What is Binance?
Binance (BNB) is a cryptocurrency exchange founded in 2017 in Hong Kong, quickly growing to become the world’s largest crypto exchange by trading volume. Their initial growth and popularity was so impressive that they actually had to suspend registrations in January 2018. Binance is now extremely well established, offering over 40+ fiat currencies and 600+ cryptocurrencies to customers around the world, with no deposit fees and extremely competitive trading fees (maximum 0.1%).
Binance Vital Information
My Overall Thought
Binance is a feature-packed exchange that is perfect for experienced crypto traders and investors, as there are plenty of trading tools and options available. For a beginner, I admit it can be a little overwhelming, but once you get the hang of it you will realise why Binance is such a great platform. These are the top 3 reasons why I like Binance:
1) has extremely low fees, which it can offer because of the huge amount of trading volume and the large customer base it has. The base rate for buying and selling coins on the market is just 0.1%, which can be further reduced. The easiest way to receive a discount on your fees if paying your fees using BNB (Binance’s own token). You automatically receive 25% off the fee when using BNB. That means instead of paying 0.1% for a trade, it will be only 0.075%! Additionally, if your 30-day trading volume is high, and you own a certain amount of BNB coins, then you receive further discounted trading fees.
2) There are over 600+ cryptocurrencies available on Binance, and they are regularly adding new coins. You are almost certain to find a coin that you want to invest in. Another great new feature is that you can even buy NFTs now on Binance.
3) Has a wealth of trading options and tools including Spot trading, Margin trading, P2P exchange, and Futures. Experienced traders will enjoy the detailed charts available on the platform, and the use of limit orders and stop-limits.
One thing that Binance is lacking is a Live Chat feature. If you are an experienced crypto trader you may not find it an issue, but for new users it can be frustrating encountering problems and not being able to speak to someone to resolve it. I think that customer service is an area that Binance could improve in the future.
Overall, if you are looking for extremely low fees, tons of features, and a wide range of cryptocurrencies, Binance is an exchange you should consider.
Key Features & Advantages of Binance
Binance has so many features that make it one of the most popular crypto exchanges in the world. Here is a list of the best features Binance has to offer:
- Extremely low fees of 0.1%, with discounts if you pay with BNB
- Over 600+ different cryptocurrencies to buy, sell or trade
- Android and iOS mobile apps available
- Advanced, Classic and Basic trading interfaces to suit your needs
- Earn – grow your crypto
- Visa Card – spend your crypto anywhere using a card
- P2P exchange – trade directly with others on your own terms
- Loan allows users to borrow crypto
- NFT marketplace to buy and sell NFTs
- Margin trading with up to 10x leverage
- Trade Futures and Derivatives
What Services Does Binance Offer?
If you have done some research on the best crypto exchanges, you will probably find that there are so many options and it can be hard to decide on one. I am going to expand on the best services offered on Binance so you can see if it’s the right exchange for you.
Over 600+ different cryptocurrencies to buy, sell or trade: Binance offers over 600+ different cryptocurrencies which is one of the widest offerings available around the world. As the largest crypto exchange in the world based on trading volume, you know that the liquidity will be high, so you will be able to buy and sell any coin easily on their platform.
Android & iOS Mobile Apps: Binance has an excellent app that makes it easy for beginners, while also catering for advanced traders. Within the one app, there are two versions that you can toggle between with the click of a button – you have Lite which is great for newbies to use, and there’s Pro which gives access to plenty of advanced features and trading tools. According to Google Play store, the app has over 10 million downloads, with a high user review rating of 4.4 stars, from 319 000 reviews.
Has extremely low fees, with options to further reduce them as well. I will explain this below.
If you are depositing cryptocurrency into Binance, there are zero fees.
If you are depositing fiat currency into Account, the fee will vary depending on the method of deposit and the currency. For example, if you deposit Australian Dollars (AUD) using PayID/OSKO, it is free of charge. However, if you deposit Hong Kong Dollars (HKD) using a bankcard, the fee is 3.50%. Click here to check the fee for your fiat currency and deposit method.
Binance Withdrawal Fees
Withdrawing cryptocurrency from your account incurs a flat fee to cover the transaction costs of moving the crypto to your wallet. The fee varies depending on each coin; you check how much by clicking here.
For fiat currency withdrawals, the fee varies depending on the withdrawal method and the currency. For example, withdrawing Australian Dollars (AUD) by bank transfer is free of charge. Withdrawal of Pound Sterling (GBP) using Bankcard incurs a 1% fee. You can check the fees for your currency by clicking here.
Binance Transaction Fees
Fees for spot trading (buying and selling crypto) start at a low 0.1% and you can get a 25% discount if you pay your fees using (BNB). This means you are only paying 0.075% on each trade! Watch the video below to find out more about BNB.
Trading Fees Compared Against Other Popular Exchanges
If you are a large volume trader and hold a lot of BNB, you can reduce your fees even further, with the lowest rates at 0.015% maker fee and 0.03% taker fee, inclusive of the 25% discount using BNB.
Pros and Cons of Binance
- Largest crypto exchange in the world based on trade volume
- Extremely low fees of 0.1% with a further 25% discount if you pay with BNB
- Mobile app available for iOS and Android
- Over 600+ cryptocurrencies available
- Additional features such as staking, NFT marketplace, margin trading, futures trading
- Not available in the USA; US residents need to use Binance.US
- Poor customer service – lacks live chat support
Frequently Asked Questions (FAQs)
Is it Safe to invest in Binance?
They are considered less secure than hardware or paper wallets, but they let you trade or sell your tokens more easily. Crypto Exchanges. With some cryptocurrency exchanges, the exchange will store your tokens on your behalf.
How much money do you need for Binance?
Binance.US & Binance.com has a minimum trade of $10.
Can you Make Money From Binance?
Binance P2P lets users buy and sell cryptocurrencies directly with other users, while Binance Earn allows new and experienced crypto users to easily earn money on their existing crypto assets.
Is Binance App Legal?
In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange registered with the United States Financial Crimes Enforcement Network and designed to comply with all applicable US laws.
How do I cash out my Binance?
- Log into your account.
- Select Withdraw.
- Click on the Fiat tab.
- Pick the fiat currency.
- Enter the details that the page requires.
- Check the transaction details.
- Enter your verification code.
Who is Binance Owned by?
|Alma mater||McGill University|
|Known for||Founder and CEO of Binance|