence, this feature allows you to give more liquidity to the platform by lending your coins. But we will come back to this in our Binance fixed savings review.
In terms of fees, Binance is relatively affordable. Although there are a lot of different fees to take into account, the exchange generally has competitive fees.
Another fact that might spark your interest is an NFT marketplace. Binance has incorporated it into its platform thanks to the non-fungible tokens’ growing popularity. You can now use Binance to buy and sell NFTs offered in BUSD, ETH, BNB, and so on.
As you can see, Binance is a very versatile platform full of interesting features and options. We will go through them in this Binance UK review, step by step.
But first, let’s go through the main advantages and disadvantages of using Binance.
Binance Review UK – Pros & Cons
- Hundreds of billions in trading volume per day
- Hundreds of cryptocurrency pairs
- High liquidity
- Instant bank card deposit option
- Commissions from just 0.1% per slide
- 25% fee discount if you use Binance Coin (BNB)
- Supports cryptocurrency holdings
- Provides cryptocurrency savings accounts
- Not FCA-regulated
- E-wallets can’t be deposited or withdrawn
Supported Coins and Markets
If you’re looking to trade lower-cap cryptocurrencies, Binance is a great choice. With over 500 coins listed on the platform, you can choose from a variety of different coins and build a diversified portfolio.
However, you should be careful about leveraged positions regarding crypto derivatives trading. Nevertheless, let’s take a look at supported coins and markets on Binance.
Essentially, crypto-to-crypto pairs allow you to trade one digital currency against another. For example, the BTC/USDT pair contains Bitcoin and the stablecoin Tether. In a way, it’s similar to how forex trading works.
If you own Bitcoin and come across a crypto project that requires Ether, you can easily exchange your Bitcoin for Ether by using the ETH/BTC crypto pair.
Also, the amount of liquidity is certainly one of the biggest advantages of trading crypto-to-crypto pairs on Binance. Since we’re talking about a central exchange, these kinds of transactions can be really quick. But you should bear in mind that to access this feature, you already need to own some crypto.
Crypto-to-crypto trading can be very convenient, especially if you do it at reasonable rates on a platform like Binance.
Do you want to buy crypto with GBP or other fiat currencies? Fortunately, Binance offers a nice selection of fiat markets. Binance’s P2P market offers the possibility to buy Bitcoin, Ether, Tether, and so on.
If you decide to buy cryptocurrency with fiat money on Binance, you’ll have the advantage of being charged very low fees. In fact, takers aren’t charged any fees, and for makers, a small transaction fee applies.
Moreover, you can choose from more than 150 payment methods like cash, PayPal, bank transfer, and e-wallet.
Direct Crypto Purchases
If you want to buy crypto with a credit or debit card, you can do it on Binance without hassle. To use a credit/debit card to buy crypto, you just need to add your bank card details as a preferred payment method.
With the direct crypto purchase on Binance, you don’t need to look for other fiat markets or crypto pairs to fund your account – you just need to confirm the transaction. After you do that, you’ll see newly-purchased cryptocurrencies in your Binance wallet immediately.
If you have some experience in using leveraged trading financial instruments, you’ll probably be glad to hear that Binance also supports crypto derivatives. These risky but also rewarding instruments include futures, margin, and leveraged tokens.
You can trade Bitcoin future for a leveraged position of up to 125x, so opening a position here with £100 would be worth £12,500 in the trade. This is, however, the riskier trade type you can opt for on Binance.
That being said, crypto derivatives are suited for experienced investors who are familiar with the risks.
Binance Fees & Commissions in the UK
And what about Binance fees and commissions?
As we mentioned earlier, Binance is a large and versatile platform, and it offers a variety of products and instruments. Therefore, the platform includes different kinds of fees.
Let’s take a quick look at all the important fees on Binance:
|Standard Commission||0.1% per slide|
|Direct Debit/Credit Card Purchase||1.8% for UK residents|
|Crypto Deposit||Blockchain fee only|
|Futures Trading||Starts at 0.04% per slide|
As you can see, there are no deposit fees on Binance. Also, if you use the platform’s native coin BNB, you’ll get a 25% discount on your fees.
Binance User Experience
If you’re new to crypto, a platform like Binance might seem a bit overwhelming at first. However, Binance puts effort into creating a good user experience for everyone.
For example, their support page contains various articles, dropdowns, reviews, and videos that can help you out in the beginning. And over time, you’ll get used to the site.
When it comes to account security, Binance did a pretty thorough job. For starters, there’s two-factor authentication for every login as well as an authorized device function. Therefore, if someone tries to log in from another device, you’ll know it.
Although Binance has a bunch of features and functionalities, the platform’s interface is actually very clean and user-friendly. Generally, the whole platform is well-designed and very responsive.
Binance Key Features
As we’ve already mentioned, Binance is packed with features and useful tools. It supports staking, a crypto trading strategy to buy and hold, day trade trends… On Binance, you can do it all.
Moreover, numerous digital coins like Bitcoin and Ethereum can be mined thanks to their PoW (proof of work) consensus models. Crypto miners solve the blockchain’s hashing algorithm by using computing power. And, of course, they are rewarded in tokens.
For miners, Binance offers the Binance pool – a service platform designed to improve miners’ income.
If you want to use the Binance pool, you need to create a mining account and configure the mining URL and worker ID found on the configuration page. Then you need to choose the Smart Pool as your payment option and check the estimated income of the BTC, BCH, and BSV.
Finally, you need to check the Extra Bonus page for the Smart Pool’s extra earnings.
Binance Earn is another Binance product we want to mention. With Binance Earn, you can easily make a profit from owning cryptocurrencies. And thanks to the flexible savings feature, you can deposit your crypto to gain daily interest. With this option, you can redeem your digital assets anytime you want.
Another useful feature offered by Binance is Spot Grid Trading. In short, it’s an algorithmic trading bot designed to make trading within a certain range automated.
So, Spot Grid Trading can calculate the minimum investment required for a particular strategy. You just need to set the coin to invest in and the upper and lower price.
And when it comes to charting options, Binance offers both standard and advanced trading pages. The classic version has a beginner-friendly interface, whereas the advanced page offers complete access to a variety of trading tools.
Finally, the analyses on the platform are standard. They provide a straightforward overview of the instrument, so you can check a financial summary, a currency profile, and the day range of currency pairs.
Binance Account Types
On Binance, there are different types of accounts you can opt for.
A verified account is the standard type with basic features. A Verified Plus account, on the other hand, requires verification and offers more benefits.
|Features||Verified Account||Verified Plus Account|
|Leverage||20:1 maximum leverage||20:1 maximum leverage|
|Fiat Deposit & Withdrawal Limits||$50K Daily||$200K Daily|
|Crypto Deposit Limit||Unlimited||Unlimited|
|Crypto Withdrawal Limit||8M BUSD Daily||8M BUSD Daily|
|Other Features||LPD/OTC/Binance card||LPD/OTC/Binance card|
Binance Mobile App Review
If you want to be able to check your portfolio and markets on the go, having a crypto mobile app is a must. And since crypto markets operate 24/7, that even became necessary.
Luckily, the Binance mobile app is highly rated and it’s available both on iOS and Android devices. If you’re a beginner, we recommend downloading Binance Lite, an app that makes everything much simpler.
As a part of our Binance review UK, we took a closer look at the Binance app and found out that the app uses two-factor authentication. Therefore, you can rest assured your assets will be safe.
Furthermore, if you want to have full control over your assets and keys, you can also download the Trust Wallet app.
This popular crypto wallet is also available on Android and iOS devices, and it allows access to decentralized apps (dApps), a decentralized wallet, staking services, and features that can help you earn interest. You can also use it to swap crypto with decentralized exchanges.
Binance UK Deposit and Withdrawal Methods
If you want to swap crypto or use peer-to-peer markets, you must first make a deposit. You can fund your Binance account with crypto or fiat currencies, and you can also do it using a crypto wallet.
You just need to copy your unique wallet address and use your external crypto wallet to send the crypto you want.
Binance deposit methods also include debit and credit cards. However, a 1.8% fee applies. You’ll also have to verify your account by adding some personal information and documents. If you prefer this method, you can make a deposit instantly.
Another thing we want to point out is that there are no minimum deposits on Binance if you want to add crypto. On the other hand, fiat currencies entail a minimum deposit of £15
Binance Customer Service
If you come across any problems, you can contact a Binance customer service agent. There’s a live chat to make things faster, so you can always send a message and ask for help. They are available 24/7 and usually reply within minutes.
You can also check their page of common issues first; it covers issues regarding deposits, crypto futures trading, security issues, and P2P trading.
The Binance FAQ page is also a good source of information. You can even find some tutorials there, which are great for newbies.
Is the Binance UK Exchange Safe?
In terms of security, you can feel safe with Binance. The platform uses authentication features and authorized device functions. Additionally, there’s an anti-phishing code created to ensure that all e-mails you get are legit and safe. On top of that, the site is SSL secured.
On the other note, Binance is not regulated by the FCA in the UK. In fact, it’s regulated only for a limited set of activities, so the only pitfall might be the future of Binance.
Since the platform isn’t fully regulated, some analysts are wondering how long that’s going to last.
How to Use Binance in the UK
Finally, let us take you through the process of opening an account on Binance so you can start trading.
This step-by-step Binance UK guide will help you set everything up.
Step 1: Open an Account on Binance
First, you need to open an account on the Binance website. You just need to provide some personal details and create a password.
Step 2: Get Verified
Binance will also ask you to go through a verification process. To get verified on Binance, you can upload a valid ID and add details like a full name and residential address. You’ll get an e-mail of confirmation once the verification is completed.
Step 3: Deposit Funds
Now you’re able to log in to your account and deposit funds. To do this step, go to your Wallet, select ‘Fiat’, search for GBP, select ‘Deposit’, and enter the amount of money you want to spend.
You can choose from different payment methods like credit/debit cards and Faster Payments.
Step 4: Start Trading
Finally, you’re ready to buy cryptocurrencies. You can go to the market you’re interested in and start trading.
We hope this Binance review UK helped you determine whether Binance is a trading platform for you. After all, it all comes down to your preferences and financial goals.
Many investors choose Binance because of the platform’s low commissions, useful features, and wide selection of crypto. The exchange also provides a good user experience, and it offers a beginner-friendly Binance Lite mobile app.
All in all, if you want to be a part of the largest crypto platform in the world, you can easily create an account and start trading right away!