Binance review 2020
Binance is a fairly new exchange but don’t let that fool you. It was founded in July 2017 but by the beginning of 2018 it was the largest crypto exchange in the world.
Binance operates in most countries in the world as a crypto to crypto exchange. This mean that when it was launched you could only purchase crypto with other cryptos mainly Bitcoin. As Binance has evolved it now supports a big amount of FIAT currencies through its big list partners that help customers fund their accounts with Bitcoin by various payment methods like credit and debit card.
Payment methods
Binance doesn’t process any of the deposits. Instead they rely on partners like Simplex, BANXA, Paxful and Koinal, which support credit card and bank transfers.
| Payment provider | Payment methods | Fee |
|---|---|---|
| Simplex | VISA and Mastercard | 4.50% (2.50% + price 2% higher than market price) |
| Paxful | Domestic Bank transfer SWIFT Paypal |
3% 14% 6% |
| BANXA | VISA and Mastercard Bank transfer (SEPA, POLi, iDEAL and Faster Payments Bank Transfer) |
1.99% Free |
| Koinal | VISA and Mastercard | 2.50% |
Binance also have their own integrations for VISA deposit, euro top up cards and many more depending on your region and currency.
Fees
Binance has a trading fee of 0.10% for maker and taker. However if you use their BNB token then you will be getting a 25% fee reduction meaning the fee would drop to 0.075% for both maker and taker.
Binance has an more advanced fee structure as it is an exchange suited for traders that trade more frequently. Depending on how much you trade your fees will get lower and lower. The have 10 levels, VIP0 - VIP9.
Bitpanda is the leading crypto exchange in Europe with more than 1 million users. You can trade more than +30 cryptocurrencies, gold, silver and other metals.
Coinmama supports more than 190 countries and has operated since 2014. It is a very go alternative I you are not living in a western country.