Binance Exchange 2023
Binance is a cryptocurrency exchange founded in 2017 in Hong Kong, quickly growing to become the world's largest crypto exchange by trading volume. Their initial growth and popularity was so impressive that they actually had to suspend registrations in January 2018.
Binance is now extremely well established, offering over 40+ fiat currencies and 300+ cryptocurrencies to customers around the world, with no deposit fees and extremely competitive trading fees (maximum 0.1%).
- Available Cryptos
- Bitcoin
- Ethereum
- Cardano
- 300+ more
Payment Methods- Visa
- Mastercard
- Bank Transfer
- Third-party gateways
Fees- 0.1% maker fee
- 0.1% taker fee
Based in: Global
If you’re looking for a high-performance cryptocurrency exchange that has cheap fees, then Binance is a good option. It is the world’s largest crypto exchange by daily spot trading volume and is available to users in most jurisdictions, including the UK. After years of secure operations, Binance can be considered the safest platform.
Features
- An instant “Buy and Sell” crypto option.
- A Visa card for converting and spending crypto.
- P2P trading platform.
- An OTC desk for large and institutional traders.
- Access to crypto-collateralized loans.
- Binance provides educational content for new investors via Binance Academy.
- A variety of trading interfaces that matches the user’s experience.
- Interest-paying crypto products and staking facilities.
Pros
- Binance lists a large number of cryptocurrencies and adds new assets that are widely in demand.
- Binance offers high liquidity across all trading pairs.
- The exchange has a responsive customer service desk.
- Users enjoy a discount on trading fees when they use Binance Coin (BNB).
- Binance allows experienced traders to enjoy a high leverage position, up to 125x.
Cons
- Binance is loosely regulated and may come under the regulatory spotlight in the future.
- Binance has occasionally listed crypto tokens that turned out to be apparent scams.
What Services does Binance offer?
If you have done some research on the best crypto exchanges, you will probably find that there are so many options and it can be hard to decide on one. I am going to expand on the best services offered on Binance so you can see if it's the right exchange for you.
Over 300+ different cryptocurrencies to buy, sell or trade:
Binance offers over 300+ different cryptocurrencies which is one of the widest offerings available around the world. As the largest crypto exchange in the world based on trading volume, you know that the liquidity will be high, so you will be able to buy and sell any coin easily on their platform.
Android and iOS mobile apps:
Binance has an excellent app that makes it easy for beginners, while also catering for advanced traders. Within the one app, there are two versions that you can toggle between with the click of a button - you have Binance Lite which is great for newbies to use, and there's Binance Pro which gives access to plenty of advanced features and trading tools. According to Google Play store, the Binance app has over 10 million downloads, with a high user review rating of 4.4 stars, from 319 000 reviews.
Advanced, Classic and Basic trading interfaces:
Binance caters for customers of every level, from complete beginners to the world of crypto investing, to experienced day traders. If you want the simplest way to purchase crypto, you just need to select the basic 'Convert' option, which brings up a very simple interface as displayed below.
Use Binance Earn to grow your crypto:
Binance offers various options for you to grow your crypto while you leave it on their exchange. This is a potential investment opportunity if you are planning on HODLing your crypto. Instead of having it just sit there, you may as well make it work for you. You can see the different staking options available below.
Binance Visa Card:
Binance has partnered with Visa to offer a card where you can spend your crypto at 60 million merchants worldwide. The card is free, does not have any administrative or processing fees, and you can even receive up to 8% cashback on eligible purchases! This is a great step in the right direction for crypto becoming a mainstream method of payment.
Binance Fees
Binance has extremely low fees, with options to further reduce them as well. I will explain this below.
Binance Deposit Fees
If you are depositing cryptocurrency into Binance, there are zero fees.
If you are depositing fiat currency into Binance, the fee will vary depending on the method of deposit and the currency. For example, if you deposit Australian Dollars (AUD) using PayID/OSKO, it is free of charge. However, if you deposit Hong Kong Dollars (HKD) using a bankcard, the fee is 3.50%. Click here to check the fee for your fiat currency and deposit method.
Binance Withdrawal Fees
Withdrawing cryptocurrency from your Binance account incurs a flat fee to cover the transaction costs of moving the crypto to your wallet. The fee varies depending on each coin; you check how much by clicking here.
For fiat currency withdrawals, the fee varies depending on the withdrawal method and the currency. For example, withdrawing Australian Dollars (AUD) by bank transfer is free of charge. Withdrawal of Pound Sterling (GBP) using Bankcard incurs a 1% fee. You can check the fees for your currency by clicking here.
Binance Transaction Fees
Binance fees for spot trading (buying and selling crypto) start at a low 0.1% and you can get a 25% discount if you pay your fees using Binance's own coin (BNB). This means you are only paying 0.075% on each trade! Watch the video below to find out more about BNB.
Binance Security
Binance is a secure cryptocurrency exchange, which holds most of their digital assets offline in cold storage, and provide tips to its customers on ways to increase security. Binance has settings for enabling 2FA (two-factor authentication), whitelisting devices, managing withdrawal addresses, anti-phishing codes and even U2F (universal 2nd factor authentication), which requires physical access to hardware to access your account.
Despite their best efforts to remain a secure crypto exchange, in 2019, Binance was the victim of a cybersecurity breach, losing over $40 million worth of Bitcoin. The way Binance reacted to the situation was commendable; they covered the loss in full, so their customers didn't suffer any loss. Four months after this incident, Binance was awarded the ISO 27001 certification, having passed an audit of its information security management. It shows how committed Binance is, to maintaining a safe platform for their customers. Binance continually invests in ways to improve their cybersecurity defense.
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Frequently asked questions
Binance offers its users more than 300 different cryptocurrencies to store and trade with. The platform is also suitable for both beginner and advanced crypto enthusiasts, and is quite simple to use, too.
The short answer is yes. Binance is often considered to be one of the most reputable and trustworthy cryptocurrency exchange platforms on the web. It's one of the industry leaders, and has managed to establish a long-lasting reputation due to its good security systems, a huge range of trade-ready cryptocurrencies, and similar factors.
Binance has been made to cater to both beginner cryptocurrency traders, and experts in the field, as well. During your trading process, you'll be able to select different options and features - these are made in accordance to the above-mentioned factors. In short, no matter how much experience it is that you have in the field of crypto, you can be sure that the platform will cater to your needs - other user Binance reviews mostly agree with this sentiment as well.
Judging by multiple user Binance reviews, and the number of security features that the platform employs, most would say that yes - as of writing this article, Binance can be considered to be completely safe to use. Features such as two-factor authentication guarantee that your cryptos are going to remain safe and sound.
No. Without a doubt, this is one of the worst cons that the platform has. The fact that you cannot deposit / trade with fiat currencies means that you must already have some other cryptocurrency that you hold, and must then deposit it into Binance in order to start trading.
