Binance Review Switzerland Binance Experience Review and Test Fees Wallet Security Costs Trading platform crypto Binance Experience of Binance App

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. Good day
    I have a big problem. Binance has released my balance in euros. Now it is blocked in the blockchain with the reference to money laundering. The support team of the blockchain wants 30 % as technical payment. Has anyone already had this? I can't get my payout. I'm totally shocked and can't do anything about it myself. Does anyone have any experience and could help me? I would be very happy.
    Best regards Michaela

    Reply

  2. Good day
    We have a big problem. Binance has released our balance in euros. Now our balance is blocked in the blockchain with the reference to money laundering. The support team of the blockchain wants 30 % as technical payment. Has anyone already had this? We can't get our money. We are very worried.
    Best regards Yvonne

    Reply

    1. hello yvonne i feel the same way as you do have you achieved anything yet i would be happy to receive an answer

      greetings peter

      Reply

  3. Hello ...
    I have a big problem. Someone helped me with deposits and setting up the whole thing. Now my money is on an external dashboard and supposedly I can't withdraw the money because I have to deposit more first. But I can't do that and it was never mentioned. Can someone help me? I don't know what to do.

    Reply

    1. Hello Angi,
      This sounds like a bigger problem. Contact the person who helped you set it up. If necessary, you should also involve the police.

      Reply
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