Binance South Africa Review: Fees, Rewards & More
Binance South Africa Review: Our Opinion
In our opinion, Binance is an excellent place to start trading crypto due to its low fees, particularly for traders who want to pick up existing orders from the order book, various low cap coins and tokens and its advanced trading platform. Remember that you can deposit funds in ZAR, a big bonus that boosts Binance South Africa’s review ratings. The crypto market is still expanding, and Binance has been able to capitalize on this with the availability of spot trading, leverage, and futures.
Since its launch in 2017, Binance has developed into the cryptocurrency market’s most well-liked exchange. The exchange is well known for its extensive cryptocurrency offerings and excellent liquidity and offers simple cryptocurrency purchases combined with cutting-edge features, interest-earning products, and access to DeFi.
Finding the best crypto exchange is crucial for South African cryptocurrency traders. The crypto exchange of your choice will decide everything from what cryptocurrencies you can buy/sell, the trading tools you can access, and whether the exchange can store your digital currencies safely.
One of the most renowned crypto exchanges in South Africa is Binance. The Binance platform provides a large selection of digital currencies, easy ways to trade crypto, flexible payment options, leveraged tokens, cryptocurrency derivatives trading, mobile apps, and more.
Users in South Africa who wish to trade cryptocurrency directly using South African Rand can now do so on Binance. It implies that traders have direct access to the crypto platform with the world’s largest trading volume and can trade Bitcoin (BTC), Binance (USD), Binance coin (BNB), and Ethereum (ETH) against the Rand.
So, based on your requirements, is Binance the best cryptocurrency exchange? In this Binance exchange review South Africa, we will cover everything you need to know.
An Overview of Coinbase
Binance was established as a global cryptocurrency exchange in 2017 in Hong Kong. Over 500 well-known digital currencies, including Bitcoin, Ethereum, XRP, Litecoin, and others, are available for trade through the website. By trading volume, Binance surpassed all other cryptocurrency exchanges in the world in 2018 to become the world’s largest cryptocurrency exchange by trading volume.
Although Binance started as merely another cryptocurrency exchange, it has expanded its offerings. The site now provides Binance Pro, an advanced trading platform for day trading digital currencies, and a simplified exchange for first-time cryptocurrency investors.
The fact that Binance provides cryptocurrency derivatives like leveraged coins and futures contracts is another unique feature of the platform.
Key Features of Binance
- Users of Binance have the choice to buy cryptocurrencies through a peer-to-peer network. Users can publish assets on the platform and define the price at which they want to sell them. If other users accept the price, they can then fulfil the orders by using escrow to manage the P2P network.
- Investors can purchase substantial amounts of cryptocurrency through the Over the Counter (OTC) portal at marginally lower costs than through the controlled order book exchange.
- Users of Binance can access the mobile version of the platform on both Android and iPhone. The mobile application segregates basic and more advanced features into ‘Lite’ and ‘Pro’ user interfaces.
- With the Binance Visa Card, customers can transfer cryptocurrency into their spot wallets for conversion and spend at more than 60 million retail locations. The card offers up to 8% rewards and does not impose processing fees. The Secure Assets Fund for Users (SAFU) insurance provides coverage for funds.
- Binance Smart Pool is a platform built to integrate the effects of cryptocurrency miners that support Proof-of-Work consensus mechanisms. Automatic switching between BTC, BCH, and BSV mining is possible. All payments are in Bitcoin.
- Users can trade cryptocurrencies using a peer-to-peer network and the Binance DEX while maintaining complete control over their digital assets. The native BNB token powers the DEX and runs on the decentralized Binance blockchain. Users can trade BEP2, Binance Chain-based tokens, on the exchange.
- For customers to deposit their crypto holdings, Binance Earn, a group of interest-earning products within Binance, offers an Annual Percentage Yield (APY). These products include staking, locked savings, flexible savings, the LaunchPool, activities, the BNB vault, and the Binance Liquid Swap.
- Through overcollateralized Crypto Loans, Binance gives users the option to borrow cryptocurrencies. Since the loan to value (LTV) ratio is set at 65 percent, a user can borrow 65% of the deposited collateral. The cost of borrowing is covered by a daily and hourly interest rate fee. Depending on the loan amount and loan length, this cost varies.
Cryptocurrencies Available on Binance
More than 500 of the most well-known crypto assets are available for trade on the Binance cryptocurrency exchange, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- XRP (Ripple)
- Dogecoin (DOGE)
- Maker (MKR)
- EOS (EOS)
- Cardano (ADA)
- Tether (USDT)
- Bitcoin Cash (BCH)
You can trade any of the digital currencies supported by the Binance crypto exchange against the US dollar. You can trade nine cryptocurrencies directly for one bitcoin.
Our Binance South Africa review found that, given that the Binance exchange offers a number of trading alternatives and potential discounts, Binance’s trading fees can be a little complicated.
Deposit and Withdrawal Fees
Regardless of your payment method, Binance does not charge any deposit fees. However, Binance charges a 3% processing fee if you use a credit card to instantly purchase bitcoin without first putting a deposit into your account. For cryptocurrency deposits, transfer fees for using the corresponding blockchain network will be applicable. Depending on the cryptocurrency, this will change. Deposits made in fiat are free of charge.
The flat fee charged by Binance is based on the blockchain network and is subject to change. Depending on what fiat currency or cryptocurrency you want to withdraw from Binance, the withdrawal fee vary significantly. At the time of writing, there is no withdrawal fee when you convert your funds to ZAR. If you convert your funds to Bitcoin for withdrawal, there is a 0.0005 BTC withdrawal fee (425 ZAR).
The amount of Binance’s proprietary cryptocurrency (BNB), which utilizes blockchain technology, you possess in your account, as well as your monthly trading volume determines how much you pay for transactions on the exchange. You will have a basic account tier if you own less than 50 BNB (230,000 ZAR) or trade less than 50 BTC (400 million ZAR).
Whether you create/remove liquidity from the market, all cryptocurrency trades funded with Bitcoin or fiat currency for that tier cost 0.1% of each trade. The fee is reduced by 25% to 0.075% of your trade value if you fund your trade using BNB.
Depending on the VIP level status, fees range from 0.1% for maker and taker to 0.02% / 0.04%. For crypto derivatives, the Binance crypto exchange charges different transaction fees. For instance, the commission for trading futures contracts start at 0.02%if you increase market liquidity and 0.04% if you decrease it.
Holding the native BNB token can reduce spot trading fees. The user gets a 25% discount if the user pays transaction fees with BNB. Users must have BNB tokens stored in their Binance wallet to access this discount. Unless otherwise specified in the settings, users pay trading fees with BNB tokens.
Binance Payment Methods
Binance South Africa allows you to fund your trading account using a bank account, debit card, or credit card. To finance your Binance account, you can connect an existing cryptocurrency wallet or transfer funds from an existing cryptocurrency wallet to a new Trust Wallet account.
When you put money into your Binance account, there are no costs. However, the exchange will charge a 3% transaction fee if you use a credit card to buy a cryptocurrency on the spot without putting a deposit into your account.
Binance also permits peer-to-peer trading (p2P), which enables you to transact in cryptocurrencies with other confirmed users directly. The exchange accepts 62 different payment methods if you engage in peer-to-peer trading on Binance. PayPal is one way to purchase bitcoin; alternative methods include SEPA, Western Union, Yandex, and SWIFT payments. 20 different payment options can be added to your Binance account.
The problem with P2P trading is that you should find another user on the crypto exchange who is selling the coin you wish to buy and accepts the payment method you prefer to use. Therefore, funding the account with PayPal or another payment method may not permit you to trade immediately.
Binance Minimum Deposit
The minimum deposit amount on Binance varies depending on the sort of currency you are depositing, according to our Binance review South Africa. While the ZAR minimum is 500 ZAR, the USD minimum is $10. When sending cryptocurrency into your account with Binance, there is no required minimum deposit amount.
Binance South Africa Security
Binance Regulation & Licensing
Our Binance South Africa review shows that Binance has a history of functioning outside regulations. When China began to crack down on cryptocurrency exchanges, the company changed its affiliation from China to Japan and then from Japan to Malta when Japan’s restrictions grew stricter.
Despite having its headquarters there, Binance claims that the Malta Financial Services Authority does not regulate it. Furthermore, there is no financial authority in South Africa that oversees Binance.
Our Binance South Africa review found that the US operation of Binance has also come under scrutiny because Binance purposefully circumvented local rules and made money off of investors. Despite this lack of supervision and control, Binance is credible.
Due to its high level of security awareness, Binance has only ever experienced one attack, which occurred in May 2019. Although customers lost $40 million worth of funds, they received compensation from the Binance crypto exchange. Security is now always a top concern. Users must have two-factor authentication for all account access and an additional 2FA for exchange activities.
A portion of digital assets is kept offline in cold storage facilities, with the Secure Assets Fund for Users covering the balance (SAFU). Binance collects ten percent of all fees for the safety fund, a defense against security lapses.
Opening a Binance Account
A crucial part of our Binance exchange review is a step-by-step guide on using the Binance platform. Just a few easy steps to open Binance crypto exchange.
Step 1: Create a Binance Account
Download the Binance mobile app or go to the platform’s website and click “Register Now” to open a new account. Your name and email address are all you need to enter to get started.
Step 2: Verify Your Identity
You must finish an ID verification step if you want to fund your account using a debit or credit card. You can buy up to 90,000 ZAR of digital currency per day on Binance if you verify your name and DOB by uploading ID (a copy of your passport or driver’s license).
Step 3: Deposit Funds
Depositing funds with a debit/credit card is very easy. Just enter the deposit amount and card information. The Binance crypto platform will walk you through the necessary information if you use a bank transfer.
You must give Binance your wallet address and authorize the transfer using your wallet software if you wish to fund the account with Bitcoin or another cryptocurrency. Transfers of cryptocurrencies usually take 20 minutes or less to complete.
Before you deposit funds, test the functionality and customer support.
Step 4: Buy Crypto
You are now prepared to begin trading cryptocurrencies on Binance. Click “Buy” to enter the desired purchase amount after choosing the cryptocurrency you wish to buy.
To access the features on Binance in South Africa, you must authenticate your identity. Click on “User Center” and choose “Identification” from the drop-down menu to get to the verification page. For this step, you must present an identification card. For instance, a passport or national ID from South Africa is acceptable.
Sometimes, this procedure could take a few minutes or an hour. You will then be approved and prepared to go to the next level.
There are various levels of verification for Binance users in South Africa.
- Tier 1 – Deposit or withdraw up to 150,000 ZAR: You must include your email, full name, birthdate, ID or passport number, selfie, and nationality.
- Tier 2- Unlimited deposits or withdrawals: You must include your email, full name, birthdate, ID number or passport, selfie, nationality, residence address, and improved due diligence.
Trading Experience on Coinbase
According to our Binance review South Africa, the exchange gives users two different experiences. Use Binance Lite if you want a simplified user experience that makes buying and trading cryptocurrencies as easy as possible. Use Binance Pro if you’d like many customization choices and advanced analysis tools.
The Binance Lite interface is quite simple to use. You can see Binance’s list of the available digital coin, a basic line chart showing recent price movements, and a list of the coins you own. The experience is remarkably seamless since it takes only a few taps with the mobile app to buy a new cryptocurrency.
The Binance Pro platform is considerably more complex. You must search through the numerous built-in indicators on the technical charts to get the analysis that best suits your trading strategy. Additionally, you can access depth charts, order book information, and a coin’s whole market history.
However, it is simple to enter orders using the Binance Pro platform. Market, limit, and stop loss orders are all available, and the interface is set up to guide you through each step of creating your order.
Binance Trading Tools and Features
The Binance Pro platform comes with most of Binance’s advanced trading tools. No tools are available for pricing analysis on the Lite platform.
In our Binance review South Africa, we discovered that the Pro technical charts have 19 different technical studies that can be selected, making them entirely customizable. You can adjust each of them to fit your timeframe and trading style.
Binance Customer Support & Satisfaction
Binance crypto platform has a very comprehensive online support center where you find guides to several aspects of the exchange. The Binance crypto exchange has a dedicated Help Center with searchable FAQs and a full webpage devoted to project research for individuals looking to learn more about new and forthcoming projects.
The online form and ticketing system must be used by users in order to contact a Binance representative. However, contacting the customer support staff is not that simple. The only option is to use live chat, and before you can ask to speak to a human, you must first interact with a bot. The live chat feature is not always “live,” as a customer support representative may not respond to your message for several hours.
Education on Binance
Binance have created an entire section, dedicated to the learning process of newbies and more advance crypto enthusiasts, called the Binance Academy.
Our Binance exchange review concludes that Binance South Africa is one of the best cryptocurrency exchanges in South Africa, packed with several features. It can be simple to forget that Binance is just four years old because of all the services it offers. With progress made over the years, it has become the world’s most popular cryptocurrency exchange platform. Its centralized order book benefits from the platform’s strong liquidity levels and provides practically everything seasoned bitcoin investors would need.
Furthermore, our Binance review for South Africans found that the platform offers much to those looking to trade in crypto. We think Binance crypto platform is a wonderful place to start trading due to its low fees, particularly for users who want to pick up existing orders from the order book and its extremely impressive trading platform.
Most frequent questions and answers
In South Africa, the Binance crypto exchange is a well-known site for trading Bitcoin. In addition to purchasing and selling Bitcoin, you can also trade options (Bitcoin) and compare the price of other cryptocurrencies.
Rands (ZAR) can only be added to a Binance wallet via EFT for SA customers.
One unique aspect of Binance crypto platform is that it offers cryptocurrency derivatives, like future contracts and leveraged tokens. The service continues to expand its cryptocurrency finance offerings, comprising crypto loans and savings accounts.
No deposit fees are applied by Binance when using ZAR or any other fiat money as a deposit method.
Binance offers a vast selection of cryptocurrencies, specifically altcoins. The platform also offers derivatives in the form of leveraged tokens, futures contracts, and options.
Per trade, Binance levies a transaction fee of 0.1 percent. If you keep money in your account in BNB rather than fiat money, you can enjoy a 25% discount.
Only live chat is available for customer service at Binance. If you require assistance with your account, there is no phone number listed for Binance.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.