Binance UK is the first exchange I am using to trade. I chose it because of the popularity of the mother company. It seems to me it is safer than trading at a little-known exchange. The mobile app is quite simple, but has all the necessary features. It does freeze from time to time, but I don’t know how critical that is, as I have nothing to compare it with. For the pairs with BTC, the slippages are minimal and the fees are suitable. Many fiat currencies are available. I am not planning to switch to another exchange at the moment.
Binance UK Review
Updated: February 28, 2023
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Binance UK is the British office of the world-known cryptocurrency exchange registered in 2020. The exchange offers traders convenient and customized to specific requests trading platform to buy and sell cryptocurrencies. Binance UK offers access to margin and spot trading, P2P, buying cryptocurrencies for fiat money. The exchange also offers staking programs, where you can earn passive income for holding digital assets. Binance UK has two governance tokens – BUSD and BNB. The holders of these tokens can not only earn on staking, but also trade with reduced fees.
Binance UK benefits:
Loyal requirements for minimum deposit: any amount for cryptocurrencies, EUR 2 and GBP 3 for fiat.
Wide trading opportunities: leveraged trading, spot, P2P exchange are available.
Average base trading fee for small trading volume.
Huge selection of cryptocurrencies available for buying and selling.
An opportunity to reduce trading fees by 25%.
Referral programs and staking as additional income options.
Binance UK drawbacks:
No demo account.
Low APY for staking popular cryptocurrencies, such as Bitcoin.
Deposit and withdrawal fees are charged on fiat currencies.
The exchange is not regulated in the UK.
Conclusion. Binance UK is a cryptocurrency exchange that provides services both to professional traders and newcomers to trading digital assets. The exchange offers wide trading opportunities as well as passive income options.
Register on Binance now!Top 5 reviews of Binance UK clients
Richard Scott,
novice trader,
London
Even with a small trading volume the fees on Binance UK are reasonable. I’ve started working with cryptocurrencies quite recently. I trade USD 3,000-5,000 a month at the most. With my volumes, I pay a fee of 0.1% per trade. Before registering here I reviewed the fees of many exchanges, and I discovered that the average fee is 0.2%, which is why I was instantly interested in the conditions of Binance UK. Once I completed verification, I was given a Welcome Bonus – only USD 5 and that’s still nice.
John Irving,
trader,
Edinburgh
Binance UK attracted me with the choice of cryptocurrencies. Also, the choice of fiat is rather good here. They do charge even a deposit fee, but EUR 1-3 is not much, especially when you trade large volumes.
At first, I was disappointed about the absence of the demo account. However, Binance UK trading platform is similar to dozens of other platforms operating on the basis of TradingView, which makes it quite easy to quickly learn all the features. The liquidity is good here; slippages do happen, but not often. I have no complaints about the base trading fee, and it can even be reduced if you increase your trading volume. Fiat currencies are credited within several minutes; I use my Visa credit card for this. Customer support responds quickly and is available 7 days a week. Overall, I like everything, although a demo account would be a nice option. It would provide an opportunity to test new trading strategies.
Paul Sanders,
experienced trader,
Birmingham
Binance UK offers standard conditions for trading cryptocurrencies. You can use your own money to trade or leverage. The choice of coins and tokens is impressive; and recently NFTs were added too. As for investment offers, there is staking. The percentage is not high for all currencies, though. What I really liked is that not only some rare or service coins are available like at other exchanges, but also Bitcoin, Ethereum, Tether and others. Trading platforms are convenient, although the desktop version is the most functional. I like that you can not only deposit, but also withdraw fiat money, and the minimum amount is only EUR 10. I believe affiliate programs are another advantage of Binance UK.
Marcel Boret,
trader,
Paris
The fee for spot trading at Binance UK is 0.1%, but that is for those who have only started trading cryptocurrencies at the exchange. It is possible to reduce the fees under conditions that are standard for many exchanges: the more you trade the less you pay. Staking is available as a passive income option, and the minimum threshold is quite low. I also earn money at Binance UK by participating in the referral program: the exchange awards me 20% of the trading fees of the referrals. If I need to deposit or withdraw fiat money, I use the card. Even instant withdrawal is available for it, but in that case the fee is 1% of the transfer amount. I am happy with the response speed of customer support, although the responses are not always to the point.
Gasparo Barbieri,
trader,
Milan
Investment solutions for Binance UK clients
A client of the exchange does not need to take additional actions in order to earn passive income. A trader simply trades as usual, gradually increasing his trading volume. For this, Binance UK reduces fees, which leads to an increase of income. The exchange also accrues interest on holding various cryptocurrencies in your wallet: native tokens BNB and BUSD, popular BTC, ETH, USDT and also rare coins, such as DYDX, AAVE, SXP and others.
VIP program and Staking
Binance UK clients with a monthly spot trading volume BUSD 1,000,000 or higher become participants of the VIP program. Depending on the volume and the BNB amount on the wallet’s balance, a trader is assigned a level from VIP 1 to VIP 9. The higher the level, the lower are the fees and the more you save. The fees differ depending on the type of order – Taker or Maker. If a trader places an order that is instantly executed, he is a Taker. If the order is placed in the order book partially or fully, the trader is classified as a Maker.
Fee rates for different levels:
VIP 1. This level is assigned to a user with a 30-day trading volume of BUSD 1,000,000 or higher. Maker fee is 0.09%, Taker – 0.1%; with a balance of BNB 25 — 0.0675% and 0.075% respectively.
VIP 4. Traders with a 30-day trading volume of over BUSD 120,000,000 are assigned this level. Makers pay a fee of 0.07%, but if they have BNB 500 or more, the fee rate is reduced to 0.0525%. Taker’s fee is 0.09%, but BNB holders pay 0.0675%.
VIP 9. The minimum 30-day volume for this level is BUSD 5,000,000,000. Maker pays 0.02%, Taker — 0.04%. In order to reduce the fee to 0.015% and 0.03% respectively, a trader needs to have a balance of BNB 5,500.
DeFi-Staking is an offer for the clients of the exchange who are interested in earning passive income for holding cryptocurrencies. Traders can freeze the funds for 30, 60 or 120 days and earn from 1.4% to 25.12% APY. The interest, period of blocking and minimum investment amount depend on the chosen cryptocurrency.
Binance UK Partnership Program
Affiliate Program. This is an offer for bloggers and influencers with an audience of more than 5,000 followers (on social media) or 500 members (of a trading community). The size of the partnership reward is up to 50% of spot fees of the referrals and 20% of the fee for trading NFTs.
Referral Program. Under the conditions of the program, clients who invited new users to the exchange receive a reward. The size of the reward depends on the number of BNB tokens on the partner’s balance.
The minimum rate of the referral bonus is 20% of the trading fees of the referral. It is available to traders with a balance of BNB 0-499. If the number of BNB equals or exceeds 500 coins, the exchange rewards 40%.
Trading conditions on Binance UK
Binance UK offers a wide choice of cryptocurrencies and deposit and withdrawal payment methods. Spot and margin trading, staking and P2P exchange are also available at the exchange.
| Trading platform | Binance Desktop, Web, Mobile App (Android, iOS) |
| Account types | Standard account |
| Account currency | More than 675 cryptocurrencies, fiat: GBP, EUR, USD, AUD, RUB, UAH, TRY, KZT, BRL, PEN, UGX, PHP |
| Deposit/withdrawal | Debit/credit cards, Binance card, Faster Payments Service (FPS), SEPA transfer, cryptocurrency exchange |
| Minimum deposit | 3 GBP, 2 EUR |
| Leverage | 1:1-1:125 |
| Transaction fee | 0-0.35% |
| Trading instruments | Cryptocurrencies, including NFTs and tokens with leverage, futures contracts |
| Order types | Market, Limit, Stop-loss |
| Trading features | The rate of the trading fee depends on the trading volume and the number of governance tokens of the exchange on the account balance |
| Bonuses and contests | Welcome bonus and cryptocurrency airdrop (periodically) |
Binance UK commissions and fees
Binance Fees ReviewTraders Union analysts discovered that the fee rate on Binance UK depends on the type of the transaction, type of the order and trading volume. For spot trading, the Maker fee is 0.02-0.1%, Taker — 0.04-0.1%. If you hold BNB in your wallet, your fees are reduced by 25%. Makers pay 0.1-0.35% for P2P transactions, Takers – 0%. Deposit and withdrawal fee through FPS is 2 GBP, SEPA bank transfer — 1 EUR. The fee is 1% on instant withdrawals from the card.
| Account type | Fee (average value) | Withdrawal fee |
|---|---|---|
| Standard | 0.06% — Maker 0.07% — Taker |
Yes |
In order to understand how beneficial Binance UK fees are, Traders Union analysts compared them with the fees charged by competitors. The table below shows the results of the comparison.
| Exchange | Average commission | Level |
|---|---|---|
| Binance UK | 0.6$ | Average |
| Bybit | 20$ | High |
| Coinbase | 0.5$ | Low |
Conclusion. The fee rates on Binance UK vary depending on the trading volume and type of the transaction. Even with small trading volumes, clients pay low fees to the exchange, and if they work with the native token BNB, the fees are reduced by 25%. Binance UK is also a partner of TU, which means that the fee can be even lower than that thanks to the rebate.
Detailed review of Binance UK
Binance UK offers traders a wide choice of digital assets, high liquidity and functional trading platforms, including for mobile devices. The company cares about protection of data and deposits of its clients, and therefore holds their funds in cold wallets and offers two-factor authentication. All traders who register at the exchange must pass the KYC procedure. You will not be able to make a deposit and trade at Binance UK without identity verification, email and your phone number.
Binance UK in figures:
Daily trading volume — more than USD 2 billion.
Over 675 cryptocurrencies available.
Number of the transactions at the exchange exceeds 1,400,000 per second.
Binance UK is a crypto exchange for traders of any level of expertise
Binance UK regularly adds new cryptocurrencies and tokens. At the moment, over 675 digital coins, including stablecoins, are available at the exchange. BUSD, the exchange’s native token backed by the US dollar at a 1:1 ratio is one of them. In addition to BUSD, the Binance Coin, or BNB, is available on Binance UK. Clients holding BNB receive a discount on the trading fees.
All officers of Binance, including Binance UK, offer a proprietary platform. It is available in many versions: traders can use desktop or browser versions as well as Android and iOS apps. Desktop and Web platforms have two interfaces: Classic and Advanced. Classic platform is for beginners, while the Advanced version is designed for advanced users and professional cryptocurrency traders.
Sections of the Binance UK website with useful information:
Research. Binance UK analysts regularly analyze the cryptocurrency market and publish the results of their research on the website of the exchange.
Blog. The blog features information about the team of Binance UK, new features and products of the exchange and partner relations with blockchain and fintech leaders.
Pros:
Clients with large trading volumes get reduced trading fees.
BNB, the exchange’s native token, is an instrument for active trading and passive investing (staking).
The exchange also developed a native stablecoin BUSD, a coin that is pegged to the US dollar at a 1:1 ratio.
Margin trading is available on Binance UK; on some futures contracts, the leverage reaches 1:125.
A guide on how to start trading on Binance UK
Binance UK does not offer a demo account. Traders can use one type of a real account, where various transactions can be performed.
On the trading platform, a Binance UK client can use the following features:
Simple (Balance) – designed to receive cryptocurrency through exchanging fiat currency in the trader’s wallet.
Simple (Card) – allows to exchange fiat from a debit/credit card for cryptocurrency.
Advanced (Spot) – an option for spot trading.
Margin – interface for margin trading.
P2P – the platform for cryptocurrency payments of one person to another.
Trading non-fungible tokens (NFTs) is one of the most recent features added by the exchange.
Bonuses from Binance UK
Welcome bonus. This is an offer for traders who do not have an account on Binance UK. The exchange awards BUSD 5 to new clients who register and pass verification. The Welcome bonus is available periodically.
Welcome Bonus on Binance
Education for beginners on Binance UK
Binance UK has taken care of cryptocurrency beginners and prepared educational articles for them. They can be found in the Learn and Support sections. Also, the exchange’s website features video guides on how to open an account, pass verification, make a deposit (crypto and fiat) and start trading.
| What information do the educational materials on the Binance UK website provide? | What you won’t find on the Binance UK website |
|---|---|
| Cryptography and blockchain basics | Alphabetized glossary |
| Analysts of cryptocurrency trading strategies | Fundamentals of technical analysis |
| Cryptocurrency security tips | Descriptions of popular indicators |
| Methods of risk management | |
| Step-by-step guide on how to register and trade on Binance UK |
Regulation, licensing and data security on Binance UK
At the moment, the cryptocurrency is not regulated in the UK, where Binance UK is registered. Other offices of Binance are licensed at the place of their registration. The exchange is regulated in the U.S., and in 2023 it obtained a license from the regulatory authorities of the United Arab Emirates and France.
To protect personal and payment data of its clients, Binance UK uses two-factor authentication (2FA). The exchange holds the deposits of traders in cold wallets.
👍 Pros
• High level of security of clients’ personal data
• Secure storage of cryptocurrencies in the internal wallets of the exchange
👎 Cons
• Client complaints are processed inside the company without involvement of a third party
• Compensation of cryptocurrencies in case of liquidation or bankruptcy of the exchange is not provided
Deposit and withdrawal methods at Binance UK
Fiat and cryptocurrencies can be used to deposit and withdraw funds on Binance UK. The fees and processing time depend on the chosen payment system.
Only British pounds can be deposited and withdrawn through the Faster Payments System (FPS). Depending on the bank, a transfer takes from several minutes to one working day. Deposit and withdrawal fee is 2 GBP.
Only euros can be deposited and withdrawn through the SEPA transfers. Payments are not performed on weekends. The timeframe for the transfers is 1-2 working days, fee – EUR 1.
SWIFT transfers are not supported.
Minimum withdrawal amount to a card is EUR 10.
Customer support
Binance UK customer support is available 24/7.
👍 Pros
• A client can request assistance at any time of the day or day of the week
👎 Cons
• Sometimes the responses come with a delay
Clients and unregistered traders can contact customer support using one of the following channels of communication:
Chat bot on the broker’s official website;
Telegram and Facebook instant messengers;
Instagram, Reddit and Twitter;
Feedback form.
Binance UK contacts and address
167-169 GREAT PORTLAND STREET, ENGLAND, LONDON, W1W 5PF
51.52183360253555, -0.14371158650799945
Website: https://www.binance.co.uk/
Registration on Binance UK and features of Personal Account
If you use TU’s referral link when registering on Binance UK, you will be able to receive a compensation for a part of the fee for trading cryptocurrencies.
A step-by-step guide on creating an account on Binance UK:
1
Access the official website of Binance UK by following the link on the TU’s website and click Register on the top of any page.
Binance UK Review — Registration button
2
Select the registration method – email, phone or a Google/Apple account.
Binance UK Review — Choosing the method of registration
3
Click on the button for creating an account.
Binance UK Review — Create an account button
4
Provide your email and come up with a secure password. If you have a referral code, you need to provide it at this step of registration. After that confirm your email and phone number.
Binance UK Review — Registration process
Key features of Personal Account:
1
Making a deposit – in cryptocurrency or fiat.
Binance UK Review — Depositing funds
2
Trading (margin, spot, P2P) and instant cryptocurrency exchange via cards and bank transfers.
Binance UK Review — Trading and instant cryptocurrency exchange
In addition, clients of the exchange can perform the following actions in their Personal Account:
Attached scanned copies of documents to confirm their identity “Know Your Customer” (KYC).
Generate statistics on partner rewards.
Join the staking program.
View the history of all open and closed trades.
Turn on and set up two-factor authentication.
Traders Union expert about Binance UK
Binance UK was established in 2020. Any adult interested in trading cryptocurrencies, including for fiat, can register at the exchange. Identity verification is a mandatory condition for depositing funds. The exchange offers universal conditions, which is why it is suitable for traders with any level of experience: both beginners and advanced cryptocurrency traders. The trading platform is available in two versions (Classic and Advance), making it possible for users to choose the interface to fit their requirements.
Binance UK offers a wide choice of cryptocurrencies. At the moment, there are over 650 available cryptocurrencies; new coins are regularly listed. The exchange offers staking, holding cryptocurrencies in the user’s internal wallet, as a passive income option. The list of instruments available for staking is regularly updated with new coins.
Binance UK offers good conditions and trading platforms both for professionals and novice traders. However, advanced users can receive a substantial advantage in the form of reduced trading fees. Demo account is not available on Binance UK, which is a drawback for novice traders. There are educational materials on the official website, although there may not be enough for gaining advanced knowledge about cryptocurrency trading.
Team that worked on the article
Mikhail Vnuchkov
Author at Traders Union
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya
Author and editor at Traders Union
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.