Binance is the biggest cryptocurrency exchange globally based on daily trading volume. This Binance review is an up-to-date, detailed analysis of Binance’s exchange, containing everything you need to know about Binance and whether it’s the right exchange for you.
Let’s dive in.
Binance Exchange, which was originally based in China, was founded in 2017 by software developer Changpeng Zhao. Binance’s headquarters are now in Japan as a result of the Chinese government’s September 2017 ban on cryptocurrency trading.
While Binance is currently the largest cryptocurrency exchange in terms of trading volume, it is also dealing with regulatory issues in a number of countries. The US authorities are currently looking into allegations of money laundering and tax evasion. Several countries have also prohibited the platform’s use.
Binance gives users all over the world access to hundreds of cryptocurrencies. However, the global Binance platform differs from its US counterpart, Binance.us, which only supports 65+ cryptocurrencies.
Although experienced traders may appreciate the variety Binance offers, new users may be confused by its numerous features. Furthermore, the company’s ongoing investigations and growing list of regulatory issues are concerning.
Binance Review: What is Binance?
Binance is a cryptocurrency exchange that provides experienced investors with low fees, access to hundreds of cryptocurrencies, and advanced features. Binance, on the other hand, is not available to customers in the United States. Hence, if you reside in the U.S., Binance.US is required.
Binance Pros and Cons
- Low fees: Binance does not offer zero-fee trading. Its fees, on the other hand, are low when compared to the fees and commissions charged by even the best cryptocurrency exchanges. The most expensive spot trading commission is 0.1%.
- Wide range of cryptocurrencies: Binance is one of the largest cryptocurrency platforms in the world. It gives users access to nearly 600 currencies and thousands of trading pairs. Examples include decentralized finance (DeFi) tokens, stablecoins, Bitcoin (BTC), and altcoins.
- Binance Launchpad: Binance Launchpad is a one-of-a-kind platform that gives users first access to newly released coins and tokens.
- Intelligent and Intuitive UI: It is a simple platform to use. There are numerous tutorials on Binance that can help users with different platform features. Additionally, it offers users technical support when the platform runs into a challenging computing issue.
- Advanced trading tools: Binance makes it simple to set a limit to buy or sell cryptocurrency at a specific price. For inexperienced users, it has a “convert” function, and for advanced traders, it has a trading interface with charting tools. Users can make predictions about the price of bitcoin in its section for futures trading.
- Binance Academy: Binance Academy is the company’s own free education platform. The Binance Academy is a one-stop shop for all things cryptocurrency, offering everything from basic trading tutorials to advanced crypto lessons.
- Not available in the U.S.: Binance is not available in the United States due to regulatory issues, but it does have a separate platform (Binance.US) with fewer features and cryptos. Although it does not offer futures or leveraged tokens, Binance.US trades more than 120 cryptocurrencies.
- Not for beginners: Accessing Binance’s range of products and services can be confusing for a beginner. Binance is an advanced platform made to help seasoned traders increase profits. The vast market selection and intricate dashboards of cryptocurrencies can be overwhelming and challenging to use if you’re new to them.
Binance Review: How Binance works
Binance is a fully functioning cryptocurrency exchange with a huge range of services. You can use Binance too:
- Purchase, sell, or trade cryptocurrencies.
- Set up recurring purchases.
- Make a passive income
- Advanced features such as crypto derivative products, limit orders, and peer-to-peer trading are available.
- Non-fungible tokens can be traded (NFTs)
- Participate in Binance’s Launchpad and Launchpool to learn about new cryptocurrencies.
- Gain access to portfolio insights, as well as live tracking and alerts.
- With its tax reporting tool, you can keep track of your tax obligations.
To get access to the Binance suite of features, you’ll need to sign up and complete the KYC process.
Binance Review: Binance Sign up
Open your browser (Chrome) and head to Binance.
Next, make sure you have a Google account signed in and select “Continue with Google.”
Then choose the Google account you’d like to sign up with.
Select your account type, then tick “yes” or “no” to receive email updates from Binance (it’s optional). Then click “Confirm.”
Binance should discover your country by default. Otherwise, select your country from the Country/Area of Residence dropdown. Click “confirm.”
Then click on “Create Personal Account.” After that, enter your account details by filling in the following information, as seen below, and then click “Next” to continue.
Now check your email inbox for your verification code. Copy the account activation code sent, paste it into the Email Verification Code field, then click “Submit.”
Next, supply your phone number in the provided field and click “Submit.” Then a verification code will be sent to you via SMS. Enter the verification code in the “Phone number verification code” section. Then click “Next.”
Note: Next up, you’ll see “Verify Now” at the bottom of the Account Created page. Clicking “Verify Now” takes you to the KYC phase.
Binance, without KYC, puts your account on hold, and to unlock these limitations on your account, you’ll need to verify your identity. Different regions have different requirements for credentials depending on the type of account needed to complete Binance’s KYC process.
Any of the following documents, however, will allow you to pass Binance’s KYC if you reside in the US or other countries.
- Valid passport
- Government-issued ID.
- Driver’s license
- Social Security Number (SSN).
- Your voter’s ID.
Navigate to Binance, click on “Verify Now,” and fill out the form provided with the appropriate information. Then click “Continue.”
Enter your address and then click “Continue.” You’ll then see a variety of ID possibilities. Click Continue after selecting your preferred option.
Now provide the required ID information by snapping and uploading clear photos of your ID or passport, both front, and back. Then click “Continue” to complete ID verification. Binance will take you to the next stage if this is successful.
Click “Continue” for face verification. Similar to mobile registration, avoid wearing a hat or glasses. Also, avoid applying a camera filter at this stage and ensure that the background isn’t dull.
Follow the onscreen instructions carefully for a higher success rate. Binance will automatically display a success page once you complete facial verification.
Note: Most of the time, people complain about being rejected during the Binance KYC process. This can, however, be avoided if the procedures are strictly followed. A common reason for verification failure is a lack of patience, especially when facial recognition or document scanning is involved.
Binance Supported Cryptocurrencies
It has all the popular cryptocurrencies, including almost all the top 50 by market capitalization.
You can choose from over 200 supported cryptocurrencies, including
- Chain Link (Link)
- Binance Coin (BNB)
- Shiba (SHIB)
- Dash (DASH)
- Cosmos (ATOM)
- Compound (COMP)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
Binance Review: Binance Fees
Binance charges fees for transactions such as trades, purchases, and sales, as well as some withdrawals and deposits. Every transaction between the user and Binance is recorded in the order book, and Binance exchange fees are applied to those transactions. Binance increases market liquidity.
One can benefit from this liquidity by matching their orders with the makers’ orders. Under this maker-taker model, Binance users are encouraged to leverage market liquidity for a small fee. The low fees become even lower as the number of tradable assets increases.
Your trading fee percentage is determined by your trading volume in the previous 30 days and the amount of BNB you hold. Maker orders are paid less than taker orders, removing liquidity from the market. If you pay in Binance Coin, the platform’s native currency, you can also get a 25% discount on the trading fee (BNB).
|Level||30d Trade Volume (BUSD)||and/or||BNB Balance||Maker / Taker||Maker / Taker
BNB 25% Off
|Regular User||< 1,000,000 BUSD||or||≥ 0 BNB||0.1000% / 0.1000%||0.0750% / 0.0750%|
|VIP 1||≥ 1,000,000 BUSD||and||≥ 25 BNB||0.0900% / 0.1000%||0.0675% / 0.0750%|
|VIP 2||≥ 5,000,000 BUSD||and||≥ 100 BNB||0.0800% / 0.1000%||0.0600% / 0.0750%|
|VIP 3||≥ 20,000,000 BUSD||and||≥ 250 BNB||0.0700% / 0.1000%||0.0525% / 0.0750%|
|VIP 4||≥ 100,000,000 BUSD||and||≥ 500 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
|VIP 5||≥ 150,000,000 BUSD||and||≥ 1,000 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
|VIP 6||≥ 400,000,000 BUSD||and||≥ 1,750 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
|VIP 8||≥ 2,000,000,000 BUSD||and||≥ 4,500 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
|VIP 9||≥ 4,000,000,000 BUSD||and||≥ 5,500 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
Binance Withdrawal Fees
The Binance withdrawal process is examined to determine its impact on the traders’ source of income. Binance does not charge a fixed withdrawal fee. They vary according to the cryptocurrency and the trading volume. If the user wishes to withdraw money in the form of a Binance coin (BNB), the platform receives a very small portion of the withdrawal.
All other cryptocurrencies follow this pattern. When compared to its competitors in the crypto exchange market, Binance’s BTC withdrawal fees are average. In other words, each BTC withdrawal costs users approximately 0.0006 BTC. Binance also charges a flat fee of 0.0004 BTC for Bitcoin withdrawals, making its cryptocurrency withdrawal fees more competitive.
Binance coin price (BNB) as of this writing is $242.90 USD with a 24-hour trading volume of $283,004,789 USD. The current CoinMarketCap ranking is No. 5, with a live market cap of $38,855,544,946 USD. It has a circulating supply of 159,965,626 BNB coins and a maximum supply of 200,000,000 BNB coins.
If you would like to know where to buy BNB at the current rate, the top cryptocurrency exchanges for trading BNB stock are currently Binance, OKX, BTCEX, CoinTiger, and BingX. You can find others listed on our crypto exchanges page.
Different exchange platforms use different trading platforms in terms of customization, ease of use, navigation, and design. This is due to the fact that different exchange platforms took many factors into consideration and used various designs when developing their trading platforms.
Regardless of the variations, a good trading platform should be simple to use, have a clear layout, and include all of the necessary trading tools in its API. Binance exchange platform customers have access to a faultless trading platform and user interface.
You can use the Binance API to get Perpetual Swap market data, trading, and account management endpoints. The market data API is open to the public and provides market data such as “The Most Recent Trade of a Trading Pair.”
You can place and cancel orders, check the status of your orders, and access account and trading APIs by authenticating with an API key.
Binance Review: Binance APP
The Binance mobile app has a modern design and an easy-to-use user interface (UI) that enables you to quickly switch between the Binance Lite and Pro interfaces. Keep it simple or access advanced trading features, all in one app.
The Binance exchange app has over 50 million downloads on the playstore and a 4.4 ⭐ rating. It is also built with support for Android and iOS users. Below is a review from a user of the Binance app.
Binance offers a number of options for generating passive income with varying degrees of risk. Binance staking allows you to earn interest on your cryptocurrency and Bitcoin holdings. You can profit from your cryptocurrency while also taking advantage of some of the market’s highest interest rates.
On certain cryptos, you can earn up to 30% APR, or you can place assets in a flexible savings account for lower but more consistent rates. More staking options and higher payout rates are available on the platform than on most other exchanges. The interest rates on USD stablecoins are all higher than 5%.
Binance’s platform includes a custodial wallet. Trust Wallet, a hot (internet-connected) wallet that supports thousands of cryptocurrencies on most major blockchains, is also recommended. It is simple to transfer funds from Binance to a Trust Wallet or another external crypto wallet.
Is Binance Legit?
Given the prevalence of cryptocurrency hacks in recent years, security is essential when entrusting your money to a cryptocurrency exchange.
Binance claims that security is its top priority when it comes to protecting users’ assets. Here are some of Binance’s key security features:
- The majority of funds are kept offline in cold storage.
- Binance insures all US dollar balances with the FDIC.
- Binance has established its own insurance fund, the Secure Asset Fund for Users (SAFU Funds), by storing 10% of all trading fees in a secure fund designed to cover any losses caused by hacking.
- Two-factor authentication (2FA) and withdrawal address whitelisting are user-level features. With whitelisting, you can limit withdrawals to only pre-approved addresses.
Binance review: Conclusion
Binance offers a wide range of services to capture every tradable asset, from cryptocurrencies like BTC and BNB to futures contracts. Binance allows its users to dive deep into the cryptocurrency market. This exchange’s low fees assist new traders in remaining profitable during their first few months.
The exchange can handle massive trading volumes. It can handle large trades and even provide discounted services. Binance has established a global presence through the recognition of its platform offerings. There aren’t many exchanges that can compete with Binance.
Its liquidity is unparalleled, and users receive complete investor protection. Binance uses a variety of security protocols throughout the trading process. The multi-layered security provides a safe trading environment that impresses professional traders who are thinking about switching from competitors.
A simple verification process expedites the onboarding of both novice and advanced traders. Traders benefit from the Binance Visa Card and the Binance Launchpad. Binance will continue to evolve as an ideal platform for trading cryptocurrencies on a global scale in the future.
Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.