Binance Crypto Exchange Review

Founded in 2017, Binance is the largest crypto exchange in the world. It offers hundreds of cruptocurrency pairs and an advanced trading platform. You can register and verify your account very easily, and fund it via credit/debit cards.

Binance Review at a Glance

Binance is a modern crypto exchange that allows users to buy, sell, and hold cryptocurrencies. These are some key points of the Binance review:

√ Largest global cryptocurrency exchange

√ Register and verify a new account very easily

√ Deposit cash via cards and bank wire or deposit Bitcoin and other cryptocurrencies

√ Withdraw funds fast via various methods, there is also the Binance Visa Card

√ Take advantage of a wide variety of trading tools and financial instruments (futures, vanilla options, etc.)

√ Use an advanced trading platform powered by TradingView (tens of built-in technical analysis features)

√ Trade 590+ cryptocurrency pairs and Stock Tokens, by paying low fees

√ Crypto loans & staking are available too

► Visit the Binance Official Website

The Company & Basic Requirements

Binance is based in Malta and the Cayman Islands. This is some basic information:

• Offices: Malta and the Cayman Islands
• Foundation: in 2017 by Changpeng Zhao
• Customer Support: 24/7 via LiveChat and eMail
• Website Languages: Supports more than 40 languages
• FIAT currencies: Supports more than 50 different FIAT currencies

Crypto Services

• Spot trading, margin trading, futures trading
• Staking cryptos
• Offering instant loans
• Built-in Blockchain (BNB)

Software Wallet

• Binance provides its own software wallet. It is called the Trust Wallet and supports 40 blockchains.

Security Features

• 2FA verification, FDIC-insured USD balances, cold storage, and address whitelisting

Supported Countries by Binance

• 180 countries around the world are supported

Account Verification Requirements

You will need to provide the following to Binance in order to complete your verification:

• Full name, and date of birth
• Country of residence, and residential address
• Photo of your ID, and a selfie to verify your identity

 

Binance Review: Depositing & Withdrawing Funds

Binance users can deposit/withdraw funds in multiple ways:

1. Bank deposits

This deposit option is available for all countries as long as the bank transfer originates from a bank account held in your name.

2. Credit/debit card deposits

-Credit/debit card deposits are instant

Supported Cards: VISA, Mastercard

3. Deposit Crypto

You may transfer your crypto to the built-in Binance compatible wallets

4. 3rd Party Payment

-Via Banxa, SEPA, and Simplex

Binance Visa Card

The Binance Visa Card offers the opportunity to spend your cryptocurrency in stores and other places that accept credit or debit cards.

 

 

Binance Review: Fees, Expenses, and Staking Rewards

These are the basic fees charged by Binance.

Trading Fees:

• 0.02% to 0.1% spot trading fees (depending on the VIP status of your account 1-9)
• 0.5% fee for instant buy/sell 
• If you use the native BNB coin, there’s a 25% discount on trading fees

Depositing Funds:

• 3% to 4.5% for debit card purchases
• Free Single Euro Payments Area (SEPA) transfer
• $15 per U.S. wire transfer

Fees for withdrawing funds:

• $1 and $15 for fiat currency withdrawal
• The minimum fiat withdrawal is $100

Staking Rewards (at the time of the review)

The staking service allows Binance users to earn rewards on proof-of-stake coins, such as DeFi coins.

• BTC 7.5%
• BNB 8.5%
• ETH 1.7%
• LINK 2.4%
• USDC 9.5%
• BUSD 6.6%
• USDT 5.7%
• SXP 5.5%
• XVS 7.1%
• DAI 8.8%

Crypto Loans

• Loans to users in the form of BUSD and USDT
• Collateralized with BTC or ETH

 

Binance Trading Platforms

Binance charts are powered by TradingView. These are the main platforms offered by Binance:

(1) Basic Platform

The easiest way to trade hundreds of cryptocurrency pairs in Binance. Built-in TA tools and 15 timeframes. Pending orders and OCO (One-Cancels-the-Other) orders are available.

(2) Classic Platform

Practically, the same as the Basic Platform, with a few additional features.

(3) Advanced Platform

The Advanced Platform offers full market depth and the order book.

(4) Margin Trading

Binance also supports margin trading. With Margin Trading, traders can borrow funds to leverage their trading.

• Trading leverage of up to 10x
• Isolated Margin Mode (Each trading pair has an independent isolated margin account)
• Cross Margin Mode ( all trading pairs are available in this account)

(5) Stock Token

This innovative feature allows trading equity shares through crypto coins.

(6) P2P Trading

P2P trading allows buying/selling cryptocurrencies at a local level with zero fees. Before using the service, you are required to complete the KYC verification process.

(7) OTC Trading

The OTC portal includes better pricing and faster settlements for professional traders.

API stands for Application Programming Interface and allows the connection of a trader to an algorithmic execution platform situated at the broker's end.

• Creating trading bots (auto-trading software)
• Strategic trading for professionals
• Social trading platforms/communities
• Asset management platforms, etc.

Derivatives Trading

• Futures and options trading
• Leveraged trading of up to 125x

Trading Orders:

• Market and limit orders
• Stop-limit order, trailing stop order, post only order, one-cancels-the-other (OCO) order
• peer-to-peer trading orders
• margin trading orders

 

Binance Review Pros & Cons (Compared to Competition)

These are some pros and cons of the Binance review:

(√) Binance Crypto Exchange Service Pros

• Easy to register and verify a Binance account
• Low-fee crypto trading
• Spot trading, margin trading, and futures trading
• Nice trading platform (powered by TradingView)
• Buy and sell hundreds of other cryptocurrencies in a few clicks (P2P included too)
• Stock Tokens allowing the trading of equity shares through crypto coins.
• Supports a great variety of funding methods
• Staking cryptos and crypto loans

(X) Binance Crypto Exchange Service Cons

• Lack of corporate transparency (officially domiciled in the Cayman Islands)
• Lack of regulation by a trustworthy authority
• Demo account only available for the Futures platform

 

Binance Review Conclusions

Binance is a modern crypto exchange offering all the necessary features to easily buy, hold, and trade hundreds of cryptocurrencies. The key advantage of the exchange is that everything works fast and cheaply. You can create and verify your account very fast, and then fund it with FIAT or crypto almost instantly. The key disadvantage of the exchange is the lack of corporate transparency. We can identify the existence of some corporate risks in their model.

As concerns crypto trading, the fees are low and can become lower with the Binance reward program. The trading platform powered by TradingViews is highly featured and offers a great variety of crypto pairs and a full set of trading orders. Margin trading, futures, options, staking, loans, API trading, and P2P trading are all available making Binnace a fully-featured crypto exchange. The Stock Tokens feature is also very interesting as it allows the full tokenization of the global equity markets.

Overall, Binance is one of the best choices for all crypto-traders including beginners, semi-advanced, and fully professional traders. However, it is recommended that you stay cautious with them due to the lack of regulation by a trustworthy authority.

► Visit the Binance Official Website

 

■ Binance Crypto Exchange Review

TradingCenter (c)

You are not allowed to publish, reproduce, translate, merge, sell, rent or distribute any content on this website. You are not also allowed to create a derivative work or utilize framing techniques to enclose any content on this website.

 

 

Cryptocurrency Warning: Please be careful with your money

When sending funds to an exchange or other counterparty you are trusting that the operator will not abscond with your bitcoins and that the operator maintains secure systems that protect against internal or external theft. It is recommended that you obtain the real-world identity of the operator and ensure that sufficient recourse is available. Exchanging or storing significant funds with exchanges is not recommended.