Binance Review

4.9
  • Summary
  • Crypto
  • Fiat
  • Fees
  • Features
  • Safety
  • FAQs

Binance is one of the biggest cryptocurrency exchanges by volume (24 hour volume: $11,782,681,479). Binance has a native token named Binance Coin (BNB) which is used to facilitate crypto trading on the exchange. Binance offers traders 217 and 1000 to trade with.

Overview
🏆 CI Exchange Rank 4.9 (#1) 📈 24H Volume $11,782,681,479 (#1)
📌 Headquartered Cayman Islands 🧱 Founded 2017
💧 CI Liquidity Rank 0.019 (#6) 🚀 Beginner-friendly? Yes
💲 Supports Fiat? Yes 🎌 Languages Supported
💼 Business Accounts Yes ✖️ Margin Trading Yes
👛 External Wallet Yes 🔃 OTC Trading Yes
📱 Mobile App Yes 💰 Integrated Wallet Yes
🔮 Futures Trading Yes ⚪️ Spot Trading Yes
⭕️ Coins: 217 🔀 Pairs: 1000

Traders in over 180 countries can trade on Binance, but only 43 states can use Binance.US, excluding Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana.

Pros Cons
Binance offers traders 217 coins and 1000 currency pairs No fiat-to-crypto trading on main exchange
Binance is one of the largest cryptocurrency exchangers in the world, by volume US citizens are not accepted
Suited to both beginner and advanced traders Binance.com is not a regulated

Binance was founded by Changpeng Zhao, a Chinese-Canadian businessmen, in July 2017. The Binance headquarters is in the Cayman Islands; Mahé, Seychelles.

Crypto on Binance.com

Crypto Market Listings on Binance.com

Binance.com has a reported trading volume of $11,782,681,479 in the last 24 hours. Traders can expect an average bid-ask liquidity spread of 0.019. Binance.com is ranked position #6 among exchanges for liquidity.

  • USD
  • EURO
  • GBP
Coin Pair Price Spread
BUSD/USDT $1 0.02
USDC/USDT $1.002 0.02
USDC/BUSD $1 0.02
BTC/USDT $19803.31 0.01
ETH/USDT $1115.38 0.01
BTC/BUSD $19893.1 0.01
ETH/BUSD $1120.76 0.01
WBTC/BTC $19850.66 0.01
BETH/ETH $1075.05 0.02
SOL/USDT $34.86 0.03
ETH/BTC $1118.84 0.01
BNB/USDT $229.88 0.04
BNB/BUSD $230.38 0.04
XRP
XRP/USDT $0.322151 0.03
BTC/USDC $19845.21 0.01

Crypto Verification

There are three verifications levels, basic, intermediate and advanced. All three of these levels will allow you to buy and sell cryptocurrencies . However, on the basic level, you will only be allowed to withdraw 2 BTC per day. The intermediate level will allow you more freedom and is less restricted.

Intermediate level verification requires:

  • Basic and personal information
  • Government issued ID and  facial recognition
What's Needed
🛂 Documents Passport, Driving Licence 🕖 Verification Duration 1-3 days

Crypto Deposits

Binance does not charge traders a deposit fee.

Buying In
Crypto/Coins Free

Crypto Withdrawals

When it comes to withdrawing cryptocurrencies on Binance, all you have to do is pay the cryptocurrency equivalent of $1 to $15 (0.066%) as your withdrawal fee.

Cashing Out
Crypto/Coins 0.066%

Fiat on Binance.com

Fiat Market Listings on Binance.com

  • USD
  • EURO
  • GBP
Coin Pair Price Spread
USDT/TRY $1.004 0.02
BUSD/TRY $1.005 0.02
USDT/BRL $1.001 0.02
BTC/EUR $19766.13 0.01
BUSD/BRL $1.002 0.02
ETH/EUR $1119.26 0.02
BTC/TRY $19944.72 0.01
USDT/RUB $1.055 0.02
BTC/GBP $19880.76 0.01
USDT/UAH $1.16 0.03
BTC/AUD $19857.93 0.04
BTC/BRL $19891.59 0.05
ETH/TRY $1118.87 0.02
SHIB/TRY $0.00001026 0.03
Avalanche
AVAX/TRY $18.02 0.03

Fiat Verification

The fiat verification process is much like crypto verification. The basic level will limit your fiat deposit and withdrawals to $300, while you may have more freedom when choosing intermediate level verification.

Intermediate level verification requires:

  • Basic and personal information
  • Government issued ID and  facial recognition
What's Needed
🛂 Documents Passport, Driving Licence, Bank Statement 🕖 Verification Duration 1 day

Fiat Deposits

Binance does not charge traders a deposit fee. Although a trader’s bank may carry some charges.

Buying In
Debit Card Free Credit Card Free
Bank Transfer Free

Fiat Withdrawals

Binance does not charge traders any fiat withdrawal fees. Although a trader’s bank could incur some charges.

Cashing Out
Debit Card Free Credit Card Free
Bank Transfer Free

Binance.com Fees

Traders who do not use BNB (Binance Coin) to pay their trading fees will be liable to pay a standard fee of o.o1%. Regardless of whether you’re buying or selling and using limit or market orders for transactions.

Binance.com Features

Futures Trading

Future trading enables traders to agree a price for an asset in the present, to be exchanged in the future. With Binance, traders can go long or short on a futures contract.

How to get started on the Futures Trading platform: 

  1. Deposit USDT, BUSD into your USDⓈ-M Futures account as margin, and other Coins e.g. BTC into your COIN-M Futures as margin
  2. Select the level of leverage to your preference
  3. Choose the appropriate order type (buy or sell)
  4. Indicate the number of contracts you wish to own

Margin Trading

Margin Trading  is a way of trading assets using money borrowed from a third-party. When you margin trade, you will be able to enter into positions larger than your current account balance.

With Binance, you will be allowed to leverage trading on several highly volatile altcoins such as:

  • XTZ
  • ATOM
  • VeChain (VET)
  • TRX
  • IoTeX (IOTX)
  • ALGO
  • TomoChain (TOMO) C
  • allisto (CLO)

OTC Trading

OTC trading  is a form of decentralized trading. This means you sell directly to the buyer through a broker, rather than through a large centralized exchange with lots of red tape and exorbitant fees.

The Binance OTC market is an option for traders who are interested in performing large trades directly and bypassing the public order books. The OTC market provides access too large liquidity without affecting the exchange market price.

Two ways to take advantage of the OTC desk
1. Access real-time liquidity through the Binance OTC desk
2. Trade directly with another Binance user.

 

Peer-to  Peer Trading

P2P trading happens when traders buy and sell cryptocurrencies directly to other traders, without using a third party or an intermediary. Binance P2P allows traders to sell their cryptocurrencies locally, with 0 trading fees. Traders are also allowed to create their trade advertisements to set their own prices.

Binance Visa Card

binance visa card

The Binance Visa Card allows traders to convert and spend their favorite cryptocurrencies at more than 60 million merchants around the world. All you need to do is transfer your cryptocurrency from your spot wallet to your card wallet and start spending.

Some more perks associated with the Binance Visa Card:

  • Zero fees: the Binance Visa Card is free. There is no administrative charges associated with the card, although third-party fees may still be applicable.
  • Hold cryptocurrencies: You can hold your cryptocurrency on your Binance card wallet and exchange when you need to.
  • Up to 8% cashback on your purchases: only on all eligible purchases made with your Binance Visa Card.

Binance Chain Wallet

The Binance Chain Wallet is the official Binance cryptocurrency wallet for accessing the Binance Smart Chain, Binance Chain and Ethereum. The Binance chain wallet can be used to store crypto as well as connect to thousands of projects across different blockchains.

Traders can use their Gmail accounts to sign in to their wallets through tKey.

Wallet Direct

Allows traders to transfer coins between their Binance.com account and their Binance Chain Wallet.

Trust Wallet

With Trust Wallet you can store a variety of tokens on the market, with more projects and blockchains adopted all the time. Trust Wallet is a multi-coin wallet. This means that you have one backup for all your assets. The Trust Wallet works with decentralized exchange too.

 

 

External Wallet

Traders are able to deposit cryptocurrencies from external wallets or use a credit card, or deposit fiat currency. Binance supports the deposit of all of the major fiat currencies.

Business Accounts

Binance supports eligible business accounts for USD, EUR, GBP, NGN, AUD, and BRL deposits and withdrawals. Corporate account users can purchase cryptocurrencies with USD, EUR, GBP, NGN, AUD, and BRL on Binance.com.

Binance Launch Pad

Traders who are interested in crypto projects should definitely experiment with the Binance Launchpad, which basically functions as a token launch platform. The Binance launchpad facilitates early-stage crypto projects to raise funds using IEOs (Initial Exchange Offering). The Binance Launchpad is aimed at supporting blockchain startups.

Mobile App

Now you can download the Binance.com mobile app. It is available on IOS and Android.  On the Binance Mobile app, traders will be able to:

  • Buy and sell cryptocurrency and fiat on the mobile app
  • Keep track of all incoming and internal transactions.
  • Binance Pay is available on the mobile app, which means that you can transfer and receive crypto payments via Pay in the App wherever you are.
  • Keep Your Funds Safe with Whitelist Addresses
  • Invite more traders to join Binance through the referral programme on the app.

Referral Program

Registered Binance traders are allowed to participate in the Binance referral program. The program allows  traders to share their unique referral link with their network. Traders can earn up to 50% commission on every qualified trade.

Traders can receive commissions on referrals made across Binance Spot, Futures, Margin trading, and even Binance Pool (including lifetime commissions on Spot & Margin trading plus Binance Pool).

Customer Support

There is a 24/hour customer service department available to traders. They can reach the customer service department via live chat or by logging a ticket.

Binance.com Safety

CER Cyber Security Score (CSS)

9.54/10

CSS is an industry benchmark assessment of the cybersecurity characteristics of a given exchange. It consists of three weighted components: application-level security, SSL/TLS connection, and domain security. CSS uses over 18 indicators, based on the best practices of cybersecurity protection.

Cold Storage

Binance does support Cold Storage. Cold wallets have no connection to the Internet. Instead, they use a physical medium to store the keys offline.  As a way to protect the traders funds, Binance only holds a small percentage of its coins in hot wallets. The remainder is kept in cold storage.

 

 

Binance has a two-factor authorization process.  In order to make withdrawals from your Binance account, you are required to set up two-factor authentication. Each time you sign in you will be reminded to enable 2FA.

Multisig wallets just refer to a multi-signature wallet, where two or more traders have access to documents.

Binance.com FAQs

Is Binance Safe?

Yes. Binance is protected by 2FA and has an advanced cold storage system.

Does Binance Support Fiat Currencies?

Yes. Binance accepts a wide range of currencies and makes it easy for you to buy crypto using US Dollars, Euros, Pound Sterling, and other fiat currencies.

Can you Short on Binance?

Yes. Binance has a future trading option for traders interested in shorting.

Is Binance.com Available to US Customers?

No. Binance is not registered or regulated in the US and is not open to US citizens.