Binance is consistently ranked as the world’s top cryptocurrency exchange, with a daily volume that is typically a third higher than its nearest competitor. Being listed on Binance is often seen as a sign that a crypto project is serious, and many investors won’t touch any cryptocurrency that isn’t listed on the site. Binance has a great track record for responding to security threats. While decentralized exchanges like Stellar’s feeless StellarX may eat into Binance’s market share in the near future, plans to add a fiat on-ramp to the platform should help Binance maintain its top position.
In short, Binance is the biggest and most reputable cryptocurrency exchange there is. And with over one million downloads through the Google Play Store, only Coinbase (5 million downloads) has a more popular app.
Binance’s market-leading reputation has been built on its exemplary security history and the app is loaded with options for keeping your account secure. The app periodically asks users to re-enter their login details and then pass through any of a range of additional steps to access their account. 2-factor authentication options include Google Authenticator, SMS Authentication, Touch ID, or pattern recognition. In addition, emails are sent to alert you of each new log-in. These same steps are repeated whenever you want to withdraw funds.
On top of this, Binance uses a neat puzzle slider to distinguish humans from bots. This is much faster and simpler than other captcha-like methods, and has been adopted by other leading exchanges.
Interface & Functionality
Sleek, intuitive, and attractive – the Binance app looks reassuringly professional.
The Home tab displays the coins with the highest volume and the largest gains or losses over the last 24 hours.
The Market tab is the most important section of the app, allowing you to access Binance Coin, Bitcoin, Ethereum, and US Dollar Tether trading pairs. You can add any of these trading pairs to a list of favorites, allowing you to quickly view current prices and 24-hour performance.
Clicking on any of these trading pairs presents you with the same depth of options that are available through the Binance website. You can view order books and depth charts, along with price charts covering various durations, from one minute to one month.
And – of course – you can trade. The app allows you to place limit orders to buy or sell at a certain price, or simply buy or sell a specified quantity at current market rates. You can also set stop-limit orders to buy or sell a coin once it dips below or rises above a certain price.
Orders are executed or added instantly, with easily-accessible options to cancel open orders and view your order history.
The Funds tab brings up your current balances, along with options to deposit or withdraw. A neat feature that was recently added to the app allows you to convert small balances to Binance Coin. Commonly referred to as ‘dust,’ these small balances tend to accrue when you’re trading and are near-worthless in themselves, but if you’re trading frequently, they soon add up.
Withdrawals and deposits are occasionally suspended for certain coins. While this can be an annoyance, these are usually fixed promptly. There is also usually a minimum withdrawal amount, but these tend to be fairly low – 0.002 BTC for Bitcoin, 0.02 ETH for Ethereum.
Trading fees are the same within the app as through Binance’s website – a flat fee of 0.1%, which is substantially reduced if you choose to pay fees using Binance Coin. You can toggle Binance Coin fee payment on and off through the Settings tab. There are also flat-rate withdrawal fees, which vary for each coin, but are typically reasonable – e.g. 0.0005 BTC, 0.01 ETH.
RATING: 5/5 ★★★★★
Sleek, secure, attractive – the Binance app is as well-designed as the exchange’s reputation would suggest. The app incorporates all the functions available through the main website and seems to be completely bug-free.