Binance Review 2024

What is Binance?

Binance is a Hong Kong-based cryptocurrency exchange founded in 2017 that has grown rapidly to become the world’s largest by trading volume. Its initial growth and popularity were so impressive that it actually had to suspend registrations in January 2018. Binance is now very well established, offering clients around the world 40+ fiat currencies, 300+ cryptocurrencies with no deposit fees, and extremely competitive trading fees (max 0.1%).

• Web address:  www.binance.com
• Primary Location:  Cayman Islands
• Deposit methods:   SEPA and bank transfer (ACH), PayID, debit card, credit card, SWIFT, cryptocurrency
• Deposit fee:   Depends on currency and deposit method (0% – 3.50%)

• Trading fee:   0.015% – 0.1%
• Currencies:   USD, GBP, EUR, CAD, AUD, HKD, JPY and 35 more
• Cryptocurrencies:   BTC , ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO and more than 300+
• Mobile app:   Yes

General Concepts about Binance

Binance is a feature-rich exchange that is ideal for experienced crypto traders and investors as there are a ton of trading tools and options available. Admittedly, for a beginner it can be a bit overwhelming, but once you get the hang of it, you’ll understand why Binance is such a great platform. Here are the top 3 reasons to consider Binance:

1) Binance has the lowest fees it can offer due to its huge trading volume and large customer base. The base rate for buying and selling coins on the market is only 0.1%, and can be further reduced. The easiest way to get a discount is to pay fees with BNB (Binance’s native token ). When using BNB, you automatically get a 25% discount on fees. This means that instead of paying 0.1% per trade, it will only be 0.075%! Additionally, if your 30-day trading volume is high and you hold a certain amount of BNB coins, you get an additional discount on trading fees.

2)   Binance has over 300+ cryptocurrencies available, and they add new coins regularly. You are almost certain to find a coin you want to invest in. You can also buy NFTs on Binance.

3)   Binance offers a variety of trading options and instruments, including spot trading, margin trading, P2P exchange, and futures. Experienced traders will appreciate the detailed charts and data available on the platform, as well as the use of limit orders and stop limits.

4) Binance offers a live chat feature as part of its customer support. However, while live chat is available, there may be a queue depending on how many users are asking for help. Binance also offers other support options such as a detailed FAQ section and the ability to submit tickets.

Overall, if you are looking for where to buy cryptocurrencies, want to pay extremely low fees, have a lot of features and a wide range of coins, you should consider Binance.

Key Features and Benefits of Binance

Binance has many features that make it one of the most popular cryptocurrency exchanges in the world. Here is a list of the best features that Binance has to offer:

• Extremely low fees of 0.1%, with discounts when paying with BNB.
• Over 300+ different cryptocurrencies to buy, sell or exchange 
• Mobile applications available for Android and iOS
• Advanced, classic and basic trading interfaces to suit your needs
• Binance Earn – Grow Your Cryptocurrency 
• Binance Visa Card – Spend Cryptocurrency Anywhere with a Card
• P2P exchange – trade directly with others on your terms
• Binance Loan Allows Users to Borrow Cryptocurrency
• NFT Marketplace – for buying and selling NFT
• Margin trading with leverage up to 10x
• Trading in futures and derivative financial instruments

What services does Binance offer?

If you’ve researched the best crypto exchanges, you’ve probably found that it can be difficult to choose one from the many options out there. Let’s take a look at an expanded list of the best services offered on Binance so you can see if it’s right for you.

Over 300+ Different Cryptocurrencies to Buy, Sell, or Trade:    Binance offers over 300+ different cryptocurrencies, which is one of the most comprehensive offerings available worldwide. When trading on the largest crypto exchange in the world, you know that liquidity based on trading volume will be high, so you can easily buy and sell any coin on their platform. 

Mobile Apps for Android and iOS: Binance has a great app that makes things easy for beginners while also catering to experienced traders. There are two versions of the same app that you can switch between with the click of a button: you have Binance Lite, which is great for beginners, and then there is Binance Pro, which gives you access to a ton of advanced features and trading tools. According to the Google Play Store, the Binance app has over 10 million downloads with a high user rating of 4.4 stars out of 319,000 reviews.

Advanced, Classic, and Basic Trading Interfaces:    Binance caters to all levels of customers, from those new to crypto investing to experienced day traders. If you want the easiest way to buy crypto, you just need to select the basic “Convert” option, which opens a very simple interface, as shown below.

Those who find it more convenient to use the traditional market interface can buy cryptocurrency in the classic mode, which contains much more information compared to the basic version. This is a screenshot of the classic mode for trading BTC / USDT.

Experienced traders who want full access to all trading tools can select the Advanced option in the Trade tab, and here is a screenshot of what it looks like. 

Use Binance Earn to Grow Your Cryptocurrency:    Binance offers you various options to grow your cryptocurrency while you hold it on their exchange. This is a potential investment opportunity if you plan to hold your cryptocurrency. Instead of just sitting there, you can make it work for you. You can see the various staking options available further down the page.

Binance Visa Card:    Binance has partnered with Visa to offer a card that lets you spend your cryptocurrency at 60 million merchants worldwide. The card is free, doesn’t have any admin or processing fees, and you can even earn up to 8% cashback on select purchases! This is a great step in the right direction for cryptocurrency to become a mainstream payment method.

P2P exchange:    Binance offers a P2P (peer-to-peer) exchange that allows users to trade cryptocurrency directly with each other on their own terms in almost any country. This is what a P2P exchange looks like if you want to buy BTC with USD.

Binance Loan:    Anyone who is registered as a user on Binance can access Binance Loan if they wish. You can take out a loan for different terms: 7, 14, 30, 90, and 180 days, with the option of early repayment, paying only for the hours borrowed. Interest is calculated hourly at 0.001667% per hour (0.04% per day). 

NFT Marketplace  :  NFTs are becoming increasingly popular, and Binance has taken the opportunity to be part of the action. Binance has a new NFT  Marketplace where you can mint, buy, and sell NFTs. 

Margin Trading with Leverage Up to 10x:    Margin trading is only available on a few select trading pairs, with users being able to use up to 10x leverage on some pairs. Cross margin trading is very risky as it puts your entire account at risk, while isolated margin trading only puts the trading pair you are considering at risk.

Futures and Derivatives Trading: A relatively new feature offered by Binance is Binance Futures , which allows users to speculate on the price of Bitcoin and altcoins such as Ethereum, Ripple, Litecoin, Bitcoin Cash, and more. With futures trading, users do not actually buy or sell cryptocurrencies, but simply take advantage of the rise/fall in their prices to make money.

The Binance Futures interface is very similar to the trading interface. The only differences include features such as the ability to view open positions and features that allow traders to control leverage. Commissions on Binance Futures are a maximum of 0.04% of any trade. Fees are lower for traders who have huge monthly trading volumes or whose trades often increase liquidity in the order book before they are executed.

Binance Fees

Binance has extremely low fees, and there is information about the possibility of further reductions. Let’s look at them below.

Binance Deposit Fee

If you deposit cryptocurrency on Binance, there is no fee.

If you deposit fiat currency on Binance, the fee will vary depending on the deposit method and currency. For example, if you deposit Australian Dollars (AUD) using PayID/OSKO, it is free. However, if you deposit Hong Kong Dollars (HKD) using a bank card, the fee is 3.5%.

Binance Withdrawal Fee

When withdrawing cryptocurrency from your Binance account, a fixed fee is charged to cover the transaction costs involved in moving the cryptocurrency to your wallet. The fee varies depending on each coin.

Fiat currency withdrawal fees vary depending on the withdrawal method and currency. For example, Australian dollars (AUD) are free to withdraw via bank transfer. British pounds (GBP) are charged a 1% fee when withdrawing via bank card.

Binance Transaction Fees

Binance spot trading fees (buying and selling cryptocurrency) start at a low 0.1%, and you can get a 25% discount if you pay your fees with Binance’s native coin (BNB). That means you only pay 0.075% on every trade!

Trading fees compared to other popular exchanges

Trading commission 0.075%0.10%4.5%0.10%

If you are a large trader and hold a lot of BNB, you can lower your fees even further by setting the lowest rates: 0.015% maker fee and 0.03% taker fee, including a 25% discount when using BNB.

Pros and Cons of Binance

Pros

• The largest crypto exchange in the world by trading volume
• Extremely low fees of 0.1% with an extra 25% discount when paying with BNB
• The mobile application is available for iOS and Android
• More than 300+ cryptocurrencies available
• Additional features such as staking, NFT marketplace, margin trading, futures trading

Cons

• Not available in the US: US residents must use Binance.US
• Prompt Customer Service – Chat Problems

Binance Security

Binance is a secure cryptocurrency exchange that keeps most of its digital assets offline in cold storage and provides its clients with tips on how to improve security. Binance has settings for enabling 2FA (two-factor authentication), whitelisting devices, managing withdrawal addresses, anti-phishing codes, and even U2F (universal two-factor authentication), which requires physical access to the hardware to access your account.

Despite all their efforts to keep the crypto exchange secure, Binance suffered a cybersecurity breach in 2019, losing over $40 million worth of Bitcoin. The way Binance responded to the situation was commendable, as they fully covered the losses so their customers were not affected. Four months after the incident, Binance received ISO 27001 certification, passing an information security management audit. This shows how committed Binance is to maintaining a secure platform for their customers. Binance is constantly investing in ways to improve their cybersecurity.

Conclusion

Binance is a big name in the crypto world, and for good reason. It’s the largest crypto exchange by trading volume, with competitive fees and a platform built for both new investors and experienced traders. Offering over 300+ different coins and additional features like staking, margin trading, futures, and even an NFT marketplace, it’s a great platform you can rely on for your blockchain projects.

Unfortunately for Americans, Binance is not available in the US. It was banned in 2019, but after that, an alternative exchange called  Binance.US was founded  , which is available in 43 states.