Binance Review

The financial market has evolved to include trading of not only company stocks, but also precious metals, commodities, and indices. Cryptocurrency trade has recently gained popularity due to its potential for high profits. However, the market is highly volatile and can result in significant losses. To mitigate risks, traders use three different platforms to make accurate and profitable investments in cryptocurrencies.

Binance Exchange Summary

Table Header	Table Header
Official Website	https://www.binance.com/
Headquarters	Malta
Found in	2018
Native Token	BNB
Listed Cryptocurrency	100+ Cryptocurrencies
Trading Pairs	100+ Trading Pairs
Supported Fiat Currencies	19
Minimum Deposit	None
Trading Fees	0.1%
Withdrawal Fees	Withdrawal fees are dynamic
Customer Support	Online Support Form, Live Chat Support

Trading with Binance

Binance is a well-known name in the world of cryptocurrency trading, with its global platform being widely promoted through mainstream advertisements, which has resulted in a growing number of people entering the crypto trading landscape. However, there are numerous other exchanges and platforms offering similar services to Binance. Therefore, traders require a comprehensive review to make an informed decision. This Binance review examines different aspects of the platform and presents an unbiased analysis of its features, including its contribution to the trade of CFDs on cryptocurrencies. Let’s explore why Binance is regarded as one of the world’s most popular crypto trading platforms, accommodating as many cryptocurrencies as the market has to offer.

Binance – General Information

Binance is a major player in the cryptocurrency trading landscape, offering advanced trading tools and services to its users. It is primarily a trading exchange that operates in cryptocurrency markets, based in Hong Kong, and is now one of the largest cryptocurrency exchanges globally. Since its launch in July 2017, Binance has quickly gained popularity and established itself as a market leader, with high trading volumes and a reputation for reliability. Binance’s commitment to providing its users with the tools and support necessary to execute high-volume trades has made it a trusted name in the crypto world.

Binance – Recent Developments

Binance, the Hong Kong-based cryptocurrency exchange, acquired Trust Wallet in 2018. In 2019, Binance faced a security breach that resulted in the theft of 7,000 Bitcoins worth $40 million at the time. The company continued its trading services but halted withdrawals and dollar deposits. However, it reimbursed its customers through its secured asset fund. In 2020, the parent company relocated its operations to Malta due to regulatory issues in China and Hong Kong. Binance also acquired India’s largest cryptocurrency exchange, WazirX, and has offices in various countries, including Gibraltar and Estonia. Binance has different license agreements for its cryptocurrency exchanges depending on the country. The Binance NFT Marketplace, launched in 2021, allows people to create, buy and sell NFTs, which denote ownership of an asset and can include music, videos, digital art, real-world items, and website domains.

While still in its early stages, the Marketplace has the potential to benefit from the entire Binance ecosystem. Binance Smart Chain and Ethereum are used by the platform to create NFTs that can be securely stored in Trust Wallet, and users can transfer these tokens freely between the two blockchains.

Binance NFT Generator – Bicasso

Binance, the global cryptocurrency platform, has launched its own AI-powered NFT art generator called Bicasso, to cater to the growing demand for AI art-generating platforms such as DALL-E, Midjourney, Dream by WOMBO, and others. With Bicasso, Binance users can input prompts into an AI engine to create unique images that can be used as NFTs on the Binance NFT platform using their Binance NFT accounts.

Binance Decentralized Storage – BNB Greenfield

Binance has launched a new decentralized storage system called BNB Greenfield that is integrated with Web3 applications and powered by BNB tokens. This system is built within the larger BNB Chain ecosystem, providing users and dApps with complete ownership of their data and enabling the creation of a new data economy. Users can log in anonymously using cryptographic keys, easily create, read, and execute data, fully own their data assets, and control who can use them both manually and programmatically. Additionally, storage data can be leveraged for economic gain.

Binance Review – Key Features

In this review, we will evaluate Binance’s various advanced features that make it stand out as a leading cryptocurrency exchange. Binance offers a digital wallet, which supports deposits and withdrawals of real money and stores it in a digital wallet. Trust Wallet is an official and decentralized wallet of Binance. It also provides a selection of the best crypto wallets that can store both crypto and fiat currencies and enable traders to earn interest on their deposits. Furthermore, Binance’s mobile application allows traders to invest in cryptocurrencies while on the go, with the app being available for Android and iOS users. Binance is also available in APK file formats for other mobile platforms, including Tizen and Windows Mobile.

Binance offers different types of trading accounts to cater to the needs of all traders. The two main types of accounts are Basic and Advanced, but there are also customization options available based on user requirements. Binance also offers Margin trading, peer-to-peer trading (P2P), and OTC trading accounts for professional and experienced traders.

Binance offers extensive customer support to its international users through a library of research articles and direct chat with the support team. The Learn section guides beginners through the process of buying cryptocurrencies. Binance provides access to Trading View for technical market indicators, charts, and real-time market analysis, helping users find the next trading opportunity quickly.

Additional Features of Binance

Binance offers several advanced features to traders, including trading derivatives like USDT futures, leveraged coin products (BNB), and coin futures. The exchange also provides extensive research material on markets, investment advice, trading strategies, and troubleshooting content to upskill its users. Additionally, Binance rewards its high-performing traders with staking rewards, financing options through crypto loans, and referral bonuses. The exchange notifies its traders about new cryptocurrency launches, and its payment gateway integrates with almost every payment method, including high-volume deposits and withdrawals in fiat and cryptocurrencies like BNB, Litecoin (LTC), and BTC Cash.

Binance offers a variety of features and services to its users, including credit cards for instant trading and linking with crypto-friendly bank accounts. Binance Cloud provides infrastructure for partners to focus on their development, and Binance Gift Cards allow users to purchase and send customizable Bitcoin gift cards. Binance Live is a live-streaming tool, and Binance Charity Foundation aims to alleviate poverty and fight inequality. Binance’s affiliate program offers up to 50% commission on qualified trades for referrals across margin, futures, and spot trading, but requires an application to participate.

Binance offers a plethora of features, making it one of the most competitive cryptocurrency exchanges and trading platforms for experienced investors. The company regularly updates its offerings, ensuring that its traders have access to an advanced user experience.

Basic Trading

Pros	Cons
The platform has an easy and simple-to-use user interface.	Coinbase is not available in a few countries.
Coinbase accepts major cryptocurrencies and fiat currencies.	Seeing how Coinbase compares to its competitors, the trading and exchange fees are a bit high. Charges high fees for more features.
The website offers an exclusive platform for advanced traders called Coinbase Advanced Trade.	The user does not control wallet keys.
The Coinbase mobile app has all the features of the desktop.	Those interested in altcoin trading won’t find as many as some other exchanges.
Very high liquidity.
It has a solid variety of altcoin choices.

Why Choose Basic Binance Trading?

Binance’s basic trading is user-friendly and simpler compared to its advanced version. The trading view is straightforward and displays all essential information on a single page. The prices are on the left panel, the graphs in the middle, and the market’s history and options to buy or sell on the right side.

Binance Review for Advanced Trading

Binance’s Advanced Trading interface features larger charts and more technical indicators, requiring more space on the page. It presents a lot more data than the basic version, including trade history, market developments, and upcoming events. As a result, the buy and sell boxes on this page continuously update to reflect the changes from these factors.

Supported Cryptocurrencies

Binance offers a vast range of cryptocurrencies, including its own BNB coins, to assist users with all aspects of crypto trading. Along with Bitcoin (BTC) and Ethereum (ETH), Binance has over a hundred cryptocurrencies listed on its exchange, which are displayed on the Binance Cryptocurrency Exchange List. The exchange updates these trading pairs regularly and is also the world’s most supported exchange for cryptocurrencies. As of August 26th, 2022, Binance allows traders to trade Ether (ETH) for BUSD with zero fees.

Binance QA System

Binance has a quality assurance system in place to list new decentralized finance fiat-to-crypto projects, and only those that meet the qualification requirements get listed. Any project failing to meet the standards will get delisted. In 2019, Binance delisted Modum, CloakCoin, Wings, Substratum, and SALT.

Binance OTC Trading Portal

Binance announced the launch of its OTC trading portal in April 2020, which enables users to trade cryptocurrencies without risking “slippage” during larger trades. With the OTC Trading Portal, traders can execute large transactions while avoiding additional trading fees. The portal offers a quick settlement process for trades with a minimum size of $10,000 and accepts 25 different crypto coins as trading pairs. However, users must complete level 2 of KYC account verification and register on the Binance website to access the OTC Trading Portal.

Binance US Investments

Binance has now extended its services to US-based investors through its All-American version platform. This platform is developed solely for US-based traders and provides unrestricted access to the exchange’s fiat-to-crypto centralized exchange. The All-American version includes all the features of the Binance platform and has been designed to comply with the US crypto regulatory stance. If users do not comply with the platform’s Terms of Use, they can still withdraw funds but will not be able to trade or deposit on Binance.com. Binance CEO, Changpeng Zhao, recently tweeted that these short-term restrictions are necessary for long-term gains. This move allows US investors to use Binance as an exchange option for their trading needs.

Binance Lending Products

Binance provides a range of crypto products for financing purposes, including Binance Lending Products that allow users to lock in their digital assets for a set period and earn interest on a monthly basis. However, users who do not comply with Binance’s terms of use can still use the platform’s wallets and withdraw funds, but will no longer be able to trade or deposit funds on Binance.com. Binance CEO Changpeng Zhao has stated that such “short-term pains” are necessary for “long-term gains,” and US-based investors can turn to Binance in the future when they require an exchange that accepts their trades.

Futures Trading

Starting in 2019, Binance has allowed its users to trade futures, providing them with the option to buy or sell a particular financial asset at a predetermined price point. With Binance futures trading, users can broaden their trading portfolio by trading futures and options contracts, which offer the exclusive right to trade an asset’s futures under the contract’s specified expiration period.

Binance users have access to various options for exercising trades during specific dates. Binance provides American and European options to its future trading users under Perpetual Binance Futures or Quarterly Binance Futures.

Futures Trading Fees

Binance charges its users fees for futures trading, with the fees depending on the contract category, price changes, and user VIP level. These fees are generally lower than industry standards, with the standard taker fee at 0.075% and the standard maker fee at 0.025%. In addition, users can save 10% on future trading fees by signing up.

In this Binance review, the exchange has more pros than cons. Hence, it is considered far more beneficial and reliable for traders. KYC verification compliance is also an added advantage that allows Binance to deliver additional protection for its users. The Binance app compatibility of Binance platforms on Android and iOS devices is also a major plus point.

Binance Fees

In addition to the trading fees, Binance also charges other transaction fees. These fees are charged at multiple levels of the process, including:

Maker and taker fees: These fees are charged on every trade that is executed on the Binance platform. The maker fee is charged to the user who places the order, while the taker fee is charged to the user who fills the order. The maker fee is typically lower than the taker fee, as it encourages users to add liquidity to the market.
Withdrawal fees: Binance charges a fee for withdrawing cryptocurrencies from the platform. The fee varies depending on the cryptocurrency that is being withdrawn.
Deposit fees: Binance does not charge a fee for depositing cryptocurrencies to the platform. However, some third-party payment processors may charge a fee for processing the deposit.

It is important to note that every trade executed between the user and Binance is recorded in the order book. The order book is a list of all the buy and sell orders for a particular cryptocurrency. When a user places an order, it is added to the order book. If there is an existing order that matches the user’s order, the trade will be executed and the brokerage fees will be charged.

Overall, Binance’s fees are relatively low compared to other cryptocurrency exchanges. However, it is important to factor in all of the fees when making a decision about which exchange to use.

Binance is a cryptocurrency exchange that offers a high level of liquidity. This means that there are always a lot of people buying and selling cryptocurrencies on the Binance platform. This liquidity is beneficial for traders, as it allows them to buy and sell cryptocurrencies quickly and easily.

Binance uses a maker-taker fee structure. This means that traders who place orders that add liquidity to the market (makers) are charged a lower fee than traders who place orders that remove liquidity from the market (takers). This fee structure encourages traders to add liquidity to the market, which benefits all traders.

Binance also offers discounts on trading fees for traders who trade a large volume of cryptocurrencies. This means that traders who trade more cryptocurrencies will pay less in fees.

Overall, Binance is a good choice for traders who are looking for a high-liquidity exchange with low fees.

Spot Trading Fees

Binance charges a flat trading fee of 0.10% for spot trading. This means that all traders, regardless of whether they are adding or removing liquidity to the market, pay the same fee. This fee is lower than the industry average of 0.25%, making Binance an affordable option for traders.

Binance also offers discounts on trading fees for traders who trade a large volume of cryptocurrencies or who hold a large amount of Binance Coin (BNB). These discounts can further reduce the cost of trading on Binance.

Overall, Binance offers competitive trading fees and a variety of features that make it a good choice for traders of all levels.

Binance Withdrawal Fees

This Binance review analyzes the withdrawal process and its impact on traders’ income. Binance’s withdrawal fees vary depending on the cryptocurrency being withdrawn and the trading volume. For example, the withdrawal fee for Bitcoin is 0.0005 BTC, while the withdrawal fee for Ethereum is 0.005 ETH. Binance also offers a discount on withdrawal fees for users who hold a large amount of Binance Coin (BNB). If a user withdraws BNB, they will only need to pay a very small fee.

The withdrawal process is generally straightforward and can be completed in a few minutes. To withdraw funds, users must first log in to their Binance account and go to the “Wallet” page. On the “Wallet” page, users can select the cryptocurrency they want to withdraw and enter the amount they want to withdraw. Users will then need to provide their withdrawal address and confirm the withdrawal. Once the withdrawal is confirmed, it will be processed and the funds will be sent to the withdrawal address.

The withdrawal process can have a significant impact on traders’ income. For example, if a trader is withdrawing a large amount of Bitcoin, the withdrawal fee could be significant. This is why it is important for traders to factor in the withdrawal fees when making a decision about which exchange to use.

Overall, Binance offers a competitive withdrawal fee structure. However, it is important for traders to factor in the withdrawal fees when making a decision about which exchange to use.

Binance’s withdrawal fees for Bitcoin are in line with the industry average. The current fee is 0.0006 BTC per BTC withdrawal. Binance also offers a flat fee of 0.0004 BTC for BTC withdrawals, which is lower than the industry average.

Here is a table of Binance’s withdrawal fees for other cryptocurrencies:

Cryptocurrency	Withdrawal Fee
Bitcoin	0.0006 BTC
Ethereum	0.005 ETH
Tether	0.1 USDT
Binance Coin	0.0005 BNB

Overall, Binance’s withdrawal fees are competitive. However, it is important to factor in the withdrawal fees when making a decision about which exchange to use.

Binance Deposit Methods

Binance first started accepting only cryptocurrency deposits. Today, they accept a variety of digital currencies and modes of deposits, including real money and fiat currency funding. Investors can now trade on Binance using debit and credit card deposits.

Here are the deposit methods that Binance currently accepts:

Cryptocurrencies: Bitcoin, Ethereum, Tether, Binance Coin, and more.
Real money: Bank transfers, SEPA transfers, Faster Payments, and more.
Fiat currencies: USD, EUR, GBP, and more.

Binance’s deposit methods are constantly being updated, so be sure to check their website for the latest information.

Since 2019, Binance has added more deposit methods to accept new users in different circumstances. They partnered with an Israeli payment services firm, Simplex, to allow users to buy and sell Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies like Litecoin (LTC) or Ripple through VISA and MasterCard credit cards.

This Binance review found that debit card and credit card deposit methods are limited to countries on the Sanctions lists, including North Korea, Iraq, Syria, Afghanistan, and Libya. It is also not available to US states like New York, Washington, Connecticut, Georgia, New Mexico, and Hawaii due to regulatory issues. Simplex charges a 3.5% fee per trade. For example, to buy Bitcoin for $10,000, Simplex charges $350 and an additional flat fee of a minimum of $10.

Here are some of the pros and cons of using Binance’s credit card deposit method:

Pros:

Convenient and easy to use.
Fast and secure.
Accepted in most countries.

Cons:

High fees.
Not available in all countries.
May not be suitable for large purchases.

Overall, Binance’s credit card deposit method is a convenient and easy way to buy cryptocurrencies. However, it is important to factor in the high fees when making a decision about whether to use this method.

Binance Review – Credit Card Payments

In December 2019, Binance announced that users could now bind their Visa credit cards to their Binance accounts. This allows users to purchase cryptocurrencies directly using their credit cards, without having to go through Simplex. This saves users the 3.5% Simplex fee and allows them to deposit using Visa cards issued in the EEA.

Simplex Supported Countries

This option is available for users from major European Nations and The United Kingdom.

In 2020, Binance partnered with Clear Junction to enable direct bank transfers in Euros (EUR) through SEPA and in Pounds (GBP) through Faster Payments. This allows Binance users to deposit funds from any bank transfer.

Binance Security

Security is one of the most important factors that drives the success of Binance. According to user reviews, Binance is a top-rated secure crypto exchange in Germany. It is a safe trading platform that implements end-to-end security features and services. Compared to other popular crypto-focused players, Binance has an advanced data protection environment called the Binance Smart Chain.

Here are some of the security features that Binance offers:

Multi-factor authentication (MFA): This requires users to enter two forms of identification, such as a password and a code sent to their phone, before they can log in to their account.
Cold storage: Binance keeps most of its user funds in cold storage, which is a secure offline environment.
Hacking insurance: Binance has a $1 billion insurance fund that will cover users in the event of a hack.
Security audits: Binance undergoes regular security audits by independent security firms.

Overall, Binance is a very secure crypto exchange. It offers a variety of security features and services to protect user funds.