Today, Binance is one of the world's major-scale crypto exchanges, so you should learn more about it and its ecosystem. This Binance review casts light on what this trading platform is, what are its advantages, and why it is now probably the safest option for cryptocurrency trading.
- What is Binance Exchange?
- Deposits & Withdrawals
- Exchange Trading Fee
- How to Trade on Binance
- Margin Trading
- Fees and Limits
- Withdrawing Funds
- Why Choose Binance?
- Is Binance Safe?
- Customer Support
- Referral Program
1. What is Binance Exchange?
As the popularity of digital currencies keeps increasing, a tremendous number of exchanges appeared over the last years. Thus, not only beginners may find it very hard to choose a suitable and safe crypto exchange. We have prepared this comprehensive Binance review to help you make a decision.
A relatively new centralized exchange, Binance has already proven its reliability despite having been subjected to hacker attacks. In terms of working mechanisms, Binance is similar to Poloniex or Bittrex—exchanges that are well known among crypto traders.
Binance received funding in July 2017 through an Initial Coin Offering (ICO). Having raised enough funds for a successful launch, the trading platform began to solve the sore problems—which centralized exchanges constantly face—outlined in the white paper.
Binance was founded by Chinese-Canadian developer Changpeng Zhao, also known as CZ, who is also Binance CEO. The exchange was launched on July 14, 2017. Changpeng Zhao previously worked on Blockchain.info and OKCoin and headed the Bloomberg technical department. Over the 3 years of Binance operation, it has earned considerable popularity among crypto traders, now being among TOP 5 exchanges in terms of the everyday trading volume. At the very beginning, Binance HQ was in Shanghai. However, after the government of this country banned crypto exchanges, the company moved to Japan and Malta, and now adopts a decentralized remote organizational structure.
In 2017, Binance announced that Yi He, co-founder of OKcoin, would work with them. As Yi He is prominent and established in the Chinese Internet, crypto and startup industry, her joining the Binance team boosted the popularity of the platform itself and proprietary Binance coin.
Binance's website is binance.com. The domain was registered on April 1, 2017. Despite the website is quite plain at first sight, it is highly advanced and supports 16 languages. While the website is very user-friendly and intuitive, it resembles websites of other established trading services. Choose the language in the Login and Registration sections. What makes a website's advantage is a news section.
The platform's core features are low trading fees and high-speed transaction processing. Binance users can also enjoy a rich range of digital coins, for each of which the exchange offers a dedicated crypto wallet. General strengths:
- Market leader in terms of the trading volume. Billions of dollars at disposal of Binance help traders perform large-scale transactions. All this ensures fine exchange courses.
- Lots of cryptocurrencies available. Though trading platform developers concentrated on offering as many cryptocurrencies as possible, there is no quality setback. The user can trade any of the common cryptocurrencies or deal with less known tokens. The availability of numerous markets also contributes to wide trading opportunities.
- Uncompromised security. Binance developers focus on ensuring reliable operation and even tell the users about possible hackers' actions: reward for facts
- Non-stop development. The platform founders keep on maintaining it, thus Binance performance is growing permanently. Team Binance never stops coming up with new ideas that improve the service.
Moreover, the crypto exchange has a range of unique features that attract masses of new traders.
- Binance ensures the accessibility of lots of rare coins that other trading platforms don't have. Binance has more than 200 cryptocurrencies listed on its exchange. The exchange also has its own digital currency, BNB (Binance Coin), issued to raise capital through an ICO. Binance Coin holders enjoy extra discounts and bonuses. With the exchange coin, every trader can reduce the fee from 0.1% to 0.075% (and only for spot).
- Three types of trading. Binance platform can provide a trading terminal for all customers, no matter what type of trading they prefer. At its very dawn, Binance was a spot-trading-only platform. But, as the project evolved, margin and futures trading was introduced—thereby helping the platform fulfill demands of amateurs, seasonal traders, and practiced professionals.
- Crypto staking. Many traders and crypto enthusiasts know about proof-of-stake coins, but not everyone knows that the Binance exchange also offers a staking feature. Thus, every user can find lots of noteworthy staking projects on Binance.
- Binance lending. The platform lets crypto investors earn on interest rates, lending money to those needing a crypto loan. Lending supports many popular digital currencies: beside Bitcoin, altcoins and stablecoins are also available.
- Crypto ward accounts. You can control the accounts of your customers, family members, or friends. Binance provides the ability to have up to 200 sub-accounts under your one Binance account.
- Corporate account. If you need to open an account on the Binance exchange on behalf of your company, you can do it easily. Use a corporate account for a legal entity, regardless of its form. This may be Corporation, Pvt. LLC, Limited, LLP, or another organization.
- Purchasing crypto assets with fiat currencies. At the very beginning, Binance did not support the exchange of cryptocurrencies for fiat currencies. The function appeared later, being a weighty competitive strength as not every exchange can boast such a feature. Now you can fund your Binance account using your credit card or bank account. Moreover, you can trade directly, enjoying very friendly fees.
Apparently, the Binance exchange and its in-house BNB coin will stay in the market for a long time. As you can see, the platform's business is centered around supplying in response to customers' demand. This economical model can be stimulated by various methods and tools. Chances are the BNB price will keep growing for a long time as traders will pursue trade fee discounts in order to boost their trading performance.
Another important benefit is that Binance is already included in the rating of the top 5 trading platforms. The platform's expansion started from the very first months of its existence and Binance continues to maintain high positions.
One could argue that Binance's business model hinges on the BNB price in terms of commercial revenue. Ultimately, Binance will burn half of all its BNB coins. To enable the company to do so, the team implements tons of innovations that similar projects can't even imagine. Such advancements include monthly payouts, the Binance Launchpad token sale platform, Binance Angel and Captain community programs, various giveaways, and contests such as Binance API Coding. In 2017, Binance was the first exchange to distribute NeoGAS to all NEO investors and NEO holders on Binance.
From the very dawn, Binance supported the world's most heavily-used languages—this also contributed to the platform gaining the global prevalence and climbing to the top of the exchange market. During the very first quarter of Binance operation, over 50 cryptocurrencies were made available on the platform. Those altcoins began tradable at a very low fee. It's reasonable as the 0.1-percent commission seems very friendly to most traders. Eventually, that was the factor that helped Binance stand out from the competition.
To create a Binance account, visit the exchange website and click Register. Please keep in mind the following information. Once you specify your email and create a password, you will need to solve a captcha. To be accepted by the system, your password must be reliable and include uppercase and lowercase letters and numbers. When solving a Captcha, you first need to move the cursor to the field and then enter the characters you see in the picture.
First, create an account on https://accounts.binance.com/en/register
If you use the same email when registering on different exchanges, NEVER USE the same password for different exchange accounts! The best way is that you use different emails and passwords. Enter email and password
A confirmation message will be sent to your email. Copy the code from that message and paste it to the code field.
Then, you will be granted access to the free account.
To start using the service, you will have to set up the two-factor verification (2FA) for the sake of better security.
Then, pass Verification.
Once verification is complete, your account is good to go.
To gain access to all the platform's functions, you need to pass verification at binance.com. Identity Verification is required to increase the withdrawal limit and allow you to buy crypto for fiat.
The verification process consists of 3 stages. First, you confirm your email. After this stage, you will be able to withdraw an equivalent of up to 2 Bitcoins every day. Click Complete Identity Verification to finish this stage.
To use withdrawal, provide contact details, including a phone number. Instead, you can connect Google Authenticator. Earlier, if a user wasn't a China resident or did not even have a SIM card of any of the Chinese carriers, they could not use this feature. But, after the platform's HQ was relocated to Malta, the problem was sorted out. However, one still has to use a Google Authenticator code.
The second stage requires a bit more effort. Specifically, you will need some documents. Log in to your account and fill in your details, including first name, last name, date of birth, and place of residence. After this stage, you will have to choose one of the documents that can confirm your identity. It may be an ID card, driver's license, or another document. You can upload either a photo or a color scan of a document. You will also have to take a photo of your face.
- high resolution
- good lighting so that every detail is readable
- JPEG or PNG format
- color photo
- original document (not a copy)
- one person in the photo
- no glasses/hats/etc.
Usually, application review takes 1 to 3 business days. Verification may take longer depending on how busy is the customer support service. So claim withdrawal amounts worth more than 2 BTC beforehand and make sure this stage is finished before you deposit or trade large amounts. If your application was declined, you can try again in 24 hours.
Once the second verification stage is complete, you will be able to withdraw amounts worth up to 100 BTC every day. If you want to get even more opportunities, then proceed to the third phase of verification. You can do it by resorting to the customer service.
First, add general details to your profile so you can step to the next verification stages and thus get less strict withdrawal limits. Click Verify.
In the new window, fill in Basic Info.
After that, your basic information will be verified.
Then, pass ID and face verification. Click Verify ID & Face. You will be redirected to NetVerify.
Choose the country/region and ID type.
Upload a clear ID scan (only use JPG or PNG).
After that, verify your face. Before starting face verification, make sure your camera is centered.
Once the procedure is complete, your request will be submitted for moderation and validation that may take 1 to 3 business days. You will receive the result via email.
You will see the following after validation is over.
Congratulations! You have successfully completed identity verification.
5. Deposits & Withdrawals
Once registration and verification are complete, the user can top-up their Binance account. You are free to pick any of the multiple digital currencies available (to date, 200 cryptocurrencies are at your service). However, most traders prefer going with Bitcoin and Ethereum.
To make a deposit, click Asset and then Deposit. You will see all the cryptocurrencies available on the platform. Choose one and deposit as much as you need. Besides the rich variety of digital currencies, Binance has recently introduced depositing with fiat currencies—e.g. USD or EUR—via VISA or MasterCard card.
You can manage your deposits on a dedicated page; there, you will find balance info and related details. To get to that page, click on the user icon in the website header, then select Balance in the dropdown menu. For guidance, see the screenshot below.
To start trading on Binance, please send the deposited funds to the following address. As different blockchains have different specifics and transaction validation periods, the time when the deposited currency will appear in your profile will rely on the cryptocurrency type. For instance, the Ethereum blockchain validates transactions quicker than the Bitcoin blockchain.
You are not limited to Bitcoin or Ethereum. Feel free to send to Binance any of the cryptocurrencies offered on the website.
You will see these three buttons close to every currency name:
In the Deposit section, you can manage your Binance profile. Click Select Network to pick a network to store your cryptocurrency in. To identify your payment as a sender payment, obtain a special identifier called Memo BNB.
On the left are the asset name, account balance, number of tokens in orders, and funds available. Under that, you can see a TAG—a payment identifier used for transferring funds from another source (by default, your original wallet's address).
To be credited to Binance, funds are confirmed once. Once validated, funds are displayed in history so you can trace your transactions.
Having deposited funds to the account, you can begin to invest in crypto assets or currency pairs, perform exchange transactions, or trade crypto. Binance provides plenty of investment opportunities, including tokens, ICOs, hundreds of coins, and currency pairs.
You can use the exchange to place limit and market orders. However, this is not where Binance's capabilities end. The platform comes with a lot more options. Having placed an order, wait until it's executed (it will be completed as per the terms you have chosen).
With a recent update, Binance introduced a function allowing users to buy crypto with a bank card. To do that, click Buy Now in a window with Visa and MasterCard logos.
6. Exchange Trading Fee
The common trading fee on Binance amounts to 0.1%. For BNB coin holders there are some fee discounts. According to the program, every customer has a rating. The higher the rating, the more the profit (due to lower fees).
The platform offers 9 levels: from zero position with 0.1% fees for makers and takes to the ninth level with 0.02% fees for makers and 0.04% for takers. At intermediate levels, the difference between fees for makers and takers usually comes to 0.01-0.02%.
7. How to Trade on Binance
Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before.
To start trading on Binance, go to the Trading section. After that, you find yourself in the real world of trading. To perform a trading operation, click the Exchange button on the website, choose a mode, and go directly to the exchange website. Before you begin to trade, choose a trading pair.
After you choose a market and currency pair, you will see detailed information about quotes, the order book, and other valuable data. Beginners are recommended to use the Market order, as orders of this type are executed immediately after they are created at the current cryptocurrency price.
First-timers will notice that the platform offers basic and advanced options in the trading interface.
Once you have deposited to your account and clicked Exchange, choose Basic or Advanced interface.
Novice traders may find it too hard to use both interface versions. However, both inexperienced customers and users that somehow know how cryptocurrencies work will be able to enjoy all the available opportunities for profitable crypto trading and other services offered by the exchange.
The advanced interface comes with more analytical tools and price analysis instruments.
Currently, the basic interface's toolbar comprises charts and graphs for selected currency pairs, order books, and trading history.
The basic interface has a convenient, elaborate, and eye-pleasing design that presents all the handy data. On the left side of the screen are coin values of coins; in the center are buy/sell charts and fields; and on the right is trading history with the latest cryptocurrency values.
In the advanced interface, trading charts are displayed on a dark background. On the right, you will see the latest trading values, next to buy/sell fields—just link in the basic interface.
Even experienced traders pick the basic type which seems more user-friendly than the advanced.
You can see the top of the trader's account in the screenshot below. The upper part is a scroll of currency pairs. By clicking on one of them, you will see its chart and Depth of Market. If a trading pair you need is not listed, click More. After that, you will obtain a list of all cryptocurrency pairs available on the Binance crypto trading platform.
As Binance has a mobile app, you can trade using your smartphone or tablet. The app comes in very handy when you have to trade on the go. Binance iOS and Android mobile apps are among the best trading apps available.
To use the mobile application, you must first register in Binance. Create an account here. Having registered, download the Binance application, and enjoy trading anywhere and whenever you like.
8. Margin Trading
Margin trading involves borrowing money from the platform or other traders—to raise the trader's capital. In other words, this type of trading lets traders open trading positions that exceed the amount of their own funds. So, you can open a position with a value of, for example, 2 BTC, while setting 1 Bitcoin as a margin. It's not recommended that beginners use margin trading as this type of trading always entails severe risks. If you can forecast the market's movement correctly, you can make good money. However, as the market is usually unpredictable, there is always a high risk of heavy losses.
To use margin trading on Binance, you will need to pass KYC verification. But, if you are a resident of the USA, Canada, Japan, or South Korea, you will not be able to use margin trading on Binance, even if you pass KYC verification successfully.
In the toolbar in your account, click Margin and then Open Margin. You will be asked to pass KYC verification if you haven't done it yet. This type of trading employs specific wallets. So, before starting margin trading, you need to transact part of your funds from common wallets.
Having transferred assets to the special wallet, you can use them as security when borrowing money. You can borrow money with the credit leverage of up to 3:1. This means you can borrow 2 Bitcoins if you have 1 Bitcoin (3 in total to 1 own).
To choose a cryptocurrency you want to borrow, click Borrow. Then, specify the amount you want to borrow and click Confirm Loan. After specifying the loan amount, you will learn the interest you will have to pay for using the borrowed funds in margin trading.
At margin level 1.3, you will receive a margin call. You will have to either deposit more money or pay it off partially. Therefore, it is imperative that you carefully monitor the margin level so you don't lose your security when it falls to level 1.1.
9. Fees and Limits
While Binance charges 0.1% of any user's transactions, traders using Binance tokens in payments enjoy 50% off the trading fee. To date, this is one of the friendliest trading fees in the market.
Every cryptocurrency is subject to a different fee. That said, the user pays 0.0005 BTC for withdrawing Bitcoins and 0.005 ETH for withdrawing Ethereum. Check out these examples to see how much you will pay for withdrawing your funds:
|Name (Coin)||Minimum Withdrawal||Transaction Fee|
|Binance Coin (BNB)||2||0.93 BNB|
|Bitcoin (BTC)||0.002||0.001 BTC|
|NEO (NEO)||1||0 NEO|
|Ethereum (ETH)||0.1||0.01 ETH|
|Litecoin (LTC)||0.02||0.01 LTC|
|Qtum (QTUM)||0.02||0.01 QTUM|
|EOS (EOS)||1.4||1 EOS|
|Status (SNT)||20||41 SNT|
|Bancor (BNT)||2.4||1.7 BNT|
|NeoGas (GAS)||0.001||0 GAS|
|Bicoin Cash (BCH)||0.002||0.001 BCH|
|Bytom (BTM)||10||5 BTM|
|Tether (USDT)||100||17.9 USDT|
|Hshare (HSR)||0.001||0.0001 HSR|
Besides the trading fee, the service also charges a withdrawal commission. You can find the table where withdrawal fees and minimum withdrawal amounts are shown for every digital currency.
When it comes to transferring funds, Binance imposes no limitations in terms of cryptocurrency amounts. But, users cannot withdraw more than a specific amount until they pass verification.
In this regard, verification gives the user free rein. Further in the text, we will describe the verification process. Get ready to specify some details and provide an ID card.
10. Withdrawing Funds
Withdrawing funds from Binance is also easy. It's simple to get your money from exchangers. You just send crypto to the exchanger's crypto wallet. After the blockchain validates the transaction, it will send you back your amount in the currency you need, to the address you have specified.
To withdraw money, click Withdraw in the asset table. You will be redirected to a withdrawal page where you will perform a withdrawal in the currency you chose in the previous window.
11. Why Choose Binance?
Many traders prefer Binance for its reliability and advantages, low fees, and instant transactions. In fact, the platform innovations allow processing some 1.4 million orders per second. Also, Binance offers by far more digital coins than most major exchanges. Lots of crypto investors choose Binance as it provides for trading rare coins unavailable on other exchanges. Also, the service has its own digital currency, Binance Coin, which has the BNB ticker issued during the ICO. Binance Coin holders get extra discounts and bonuses and enjoy lower fees (0.05% instead of 0.1%). Also, deposits and withdrawals are carried out faster.
We can also compliment the Binance website that is easy-to-use and information-saturated. Multilanguage support allows people from all over the world to freely use platform on 16 languages. Tons of useful information is posted, including news, trading stats, and cryptocurrency draws.
Binance publishes market news and draws—an opportunity to get free tokens. Trading operations are performed in the Trading tab. The advanced trading terminal is designed for people professionally engaged in investments, as it comes with a rich choice of trading tools, indicators, charts—all to ensure high-quality technical analysis.
Beginners, who only learn digital asset capabilities and need proper technical analysis, can also enjoy the service's functionality.
12. Is Binance Safe?
Today, Binance leaves the competition behind in terms of initiatives, fund security, crypto trading capabilities, and trading volumes. Also, Binance mobile apps are extremely pleasing and friendly.
What is very significant is that Binance managed to survive the 2017 crypto fever, when long-standing and established crypto exchanges like Bitfinex and Bittrex had to shut down. To conclude, if you haven't tried Binance yet, now it's the time.
If you are interested in making money on cryptocurrency trading, pay attention to this crypto trading platform and create an account right away.
13. Customer Support
Binance has a professional customer support team that is always ready to help users solve problems or provide them with helpful insights. To get help from the support team, you need to submit a ticket through the online form on the platform website. After that, you will receive a reply via email.
Unfortunately, it takes the support team some time to process the user's request because of the high load.
Also, you can resort to the Frequently Asked Questions section where you can find short answers to most common questions and fully-blown texts that can help you understand trading matters.
Always make sure you send the cryptocurrency that matches the recipient wallet's cryptocurrency. Double-check the wallet address. Commonly, such errors lead to people losing their crypto assets, irrevocably, and forever.
If you need to transfer a large amount, first send a test payment to make sure that you did everything correctly and the crypto wallet address corresponds to the selected cryptocurrency type. Just be careful and you will not lose your money.
When contacting the support service, make sure you have all the necessary information at hand so the specialist can help you faster. Usually, if you have a transaction issue, be ready to specify transaction details, including the sender wallet, date, time, currency, amount, and recipient wallet.
Binance interacts with traders in accordance with the User Agreement. The User Agreement is the project's cornerstone document. Every user is supposed to read the document carefully before interacting with the exchange. The agreement contains comprehensive information regarding how the platform works, as well as customers' and organizers' responsibilities.
15. Referral Program
The platforms offers a referral program to active users who are eager to earn more. To take part, the user needs to invite new traders to the project. The company pays up to 40% of the commission.
Binance also warns that if the mean everyday balance of the inviting user is lower than 500 BNB, the basic referral rate will be demoted from 40% to 20%. At the same time, the rate of the invited user will not decrease. For instance, if the inviter's referral rate is lowered to 20% and the invited user keeps their rate at 15%, the inviter's referral grade will be cut to 5%.
Binance has quickly become a market-leading crypto trading company, leaving most of its rivals behind. The ICO that Binance held before the exchange launched helped the company raise 15 million dollars and earn support from reputable financial market professionals and companies. The exchange is popular among users because of low fees, high-speed order and transaction processing, and easy-to-use trading engine. On Binance, users can not only trade but also store crypto.
To date, Binance is among the most successful crypto trading projects. In many respects, this success is attributed to the fact that experienced professionals stood at the origins of the exchange. What also aided was the ICO, during which Binance received large investments—primarily from users. Also, the project was supported by well-known crypto enthusiasts and large reputable companies.
Binance website offers an intuitive interface and numerous special features for efficient trading. Website functionality is friendly both to a beginner who takes their first steps in trading and a practiced trader who needs quality technical analysis.
Users leave their feedback about Binance on various resources. Surely, there are some negative comments, most of which mention a lack of information on how trading is secured, account blocks, and problems with signing up to the exchange. Most of the exchange users note that the resource is very high-grade and stable, suffering no severe problems. Also, it's obvious for every user that the platform is not a scam.
Having studied the traders' feedback, we can assert that Binance holds leading positions and enables profitable and efficient crypto trading. Free of fraud or scams, the company is supported by the world's largest companies, which contributes to the constant growth of Binance's user base.