Cryptocurrency Exchange

Binance Exchange Review: Understand Fees, Features, Trading Pairs, and More

Published by
Sara K

There are so many cryptocurrency exchanges in the world. But which one should you choose? Detailed research based on your requirements will reveal the answer. 

Binance is one of the leading cryptocurrency exchanges in the world. It has the best user-friendly experience, low transaction fees, high trading volume, and efficient tools to keep you updated on your crypto portfolio. 

In this Guide, we will help you understand the basics of binance , how-to guide, fees & Limits, and the latest updates for traders and investors. Let us look into this exchange review now!

Overview

Official Websitehttps://www.binance.com/
Head QuartersCayman Islands
FounderChangpeng Zhao
Exchange TypeCentralized Exchange
Trading OptionsSpot, Margin, Strategy trading, Derivatives, NFTs, P2P, Swap farming, and OTC trading.
Trading FeesMaker & Taker fee: 0.1000% / Maker & Taker fee: 0.0750% for BNB payments
Trading Pairs100+
Native TokenBinance Coin – BNB
Deposit MethodsCryptocurrency deposit using wallets, Fiat currency deposit using debit/ credit cards
Deposit FeesNo Deposit fees
Withdrawal MethodsCryptocurrency withdrawal using 2-factor authentication, Fiat currency withdrawal using bank cards
Withdrawal FeesVaries from coin to coin and the network selected. Paid to miners to cover transaction costs
Supported Countries100+
Restricted Countries7+
Supported Fiat Currencies31+
Mobile AppAvailable for iOS & Android from the App store, APK files for other OS

About the Exchange

Binance is a centralized exchange that was launched in 2017 by Changpeng Zhao, also called ‘CZ’. Thanks to its mainstream advertising, within 180 days it became the largest cryptocurrency exchange in the world in terms of trading volume. 

It features a strong focus on altcoin trading and has its own crypto coin called Binance Coin (BNB). Though it was initially based in China, it had to move out due to tightening restrictions and regulations. Binance is presently registered in the Cayman Islands, however, CEO changpeng zhao is not revealing the current headquarters of Binance as he believes that the exchange should be decentralized as cryptocurrencies. 

The highly effective services, user-friendly access, security, low fees, speed of trade, and efficient trading tools retained the investors in the platform and also helped them to be the market leader for a long time.

A verified crypto account can enter the crypto investment and buy crypto in multiple ways. Furthermore, Binance features P2P exchange, futures trading, strategy trading, Auto investments, margin trading, Binance NFT, and much more. It supports third-party wallets like simplex and banxa and has its own acquired wallet ‘Trust Wallet’. Thus making it a perfect platform for crypto trading needs.

Features

Binance offers a wide variety of features that enables you to trade cryptocurrencies smoothly. Now let us have a look at them

  • eWallets – ‘Trust Wallet’ is the most trusted and secured wallet on Binance as it is acquired by Binance. eWallet has an amazing feature where you can even earn interest for your long-term deposit holdings in your eWallet. It also offers third-party wallets.
  • Mobile Trading – With the Binance mobile app you can trade while you are on the move and keep an up to date information on your crypto portfolio.
  • Trading accounts – Binance has Basic and advanced trading accounts. The basic account is dedicated to beginner traders. In advanced trading accounts, you can see advanced trading options like Margin, P2P, and OTC tradings.
  • SAFU – During exceptional events like hacking or in uncertain circumstances ‘Security asset fund’ provides insurance to Binance traders.
  • Multi-level security – SMS verification, two-factor authentication(2FA), and U2A device authentication. Due to SIM hacking events, Binance is discouraging the use of SMS verification.
  • Family Access – In case of your death Binance allows your family members to have access to your account.
  • Customer Service – With the click of a button, you can chat live with the 24X7 customer support executives and clear your doubts. Their website also has a dedicated section for FAQs for user issues
  • Analytical charts – Binance uses Trading View to provide its users access to technical market indicators, charts, and graphs that analyze the market in real-time. These interactive tools help users in finding the next trading opportunity at the earliest possible.
  • Deposits and Withdrawals: Almost every payment gateway is integrated with the secure exchange. It also supports high-volume deposits and withdrawals of traders in fiat currency and cryptocurrencies such as BNB, Litecoin (LTC), and BTC Cash. There are no deposit fees. However, there is a minimum withdrawal amount and withdrawal fee.
  • Academy – Binance Academy is a learning section catering to the needs of both newbies and veteran traders. You can find everything about crypto, blockchain, mining, etc. It is simply a one-stop destination to learn all about crypto and blockchain
  • Learn & Earn – Binance offers a program for knowledge-thirsty users where they can learn about blockchain and on successful completion of quizzes they get a chance to win cryptos. If you are a crypto nerd then you should try this.
  • Launchpad – Binance Launchpad is a unique platform that allows users to have exclusive access to promising new crypto tokens from various projects. It also helps drive awareness and adoption of these projects. This is best for investment decisions related to ICOs.
  • NFT Marketplace –  NFTs being tokens can be transferred from one individual to another on the blockchain, just like sending Bitcoin (BTC) from one individual to the next. Binance’s NFT Marketplace allows users to buy, store and sell NFTs
  • Binance cards – just like debit cards where you can spend cryptos to buy from more than 60 million merchants’ stores. Users can apply for a Binance card and top up the card with desired cryptos.
  • Binance Gift cards – Binance allows users to send cryptos in form of gift cards to both Binance and non-Binance users and can be customized with more than 30 thematic templates to choose from. These can be used for Gift Card reselling, loyalty and game rewards, e-commerce purchases, and more.

There are 3 types of gift cards 

  • Fixed Value Cards – which allow users to keep the value of the card regardless of the market conditions
  • Mystery Box Cards – which help you to get rewards and grow your portfolio
  • Cashback Cards – which allow users to earn instant rewards and save on future card purchases

Send your gift card from here

  • Binance Live – On Binance Live, users can watch exclusive sessions from thought leaders in the crypto space, tune in to professional investment analysis and listen to lessons from industry leaders. It is a live-streaming platform committed to making users aware of the latest trends and events in the crypto space.

Cryptocurrencies available on Binance

With more than 600 cryptocurrencies and 1432 trading pairs on its platform let us look at the most traded cryptos on Binance right now.

Most Traded Cryptos on Binance
Bitcoin (BTC)Ethereum (ETH)Dogecoin (DOGE)
Polygon (MATIC)Gala (GALA)Band Protocol (BAND)
Shiba Inu (SHIB)Mask Network (MASK)Fantom (FTM)
Binance Coin (BNB)Lite Coin (LTC)Tether (USDT)

For a full list of cryptocurrencies check out the company’s market page 

How to Register Using Binance App?

Setting up an account on Binance can be done in a few steps and let us explore them

1. Open the Binance App and tap [Sign Up].

2. Select a registration method. You can sign up with your email address, phone number, and Apple or Google account.

3. Select [Email] or [Phone Number] and enter your email address/phone number. Then, create a secure password for your account.

4. You will receive a 6-digit verification code in your email or phone. Enter the code within 30 minutes and tap [Submit].

5. Congratulations! You have successfully created a Binance account.

How to buy cryptocurrency?

There are a number of ways to buy cryptocurrencies from Binance, including Credit/Debit cards, Cash Balance, Google/ Apple Pay, and P2P. Let us see how you can buy crypto using a credit/ debit card

Buying crypto Via bank debit/ credit card

1. To get started select “Buy with cash” from the home screen

2. Next, select “Credit/Debit Card”

3. Tap “USD” to open the list of supported fiat currencies available

4. Type the name of your fiat currency in the search bar or scroll through the list to select your local fiat currency.

5. Enter the amount of the selected fiat currency you wish to spend and tap “BTC” to select the cryptocurrency you wish to purchase.

6. “Add a new card” or select the card and then tap [Buy]. Once you have entered the amount, Tap [Confirm]

8. Congratulations, the transaction is complete and the purchased cryptocurrency has been deposited to your Binance Spot Wallet.

How to Sell Cryptocurrency on Binance?

You can sell your cryptocurrencies using fiat and spot wallet, or P2P trading. However, if you’re looking for a quick and convenient way to sell your crypto into cash, Sell-to-Card is the answer. Sell-to-Card is an instant and convenient way for users to sell and cash out on their crypto directly to VISA credit/debit cards. 

  1. Log in & choose credit/debit card
  2. Choose the crypto to sell and your preferred fiat currency which you want to receive. Enter the amount & Tap [Sell]
  3. Select your payment method.
  4. Confirm your order within 1 minute
  5. Congratulations, your sell order is submitted

How to Deposit Crypto in Binance?

A user can transfer their cryptocurrencies from another platform and deposit them in Binance for trading or earn passive income using Binance Earn Feature. 

1. Open your Binance App and tap [Wallets] – [Deposit].

2. Choose the cryptocurrency you want to deposit, for example, USDT.

3. You will see the available network for depositing USDT. Make sure that the selected network is the same as the withdrawal network

4. You will see a QR code and the deposit address. Click [Save as Image] and import the QR code on the withdrawing platform directly.

5. After confirming the deposit request, the transfer will be processed. The funds will be credited to your Binance account shortly after.

How to Withdraw Crypto on Binance?

Binance allows a smooth withdrawal system and the only thing you have to do is to follow the step-by-step procedure. Make sure that you adhere to the steps otherwise, there is a high chance that you might lose the cryptocurrencies. Let us get into step

1. Log in to your Binance App and tap [Wallets] – [Withdraw].

2. Choose the cryptocurrency you want to withdraw, for example, BNB. Then tap [Send via Crypto Network].

3. Select the Right Network you want to make the withdrawal on.

4. Enter the withdrawal amount and Tap [Withdraw] to proceed.

5. You will be prompted to confirm the transaction again. Please check carefully and tap [Confirm].

6. Verify the transaction with 2FA devices & please follow the on-screen instructions to complete the process.

7. After confirming the withdrawal request, please wait patiently for the transfer to be processed.

Binance is a secured platform however, the withdrawal time varies for cryptocurrencies. Do not be in the assumption that Binance is slow in confirming transactions. It is because the withdrawal time depends on the traffic and blockchain. If there is high traffic, it might take more time to withdraw. Same way every blockchain is also different.

For example, the Binance Smart chain can process transactions in a faster way compared to Bitcoin.

Fees and Supported Payments

In Binance the more you trade the less you pay on fees plus you will be getting many discounts too. The transaction fee corresponds to your trading volume. 

Binance VIP Level Ranking

Binance uses a VIP ranking system where users are ranked based on their trading volume in 30 days. VIP 9 is the highest and a new user is the lowest. 

Here is a quick view of the fee rates

Binance Fee ratesMaker FeeTaker FeeTrading Type
VIP Level 00.10%0.10%Spot
VIP Level 4 & above0.02%0.04%
VIP Level 00.02%0.04%Futures
VIP Level 90.00%0.01%

Click here to know more about fee rates on Binance

Binance Deposit & Withdrawal fees

A quick glance at Binance Deposit and withdrawal fees

Binance does not charge deposit fees.
There is a minimum withdrawal amount for each cryptocurrency.
They charge withdrawal fees which are paid to miners as transaction costs
Withdrawal rates are determined by blockchain and subjected to fluctuation without notice if there is network congestion,
And for fiat currency withdrawal, they charge 1.90% if you are transferring to your bank cards and ‘sell-to-cards’ by Binance.

Please note that the minimum withdrawal limit and transaction fees vary depending on the network you choose and make sure that you choose the correct network for the transaction or else you may lose funds. 

Check the official website for the most recent list of withdrawal fees for each cryptocurrency and fiat currency

Mobile App

Binance Mobile App is available for android and iOS users. An interesting thing is that they offer a demo account for mock trading on a mobile app for new users to get acquainted with the trading methods. Once the user gains confidence he or she can deposit money according to their budget and start investing and trading.

Here’s why you should use Binance mobile app which makes your trade go easier:

  • This mobile app provides users with 24/7  customer support and security where they can chat online.
  • Fast and easier login into your account on the desktop by scanning QR codes like Whatsapp.
  • This app has got a lite version where you don’t need high-speed internet.
  • Binance mobile app communicates your language. Go to the settings option where you can set your local language.
  • You can transfer and receive payments through Binance Pay where you can lessen transfer fees charged by other Apps.

Referral Commission & other earnings in Binance

Binance offers a referral program where you can earn even if you don’t trade, for every new user you bring into the system you receive a commission whenever new referred user trades on any of Binance’s Spot (Margin) or Futures markets. 

Binance Pool Referral Program

Binance pool is a platform dedicated to improving the income of miners. It provides mining services to the users with a focus on PoW (Proof of Work) & PoS (Proof of Stake). For every new user you bring into the pool you receive a commission rate of 30% when they start mining.

Binance Earn Wednesday Offer

In November 2022, Binance launched “Earn Wednesday” – a rewarding program where users can get a stable income by depositing their digital assets and get rewards across Simple Earn, DeFi Staking, Liquid Swap, Dual Investments, and more.

Here users can select digital assets and deposit them for a selected period of time. Upon maturation, the users will be getting earnings for their subscribed digital assets. Locked product duration is fixed whereas Flexible product duration is flexible. 

Free Dual Investment BTC Sell High subscription

Binance also recently launched a free Dual Investment BTC Sell High subscription where users can gain knowledge about Dual Investment and Auto-Compounding, complete a quiz and get an eligible score on dual investments to be eligible for the program. 

Only the first 100,000 new Dual Investment users who successfully complete this quiz, will qualify to each receive a free Dual Investment BTC Sell High subscription

Check out the Binance website for a list of products eligible for ‘Earn Wednesday program

Mastercard Credit/Debit Cards in Sell-Crypto-for-Fiat Feature. Users can now directly sell crypto for fiat currencies using Master credit/debit cards

Conclusion

Binance is one of the most transparent and secure cryptocurrency exchanges in the world. However, the recent hacks and government scrutiny raise the eyebrows of many users. But you need to note that Binance offers so many security features for your account and they are accountable for any loss of assets in the system. Binance has so many advantages compared to its competitors. Moreover, Binance offers a learning section where a newbie can learn all about cryptocurrency and start investing wisely. 

FAQ

Is Binance a Chinese company?

Even though the company had its origin in China and is led by a Chinese Canadian CEO you cannot brand it as a Chinese company as they are now headquartered in Malta and has employees from almost all ethnicity. Binance is registered in different countries and has people from different places, so it cannot be completely regulated by a Chinese governing body.

Is Binance Safe?

Yes, it is safe. Even though Binance recently had a security hack they recovered the losses and reimbursed fund to users from Security Asset Fund (SAFU). Other security reasons like SAFU, whitelisting, and offline storage of funds(cold wallets) make Binance outstanding and ahead of the pack.

What is the ‘Flexible Savings’ scheme on Binance?

Flexible Savings is a unique crypto savings account offered by Binance. Here the subscriber can get interests on their holding and staking of cryptocurrency that is deposited to Binance account. 

Please note: Trading cryptocurrencies involves significant risks and can result in the loss of your capital. You should always do your own research (DYOR) to understand the risks involved before you trade

binance - 8.5

8.5

Binance Exchange

  • Trading and transaction fees
  • Number of cryptocurrencies
  • Website transparency
  • Customer service
Overall
4.1

Pros

  1. Binance has 600+ cryptocurrencies for trading
  2. Highest number of cryptocurrency pairings available for trading
  3. Earn interest in their crypto holdings. It is good for staking
  4. Low transaction fees
  5. Wide selection of trading sections and order types
  6. It has multilingual support
  7. The trading account can be opened in less than 15 minutes

Cons

  1. The platform has a broad number of features and can be intimidating for beginners as well as experienced traders
  2. Built-in Digital wallet is not available and there is limited support from 3rd party in case of transfer issues
  3. It has been banned in more than 7 countries
  4. It has slower customer support in some countries
Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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