Key Takeaways
- Binance is the leading platform for trading cryptocurrencies, with millions of active users globally.
- The exchange supports many cryptocurrencies, including Bitcoin, Ethereum, and over 600+ altcoins.
- The exchange has faced regulatory scrutiny in various jurisdictions, impacting its operations in some regions.
Binance 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), Binance quickly took the lead in crypto exchanges and even has its own native token, Binance Coin (BNB). The platform offers relatively low grading fees and a wide selection of cryptocurrencies for trading worldwide.
Our Binance Review will help you decide if it is a suitable exchange for you.
What Is Binance?
Binance is a leading global platform for trading cryptocurrencies. It is renowned for its high trading volume, wide range of supported crypto trading pairs, and user-friendly interface.
After its founding in 2017, the company initially operated in China but quickly moved out due to crypto restrictions. It has also been in Japan and Malta but has no permanent base of operations. However, the company has regional headquarters in France and Dubai.
The platform’s low fees, support for multiple cryptocurrencies, and innovative financial products quickly made Binance find its massive user base. Currently, the exchange offers every crypto product, including exchanges, earnings, staking, derivatives, loans, payments, crypto cards, NFTs, and more.
Pros
- Easy sign-up process.
- Support for credit and debit cards.
- Free deposit.
- Extremely fast transactions.
- Very lucrative on-site staking options.
Cons
- Considerable withdrawal fees.
- The exchange has had hack cases in the past.
- The main website is not available in the United States.
- Less regulated than some of its competitors.
- Had a history of lax AML procedures in place.
Features
Security
Despite being cryptic about how it protects funds, community trust is high. Aside from the standard two-factor authentication (2FA), the site constantly reminds you of safety precautions throughout your crypto journey.
Privacy
Binance does not require verification for Level 1 accounts, which allows you to withdraw up to 2 BTC per day. On the other hand, Level 2 allows you to withdraw 50 BTC daily and requires only a photo of your ID.
Beginner-Friendly
Binance offers a simplified interface that is easier to navigate for those new to crypto trading and investing. Additionally, it has a wealth of educational resources to help users understand the basics.
Fees
Binance generally offers competitive fees, especially for high trading volumes. However, it’s important to understand the different types of fees:
- Spot Trading – Fees vary based on your trading volume and whether you use BNB to pay for them.
- Margin Trading – Involves interest charges on borrowed funds in addition to trading.Â
- Futures Trading – Fees include trading fees, funding rates, and liquidation fees.
Fees can change over time, so please check the latest information on their fee schedule before making any transactions.
Support
Binance is an international operation. While they offer 24/7 live chat support, the quality and responsiveness can vary significantly depending on the issue and the time of day.
Furthermore, it also offers support through its FAQ help center. Users can submit queries to be answered via email, so customers can solve most problems they face easily and efficiently.
Cryptocurrencies Available On Binance
Binance has over 600+ cryptocurrencies on its platform, but only 150+ are available for US users. The platform also supports various fiat currencies for international users, 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:
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (BNB)
- Litecoin (LTC)
- Cardano (ADA)
- XRP (XRP)
Also Read: What Is Binance Coin (BNB)? All You Need To Know
How To Sign Up For Binance?
Signing up for a Binance Exchange account is easy, and one can choose from two types of accounts.
For unverified accounts:
👉 STEP 1: Click register on the Binance homepage.
👉 STEP 2: Enter your email address.
👉 STEP 3: Create a password.
👉 STEP 4: Accept Binance’s terms of use.
👉 STEP 5: Click “Create Account.”
👉 STEP 6: Confirm registration through email.
For verified accounts:
👉 STEP 1: Log in to the account you created.
👉 STEP 2: Go to User Center and click Identify Verification.
👉 STEP 3: Choose Personal.
👉 STEP 4: Fill in your details.
👉 STEP 5: Choose an ID type for document verification.
👉 STEP 6: Take a photo or upload a document file.
👉 STEP 7: Take a photo of yourself.
👉 STEP 8: Click confirm after uploading the required document and photo.
Binance will then review your submission as soon as they can. Once the Binance team verifies your account, you will receive an email.
Trading On Binance Exchange
Binance offers a diverse trading platform, including real-time charting tools with moving and exponential averages. Users can place trades on their Binance app, website, or desktop application.
Traders can use the Binance platform to access their portfolios and trade history. They can also 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, you can also choose trading views ranging from classic to margin and OTC views. Although the services are well-known globally, many of them, including margin trading and some order types, are not available in the US.
Also Read: Buying Bitcoin Safely In 2024 For Beginners
Fees
Many users choose Binance as their top choice due to its lowest fees in the industry. Even though Binance.US’ fees are slightly higher, they are still lower than those of other top exchanges. Binance employs a maker/taker fee structure as its main method of calculating fees.
Moreover, fees vary based on trading volume and BNB balance. Thus, higher volume trades can attract lower fees.
Users can also attract some fee discounts when:
- Using Binance (BNB) coins in trades.
- Referral bonuses.
- Reaching VIP status by trading a certain amount of assets.
Besides that, users in the exchange may also incur other fees. Such fees include:
| Payment Type | Fees |
| Wallet | 0% |
| Debit Cards | 4.5% |
| ACH Transfer | 0% |
| Wire Transfer | $15 for US customers |
| Crypto Conversion | N/A |
| Trades | 0% – 0.1% |
| Buy/Sell Crypto | 0.50% |
If you do not yet have an account, you may get a 10% lifetime discount on the fees associated with your Binance account by signing up through this link.
Is Binance Safe?
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.
For more information on how Binance protects its customers’ assets, click here.
Anti-Money Laundering (AML) Regulations
In November 2023, Binance agreed to pay a $4.3 billion settlement to US authorities for charges related to money laundering, sanctions violations, and unregistered securities offerings. As part of this settlement, Binance founder Changpeng Zhao (“CZ”) pleaded guilty to a felony charge and stepped down as CEO.
Richard Teng, previously the Global Head of Regional Markets for Binance, was appointed the new CEO. Teng has a strong background in regulation, having previously served as the Chief Executive of the Monetary Authority of Singapore (MAS).
Teng’s appointment was seen by Binance as a strategic move to address regulatory concerns and improve compliance efforts. In his new role, Teng has vowed to make Binance a fully compliant cryptocurrency exchange and build trust with regulators worldwide.
Final Thoughts
Considering all matters, Binance offers global traders a wide range of supported assets and trading options. Additionally, its rates are some of the lowest in the crypto industry.
However, even with the many positives, the platform’s compliance issues are a concern. If you are worried about regulations, you may want to consider other regulated exchanges, such as Kraken or Coinbase.
For US customers who want to sign up for Binance, check out Binance.US; it may be more limited than its global counterpart, but it offers a similar interface.
