Binance App Review: Crypto Trading on the Go!

Binance is the leading global cryptocurrency exchange by trading volume and liquidity. On average, Binance 24-hour trading volume exceeds $8.5 billion and has a 9.9 CoinMarketCap rating (May 2023). 

Founded in 2017 by software engineer, entrepreneur and investor Chenpeng Zhao, Binance has over 1600 trading pairs and more than 380 cryptocurrencies listed. The exchange rapidly snowballed and became the largest global exchange within six months. (source: Investopedia).

What is Binance and How Does It Work?

Binance is a crypto exchange suitable for all levels of investors and traders to buy, sell, trade, invest and HODL digital assets. 

Cryptocurrencies on Binance include the top dog's Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Litecoin (LTC), Dogecoin (DOGE) and many more established coins. In addition, Binance has a native token, Binance Coin (BNB).

When you open a Binance account, the interface tries to make things easy for its customer, but it can be confusing for inexperienced traders or investors. 

Binance has a crypto wallet to store your cryptocurrencies after purchasing. You can stake many popular proof-of-stake (PoS) coins and earn daily rewards. The app is available for download for Android and iOS users. 

“Explore endless possibilities with Binance.” (Source: Binance)

Binance has an excellent range of fiat currencies, including the following: - 

• Euro (EUR)
• Great British Pound (GBP)
• Brazilian Real (BRL)
• Australian dollar (AUD)
• Ukrainian Hryvnia (UAH)
• Russian Ruble (RUB)
• Turkish Lira (TRY)
• South African Rand (ZAR)
• Polish Zloty (PLN)
• Nigerian Naira (NGN)
• Romanian Leu (RON)
• +50 more

Notice that the United States Dollar (USD) is not listed. The U.S. banned Binance in 2019, so you cannot open a Binance account as a resident or citizen. Subsequently, Binance created a U.S.-specific website and app, Binance US for United States clients. 

As this is a review of the Binance App, we won't go into too much detail about the Binance platform itself as we have a dedicated deep-dive analysis in our Binance Review article if you would like to learn more.

We also have in-depth articles and guides covering various aspects of the Binance Exchange that you may find interesting:

• How to Sign Up on Binance: A Step-by-Step Guide
• Binance Security Analysis: Is Binance Safe?
• Binance vs Binance US: An In-Depth Look
• BNB Coin: The Utility Coin for Binance
• Binance NFT Marketplace Review
• How to Buy Bitcoin on Binance
• A Guide to Trading on Binance
• Binance US Review

Overview of the Binance Mobile App

Trading and investing "on the go" may seem exciting, but monitoring your activity is essential. No matter whether you have a small portfolio of coins or twenty Bitcoin, trading on a crypto app can feel like a game. The Binance app has multiple functions aside from just mobile trading, and it is good to note that most professional traders would advise against using a mobile device as a primary trading tool. You can read more about why mobile apps don't make good tools for active trading in our Coinbase review.

The Binance App is available for Android and iOS users and is one of the most popular crypto apps. It's not entirely beginner-friendly due to the sheer number of features and functions, so we suggest navigating the interface until you have mastered the basics.

Though the Binance platform and app are suitable for the most sophisticated of crypto user, if you are looking for the easiest and most beginner-friendly crypto apps, I would recommend Kraken, SwissBorg, or Crypto.com

On the highly secure Binance app, you can buy, sell, trade, stake and HODL your cryptocurrencies. You can transfer to a digital wallet, to another exchange or use your cryptos to pay for goods or services. 

When you're ready to start, you can use the mobile app to deposit funds and choose your favourite cryptocurrencies. 

To download the app for Binance, you can visit Google or Apple store or scan the QR code on the Binance website. 

Binance Mobile App Transaction Fees

Binance does not charge fees if you deposit crypto. For Fiat currencies, transaction fees and payment methods vary. 

Binance transaction fees are among the lowest compared to other cryptocurrency exchanges.

For example, below is an example of Euro (EUR) deposits and withdrawals: -

Is The Binance Mobile App Available in the USA?

The Binance crypto exchange or app is unavailable in all U.S. states, so check before downloading the app.

A recent Financial Times article, a spokesman suggested that it is becoming "increasingly difficult to do business in the U.S." In February 2023, the United States banned residents of Texas, New York, and Vermont from using Binance.US

In the United Kingdom, the FCA (Financial Conduct Authority) stated that Binance had failed to provide sufficient information required for regulation. 

Binance Security Measures 

Binance provides excellent account security, but we must also take responsibility. Always set up 2FA for the app on your phone and a strong password. Download the Binance authenticator to protect your account from fraudulent transactions. It adds a layer of extra security. 

Binance keeps the majority of user funds kept safely in cold storage, have published their Proof of Reserves, and have a good track record and reputation when it comes to security and safety, being trusted by tens of millions of users around the world.

Additional security features that users can enable include:

• 2FA
• Strong Passwords
• Address Whitelisting
• Time Locks
• Withdrawal Passwords
• IP Whitelisting
• Anti-phishing codes
• Email Verification

Registration and Verification Process

If you are ready to create a Binance account and start trading, buying or selling cryptocurrencies, let's get you started.

How To Create A Binance Account

The first step is to visit the Binance website and open an account. Users can register with their Google or Apple account or use an email address or mobile phone details on the Binance homepage to open a new account.

Account Verification Process

You will be required to submit identity verification. Binance follows a strict KYC/ AML policy. After registering, the next step is for Binance to verify you are who you say you are. 

Have your documents ready to upload and ensure the images are clear and readable, or the verification will fail. 

Typical identity documents include the following: -

• Driver's License / Government-issued photo ID.
• Passport.
• Social security number.
• Voter ID Card.

As soon as Binance approves your account, you can add funds.

Deposit methods include the following: - 

• ACH Bank Transfer
• Wire Transfer
• PayPal
• Credit/Debit card: Fees are variable per currency, starting from 1%
• Apple Pay
• Google Pay
• Crypto: Free

Trading On Binance Mobile App

Available Trading Pairs

Binance has more than 1600 trading pairs. Each crypto may have several options for pairing. The below list shows a few examples: -

Staking And Lending On Binance 

If you plan to buy cryptocurrencies, why not earn from them by staking some coins? Alternatively, make money from lending your digital assets.

What Is Staking And Lending?

Staking is a process where you lease your crypto tokens to the blockchain. Lending is where you provide a crypto loan to someone who wants to borrow. With either option, you can make money. It may not be a fortune, but it helps to make a little profit from hodling your coins. 

Crypto Staking
When you stake crypto, you "lock in" your coins for a designated period. During that time, you will earn a passive income. You cannot access your coins for trading or other purposes until the "lock in" period ends.

Binance has a wide range of coins for earning passive income, such as Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB) and Bitcoin (BTC). Some coins have a flexible lock period, and others are for a fixed time, and interest rates vary per coin.

Crypto Lending

When someone needs a crypto loan, you can become the lender if you have the tokens. Binance then assigns interest on the loan and splits those earnings with you, the lender.

"Borrow for Spot/Margin/Futures Trading or staking to earn high APY." (Source: Binance)

If you gain interest from lending, you can access your profits anytime, unlike staking. Loanable coins have different interest rates and vary depending on the loan coin and your chosen rate from the following: -

1. Flexible Rate: LOW RATES
2. 7 Days - Stable Rate
3. 30 Days - Stable Rate

The interesting thing about crypto lending is that no credit checks are involved. 

Potential Earnings From Staking And Lending 

If you think it's not worth considering crypto lending, think again. Some of the rates are incredible. For instance, APE coin rates vary from 19% to 29% annually (May 2023).

Available Staking And Lending Options 

Navigate to the Binance DeFi staking on the app and choose which cryptocurrency you want to stake. You will see the estimated APR, the duration in the number of days and the minimum locked amount.

Binance Customer Support 

Binance has 24/7 chat support and a vast base of FAQs that cover most user queries. If you cannot find an answer, submit a support request or contact live chat. Binance does not provide telephone support. 

Response times vary but are generally good, better than most cryptocurrency exchanges. However, during peak periods, you may experience delays.

Binance Mobile App versus Desktop Version

Whether you trade, buy, sell and stake cryptocurrencies via the app or use the desktop version is a personal choice. If you are new to trading, trading cryptos on the mobile app is not advisable. Trading is high risk for any financial instrument, but the crypto market is incredibly volatile. 

It's probably easier for beginners to navigate the desktop version. Download the app once you know how Binance works, understand trading pairs, and how to buy and sell crypto. In addition, if you plan to stake or lend cryptos, trying to do that on the phone is much more complex than on a laptop or PC screen. 

Some users have suggested that the mobile app is not intuitive for new users, so take time to become 100% familiar with every aspect of the app before clicking away on multiple buttons and losing your cryptocurrencies because of a mistake. 

Overview Of Binance Trading Fees

Binance trading fees are very competitive, and if you refer a friend, you can earn a 20% kickback on trading fees.

If you're new to crypto trading, here is a quick explanation of the terms: -

• Taker: A trader who places a market order price (live trade)
• Maker: A trader who places a limit order (a predetermined entry point price)

There are ten levels for Binance trading based on 30-day volume. Below is a table showing spot trading fees.

Different Types Of Trading Orders

Binance Futures supports the below order types:

1. Limit Order: An order placed for a specific price.
2. Market Order: An order placed live into the crypto market.
3. Stop-Limit Order: At a price that triggers the order
4. Stop Market order: Once the stop price is reached, it becomes a market order at the prevailing market price.
5. Trailing Stop Order: If the trade is profitable, you can set the parameters for trailing the price. If the price hits the trailing stop order, the trade closes.
6. Post Only Order: A conditional limit order for adding liquidity to the Binance order book, but it will not be matched and filled.
7. Limit TP/SL Order (Strategy Order): "You can set a take profit or stop loss price before opening a position. It will follow the "Last Price" or "Mark Price" to trigger your take profit and stop loss orders." (Source: Binance)

If you are new to cryptocurrency trading, the Binance trading types may seem overwhelming. The best advice is to:-

1. Spend considerable time learning how to analyse the cryptocurrency market
2. Focus on live market orders and trailing stops
3. Practice the other Binance trading orders in a demo account until you completely understand how they work.

If you are looking to learn how to trade or perfect the craft, I recommend checking out our Coin Bureau Trading Channel, where Dan, our expert trader has put together some fantastic trading resources and built a great trading community.

Trading Limits And Restrictions

Like most crypto exchange apps, the Binance mobile app is unsuitable for in-depth market analysis. If you intend to trade cryptocurrencies, doing technical, fundamental or sentiment analysis is essential before placing a trade. Trading without analysis is pure speculative gambling. 

Binance limits open orders to 200 for most markets (BUSD, USDT, BNB, ALTS, FIAT and TUSD).

Binance adjusts the limits for every cryptocurrency based on the following: -

• Crypto Pair   
• Minimum Trade Amount    
• Minimum Amount Movement        
• Minimum Price Movement 
• Minimum Order Size          
• Maximum Market Order Amount   
• Max. Number of Open Limit Orders

Binance Mobile App Wallet

in 2018, Binance acquired Trust Wallet. 

"A true multi-chain wallet that does all the heavy lifting. Safely store, send, and receive your favorite tokens." (Source: Trust Wallet)

Trust Wallet is a popular (over 60 million users worldwide) and reputable wallet that supports more than eight million tokens, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Solana (SOL) and many more.

"Get the best of both worlds with Trust Wallet & Ledger." (Source: Trust Wallet)

If you have a Ledger cold wallet, you can connect it to the Trust Wallet extension for additional security. The multi-wallet feature allows you to add, manage, and import your wallets" in one place."

With Trust Wallet, you have complete control. It has password-protected login and private key encryption built in. It also comes as a browser extension with Google Chrome, Microsoft Edge, Brave and Opera.

How to Buy and Sell Cryptocurrencies on the Binance App

Step 1: Account Creation

As highlighted above, the first step to start trading on the Binance app is to create an account. Visit the Binance website or download the app from your device's app store. Click on the "Register" button and follow the prompts to provide your email address, create a secure password, and agree to the terms and conditions. Once done, verify your email to activate your account.

Step 2: Account Verification

KYC is mandatory on Binance. Click on your profile icon and select "Identification" from the dropdown menu. Follow the instructions to provide the necessary personal information and upload the required documents. This step may take a few days for verification, so be patient.

Step 3: Depositing Funds

Before you can start trading, you need to deposit funds into your Binance account or make a crypto purchase with fiat. To deposit crypto, log in to your account and click on the "Wallet" tab. Choose the cryptocurrency you wish to deposit and click on "Deposit." Binance will provide you with a unique wallet address. Copy this address and use it to transfer funds from your external wallet or exchange.

To purchase crypto, simply navigate to the “buy” tab and purchase the cryptocurrency of choice with the method you would like such as bank card or bank transfer.

Step 4: Exploring the Trading Interface

Once your funds have been successfully deposited, it's time to familiarize yourself with the trading interface. Open the Binance app and click on the "Trade" tab. Here, you will find a wide range of trading pairs, including Bitcoin (BTC), Ethereum (ETH), and many more. Select the trading pair you want to trade and proceed to the next step.

Step 5: Placing a Trade Order

To place a trade order on the Binance app, click on the "New Order" button. You will be presented with different order types, including market, limit, and stop-limit orders. Choose the type that suits your trading strategy and enter the relevant details, such as the quantity of cryptocurrency you want to buy or sell and the price at which you wish to execute the trade. Double-check your order details before confirming.

Step 6: Monitoring Your Trades

After placing your trade order, it's important to keep track of its progress. Navigate to the "Open Orders" tab to monitor your active trades. Here, you can view details such as the trade pair, order type, quantity, and status. You can also cancel open orders if needed. For an overview of your trading activity, check the "Trade History" tab.

Step 7: Withdrawing Funds

When you're ready to cash out your profits or transfer your cryptocurrencies to an external wallet, you can withdraw funds from your Binance account. Click on the "Wallet" tab and select "Withdraw." Choose the cryptocurrency you wish to withdraw, enter the withdrawal address, and specify the amount. Follow the on-screen prompts to complete the withdrawal process.

Cryptocurrencies can also be sold for fiat, which can be withdrawn to your bank account.

Binance App Review: Conclusion

The app is popular with millions of Binance users worldwide for buying, selling and trading cryptocurrencies. Using the app, you can convert your fiat currency to cryptos and track and analyse your crypto performance on the go. 

Binance deposit and withdrawal fees are low and free if you use crypto. Most fiat currencies have a broad range of payment methods 

Like all cryptocurrency exchange apps, we don't recommend placing large trades. In addition, it's tricky to analyse the market without the necessary charting tools for efficient analysis. 

Android users gave the Binance crypto exchange mobile app a 4.4-star rating, and Apple users rated the app with a positive 4.7 stars. The overall user experience is good. Some Binance users complained they couldn't chart with the mobile app, but we've covered that. 

Professional crypto traders wouldn't dream of trying to read a chart on a mobile app. There's no fast way to analyse the crypto market, and mobile apps are not the way to attempt it. 

That said, the app has a "clean" interface, customer support is good, and once you become familiar with how to use it, buying, selling and trading cryptocurrencies is easy. 

“Your trusted crypto exchange: Here at Binance, we are committed to user protection with strict protocols and industry-leading technical measures.” (Source: Binance)

Overall, the Binance Mobile app is good, definitely one of the most robust and useful crypto apps available on the market. If you are already a Binance user, the mobile app makes a great companion.