Binance Review

  • Amber A.
  • Read time: 12 minutes
  • Updated March 1, 2022

Overview

Binance, the world’s biggest cryptocurrency exchange, was launched in 2017 by software engineer Changpeng Zhao. It has 500+ cryptocurrencies available for trading on its exchange, for US clients the there are 65 cryptocurrencies.

Aside from cryptocurrencies, it also ensures the availability of a wide variety of fiat currencies, such as EUR, GBP, USD, HKD, AUD, and INR. The platform also started dealing with the NFTs. Besides its exchange, Binance offers its launchpad (for new crypto projects), trust wallet, investment solutions and a handful of research and educational material for traders.

Trading Instruments

Binance offers the trading of over 500+ cryptocurrencies. The platform continues to include more cryptocurrencies offered to trade on the platform time to time. It also has its U.S version, which is Binance.us; there are over 65 cryptocurrencies accessible. Binance accepts fiat currencies like as AUD, USD, GBP, EUR, HKD, and INR. Furthermore, on the Binance Exchange, you may access extensive exposure to NFTs. The range of cryptocurrencies accessible may differ from country to country

Trading Platforms

Being the biggest platform of the world, Binance has various mediums of trading. There are Binance Desktop, Binance App for Android and iOS, and Binance Webtrader to accommodate the clients in every possible way. Binance released the web version of their Peer-to-Peer (P2P) trading platform. Users can directly buy and sell multiple cryptocurrencies using Chinese Yuan (CNY), Vietnamese Dong (VND) or Russian Rubles (RUB) with zero transaction fees.

The platforms are user-friendly and supportive. You can view charts, marketing trends, your portfolio, and your current and past trades on Binance’s dashboard. To manage your payment methods, you can simply go to your account page and add any credit/debit cards or bank accounts you want to use. Making deposits and withdrawals is as easy as going to the “Spot Wallet,” picking the asset you’d want to purchase or sell, and following the on-screen instructions.

Fees

Binance is considered to be to most economical crypto exchange in the world. The trade fees with Binance are as low as 0.1% per transaction. On top of that, if the transaction volume is high, you can enjoy more discounts. It can go down to 0.02%, depending on the volume of transactions.

Binance charges 4.5% deposit fees if you use debit/card card as the medium of deposit funds. There will be no fees for Wire Transfer. However, if you reside in the U.S, you will be charged a standard $15. Funding money via an automated clearing house (ACH) is free.

Binance does not charge any amount on any Crypto conversion. Yet, Binance has a spread above market price.

Overall, Binance charges more on U.S clients than non-U.S clients. The costs on Binance may be further reduced by using the Binance (BNB) coins in trades, earning the referral bonuses and reaching the VIP criteria by trading a certain amount of assets.

Binance

Pricing and Fee

Trades

0.1% fee per transaction. The fee can be go way down to 0.02% depending upon the volume of transactions

Bank Account

Free outside U.S

Wire Transfer

0$ but $15 per U.S Wire Transfer

Crypto Conversion

Free however Binance has a spread above market price

ACH Transfer

Free

Debit/Credit Card

4.5%

Wallet Fee

No

 

Research & Education

Binance is not restricted to mere an exchange. It provides research and education material to guide the new and advanced level traders.

There is a multilingual Binance community where people of identical passions gather on a single platform. Binance Angels are the most active and passionate builders of the Binance community, helping to make a difference by spreading Binance’s mission throughout the globe. Over 300 Binance Angels in over 70 cities assist other Binancians, lead the crypto conversation, share local insights and trends, organise online and offline events, and more. Explore more than 60 official Telegram groups on a range of subjects with Binance, including trading and NFTs, platform announcements, and more. With over 40 multilingual Telegram groups created to bring local communities together, you can find your community.

Binance educates the traders in 21 different languages about the transformative potential of cryptocurrency and blockchain technology. There are almost 280 articles on this website, covering from computer security to economics. There are guides that will gently expose you to some of the fundamental concepts you’ll need to get started with blockchain technology.

Binance Research serves all participants in the digital asset industry with institutional-grade analysis, in-depth insights, and unbiased information.

Privacy and Security

Binance provides users with a high degree of security to protect personal information and assets. A YubiKey is a hardware device that can be used on Binance as two-factor authentication (2FA) method to enhance account security. Withdrawals and security changes are made using Google authentication. For withdrawals and security modifications, SMS authentication is employed. Withdrawals and security modifications are sent to this e-mail address. You’ll be able to differentiate the difference between Binance emails and phishing attempts if you put up an Anti-Phishing code.

Pros & Cons

Pros

  • Low trading fees
  • Quick account opening process
  • Multi-currency wallet
  • Over 65 cryptocurrencies for U.S traders
  • Adequate educational resources
  • Basic and advanced trade setups
  • 500+ of cryptocurrency pairs
  • NFT platform
  • Wide trading options and order types
  • Fully featured ios & android mobile app support
  • Launchpad and technical laboratory

Cons

  • Facing regulatory issues in several countries
  • Not all crypto available for every country

Conclusion

Despite being the biggest cryptocurrency exchange, Binance has been facing regulatory issues in first-world countries. In addition to its standardised version, Binance offers its U.S version, which is limited in features. The platform is secure and possesses all those tools to keep trades and transactions fully secured. Besides the exchange, it provides laboratory and launchpad facilities to new crypto projects. There is handsome education and research material for every level of trader and a trading community to share ideas.