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Binance Review: Field Report for Swiss

How can you buy, sell, trade and safely store cryptocurrencies? These are the most important questions about the financial product Bitcoin and Co. In the following we examine the largest crypto exchange in the world: Binance.

Many readers will know Binance. All those who have not yet dealt with the topic of cryptocurrencies and exchanges, now have the opportunity to learn a lot about the platform in a few minutes in the Binance Review.

What questions you can answer after reading our Binance experience report:

  • How is the usability?
  • Is Binance safe?
  • Is there a Binance app and how does it work?
  • Can I leave my cryptos on the exchange or store them in the cold wallet as well?
  • What is a Cold Wallet?
  • Are there any fees and can I save on Binance fees?
  • How can I invest with Binance and buy my first cryptos?

Table of contents

Binance Experience: How good is the crypto exchange?

As an experienced investor, you want to broaden your horizons, diversify your portfolio, diversify broadly and therefore also stay informed about newer financial products. Since 2017 at the latest, Bitcoin and other financial Cryptocurrencies trend and many want a piece of the pie.

This is where Binance comes into play. The crypto broker from China is the largest crypto exchange in the world in terms of users and trading volume. But how good is Binance for Swiss investors?

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Binance advantages at a glance

Binance experience with the Binance App and the Binance Wallet through Staking and Liquid mining

Although Coinbase is listed on the stock exchange, Binance from China has the largest customer base and the highest trading volume worldwide. Why is that?

On the one hand, the absurdly low trading fees, on the other hand, the wide range of available cryptocurrencies. No less important are the good VIP program, tradable derivatives, NFTs - the novelty among crypto enthusiasts - , the own crypto credit card with cashback as well as financing programs like Lending, Binance Earn and Binance Pay.

Binance Academy
For us, Binance Academy is one of the best knowledge bases for trading and understanding cryptocurrencies. Binance takes newbies by the hand and shows everything there is to know about cryptocurrencies and the functions on Binance with explanatory videos, texts and pictures.

If our Binance review doesn't answer one or the other question sufficiently, feel free to inform yourself about the broker's library.

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Binance usability & user friendliness

In the Binance review, it was quickly noticed that the (very extensive) exchange and especially the Binance app were clearly designed. In the header area of the trade desk overview, all important subpages are clearly listed and the order book and the chart are also well placed.

Pro Tip: If you are familiar with Tradingview, you can load and use your usual chart analysis tools with a click on the button of the same name!

Binance App Review

The Binance app is well adapted for smartphone and tablet. At the bottom are the main buttons for navigating through the app. We also like that the app prominently displays Bitcoin (BTC), Ethereum (ETH) and the Binance Coin (BNB) on the home section.

In the upper area you will see various icons that lead you to the respective function of the crypto exchange. Clicking on "More" opens the entire range of functions and options. Similar to the control center on iOS and Android.

Tip: Binance has developed a native app for MacOS. You can install it normally and then use it like a program. By the way, Binance also supports the new safe login via a QR code.

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Mobile App Binance Test Overview

Binance Test: Security

In terms of security, a lot is done on Binance: the crypto exchange seems very secure. So far, only one hack attack on the crypto trading platform is known (from 2019). The exchange has solved the hack well and immediately blocked all deposits and withdrawals.

At the same time, customers' deposits are secured in the so-called SAFU Fund. This makes Binance a secure exchange for the custody of cryptocurrencies.

Your account is also protected by 2FA (two-factor authentication). If you want, you can further increase your security by turning on multi-factor authentication. This will send you a code to the email address you have entered and you will also need the code of your 2FA authenticator to log in.

Binance security under test

MFA verification is always required for requested withdrawals. You can also whitelist bank accounts and wallets. Withdrawals to these addresses then do not require verification. All other withdrawal requests will be blocked for the time being and must be approved manually.

This represents extremely high security standards, which are hardly known at other brokers.

Binance Wallet - Storage also possible on Cold Wallet?

For those who do not actively trade cryptocurrencies, but plan to invest over several years, it is recommended to use a cold wallet. Now you ask yourself, what is a cold wallet? Good question!

Cold wallets are separate from the internet and are also called hardware or paper wallets. The Cold Wallet from Ledger Nano* looks like a USB stick, for example.

Since cold wallets are not connected to the internet, they cannot fall victim to a hack. By the way, the counterpart to the cold wallet is the hot wallet. These are all wallets that are connected to the internet and managed via the exchanges.

Wallets that are installed on the computer and are also connected to the Internet are also called hot wallets. The difference here, however, is that the user himself is in possession of his private keys (wallet passwords) and thus the digital wallet can only be hacked if the private keys are accessible. 

Safety Tip: If necessary, keep your private keys with paper and pen in the traditional way. This makes a hack basically impossible. Of course, the piece of paper must never be lost.

Pro Tip: To save on gas fees, you can trade on the Binance Smart Chain (BSC). 

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Binance Review: Fees

The next point in the Binance review is the fees. At Binance, they are among the lowest in the entire market. Trades cost a fee of only 0.075% for normal users. If you join Binance through our link, you will still save 5% on your spot order fees.

Depending on how many Binance Coins (BNB) you store in the wallet or staking, the fee decreases to a maximum of 0.015%.

Fees can also be saved via a larger trading volume. Only very few will be able to take advantage of this, as a volume of several thousand BTC is necessary for this.
There are also fees for deposits and withdrawals. At the time of this review, deposits and withdrawals via CHF Swiss francs are being serviced and are therefore not available as an overview. We can use the Euro as a guideline for the classification of fees in this Binance Review and estimate the costs:

Binance deposit fees

How can I deposit with Binance?

Swiss investors can deposit on Binance via credit and debit card. Simplex also offers its service to make deposits on the platform.

At the moment, transfers via SEPA do not work due to European directives. They are currently shut down and can be used again later if necessary.

We have made several deposits via Binance SEPA and they went through without a hitch. The processing time was one day and no fees were charged.

Binance Cash Out Switzerland: Cash Out Fiat Money or Crypto

Due to regulations, Binance withdrawals can currently be difficult across Switzerland. Don't worry, there are several ways you can withdraw your fiat currencies from Binance or transfer cryptos from Binance:

. Links from the video:

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Binance taxes due in Switzerland at all?

The taxation of cryptocurrencies in Switzerland is different from most countries. If you want to save taxes in Switzerland with Binance, you should consider some issues. Especially if you are mining or staking in addition to trading.

How to declare taxes correctly with Binance Staking and how to use the tax statement, I will show you in the Big Swiss Crypto Tax Guide. Indeed, the subject is more complex than many think and capital gains are not always tax-free as in the graphic below.

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Other features of the Binance platform

In addition to trading cryptocurrencies, Binance also offers savings financial products at various yields. This includes, for example, Staking or the popular BNB Vault & Launchpool. Many people use staking to tap returns every year and let the assets they buy work. 

If you're interested in what staking is, feel free to leave us a comment!

Binance earn with staking and ethereal liquidity mining explained

Another very helpful feature is the Binance Visa credit card. Among other things, you can withdraw money for free at numerous ATMs and also use the Visa card for payments.

For each payment you get cashback. You can achieve a maximum of 8% cashback per payment. However, you need a lot of Binance Coins (BNB). For one BNB you get 2% cashback and for 10 BNB you get 3%.

The cashback is paid out in BNB and credited to you immediately after the transaction. With a little "luck", you will quickly accumulate BNBs and reach the next card level with four, five or more percent cashback.

Or the value of the Binance Coin (BNB) increases and your original cashback amount increases in CHF value.

Conclusion on Binance for Switzerland

The large variety of products, the ease of use of the app, the high security mechanisms and the daily accessibility are features that one would like to see in any broker and actually expect.

Deposits and withdrawals work quickly. The customer service is not available via live chat, but the requests are processed quickly and expeditiously - according to our Binance experience.

Have we forgotten a topic? Is there a question you're dying to ask? How did you like our Binance review? Did the review help you?

Feel free to leave us a comment!

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52 responses

  1. Hello
    I am just starting with Binance. My account is verified, now I try to deposit money, but it doesn't work. I select EUR and want to deposit via bank card. The following message appears: According to our internal policy, this service is not available for your account. Please select another currency or payment method to continue.

    Can someone explain what I did wrong, as it worked for others according to the comments.

    Thank you very much, best regards Julia

    Reply

    1. Hello Julia
      Does this appear at Binance or at your house bank, where you want to transfer to Binance?

      Reply

      1. Hello Eric

        I have the same problem. Message appears on Binance:
        According to our internal policy, this service is not available for your account. Please select another currency or payment method to continue.

        This is something new for me. In the past it always worked without problems

        Reply

  3. Why do I, as a Swiss citizen, have to provide proof of my first higher amount sent to Binance by my broker, or make a deposit and withdrawal worth 22.8% to Binance, so that they credit the amount to my account?
    Is this just a fake or do I definitely get this payment of 22.8% back at 100%?
    Who has experience and can help me?
    Thanks for the help

    Reply

  4. Binance has limited options for Switzerland in terms of deposit and withdrawal options. Its supports is legendary bad. They told me they blocked my withdrawals because of "difficult time in crypto industry". My friend account was terminated without giving a reason, 5 days to withdraw all the money, 500.000!, and the withdrawal is blocked (for security reasons, he-he). Support always answers "We are working on your issue, please wait 24 hours.". The story is still going on.
    Binance issues pegged BUSD, which is not the same as BUSD of Paxos (regulated). The power of issuing your own money corrupts early or later, their proof of reserves is questionable.
    If you still want to use Binance, open an account in Kraken, or similar, transfer your funds using bank transfer, change them to USDT (0.2% fee), and transfer USDT to you Binance account. Same works for withdrawals. Do not forget to transfer a small amount first, any mistake will cost you the money you sent.

    Reply

  5. I have used SWIFT Bank transfer to deposit USD (Converted CHF to USD in Revolut). Now I cannot use this way anymore, for depo or withdrawal, it says "Transaction Method Unavailable. This transaction method is currently not available in your location. We are working on making that a possibility soon"
    For 2 weeks already.
    Switzerland is not on the list of restricted countries https://www.binance.com/en/support/faq/swift-bank-transfer-channel-suspended-for-citizens-of-selected-countries-updated-as-of-2022-12-01-b230db1283e54c529b206d0a48e6e358
    Binance support is useless, told me to use P2P, tried to lie about the reasons why it does not work, eventually said that I must understand that it is difficult time in crypto industry. I assume Binance is short on cash.
    Can anyone use Bank transfer to deposit/withdraw in Switzerland?

    Reply

  6. Good day
    Does anyone know anything about proof of liquidation when paying out from Binance to a Swiss account ? Is this normal ?
    Greetings Gabriela

    Reply

    1. temporarily it doesn't work like that. You could test, if things changed and keep us updated!
      Many thanks

      Reply

  8. I want to transfer money from Binance back to my account. I need assistance, can you do it with me personally?

    Reply

  9. Thanks for all the tips!
    I have now applied for a Revolut credit card.
    If I want to transfer fiat currency from Binance to my Revolut credit card, which country do I have to enter in the credit card details? Kindest regards

    Reply

    1. There is no general answer to this question. Take a look at the details of your bank account on your Revolut card. In addition to the IBAN etc., the country should also be there or the first two IBAN digits show it to you 🙂

      Reply

  10. Hello, do you know why it is not possible to order a Biance credit card in Switzerland? Love greetings

    Reply

    1. Hi Patrick, I suspect it is due to the regulation of the regulators which also complicates the payout. It may well be that this will change soon 🙂

      Reply

  12. Thomas

    I have questions about the OPC converter, is there anyone here who has dealt with it (Connvert history).

    Reply

  13. Hello Eric
    I also have the same problem. Because I'm in Switzerland, I can't withdraw the money. I've tried 3 different debit cards and 3 different credit cards. Without success... Each time it says "Card in this country is currently not supported." Can you please help me with this? I don't have any bank cards from other countries. Can I perhaps meet you Eric, for a coffee for example, to discuss the transaction? It's a large amount that I have converted into euros, which I urgently need to withdraw. Thank you in advance.

    Reply

    2. Hello Sabriye
      I have the same problem, could you find a solution in the meantime?
      Kind regards

      Reply

  15. Hello, the deposit works but I can not withdraw anything 😡

    How do I get my money back? Can you help me? The debit/credit cards from Switzerland are not accepted, only for deposit. Have I lost my money now? Can't be?! :((

    Reply

    1. to a credit card either, Sarah. If then to the associated account. For security reasons, most providers but a payout is allowed only to the account from which you have deposited. So that no one can hack in and withdraw your money to another account.
      Your money is not lost don't worry, take a look at everything again 🙂 Alternatively you can always make the withdrawal somewhere else (similar to deposit) so for example buy bitcoin on Binance, send it to Relai and convert it back into fiat currency for free.

      Alternatively, contact support, they will help you if you don't understand the process at Binance.

      Reply

      1. I have at binance crypto that I now want to transfer to my bank account because I only have a bank card with maestro this does not work. I have the cryptos through mining so I have nothing deposited on binance can I in that case they exchange in btc on relai send and transfer from there to my bank account

        Reply

        1. that would be a possible course of action, yes. (Note still on Relai - here you can sell a maximum of €900 per day. But you can of course stagger a larger amount over several days).

          Reply

      2. Hello Eric

        Just to understand.
        As a Swiss citizen, I can use my credit card to load funds into my Binance Wallet, invest these funds in various cryptos and withdraw them again from the Binance Wallet. This means that I always have everything stored on the app. Did I understand that correctly? And when I am at the point where I want to withdraw funds, how do I proceed? What are my options as a Swiss to transfer the amounts from my Binance Wallet to my bank account?

        Greetings Yannick

        Reply

        1. Hi Yannick, if I understand you correctly - yes. Some clarification: Let's please use the terms crypto and fiat (e.g. Euro or USD). You can either transfer cryptos from Binance to an external wallet (if you don't want to exchange the cryptos for fiat, but just withdraw them from Binance). Or you can exchange your cryptos for fiat (e.g. have euros in your Binance account) and pay out this amount again. I will make and embed a short screen video in the next few days, then hopefully all questions will be answered 🙂

          Reply

          1. Cool, thanks for the quick answer. That means I can simply transfer the amount bsw. in euros to my account or pay out in Swiss francs via another wallet on another platform? Do you also happen to know how the amounts paid out or general amounts of money acquired through Crypto are to be taxed?

          2. you can do it that way, yes.
            The devil is in the detail when it comes to taxes. Without guarantee and greatly simplified: price gains on cryptos are tax-free. However, you must declare them in your assets. If you engage in staking or similar activities, you need to take a closer look - this is not covered here. If I'm wrong, please feel free to correct me 🙂

    1. What speaks for you against the free bank transfer? Or the transfer of cryptocurrencies if you already own some elsewhere?

      Reply

      1. I do not quite understand when you write that SEPA is not possible. Do you mean the deposit with USD, there is something about bank transfer via SWIFT?

        Reply

        1. if SEPA is currently not possible, try via alternative transfer offer. Transfers via the international SWIFT payment network would be one possibility. For example, you could also use Relai Buy BTC (free until the end of the year with the code CHFRANKE) and then send them to Binance, where you can then exchange them for other cryptocurrencies at will.

          Reply

    2. In the meantime, I have found an ideal deposit option for me:

      -Open an account on Kraken, make a bank payment with CHF. Then on Kraken exchange the money into USDT and then transfer to Binance.

      This works flawlessly. When you make your first payment on Kraken, you have to wait 72 hours before you can use the money.

      Maybe this will fit for you too.

      Reply

  19. Dear colleagues
    Can you guys recommend me how to cash out on Binance without big fees?

    A) Do you sell Crypto for BUSD?
    B) How good is it to transfer dollars to the Swiss account? Does the bank give super bad exchange rates?
    C) Are you possibly transferring stablecoins to another exchange to optimize costs?

    Thanks for your advice!

    Many dear greetings

    Sandra

    Reply

  20. Dear Sir or Madam

    My credit card for the withdrawal from Switzerland does not find it, what can I do?

    Thank you very much for your help.

    Kind regards
    Ivan

    Reply

    1. Hello Ivan
      Is a payout to a credit card even possible? Or not rather to the bank account behind it? It's best to ask Binance directly or have a look at their FAQ.

      Reply
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