Binance Review

 

BINANCE REVIEW AT A GLANCE

■ TYPE: SPOT CRYPTO EXCHANGE (ALSO INCLUDES P2P & LEVERAGED PRODUCTS)

■ WALLET: COLD WALLET

■ HEADQUARTERS: MALTA & THE CAYMAN ISLANDS

■ ONLINE SINCE: 2017

■ CUSTOMER SERVICE: EMAIL | TICKETING SYSTEM | LIVE CHAT

■ LANGUAGES: 40 LANGUAGES

 

INTRODUCTION TO THE BINANCE EXCHANGE

Binance is a fully-featured cryptocurrency exchange offering more than 590 crypto pairs in a modern platform powered by TradingView. You can deposit in 50 different FIAT currencies via credit/debit cards and bank wire, or you can fund your account by depositing Bitcoin and many other cryptocurrencies.

Note, that Binance has developed its own blockchain, called BNB, and in total, 40 blockchain networks are supported.

An innovation of the Binance Exchange is the introduction of 'Stock Tokens' that allow the trading of popular equities in the form of cryptocurrency tokens. Moreover, staking and crypto loans are supported.

■ SUPPORTED COUNTRIES: 180 countries are supported

■ SERVICES: Crypto Trading, Derivatives, Staking, Crypto Loans

■ FIAT CURRENCIES: 50 currencies

• Binance supports bank deposits and cards: Visa and Mastercard
• 3rd Party Payment via Banxa and Simplex

► Visit the Binance Cryptocurrency Exchange

 

BINANCE FUND METHODS AND FEES

Binance handles deposits via various FIAT currencies and cryptocurrencies.

Fees for Depositing Funds:

□ DEBIT/CREDIT CARDS: 3% to 4.5% (VISA/MASTERCARD)

□ BANK WIRE: Free SEPA transfer / $15 for US wire transfer

□ 3D PARTY PAYMENTS: Banxa and Simplex

Fees for Withdrawing Funds:

□ $15 for fiat currency withdrawal

□ $100 Minimum FIAT withdrawal

 

BINANCE TRADING FEES

□ 0.02% to 0.1% spot trading fees

□ 0.5% fee for instant buy/sell 

□ The use of BNB coin offers a 25% discount on fees

 

BINANCE CRYPTO ASSET INDEX & STAKING

Binance offers spot trading, margin trading, P2P trading, and crypto futures:

□ Trade 590+ crypto pairs

□ Trade crypto by using margin

□ Trade leveraged products (Futures, Options)

□ Stock Tokens (trade stocks as crypto tokens)

Staking Returns

The staking service allows Binance users to make money by locking their proof-of-stake coins. These are some annual returns at the time of the review:

• BTC 7.49%
• ETH 1.73%
• LINK 2.39%
• BNB 8.49%
• USDC 9.49%
• BUSD 6.56%
• USDT 5.67%
• DAI 8.79%

 

BINANCE PLATFORM & TECHNOLOGY

The Binance platform is a very innovative trading platform offering charts powered by TradingView. The platform incorporates 15 timeframes and a full set of trading orders.

Key Features

• Advanced charting capabilities with hundreds of built-in indicators and 15 timeframes
• Full market-depth
• Rewards and Staking
• Margin trading
• Stock Tokens trading
• Offering a public API key for integrating other software tools

Different Platforms

• Basic, Classic, and Advanced platforms
• P2P platform (connects cryptocurrency buyers and sellers at a local level)
• Derivatives platform
• OTC platform
• API interface (for auto-trading)

Platforms Security

• Cold storage
• 2FA verification
• FDIC-insured USD balances
• Enabling address whitelisting

Trading Orders

• Market orders
• Limit orders (Stop-limit, trailing stop)
• Post only orders
• OCO (one-cancels-the-other)
• P2P (peer-to-peer) orders

Binance Blockchain (BNB)

• Binance has built its own blockchain-based token, it is called Binance Coin (BNB)

Built-in Wallet

• Trust Wallet is the crypto wallet app of Binance. It is an open-source wallet supporting 40 blockchains and many assets.

► Visit the Binance Bitcoin Exchange

 

POSITIVES OF BINANCE REVIEW

(√) Massive variety of crypto pairs (590+)

(√) Ability to use multiple financial services in a single account (spot trading, leveraged products, staking, P2P trading)

(√) Binance platform is user-friendly and offers a full set of trading orders

(√) Open and verify your trading account very fast

(√) Deposit via cards, wire, and crypto

(√) Low-fee trading that can become lower using Binance rewards

(√) Crypto loans and staking are available

(√) Stock Tokens (trade stocks as crypto)

 

NEGATIVES OF BINANCE REVIEW

(x) Their corporate model is not very transparent

(x) Binance is not regulated by a reliable authority

 

BINANCE REVIEW CONCLUSIONS

Founded in 2017, after a 15 million ICO, Binance is a crypto exchange that offers a little bit of everything. Starting with a massive asset index containing 590+ pairs and a full set of trading orders.

Binance aims to cover the needs of all crypto traders from beginners to professionals. The services offered include classic spot trading, margin trading, and derivatives. There is also the option to receive crypto loans or stake your coins for rewards. Professional traders can use the OTC market and take advantage of advanced features such as the trading API.

The Binance platform accepts users from 180 countries and partners with 3rd party companies to allow bank wire and credit card transfers. US users can trade via Binance US which offers limited features in order to be compatible with US trade regulations. The fees are low compared to the competition as you pay 0.02% to 0.1% for spot trading and up to 0.5% for instant buy/sell.

You can open an account and fund it very easily via FIAT and crypto. The account verification process is also very fast and easy to complete. Overall, Binance is one of the best places to easily trade cryptocurrencies by paying low fees.

 

■ Binance Review

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