In this article, I would like to review Binance, so I will share with you everything you need to know about Binance – the leading crypto exchange trading platform with a lot of supported countries and more than two hundred coins that you can use for withdrawal or deposit. Why is Binance the best choice for any trader? Read this Binance review to find out an answer.
Binance is one of the most promising and convenient cryptocurrency exchange platforms for both beginners and experienced retail traders who can use it from home computers via their personal connection or by downloading the Binance mobile app. Now the Binance trading exchange cooperates with other companies to have a large network of partners to allow credit card and wire transfer crypto purchases at a premium and to let people from different countries all around the world trade crypto through this platform. One example of such a company is Simplex. As a result, this network allows users to buy and sell over 40 different fiat currencies through the Binance Fiat Gateway. Also, Binance Fiat Gateway covers more than 170 regions and countries and keeps making crypto more available for people all around the world. Besides, there is the availability of trading cryptocurrencies on Binance-US, which allows American traders to use the exchange without violating the trade rules of the United States.
Binance Overview
Binance is a cryptocurrency exchange that was established in Hong Kong in 2017. The name of the Binance exchange platform’s creator is Changpeng Zhao, the owner of the company Beijie Technology, who created the trading platform after the success of the ICO, which raised fifteen million dollars.
Those money traders who invested in the ICO received Binance Coin (BNB), which becomes more valuable as the popularity of Binance increases. Comparing to the original value of the Binance coin (BNB), which was around 0.1 US dollars, now the coin is much more appreciated on the crypto market.
Binance Chain is fully open-source with a native Binance Coin (BNB). Binance coin (BNB) can be used as payment of Binance fees on the platform or for crypto trading. BNB is the native asset on Binance Chain, and BNB has multiple forms of utility and powers the Binance Ecosystem.
Zhao’s or Technology Beijie’s CV includes such prestigious and high-ranking positions as Technical director in Blockchain.com. Besides, his company currently provides trading systems for more than thirty other trading platforms.
Given the aggressive policy towards cryptocurrencies and cryptocurrency exchanges of the Chinese government, the Binance trading platform is now registered in several more lenient countries. From there, the representatives of the company manage the Binance exchange. According to Zhou, these means allow the people associated with Binance (including its creators, staff, and cryptocurrency traders) to be confident that this trading platform will never be affected by just one regulatory body.
Since the launch, the Binance exchange has been experiencing incredible success and is growing rapidly. Today, it is one of the best cryptocurrency exchanges in terms of 24-hour trading volume on Coinmarketcap.
Binance Services
1. Binance Exchange
If you need to fiat to crypto (Bitcoin (BTC) or any other type of coins) exchange, we recommend you to use the Binance exchange platform. In this section of the Binance review, you will find several ways of how to buy crypto or exchange fiat to crypto on Binance:
2. P2P Trading
Binance provides a peer-to-peer (P2P) trading service to its users, which allows performing direct buy and sell transfers connecting buyers and sellers of the cryptocurrency. This Binance P2P option makes fiat payments easier for traders and offers a wide variety of payment options to satisfy the preferences of any user.
3. Debit/Credit Card
Simplex has become one of Binance’s partners recently, and now it provides brokerage services for traders who use credit and debit cards. With this service, you can purchase thirty-one different cryptocurrencies using your credit card. The only problem with this payment method is that this service comes with a premium, which can get a fee of 3.5%.
4. SEPA/Wire Transfers
Binance has several third-party partners that allow users to purchase crypto directly together with fiat using SEPA &bank transfers. This option has both pros and cons. On the one hand, such deposits do not entail any trading fee, which is an undoubted advantage. On the other hand, although this payment method is available for fiat options such as euros, CAD &AUD, it cannot be used for dollar deposits.
And finally, the Brave browser integrated a Binance Widget for in-browser trading. With this widget, traders can buy and sell cryptocurrency through the Binance exchange, as well as it allows you to manage the crypto portfolio of users in their Binance account.
5. Binance Trading Platform
Even if you are a beginner trader, you will be able to trade on the Binance cryptocurrency exchange because it is a straightforward and convenient platform. The platform offers a wide range of cryptocurrencies available for trading in conjunction with the Bitcoin (BTC), Binance coin (BNB), Ether, XRP, and Tether trading pairs. Also, if you need to get new tokens directly on Binance (BNB), there is Binance Launchpad or, in other words, Binance’s token launch platform. In addition, you can find crypto/fiat pairs in the fiat market available on Binance.
You can choose between “basic,” “classic,” and “advanced” interfaces for order book style trading, as well as margin, PTP, and OTC trading options.
Spot Trading
Depending on your experience in crypto money trading, you can choose one of the three interfaces that best suits your level of crypto trading. If you select the classic option, you will be able to quickly view the crypto market and trading pairs, which makes it much easier to switch pairs. As for the advanced interface, it is suitable for more experienced users and opens up access to advanced charting tools.
However, both of these views will seem quite complicated and non-competitive for new traders. So for new users, we suggest using a basic quick trade option. You will not find complex charts there and will be able to easily and without unnecessary problems convert coins at the market rate.
Margin Trading
Margin trading allows Binance crypto traders to trade with leverage of up to 10x on some coins. People can choose between a cross-margin and an isolated margin. The former risks your entire margin trading account balance, and the latter limits your potential losses to a single trading pair.
Besides, this exchange offers Binance futures trading, and I will tell you more about it in the next section of the Binance review.
Derivatives&Binance Futures
Binance Futures was launched in 2019 to allow traders to speculate on the price of Bitcoin (BTC), Ethereum, Bitcoin Cash, Litecoin (LTC), Ripple, and many other altcoins.
Users of Binance exchange can multiply their profits and losses by 125 times, which is the highest indicator of leveraged trading among all major and popular crypto exchanges.
Futures balances are stored separately from the main Binance assets of traders. As collateral, they must be sponsored by Tether, and all profits and losses will be realized in USDT.
The user interface for Binance futures is almost identical to the Binance spot trading, apart from a few additional features.
Binance Futures fees are a little bit different from Binance spot markets, with max trading fees of 0.04% on any trade. The trading fee is lower for maker trades or for a user who has large trading volumes per month.
In a separate tab called “Coin Futures,” users can also find Binance futures, collateralized using non-stable coin cryptocurrencies (e.g., Bitcoin (BTC) or altcoins).
And also, there are the so-called Leveraged Tokens, which are used for placing bets on the price of cryptocurrencies. Through this, users will be able to influence the crypt and not risk being liquidated at the same time.
Binance Finance
Binance crypto exchange platform offers several financing options:
- Savings
The creation of a Binance savings account is designed to allow users to return their idle funds using the various account types (flexible and locked). The locked savings account pays higher interest on fixed-term deposits while the flexible Binance account gives variable interest rates.
- Staking
Binance exchange also offers users a staking service, thanks to which users can earn money from De-Fi and proof-of-stake coins. At the same time, users of Binance do not need to have special knowledge in order to stake their coins. This service is also available in blocked and flexible options.
- Binance Smart Pool
Miners can use Binance Smart Pool to contribute to a bigger mining group that splits rewards. The system automatically provides people with hand-free optimization.
- Binance Visa Card
With the Binance Visa Card, you can get your crypto money there, which is only available in fiat currencies via a credit or debit card. Thus, you do not need to always have fiat currencies with you because when you make your purchase, your crypto will be converted to fiat without any Binance fees.
- Crypto Loans
In order to allow users to receive stable coins and at the same time avoid taxation for the sale of crypto and have access to their stocks of cryptocurrencies, Binance offers its users special crypto loans. They are offered in the form of BUSD and USDT, which are collateralized with Bitcoin (BTC) or ETH.
- Binance Liquid Swap
Binance Liquid Swap is a market-maker platform, similar to Uniswap, but the former one is centralized. People can use it to trade coins with minimal slippage or exchange their liquidity for a share of fees.
Currencies&Payment Methods
The Binance cryptocurrency trading exchange platform provides about two hundred types of coins that you can use for trading, depositing, and withdrawing, including such popular altcoins like:
- Bitcoin (BTC)
- Ripple (XRP)
- Ethereum (ETH)
- Binance Coin (BNB)
- Chainlink (LINK)
- Litecoin (LTC)
- Bitcoin Cash (BHC)
- Baltic Attention Token (BAT)
- Binance USD (BUSD)
- Cosmos (ATOM)
- Tron (TRX)
- Tether (USDT)
- Dash (DASH)
- TrueUSD (TUSD)
- Nano (NANO)
- EOS (EOS)
- Stellar Lumens (XLM)
- Paxos Standard (PAX)
Cryptocurrency can be exchanged for fiat or any other crypto using the trading platform. It can also be purchased without intermediaries by using bank transfers, credit/debit cards, or SEPA.
Binance Fees
This part of the Binance review is devoted to the fees. Binance offers a fixed rate of 0.1%, which is suitable for most users. The fees for Binance futures users are even lower, ranging from 0.02% for makers and 0.04% for buyers.
Compared to other major cryptocurrency trading exchanges, where fees are still above 0.02%, Binance looks very attractive for every trader.
BNB, Binance’s own token, provides additional fee discounts for users who work with this token of up to 50 percent.
Deposits do not require any additional payment, except for blockchain fees, which are always required to be paid by the sender. Withdrawal fees apply and are updated regularly, but they usually correlate with the blockchain transaction fees.
Binance Limits
Binance has restrictions only on the number of funds withdrawn per day. So verified accounts of the first and second levels can withdraw no more than 2 BTC and 100 BTC, respectively. In order to verify your account, the user needs to complete a basic Know Your Customer form and proof their identity.
Supported Countries
Since Binance does not highlight individual supported countries in any way, this means that, in fact, this exchange is available for trading all over the world. The US users have access to the Binance US now. Moreover, Binance company doesn’t mention citizens who contributed to the fact that the US Department of Financial Services began to suspect the parent company Binance of violating the virtual currency in NY.
Reviews&Customer Support
Most users like Binance for its low fees, convenient exchange, and proven developers, and we all can read such positive reviews about Binance left by the happy users. Indeed, during its relatively short period of existence, Binance has always been one of the most successful crypto exchange companies.
If you need to contact customer support service for any issue, you should fill out the contact form via the email address you can find on the website page. Since the exchange platform is trendy, you may have to wait for a response for a while due to a large number of requests.
Unfortunately, the Binance company doesn’t have phone support, but you can use the service of the around-the-clock customer support chatbot on the Binance website’s page. However, keep in mind that some responses may be automated.
The Binance website supports fifteen languages so that users from different countries can use this global exchange platform without any language difficulties.
However, there are some drawbacks of Binance, which you also can find in customer reviews. So, based on Binance customer reviews, we can conclude that there are problems with a faulty 2FA/SMS confirmation. In other words, this means that not all customers can withdraw their funds, which even led to accusations of fraud by the company.
However, we believe that this is no more than just a technical issue because if you use Authy instead of Google Authenticator, you don’t meet this problem on the Binance exchange platform.
Another users’ claim against the Binance company is that it lists coins in exchange for money. However, Binance denied this claim.
Binance VS Other Exchange Platforms
To review Binance properly and evaluate all the advantages and disadvantages of the platform, I compared it with some other leading exchanges to find out if you want to open a Binance account or not. Read this part of the review to find out more details.
Binance VS Coinbase (Pro) Review
Coinbase is one of the best and most popular trading exchanges in the world, which has a high reputation among customers.
However, in addition to having only 103 supported countries, Coinbase charges a trading fee of 0.25%. This is two and a half times more than the fee charged by Binance.
Read the whole review about the Coinbase crypto exchange.
Binance VS Bittrex Review
Bittrex is The US exchange for trading and exchanging cryptocurrencies, which has been on the market since 2014. Today, it is one of the most preferred platforms not only in the US but all around the world as well. Visit this page ifyou want to read a detailed review of Bittrex.
Like the previous company, it charges a trading fee in a larger amount than Binance, and it is about 0.2%. However, Bittrex provides more than 250 types of altcoins, which is more than Binance at this point.
Binance VS Bitfinex Review
Bitfinex is one of the largest companies, which at the same time is not suitable for beginner users, as it has advanced options (e.g., Bitcoin margin trading). The number of tokens and cryptocurrencies supported by Bitfinex is twice less than that of Binance tokens (BNB) and is about one hundred types of currencies. Read the Bitfinex review here if you need more details.
Bitfinex charges makers who add new orders to the exchange the same amount of fees as Binance – 0.1% fee at max. While takers, who remove orders from the exchange, have a 0.2% fee at max, which is twice as much as on Binance.
However, as the user begins to trade large volumes of crypto, the fees for him decrease.
Binance VS Kraken Review
Kraken is one of the oldest crypto changes in the world. The list of supported countries includes the US, Canada, Japan, and EU countries. The number of supported cryptocurrencies is significantly inferior to Binance (only 30 token and currency types).
Here you can read the review on the Kraken platform.
As in the case of Bitfinex, Kraken works on a maker-taker fee schedule, and it means that the maximum trading fees for makers and takers are 0.16% and 0.26%, respectively. Binance has lower fees for both.
Conclusion
After I did this Binance review where I compared Binance with other leading exchanges and analyzed all its pros and cons, I can safely recommend the Binance exchange for anyone who works with cryptocurrencies. The low trading fees, nice customer support service, a lot of supported countries, and the professional attitude of this Binance stock exchange to its business make it one of the best crypto platforms among competitors.
The only significant drawback of Binance is the limited support for fiat currencies. Still, the company is constantly developing and adding more and more options with GBP and EUR trading pairs that you can use right now.
FAQs
Is Binance Safe?
Yes, Binance is one of the most protected exchanges because it offers two-factor authentication to its customers. The two-factor authentication protects the account of every user and their crypto assets safely and prevents hacker attacks. Besides, after a major hack in 2019 when 7 thousand Bitcoins were stolen from the Binance company, they created their emergency insurance fund (SAFU) to cover all the possible losses.
Can I buy Bitcoin on Binance?
Yes, you can buy Bitcoin (BTC) on Binance by using one of two payment methods: your cryptocurrency or credit card. You can do it even with the mobile app on your cellphone.
Can I withdraw money from Binance?
Yes, you have the opportunity to withdraw fiat currencies on Binance, but this option is now limited to RUB and AUD. However, USD, EUR, and others are absolutely available.
How do you buy Bitcoins on Binance?
Here is a short step-to-step guide:
- Sign up to Binance trading platform and create your account
- Deposit funds to your Binance account by means of the fiat to the crypto exchange option
- Select the trading pair for Bitcoin and the deposited cryptocurrency
- Sell your cryptocurrencies for Bitcoin
- Withdraw the Bitcoins (BTC) to your online wallet
Another option is to buy Bitcoin directly using your credit card.
If you have any Binance experience, I’d like to hear it in the comment section below.
