Binance is a cryptocurrency platform that offers a robust ecosystem of crypto-based trading and earning. Today, it leads the pack among cryptocurrency exchanges, and according to Coinmarketcap, the average trading volume per day is well over $44 billion. Today, we’ll take you through a comprehensive Binance review that addresses every conceivable question or doubt you may have about this thriving platform.
What is Binance?
Binance is, essentially, the top-ranking cryptocurrency exchange available today. However, trading virtual currencies is only one of the many crypto-services available on this platform. The platform has everything from a learning academy and an official digital wallet to launchpads for innovative projects and crypto-charities.
Among its many advantages, one attribute that keeps attracting users is the low trading fees. The low fees make it a favorite for seasoned traders and budding crypto-enthusiasts.
The Binance global version serves as the primary platform for users in most countries. Here, users can trade and exchange hundreds of digital currencies with easy access. However, the platform has encountered problems with currency regulation authorities in some countries.
For instance, the global version faced resistance in the US back in 2018. As a result, they created a version specifically for users in the US called Binance.us, which offered more limited features but still works well enough for most American users as you will also come to learn in this Binance.us review.
Binance Pros & Cons
- More than 65 tradable cryptocurrencies for U.S. customers
- Low fees across the platform (25% fee discount if you pay using BNB)
- Extensive selection of trading options and order types
- Identity verification procedure
- Binance.us is more limited than Binance.com
- The trading platform is quite sophisticated and can be overwhelming to beginners
- Binance has run into regulatory trouble in several countries
- Slow customer support
Overview of the Company
Binance, as a crypto exchange, was created and founded by Changpeng Zhao, a software developer and current CEO of the company.
Legally recognized as Binance Holdings Limited, the company has raised over $25 million across three different funding rounds. The first round of funding came as an ICO back in 2017, which accumulated about $15 million. The last round was a few years back when the company secured venture funding in October 2018.
With over 12 diverse investors, Binance has moved towards acquiring eight different companies over the last few years. Stepping up its charitable engagements, Binance donated over $10 million to assist in the humanitarian efforts in Ukraine in early 2022.
With initial troubles posed by the Chinese government, Binance moved its base to offshore destinations that offered more financial and legal liberty. This ensures that the platform is not restricted to a single country’s regulatory body or legal limitations to virtual currencies.
Services Offered by Binance
As a comprehensive cryptocurrency platform, Binance goes beyond simply serving as an exchange. Let’s start this Binance review by taking a look at the major services that users enjoy with Binance.
Like any other exchange, Binance allows its users to buy cryptocurrency of their choice. The payment can be made with a wide variety of fiat currencies depending on where you’re from.
The global Binance website gives you access to several hundred coins and tokens. So, it’s no wonder why Binance continues to enjoy the highest trading volume across the map. With the US version, the options decrease, and some features are excluded. But Binance.us is still a fully functional and relatively profitable platform for many of its users. Both versions have the most popular currencies like BTC, BNB, ETH, ADA, ONE, etc.
Currency aside, the exchange also offers several modes of payment to choose from.
Exchange Via Bank Deposit (SWIFT)
A common option for new users is to use bank deposits as a payment method. The first use will require the user to link an active bank account. Once done, users can easily choose the appropriate currency and proceed with the deposit to purchase the cryptocurrency.
Exchange Via Debit/Credit Card
You can also use your credit card (or debit) to make purchases on Binance. The window displays the current value of Bitcoin in comparison with the currency of your choice. This way, you can conveniently decide what amount to purchase before you confirm the transaction.
Exchange Via Peer-to-Peer Arrangements
Binance allows users to buy and sell their currencies through a peer-to-peer marketplace. Here, you get a full list of currencies for sale along with information on availability, limits, and prices. Most standard fiat payment options will be available on this marketplace which allows users to trade among themselves.
Exchange Via Third-party Payment
Users can also opt for third-party vendors while making deposits or transfers. The external vendor may be Simplex, BANXA, or Paxos depending on the fiat currency and cryptocurrency you wish to purchase. Once you enter the fiat amount, the window will automatically generate the third-party option and the cryptocurrency amount you’ll receive.
For a full overview of the different deposit methods and how-to’s, check out our Binance deposit guide.
Binance as a Trading Platform
Users who are accustomed to using Binance for trading should find the experience to be convenient and accessible. However, new users may have to undergo a steeper learning curve owing to some of the advanced features.
Once familiarized, you can use the website, the Binance mobile app, or even the desktop app to engage in trading. The interface can vary depending on the kind of trading you wish to perform. However, there are hundreds of popular cryptocurrencies and coins to choose from. For users of Binance.us, the coin options are limited to a smaller number.
Convert & OTC Portal
The Convert & OTC Portal allows users to make requests for quotes based on what they wish to buy (or sell). With the increased visibility of quotes, traders can easily perform fast settlements. This option is especially suited for substantial block trades of crypto.
Additionally, this page has a much simpler interface compared to the spot trading and margin trading pages. So, for beginners still learning the trading ropes, the Convert & OTC Portal is a good place to start. You can understand this section as a simpler and easier-to-use version of spot trading.
Besides the Convert & OTC Portal, Binance has a more advanced interface for dedicated spot trading too. The spot trading interface offers everything from charts and trends to prices and coin lists that give you the full view. It’s better suited for seasoned crypto traders who can understand what these numbers mean and how to use this information for intelligent trading.
The interface’s display of moving averages and real-time tracking tools make this page a valuable source of trading insights.
Margin trading allows Binance users to have access to over 600 trading pairs, friendly trading fees, and an enhanced transaction depth. Users can operate as an Isolated Account or a Cross-Account. With this interface, you can transfer, borrow, trade, and repay your assets with ease and convenience.
Users of Binance.us should note here that Margin trading is excluded in the US version. This limitation is mostly to comply with the United State’s regulations.
What is Binance.us?
As an additional piece of information, here’s a quick overview of what Binance.us is and how it works.
Binance.us is a US-specific platform for trading, buying, and selling your choice of cryptocurrencies. It’s a slimmer version of the original Binance network that’s been tweaked and configured to meet the regulatory standards in the United States.
It is based out of Palo Alto, California and began functioning in 2019 after initial troubles with financial legalities faced by Binance global. This US version is headed by Brian Shroder as CEO and President of the company. Shroder has an impressive history in investing and business leadership.
For users wondering how to use Binance.us, simply go to the website and the appropriate domain will appear based on where you’re logging in from (US). New users should remember that Binance.us is not active in every state. You’ll have to undergo a two-factor authentication to verify your legitimacy as a recognized user.
Currently, there are six states where Binance.us is restricted. These include Hawaii, New York, Idaho, Texas, Louisiana, and Vermont.
Also, Binance.us only supports basic cryptocurrency trading, spot trading, and OTC quotes. So, more advanced global features like Margin trading are not accessible in the United States.
For a full overview of Binance.us and the differences between the two sites, check out our Binance.com vs. Binance.us comparison guide.
Binance Trading Fees
The trading fees at Binance continue to be among the lowest offered by any cryptocurrency exchange in the world. And this is one of the primary reasons why new users continue flocking to the Binance network.
The exact figures are subject to change depending on the volume of trade being performed and other factors like your BNB balance. But these variations are still comparatively lower than other competing crypto exchanges. For instance, a common point of comparison in the Binance vs. Coinbase debate is the issue of trading fees. The lower fees at Binance give it flying colors in any Binance review.
A good way to decrease the transaction fees and trading costs further is by increasing your VIP level on the platform.
For instance, a user who has monthly transactions exceeding 5 billion in Binance USD (stablecoin) and a BNB balance of 5,500 or more is a VIP 9 user. This user will enjoy maker fees as low as 0.0200% and negligible taker fees of 0.0400%. On the other hand, a regular user with less than 1 million in BUSD monthly transactions will have to dole out 0.1000% in both maker and taker fees.
Wire transfers made while trading may come with fixed or flat fees (Eg. $15 within the US). Meanwhile, transactions made via your debit card may incur a fee percentage of over 4%.
Binance Security Review: Is Binance Safe?
With breaches in crypto platforms experiencing huge losses for the consumer, security is a top priority for any user today. With Binance, you get a robust set of security measures that function both at the platform level and for individual accounts.
Security at the Platform Level
Binance has moved most of its users’ assets and funds to physical storage facilities that are outside of direct online breaches. This makes hacking and laundering of assets more preventable and harder to execute for hackers.
The platform has automated security measures that perform real-time monitoring of every action undertaken within the network.
For example, any attempt at resetting passwords, changing email addresses, or normal withdrawal invites a close inspection by the platform. And if Binance detects that there is a suspicious activity from an account, it can be suspended for a day or two before a further investigation takes place.
Security for the Organization
Binance enforces strict security measures for the infrastructure that regulates platform functions. So, advanced measures like TSS (Threshold Signature Schemes) ensure that both funds and platform systems run smoothly without falling prey to outside attacks.
Any data traveling as information within the Binance network is secured by advanced end-to-end encryption. This ensures that no one else has access to your information or data. Also, all personal information is encrypted during storage using KYC details.
Security at the Individual Level
Alerts and Notifications
Binance users get full control of their account through continuous notifications on any changes made in the account. This way, the customer can restrict access to third-party vendors or external attempts at modifying your content. The system also has
Security alerts instantly inform the owner about any questionable activity going on in the account.
Strict Sign-in Rules
Preventing outside access to the user’s account is a top priority with Binance. As a result, there are some strict protocols that govern the login mechanisms. So, SMS codes and two-factor authentication are common regulations that ensure that only the owner has access to the account.
The Access Control interface allows you to add or remove new devices or security features that pertain to your account. For instance, if you signed in to your Binance account from a new PC, the relevant IP address will be detected and mailed to you. In addition to this, you can whitelist wallet addresses or device IDs to make sure that no one else has access to your contents or funds.
How to Use Binance
Using Binance is relatively straightforward once you get used to the interface and the features it provides. Let’s start by listing out steps on how to get started on the platform and then proceed to some of the actions you can take to trade and earn. For a full guide on how to create a Binance account, check out our Binance registration guide. If you are looking for a quick overview, then follow the steps below:
Registering on Binance
- Step 1: Go to the Binance website that’s relevant to your location (Eg. Binance.us for United States residents).
- Step 2: Click on the yellow ‘Register’ button located on the top right side of the homepage.
- Step 3: Enter your email and other necessary details that the website requests. You may have to use a passcode mailed to your given email to complete the initial login.
- Step 4: Activate the two-factor authentication feature for your account. This will ensure an added layer of security for the protection of data and account access.
- Step 5: Proceed with verification of your Binance account. This may take several days depending on your country of residence. Also, Binance may offer several options for verifying your identity which can include facial verification, government-issued ID, or a questionnaire that requires identifiable information.
- Step 6: Choose a payment method. Here, you’ll have to link up your bank account or card details depending on the mode of payment you choose.
- Step 7: Transfer fiat funds to your Binance account in exchange for the cryptocurrencies of your choice and start trading!
Outlined above is the basic sequence of steps that allows new users to get started with an account and start buying or selling.
We’ve already gone through the basics of how Binance functions as a crypto exchange and how you can engage in transferring funds, begin spot trading, start margin trading, etc. in the initial sections of this article. So, let us now look at other ways you can use Binance.
With Binance Futures, you can make calculated guesses and conjectures on the future price of selected cryptocurrencies. For example, you can attempt to predict the possible pricing of BTC (Bitcoin) or ETH (Ether), instead of actually purchasing or selling off coins in your possession at the moment.
To begin trading in futures, you’ll have to open a separate futures account. This action takes merely the click of a button so it shouldn’t be a challenging task. Once ready, you can trade with leverages that touch up to 20x the original figure. Binance requires you to use USDT (Tether) as specific collateral to fund the balance in your Binance Futures account.
As far as the interface goes, you’ll find similarities with the regular trading interface. There are, of course, variations that include options to buy long/sell short, tracking open positions, or regulating the leverage levels.
If you’re adding to the liquidity of the network by being a ‘maker’ or executing larger volumes of trade, your trading fees will be lower than the average user.
Binance Derivatives is a feature where users can avoid the perils of liquidation and still bet on the prices of some virtual currencies. It’s a form of investment where users can engage in betting on up and down contracts for a selected cryptocurrency.
With derivatives, you’re not required to maintain a specific margin or even to pledge collateral. This keeps your investment free from the inconvenience of running traditional leverage.
Financial authorities across Europe have continued to apply pressure on Binance owing to doubts over its legitimacy as an investment platform. As a result, the company is ceasing its derivative options in European nations.
Binance.us does not currently allow users to engage with Binance futures and derivatives as it lacks the required approval of agencies in the US.
Binance Financing allows users to enhance the value of their idle funds by opting for savings, loans, staking, etc. Let’s look at the different financing and saving options that the platform offers.
Available in locked or flexible alternatives, Binance staking allows users to stake their coins with the aim of earning higher returns. Users can stake their DeFi coins and rely on the proof-of-stake mechanism to let their funds make earnings over time.
Binance Savings behave similarly to a conventional savings account, where you agree to make a deposit that yields interest as time passes. Binance savings also come in locked and flexible options, with the former offering a higher interest rate because of its rigid arrangement.
At Binance, users can use well-known tokens like BTC or ETH as security for loans taken in other cryptocurrencies. For many users, this is a viable option for accumulating stablecoins like USDC or USDT.
Binance Smart Pool
Binance Smart Pool is a feature that allows miners to make higher earnings for their efforts. Smaller miners can make contributions to a bigger pool of miners and get a share of the total rewards. The system automatically assigns hashrates to the most lucrative token. So, miners save the time and energy otherwise spent on optimization and choosing what currency to mine.
Binance Academy & Binance Info
Binance as a platform is not restricted only to trading and earning. It offers a myriad of educational and informative resources that can take introduce concepts to a new user or polish the expertise of a seasoned investor.
The Academy is where most of Binance’s educational content is stored. Here, you’ll have access to glossaries, tutorials, blockchain trends, new currencies, and even earn some cryptocurrency as a reward for your learning.
The Binance Academy is much more than a knowledge bank or a blog. It’s a treasure trove of instructions, resources, and insights that will enhance any trader’s awareness and trading acumen.
Regardless of whether you’re a beginner or a master trader, this is one space where you can continuously hone your skill and understanding of how the industry works, how to use Binance correctly, and a lot more relevant information.
Binance Info serves as a one-stop encyclopedia on every cryptocurrency and blockchain project that exists. Currently, it has over 10,000 entries that include information on new virtual currencies, the latest Decentralized applications, new blockchain games, etc.
Working in conjunction with the Binance Academy, the Binance Info page will take your understanding of Blockchain programs to the next level.
Binance Charity focuses on targeting funds at humanitarian and philanthropic causes in a transparent and impact-oriented manner. So far, Binance Charity has made several thousand donations that have reached more than a million recipients. The total amount they’ve raised and contributed now exceeds $64 million (over 2200 BTC).
The Binance Referral program offers users the opportunity to earn extra coins by calling attention to the platform. Binance currently offers two categories of referrals – the lite referral and the standard referral.
With the standard referral program, you stand a decent chance of earning up to 40% as part of the commission for a successful referral. For your referral to be considered a success, the new user may have to perform a minimum volume of trade after signing up with either your referral link or your Binance referral code. Commission rates can vary from 10% to 20% in most cases depending on the nature of referrals you accomplish.
The Lite Referral is a simpler version where you only need to convince a friend to sign up and make a deposit of $50. In return, both you and the new user get vouchers worth 100 USDT each.
Both sets of referrals come with an interface that displays all the records of your referrals and commissions earned. This makes it easy to keep track of how much success you’re experiencing with the program.
Binance does not offer a native wallet for managing your funds. Instead, it endorses Trust Wallet as the official wallet for its platform. With over 25 million users and growing, Trust Wallet is considered among the most secure wallets available today.
Transferring funds to or from Binance is normally lightning fast, making it incredibly compatible with the platform. Also, they offer some interest on the funds that are stored in the wallet.
The wallet also doubles as a browser for checking out other decentralized apps. This allows it to serve as a secondary browsing medium that you can use without actually exiting the app.
Trust Wallet can also be used to store and manage your NFTs. But that’s not all, the wallet supports storage of more than a million unique digital assets. So, outside of Binance, Trust Wallet is still a standalone program that you can use as a secure store for all your digital funds and virtual assets.
Binance Research serves as an industry-leading analysis platform that studies the viability and capabilities of the latest blockchain programs. It’s a source of industry-specific insights that can serve any corner of the world of virtual assets.
Some of their latest analysis include works on staking solutions, privacy tokens, a blockchain lending protocol, and a Web3 Credential Data Network.
Along with Binance Info, it provides accurate studies of prices and fluctuations experienced by leading cryptocurrencies. For instance, Binance Research’s work on BTC (Bitcoin) includes trends in pricing, core features, the study of BTC’s whitepaper, the Nakamoto Consensus, tokenomics, and community activity.
So, if you’re seeking to get in-depth insights on a particular virtual token or want the low-down on the latest blockchain project, Binance Research is always a good place to start.
Binance NFT Marketplace
Binance offers an NFT Marketplace where you can buy and own your favorite non-fungible tokens. With the robust support that Trust Wallet has for NFTs, managing your NFT assets with Binance is a convenient affair.
Browsing through the marketplace, you may find NFTs grouped in specific categories. The four main groups on Binance come under Art, Games, Entertainment, and Sports.
So, whether you wish to own an Elephant Day NFT, a KHL Mystery Box, an artwork from State Hermitage Museum, or get a collectible from Dream Cards, it’s all there.
Binance recently included the first reward-driven NFT collection to its long list of NFT options. Aptly named Mavatrix, this NFT project seeks to create a wholesome ecosystem of games and rewards that people can benefit from. These new additions reveal how Binance is upping its game with NFTs even though these collectibles are fairly new on the platform.
However, Binance founder and CEO, CZ Zhao doesn’t seem too impressed with the NFT trends and the direction it’s heading. So, it remains to be seen whether Binance will continue with bigger efforts toward dealing with NFTs on the platform.
Binance was located in China during its initial stages but is now headquartered across the Cayman Islands due to restrictions from regulatory bodies. Its current bases include Mahe, Seychelles, and the Cayman Islands.
Trading on Binance requires you to register as a new user first and then verify your identity on the platform. Once your account is ready, you’ll have to link your payment account to transfer fiat currency and can trade immediately once the transfer takes place.
Binance boasts of an impressive 1.4 million transactions every second, a robust suite of security systems in place, and round-the-clock customer service that caters to new and old customers alike. Given how it continues to serve as the number one crypto-trading platform, Binance can certainly be considered trustworthy.
While some interface elements may require time to learn, Binance is still a good choice overall for new users. Their helpful support team, informative resources, and widespread trust work together to help beginners learn the ropes.
While Binance is the global version for the international consumer, Binance.us is the Binance platform specially designed for users in the United States. It has fewer currencies and more limited features but complies with the regulatory rules in the US.
Once logged into Binance, go to your wallet and select the ‘Withdraw’ option. Next, choose the cryptocurrency you wish to withdraw. Then, select the fiat currency you require and enter your personal verification code. Click on the ‘Confirm’ button to execute the transfer. For a full guide, please refer to our Binance withdrawal guide.
Binance Review Conclusion
It does not come as a surprise that a cryptocurrency platform that comes loaded with as many features (and each and every one of the features being well-implemented) is pulling out ahead. Binance has time and time again proven that it belongs in the top position of the available cryptocurrency exchanges out there. It is both a great platform for beginners as well as for experienced traders and crypto enthusiasts, so if you were hesitant about signing up before reading this Binance review; don’t be! It is a complete exchange that has served millions of users through the years and will continue to do so in the years to come.