Binance Exchange is one of the world’s top cryptocurrency exchanges. The platform offers users the most cryptocurrency trading pairs of any trusted exchange.
Founded in 2017 by Changpeng Zhao (CZ), the exchange has quickly taken the lead in the crypto exchanges and even has its crypto, Binance Coin. The exchange offers relatively low grading fees and a wide selection of cryptocurrencies for trading globally. However, its trading options are more limited in the US.
Our Binance Review will help you decide if it is right for you.
Pros
- The very easy sign-up process
- Support for credit and debit cards
- Free deposit
- Extremely quick transactions
- Lucrative on-site staking options
Cons
- Considerable withdrawal fees
- The exchange has had hack cases in the past
- The main site is not available in the USA.
- Less regulated than some competitors.
Company Overview
After its founding, the company was initially operating in China but quickly moved out due to crypto restrictions. The company has also been in Japan and Malta but has no permanent home base of operations. This may change due to a memorandum of understanding signed with Bermuda and Malta.
The low fees, large number of cryptocurrencies and innovative products quickly made Binance find its massive user base. Currently, the exchange offers every crypto product you can think of, including an exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs and more.
Binance even offers two proprietary tokens; BUSD, a stablecoin, and BNB, which has been performing very well with its low fees.
Cryptocurrencies Available on Binance Exchange
Binance has more than 365 cryptocurrencies for trading on its exchange, but only 65+ are available for US users. For international users, the platform also supports various fiat currencies, including USD, EUR, AUD, BBP, HKD and INR, depending on their location.
Some of the cryptocurrencies available on Binance.US are Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE) and Matic Network (MATIC).
Additionally, Binance supports popular cryptocurrencies, which include:
- Dash (DASH)
- Cosmos (ATOM)
- Compound (COMP)
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
Binance Exchange Sign-Up Process
Signing up for a Binance Exchange account is easy, and one can choose from two types of accounts.
For unverified accounts:
- Click register on the Binance homepage.
- Enter your email address.
- Create password.
- Accept Binance’s terms of use.
- Click “Create Account.”
- Confirm registration through email.
For verified accounts:
- Login to the account you created
- Go to User Center and click Identify Verification
- Choose Personal
- Fill in your details
- Choose an ID type for document verification, either a Passport or a Driver’s License.
- Take a photo or upload a file of your document.
- Take a photo of yourself.
- After uploading the required document and photo, click confirm.
- Binance will then review your submissions as soon as they can.
Once Binance verifies your account, you will receive an email.
Trading on Binance Exchange
Binance offers a diverse trading tool platform, including real-time charting tools with moving averages and exponential moving averages. Users can place trades on their Binance app, Binance website or even Binance desktop app.
Traders can use the Binance platform to access their portfolios and trade history. Additionally, they can see the order book and price charts. The exchange also provides different order types, such as stop, limit, and trailing stop orders.
As a trader, one can also choose trading views ranging from classic to margin and OTC views. Even though the services are well found globally, many of these are not found in the US, including margin trading and some order types.
You may want to check out How to Trade Margin on Binance.
Fees
Many users take Binance as a top choice due to their lowest fees in the industry. Even though Binance.US is slightly higher, they are still lower than other top exchanges. A maker/taker fee structure is the main method that Binance employs on its fees.
Moreover, fees vary based on trading volume and Binance coin (BNB) balance. Thus, higher volume trades can attract lower fees.
One can also attract some fee discounts when:
- Using Binance (BNB) coins in trades
- Referral bonuses
- Reaching a very important person (VIP) status by trading a certain amount of assets.
Besides, users in the exchange may also incur other fees. Such fees include:
| Payment Type | Fees |
| Wallet | Zero |
| Debit Cards | 4.5% |
| ACH transfer | Zero |
| Wire transfer | $15 for US customers |
| Crypto Conversion | N/A |
| Trades | 0.00% to 0.1% |
| Buy/sell crypto | 0.50% |
The Platform’s Security
The platform protects users with two-factor authentication (2FA) through the Google Authenticator app or short message service (SMS). Additionally, it also offers address whitelisting and device management. With Binance, users are also able to restrict device access.
Such features may be tempting. However, Binance has failed to keep this reputation, which remains a concern. Their security offerings remain average for the industry.
Customer Support
The main aim of Binance is to be a support tool for its customers. Thus, it offers this support through its FAQ help center. Users can submit queries to be answered through email, done through typing at the bottom. There is no live chat.
Thus, customers can solve most problems they face easily and efficiently.
Final Thoughts
Considering all matters, Binance offers a wide range of supported assets and trading options for global traders. Additionally, its rates are some of the lowest in the industry. However, the platform’s compliance issues are a concern, even with the many positives.
If you are worried about security, you may want to check out other regulated exchanges like Kraken or Coinbase Pro.
For US customers, you may want to check out Binance.US, which is more limited than the global Binance but offers a similar interface.
Save 20% on your Binance trading fees now by signing up here.
