Binance is an exchange that has become synonymous with buying and selling cryptocurrency for many people. Praised for its broad selection of cryptocurrency coins and tokens with trading and futures readily available, Binance is a comprehensive cryptocurrency exchange and trading platform packed with features. We’ll be taking you through a detailed review of Binance, evaluating all of the core trading functionality, features, security, and usability.
The Binance Exchange is a cryptocurrency exchange with over 591 trading pairs available. As a trading platform that can process approximately 1.4 million orders per second, Binance offers secure limit, market, and stop-limit orders, as well as cryptocurrency derivatives trading with industry-leading low fees.
Binance was formed in 2017 as a development of the founder, Chinese-Canadian businessman Changpeng Zhao who previously developed high-frequency trading systems for brokerage service providers. The company has since relocated to Malta. Zhao also served on the team that created Blockchain.info – one of the world’s most popular blockchain explorers and transaction search engines. The Binance Exchange moved headquarters from China in 2018 due to the rising constraint of cryptocurrency regulation in the country.
Today, Binance carries a 24-hour trading volume of approximately $13.17 billion and holds a market share of roughly 13.8% as of midway through 2021. With trading across 1,217 different markets, its own decentralized exchange, and a powerful range of trading features, Binance stands as the number one ranking cryptocurrency exchange in the world.
Binance gives traders a seemingly endless selection of features and benefits that make it a desirable cryptocurrency exchange option for traders of all skill levels. Let’s take a quick look at a breakdown of the main pros and cons.
- Industry-Leading Low Fees On Spot Trades, Perpetuals & Derivatives
- Industry-Leading 24-Hour Trade Volume
- Complete Range Of Advanced Trading Features
- Longstanding Record Of Reputability
- Ability To Purchase Cryptocurrency With Fiat Currency
- Multiple Funding Options Including Debit/Credit Card
- Most Diverse Selection Of Markets, Coins & Tokens Available
- Investment Options For HODLers and Short-to-Medium Term Traders
- Potentially Lucrative, High-Rate Referral Program
- Extensive Cryptocurrency Education Library Available
- Cryptocurrency Credit Card Available To Certain Users
- Sheer Number Of Features Can Be Difficult To Navigate
- Binance.com and Binance U.S. Separate Companies
Creating a Binance account is straightforward. Navigate to Binance.com and select ‘Register.’ Input your email address and a memorable password, following the prompts to create your account within minutes. After agreeing to the terms and conditions and clearing a CAPTCHA to prove you’re human, the new Binance account requires email verification, and optional 2FA authentication, which we recommend you do right away. After the simple setup, your new Binance account is ready for funding. The secure registration process is as easy as it gets, delivering clear instructions throughout with multiple languages supported.
|Primary Features||Spot Trading, Perpetual Trading, Futures Trading|
|Trading Types||Spot Trading, Margin Trading, Futures Trading, P2P Options|
|Derivatives Trading||USD-M Futures, COIN-M Futures, Vanilla Options, Leveraged Tokens, Crypto Battle|
|Finances||Bank Deposit, Wire Transfer & Card-Based Funding, Binance Earn, Binance Pool, Binance VISA Card, Crypto Loans For Trading, Binance Liquid Swap|
|Trading Fees||0.1 To 5% On Trades With VIP Discount Levels For High-Volume Trading, 0.10% Crypto Conversion Fee, 3 To 4.5% Debit/Credit Card Purchase Fee, Withdrawal Fee Crypto-Relative – BTC At 0.0005%|
|Currencies Supported||1168 Spot Market Pairs, 132 Perpetuals, 11 Futures|
|Security Features||2FA Verification, Identify Verification via KYC, Facial Verification Via AI, Balances IN USD Insured by FDIC, SAFU Protection For Stolen Funds, Cold Storage For Exchange Wallet, Whitelisting|
|Ease Of Use||Platform-Wide Extreme Easy Of Use With Simple Learning Curve And Educational Material For Advanced Features|
|Accepted Countries||180 Countries Supported|
|Affiliate Program||20% to 40% With Friends Rewards|
|Customer Support||Highly-Rated Customer Support With High Issue Resolution Cryptocurrency Recovery Rate|
There are features and tools for traders of all skill levels on Binance. Here’s a comprehensive overview of what you can expect from the busiest cryptocurrency exchange in the world.
What would a lightning-quick, ultra-secure cryptocurrency exchange be without offering a complete selection of trading possibilities? So let’s take a closer look at how you can trade on Binance.
Binance Convert & OTC portal is an automated crypto-asset conversion interface that allows traders to exchange currency pairs by simply selecting the conversion and value. Traders will also notice old currency pairs listed, so that old coins and tokens are exchangeable for their new versions. With Binance Convert & OTC portal, traders can instantly spot trade 101 different cryptocurrencies.
Binance spot trading doesn’t require KYC, but those who have not yet undergone identity verification are limited to two spot trades every 24-hours. A minimum trade limit of the equivalent of $10 is necessary to use the portal. With zero fees charged on OTC trades, prices shown as all-inclusive, and both an interface and purchase process that is supremely intuitive to use, Binance Convert & OTC portal gives one a good hint from the start as to why this exchange is number one.
Binance Classic supplies a simplified TradingView interface, mapping the movement of cryptocurrency while providing access to a range of features. There’s spot trading, triple leveraged cross margin trading, and 10x leverage isolated margin trading made easy within a few clicks thanks to the Classic arrangement of windows and functions.
Currencies are quick to search, while the order book, market trades and personal trades are just as clear to read. The ticker keeps you informed of the real-time price, as well as the 24-hour change, 24 hour low, 24-hour volume in BTC, and 24 volume in USDT, just like you’d expect from any good exchange. Anyone familiar with TradingView will be right at home, but new traders will find Binance Classic easy to learn and quick to adjust to.
The Binance Advanced interface, otherwise known as the Pro interface, is an arrangement of windows, order books, and information-based overlays aiming to simplify advanced trading. From the moment that traders open the advanced interface, the arrangement makes trading quick and accommodating, with lots of data supplied. The TradingView charts clearly, offering a full selection of technical indicators and quick access to leveraged trading.
Traders who’ve completed a basic quiz concerning margin trading can use Binance Margin to trade using 3x leveraged cross margins or 5x leveraged isolated margins. In isolated margin mode, every trading pair is assigned its own isolated margin account that only allows the trader to fund, hold and trade certain cryptocurrencies. Risk is also isolated. In cross margin mode, the margin level is relative to the entire portfolio, sharing risk, debt, and asset value with the entire account, while providing access to all trading pairs.
Trade cryptocurrency with other users directly using Binance P2P. Traders are allowed enough freedom to decide their own terms, regardless of their country. Customer-to-customer trading from Binance offers protection via Escrow, and the P2P private exchange requires 2FA and KYC verification via basic info and AI-driven facial recognition to allow trading. Binance P2P charges a competitive transaction fee of just 0% to 0.35%, depending on the fiat trading pair. The minimum trade per ad is 0.01 BTC, and the maximum is 5 BTC, which is upgradeable to 200 BTC for traders who qualify as merchants. A full range of ad management tools are available, and each is easy enough to use for novice traders to manage without difficulty.
Binance once made it extremely easy to trade a limited selection of equity shares through crypto coins, thanks to the Binance Stock Tokens integration. Unfortunately, new stock tokens are no longer available for trading. From the 14th of October, 2021, Binance.com officially discontinued all support for stock tokens. Any trader holding investments should take immediate steps to liquidate their investment.
Binance Futures is one of the most utilized BTC futures markets in the world, processing a daily trade volume as high as 315,000 BTC in 24-hours. Traders can look forward to a rock-solid exchange with constant uptime, no needle/exchange spikes, no Auto Deleveraging, and among the lowest lag seen in the industry averaging 5 ms or under. Up to 125x leverage is available, with futures trading offered on desktop and mobile devices. Those with a high trading volume exceeding 1000 BTC over 30-days can join the Binance Futures Market Maker Program to take advantage of zero-fee trading, higher limits, and an improved API.
USD-M Futures from Binance are bought, margined, and settled using fiat currency. A total of 121 USD-M futures are available for trading, working similarly to traditional futures. Binance makes trading fiat-backed futures a breeze, offering a logical layout and up to 125x leverage.
Coin margined contracts are bought, margined, and settled in the cryptocurrency future traded using a similar method of operation to inverse contracts. Traders can go long or short on a selection of 36 futures contracts involving various currency pairs. Perpetual and monthly contracts are offered, with a supremely simple trading interface. Binance Futures offers cross margin and isolated margin BTCUSD Perpetuals with up to 20x leverage available.
Vanilla Options from Binance are funded from the trader’s spot account and charge a transaction fee rate of 0.03% of the contract’s underlying value and an exercise fee rate of 0.015%. Buyers can’t decide to exercise their right on the contract until the expiration date arises. From the moment the options are exercised, the trader can buy and transfer (sell) assets. Sellers don’t need to provide a 100% margin to trade, but forced liquidation may apply, resulting from unrealized profit and loss.
Binance Leveraged Tokens let traders trade derivatives without risk of liquidation. As tokens that can be spot traded, every leveraged token from Binance represents a basket of underlying perpetuals. No Binance Leveraged token has constant leverage but rather sustains a variable leverage range falling between 1.25x and 4x its value. Forced rebalancing does not occur. Binance presents everything in a clear to understand manner, representing the underlying asset for the leverage in the ticker name. With fees as low as 0.1% per subscription and 0.1% per redemption, leveraged token trading on Binance is affordable and highly accessible for new traders.
Pitting long versus short, Binance Futures Battle runs on the BTCUSD perpetual contract and Coin-Margined Futures. First, traders initiate a battle and select a contract size ranging between 1 and 500 contracts. After picking whether you expect the price of the BTCUSD to rise by selecting ‘Long’ or to fall by selecting ‘Short,’ opponent matching begins, and the battle starts. The Binance Futures Battle Interface shows the real-time price of the perpetual contract and a long-short bar.
Finally, the trade either auto closes after an elapsed period, granting either player their profits, or the trader can opt to end the battle by selecting a button within 10-seconds of the battle closing. It’s a simple but addictive and potentially lucrative concept that’s brilliantly implemented. Winning streaks and battle point leaderboards update in 5-minute intervals calling players traders in for one more round. Whether you’re new to investing or a seasoned trader, Binance Futures Battle may just be the risky pastime that you need.
With more than enough options to suit even the most advanced traders, Binance offers an equally diverse selection of financing possibilities. From card purchases to pooling as a profitable alternative to HODling and more, here’s an overview of Binance finance.
Don’t just HODL. Stake your tokens using Binance Earn. Staking with a minimum stake worth $10 USDT allows anyone to start reaping stable earnings with zero fees charged. Fixed-principal rewards on Locked Staking, Launchpool Tokens, a BNB Vault, and ETH 2.0 Staking are available. Launchpool tokens are exclusive tokens with jumpstarted development thanks to Binance Launchpad assisting teams with their launch. Excellent liquidity on new tokens with wide-scale distribution from the moment they list makes Launchpool investments a keen staking consideration for traders.
For higher potential rewards, traders have high-yield staking coins available with correspondingly higher risks. Liquid Swap, DeFi Staking, and occasional Dual Investment high-yield staking opportunities are on offer. Binance Earn supports over 60 cryptocurrencies. All that it takes to get started is the minimum investment and the identity verification prerequisite.
Solo miners and private mining pools can join the Binance Smart Pool to maximize profits thanks to the auto-switching hash rate mining capabilities and principal protection Binance provides. The Binance SmartPool uses real-time hedging to guarantee a minimum income from the final mining outcome relative to the hash rate contribution of the miner or miners. Binance’s pool switches between BTC, BCH, and BSV automatically while mining with a SHA256-driven algorithm.
Joining the Binance Smart Pool is as easy as creating a mining account and configuring the URL and worker I.D. After picking out payment settings and choosing whether you’d like to settle in either BTC, BCH, BSV, or the Smart Pool calculated BTC settlement, mining machines connect to the Binance Pool and begin earning fixed minimums. When joining the Binance Smart Pool, pool savings are estimated at between 5% and 30% of the protected principal value.
The Binance Card isn’t readily available to all, but, once qualified, it’s an excellent aid to anyone who wants to use their cryptocurrency on a day-to-day basis. With the Binance Card, users can transfer crypto from their spot wallet to a funding wallet for the card and spend it anywhere. The Binance Visa Card is completely free with zero administration or processing fees charged. Binance users must submit their interest and wait for customer service to contact them after KYC verification passes.
Once the card arrives, all currency holders earn 8% cashback on eligible Binance VISA purchases. Users who don’t receive a card will receive a reason explaining why. However, passing KYC verification while holding crypto assets typically qualifies U.S. traders for a card. Once issued, the trader has both a physical and virtual card at their disposal.
All registered Binance users qualify for a Binance Crypto Loan for Spot, Margin, or Futures trading or to use for staking on high-yield tokens. Interest rates are calculated every hour, and Binance charges no transaction fees for flexible loans that traders can repay at any time. Loans are granted in various cryptocurrencies and backed by collateral crypto assets held in the trader’s portfolio. Crypto loans are especially useful for gaining liquidity for short-term investments when the trader doesn’t want to liquidate their crypto assets.
With the Initial Loan-to-Value Ratio clearly displayed for every order, and loan terms available across 7, 14, 30, 90, and 180 days with no early repayment penalty, Binance Crypto Loans are a competitively priced service that is easy to manage. If traders don’t make their repayment past the overdue duration, the initial collateral is liquidated to cover the loan repayment.
Binance Liquid Swap is a liquidity pool based on the Automated Market Maker Concept that allows traders to acquire and trade digital assets automatically. The total amount of cryptocurrency in the Binance pool determines the price. Traders can deposit crypto into the pool, increasing liquidity while earning fees and flexible interest based on the investment. Liquid Swap from Binance also supports trading within the pool and the exchange of various digital assets.
Liquid Swap is a promising feature that leverages stable coins for a reasonable return on investment while also offering Innovation coins with higher risk and potential return. Despite being flexible and easy to use, traders are advised to keep records of all details, including the current exchange price of the crypto asset exchanged. It’s as simple as picking the tokens, adding liquidity to the pool and becoming a provider, and then waiting for the share value to go up.
Rewards distribute every hour and are free to redeem whenever the trader decides the timing is right. Essentially, the Binance Liquidity Pool earns traders’ interest while waiting for the ideal time to trade. If, for example, DOGE was added as liquidity swapping against BTC and the share value increases, you’ll claim higher BTC rewards while still holding the chance to raise the value of your assets as the market trend continues. However, if the share price declines, the trader can redeem higher DOGE, which is similar to buying BTC when the price is down.
Binance does not charge any fees on deposit, and the minimum funding starts at $10. Fees range between 0.1% and 5% depending on the trade. As traders reach a higher trading volume, Binance grants increasingly higher VIP levels which bring down fees across the board considerably. When one compares Binance to another leading exchange like Coinbase, Binance clearly has the more affordable trades. Even at VIP 0, it trumps the 0.5% charged by Coinbase on a spot trade.
Debit and credit card purchases come at 3% to 4.5% of the transaction, with ACH transfers free and wire transfers charged at $15 for U.S. customers. Withdrawal fees are relative to the cryptocurrency, but Bitcoin withdrawal is charged at 0.0005%, requiring a withdrawal of at least 0.001 Bitcoin. Exchanging cryptocurrencies has a fee of just 0.10% per exchange, half the 2% charged by Coinbase. Again, Binance comes out as the cheaper option beating big names like eToro at 0.5% and Coinbase hands-down.
CoinMarketCap.com currently lists 1168 spot market pairs, 132 perpetuals, and 11 core futures
on Binance.com. A quick overview of competing exchanges leaves the competition far behind. Binance’s closest competitor, Huobi Global, lists just 854 spot market pairs, whereas Coinbase comes in at a meager 233 cryptocurrency pairs.
Binance has a reputation for being one of the most secure cryptocurrency exchanges in the world. As one would expect, 2FA authentication is required, with most professional traders opting to use a third-party authenticator like Google Auth instead, anyway. In addition, proprietary risk management and control systems are in place, analyzing data and evaluating for suspicious trading and account activity. The investment leader also protects traders by employing a team of big data and risk management professionals. With everything from artificial intelligence to cyber forensics guarding the exchange, Binance intends for everyone to enjoy safe trading and investing.
Furthermore, Binance also sustains the Secure Asset Fund for Users (SAFU). If security measures fail, SAFU insures potential breaches. Binance began allocating 10% of its fees to SAFU so that all users storing funds on both centralized or decentralized Binance platforms are fully protected. Those who do not want to use the exchange-hosted wallet have the option of Binance DEX available.
Binance DEX is a decentralized exchange for traders who wish to retain private ownership of their wallets and funds instead of exchange-based trading. Only Limit Orders are available from Binance DEX, which runs on the Binance Smart Chain. After connecting a hardware wallet, ledger device, or a wallet via Keystore file or mnemonic phrase, traders can trade directly with each other. The TradingView is cleanly laid out, with all the information beginner and intermediate traders could need, but starting trading itself can be confusing for some.
To trade on Binance DEX, traders must first purchase BTCB or ETHB tokens and then send them to their BNB address. BTC and ETH can’t be deposited directly. Other than this minor caveat in the basic trading process, the whole exchange is intuitively designed and one of the most secure decentralized exchanges in the world. Traders have peace of mind knowing that there’s a near-zero chance of a hacker getting his or her hands on their wallet.
The Binance NFT marketplace is a new addition to Binance based around the rise of non-fungible tokens. Binance’s NFT Marketplace allows traders to buy and sell premium and exclusive NFTs created by leading global artists, as well as minted NFTs from creators all around the world. There are also NFT mystery boxes, making trading even more exciting. NFTs are subject to manual approval from the Binance team, but anyone can submit their art for consideration. Binance lets you create JPG, PNG, GIF, PDF, MP4, MP3, MPEG, AVI, WAV, and SVG-based NFTs, each representing a unique digital asset. Given the size of Binance as a platform, one can only speculate that the marketplace will see good traffic, but only time will tell. For now, it’s a wonderful innovation that we encourage all creators to check out.
When one considers the sheer number of features and trading mechanisms available from Binance, the usability is surprisingly easy. Certain areas of the platform may have a slight learning curve, but it’s nothing that a novice can’t overcome. For those who do get stuck, The Binance Academy is there, offering education on everything from basic functionality to the mechanics of cryptocurrency derivatives trading. The Binance mobile app is rated highly intuitive as well, delivering a smooth user experience that’s comparatively easier than most other interfaces.
Are you an influencer in the crypto space or can’t stop discussing trading strategies with your friends? The Binance Affiliate Program may be what you need to increase your portfolio without even trading. Separate commissions are paid on both spot (margin) trading and futures trading. The referrer receives a base referral rate of 20% of the invitee’s trades to a maximum daily account balance of 500 BNB. Once the daily average account balance reaches 500 BNB or more, the base referral rate is bumped to 40%.
To further incentive affiliate trading, the inviter can opt to share up to 10% of their referral income with friends until the 500 BNB threshold is reached and up to 20% thereafter. Futures referral commissions start at 20% and rise to 30% at the threshold. There are also affiliate commissions available from inviting miners to join the Binance Smart Mining Pool. Binance pays 30% of the mining pool income of the invitee to the referrer, which is a fairly high rate by industry standards.
The Binance Support Center has knowledgebase articles covering complete functionality for the site. Self-service controls are straightforward and resolve most issues instantly. There’s also an expansive FAQ and the ability to contact a live support agent. Most users find Binance’s live support to be highly attentive, and the company has an outstanding record of both resolving faults and reclaiming lost funds.
Binance has helped almost all compromised users reclaim tokens lost through hacks like the past victim of a social exploit and SIM swap who had lost access to their Binance account, exchange wallet, email, and 2FA. Binance recovered all 46 Bitcoins, and this is just one example of stellar customer support working flawlessly.
If the Binance Academy count is correct, which we’re pretty sure it was at the time of publishing, there are at least 2,937 days worth of educational content available helping all traders stay secure and informed, over and above the Support Center content itself. In those isolated times when one can’t find a solution to a problem, disgruntled customers even have the option of calling Binance customer service – it is reliable, world-class support.
Binance U.S. is a cryptocurrency exchange that’s available in a limited number of U.S. states with a narrower selection of cryptocurrencies available for trading. The Binance.US platform, interface, and trading functionality are all nearly identical to Binance.com. The localized U.S. exchange, however, only lists 114 spot cryptocurrency pairs.
Binance.com isn’t available to American citizens at all – it remains the international exchange for other countries to use. The physical head office is in San Francisco, California, and has been in operation since September 2019. Wallets and the exchange from Binance.US are exclusively allowed to be used by U.S. citizens present in any of the 51 permitted States. Binance.US is owned and operated by BAM trading services which is headed up by former Morgan Stanley investment banker Catherine Coley.
Putting all unanswered queries to rest, here’s a Q&A to Binance’s most frequently asked questions.
The Binance Exchange is the market-leading cryptocurrency exchange and investment platform, offering spot market and futures trading across 374 active coins and tokens while backing users with state-of-the-art security and support.
Despite being founded in China, Binance today has its headquarters in Ta' Xbiex, Malta. There are also Binance offices in London (United Kingdom), Ho Chi Minh City (Vietnam), Istanbul (Turkey), Singapore (Singapore), Moscow (Russian Federation), New Delhi (India), Paris (France), Berlin (Germany) and both in Jersey and California (USA).
Binance vs. Coinbase is a highly subjective debate and largely a matter of personal opinion. However, if one looks at the trading volume, Binance is better. It also has more coins and tokens, more markets, more trading methods, and far lower fees.
The most affordable and efficient way to exchange coins on Binance is to use the Liquid Swap feature. Login to your account and head to the 'Liquid Swap' page. Select 'Swap' and choose the swap you'd like to carry out. The price, fee, and slippage are all clearly displayed, and if you've allowed the page to stand for too long, simply refresh for current prices.
Binance is extremely trustworthy. Every trader's investment is protected by rigorous, industry-leading security and backed by SAFU insurance should anything go wrong. Additionally, Changpeng Zhao, the CEO, and founder of Binance is a highly reputable individual in the industry, carrying a personal net worth of approximately $1.9 billion.
The exchange-hosted wallet from Binance is among the safest in the crypto space. Most of Binance's funds are held on a cold storage device instead of a hot wallet, making stealing them a monumentally difficult task. If someone does breach Binance security, the SAFU emergency insurance fund covers irrecoverable cryptocurrency stolen from the exchange.
If Binance.com is supported in your country, we recommend giving it proper consideration as your primary cryptocurrency exchange. And, if you’re in a region that supports the Binance VISA Card, then this is even more reason to explore the low fees and broad trading scope offered by one of the biggest names in the business. You won’t find another platform with as many stable coins and altcoins listed, and most of the currencies that make it on to Binance have a future in the industry. Embark on your trading journey trading, and start somewhere you know you can trust.