Launched in 2017, Binance has managed to become the largest exchanges in the crypto industry in a very short time, thanks to the perfect timing, at the start of the previous big bull market. With over 150+ crypto-currency pairs for trading, Binance is accompanied by a high degree of security and is also considered the exchange to go for altcoin trading. Binance is founded by Changpeng Zhao and co-founded by Yi He, both coming with experience from OKCoin.
As one of the most diversified exchanges for the crypto industry, Binance is also one of the most comprehensive products on the market. With the introduction of futures trading, the exchange became a complete package, offering its users high leverage trading and the standard spot trading. Binance also provides additional options not connected with trading like Academy, Charity, Info, Labs, Launchpad, Research, and Trust wallet.
Binance Features Review
|KYC||Available as an option|
|Max. Withdrawal Limit||2 BTC per 24 with no KYC|
|Mobile app||Android and iOS|
Binance has a high level of security, yet even the most highly protected platforms fall victim to hacks. Not long ago, Binance experienced its first security breach resulting in the loss of over $40 million in Bitcoin, fortunately, Binance managed to recover in a short period of time.
For security, the exchange applies:
- 2FA which is the standard for every website
- KYC (not mandatory)
- Anti-phishing code
- Withdrawal whitelist
- SMS Authentication
- Device Management
With all the security tools present, account protection is at a high level, it is also important how the exchange itself handles the security on the back end, infrastructure, etc… By being the biggest crypto exchange, Binance is obligated to invest in better security practices and infrastructure if it wants to keep the number 1 spot in the long term.
Deposit and Withdraws on Binance
Binance is the leader in providing various options for deposits and withdrawals and is constantly continuing to add even more. In the last year, Binance made quite the development towards offering fiat currencies for deposits and withdrawals getting to a high number of supported currencies nowhere to be found on other crypto exchanges.
The available cryptocurrencies for buying with Credit and Debit Cards are:
For fiat deposits you have multiple currencies available:
- and more
Binance User Interface
The main user interface of Binance is available in two versions – Basic and Advanced. In the pictures above you can see the basic UI design on the platform. Overall, the difference between the Basic and Advanced UI is in the layout although the Advanced UI is generally more suitable for longer trading sessions.
In the simple UI, you have the chart with the Order tab in the middle with market, limit, stop-limit orders. In the Trade tab, you have a margin trading option which, if you want to use it, you need to pass account verification.
On the left side, you have the order book, while on the right side you will find the cryptocurrencies that you can trade and the trading history.
The tabs for open orders and 24h order history can be found at the bottom of the page. There is no need to scroll on the advanced interface, and everything is much better suited to your trading sessions.
Binance Advanced Interface
Here you have everything in one tab, which is much better than the “simple” UI. Better positioning of the tabs, better visibility, and therefore effectiveness. Exchanging cryptocurrencies has never been so exciting, of course, Binance may be the biggest crypto exchange, but it is not the only one with many options and a good UI design.
On Binance you will find a third UI for futures trading, which is very similar to the advanced UI. One main difference is the presence of a depth chart. Slight differences can be found in the chart, order, and position tab, but they are not too dramatic compared to what is used for the advanced UI. The user interface for derivatives trading is suitable for long trading sessions due to its layout and color scheme.
Trading fees breakdown
Binance has one of the lowest fees on the market with a trading fee of 0.1%. The fees can become even lower if you use or hold your BNB (the native token of the exchange) on the exchange. You get an additional 25% discount on the trading fees thus the trading fee becoming 0.075%.
Binance has one of the lowest fees in the market with a trading fee of 0.1%. Fees can be lowered even more if you use or hold your BNB (the exchange’s native token). Depending on how many BNB tokens you hold, the lower the trading fees will become.
|<100 BTC||≥0 BNB||Maker: 0.100%||Taker: 0.100%||MakerBNB: 0.075%||TakerBNB: 0.075%|
|≥100 BTC||≥50 BNB||Maker: 0.090%||Taker: 0.100%||MakerBNB: 0.067%||TakerBNB: 0.075%|
|≥500 BTC||≥200 BNB||Maker: 0.080%||Taker: 0.100%||MakerBNB: 0.060%||TakerBNB: 0.075%|
|≥4500 BTC||≥1000 BNB||Maker: 0.070%||Taker: 0.090%||MakerBNB: 0.052%||TakerBNB: 0.067%|
|≥10 000 BTC||≥2000 BNB||Maker: 0.060%||Taker: 0.080%||MakerBNB: 0.045%||TakerBNB: 0.060%|
|≥20 000 BTC||≥3500 BNB||Maker: 0.050%||Taker: 0.070%||MakerBNB: 0.037%||TakerBNB: 0.052%|
|≥40 000 BTC||≥6000 BNB||Maker: 0.040%||Taker: 0.060%||MakerBNB: 0.030%||TakerBNB: 0.045%|
|≥80 000 BTC||≥9000 BNB||Maker: 0.030%||Taker: 0.050%||MakerBNB: 0.022%||TakerBNB: 0.037%|
|≥150 000 BTC||≥11000 BNB||Maker: 0.020%||Taker: 0.040%||MakerBNB: 0.015%||TakerBNB: 0.030%|
Options and Order Types
With over 350+ cryptocurrency trading pairs, Binance is one of the largest in terms of options. Including its own cryptocurrency in the mix.
In terms of order types, Binance has all basic orders such as Market, Limit, OCO, and Stop-Limit.
On Binance there are other options that are not related to trading. In addition to the exchange, Binance has useful options like:
- Academy – for Blockchain and crypto education
- Info – a cryptocurrency information platform
- Labs – Incubator for top blockchain projects
- Launchpad – Token launch platform
- Research – Institutional-grade analysis and reports
- Trust Wallet – Official Binance wallet for cryptocurrencies
And for those who are looking for a good cause, Binance also has a Blockchain Charity Foundation – BCF. You have the opportunity to help children in need while trading and investing on the platform.
For margin trading, Binance offers up to 5x on over 50 pairs on various altcoins. What is unique about this platform is that you cannot trade these pairs anywhere else with 5x leverage, which gives this platform an advantage over competitors.
With futures trading, Binance became a full-fledged platform offering every single instrument in demand, while providing the highest leverage of 125x. When compared to competitors such as Bybit and Bitmex, which offer a maximum leverage of 100x, we can clearly see that Binance is striving hard to become a respected competitor in the crypto leverage space.
- BTC/USDT – up to 125x
- ETH/USDT – up to 75x
- BCH/USDT – up to 75x
- And more…
Of course, you can always find the need for additional order types or more instruments and options to trade. If you are searching for traditional markets here, you will not find it. Binance, for the time being, is a crypto exchange that provides a choice between multiple trading instruments.
Binance is one of the few exchanges that offer direct buying and selling of cryptocurrencies directly in a browser – the Brave browser. This is a neat feature that can help in the quest of introducing new people to Bitcoin and the crypto industry.
The affiliate program on Binance is also linked to its token and can earn you up to 40% commission on trading fees if you hold 500 BNB or more. There is only one level that offers 20% of the trading fees of the referred traders.
Is Binance a scam?
The largest crypto exchange in the industry is far from a scam, it is a serious and reliable one. The CEO of Binance Changpeng Zhao is one of the CEOs who is very active on Twitter and has a strong connection with the people. Maybe that is one of the reasons why the exchange has become so big.
If you are looking for many options in order to exchange cryptocurrencies, you should definitely check Binance. You will find the highest daily volume in the market with, which has made Binance successful in a very short period of time. Of course, there are other trading platforms and exchanges that have gained traction very quickly, such as Bybit, Kraken, Bitmex.