It can be extremely stressful to buy and sell cryptocurrency. Therefore, you need to look for a crypto exchange that you can trust with your whole heart and money of course. It is of vital importance that you find a crypto exchange that is user-friendly and also meets all your demands and needs. For us that is Binance. How about we give you a Binance review and then in the end you can decide for yourself if Binance is for you.
History of Binance
| Founder | Launched | Active users | Acceptable cryptocurrencies | Flat currency trading | Inactivity fee charged | Trading fees class | Withdrawal fee amount | Minimum deposit |
| Changpeng Zhao | 2017 | 1.419M | BTCETHLTC DOGE XRP+ 350 more | USD/EUR + more | no | Low | $1-30 or 1% to card | $0 |
The birth of Binance
Binance is a crypto exchange that deals with crypto-to-crypto and crypto-to-fiat exchanges. This means that they deal in both real-world money and of course cryptocurrency. Binance Exchange was launched in 2017 and was initially based in China. However, due to strict crypto laws and bans on crypto trading inflicted by the Chinese government, the company moved its headquarters to Japan. A country that is ahead of its time and loves digital currency.
New beginnings
After the company moved out of China on 17th September 2017 and found its new home in Japan, it started gaining success at a fast rate. In January 2018 Binance became the largest cryptocurrency exchange with a market capitalization of about $1.3 billion.
Current status
These days Binance headquarters are stationed in the Cayman Islands and the exchange has about 1.419M devoted users. These days Binance is averaging more than $1 billion in daily trades.
A Glance at Binance
| Category | Binance |
| Minimum balance | No deposit limit but you must trade cryptocurrency worth at least $10 |
| Tradable currencies | 350+ |
| Cost per trade | Starting fees at 0.6%For instant buys, fees of 0.5%Foe debit cards fees is 3.75% |
| Customer service | Self-service, live chat and support tickets |
| Binance accounts per user | One |
| Apps | Binance apps are available on App store and Play store |
Binance services
Binance exchange
Binance allows you to exchange fiat for crypto coins. You can buy crypto on Binance via P2P trading, credit and debit cards, SEPA, or wire transfers.
P2P Trading
This is an excellent feature that Binance offers allowing peer-to-peer trading services. It directly connects buyers and sellers of cryptocurrency and allows fiat payments through a variety of payment options. Users can select the payment option that suits them the best.
Credit/Debit cards
Binance struck a partnership with Simplex in order to provide a brokerage service that helped support credit and debit cards. With the help of this service, users can buy cryptocurrencies with their credit and debit cards. Users can also deposit fiat currency in their accounts via their credit and debit cards. However, this service comes at a price that can get as high as 4.5% in fees for USD deposits via debit card.
SEPA/Wire Transfers
Binance exchange users can easily purchase crypto directly with fiat through SEPA and bank transfers. This option is especially attractive to us because SEPA and wire deposits have no transaction fees, now that’s neat! The only downside to this option is that it is only available for a few fiat options like SEPA for GBP and EUR whereas wire transfers are only available for USD, BRL, and TRY.
Binance trading platform
The trading on Binance exchange is user-friendly and easy. The exchange service houses an impressive cryptocurrency selection for trading, in conjunction with Ether, Bitcoin, BNB, TRX, XRP, DOGE, DOT, Tether, and BUSD trading pairs. Binance’s fiat market harbors a large collection of crypto-to-fiat pairs.
For spot trading users have the option to choose between beginner-friendly and advanced trading interfaces. Binance trading platform also has other trading options for its users like margin, peer-to-peer, derivatives, and OTC trading.
Spot trading
Users have the option to select between two interfaces in spot trading, a beginner’s interface and a regular one. The beginner-friendly interface makes it easier for newbies to understand crypto trading and market rates without confusing them. The beginner-friendly option excludes complex features like different order types and charts.
On the other hand, the regular trading interface is for advance traders and has all the features like charts, different order types, order boos, and more.
Margin trading
Margin trading is only available for selected trading pairs. With margin training users can trade with a leverage of up to 10x. Margin trading offers users a choice between cross-margin and isolated margin. Cross margin risks the entire margin account balance of the user, whereas isolated margin restricts potential losses to a single trading pair.
Binance futures and derivatives
Launched in 2019, Binance Future allows users to speculate on the price of popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and more. This platform allows leverage trading up to 2x, allowing the traders to multiply their profits by 20 times.
Leveraged tokens are the derivates that Binance provides its users. The derivates give buyers leveraged exposure to cryptocurrencies and provide UP and DOWN contract betting on the price of some specific cryptocurrencies.
Binance financing
Financing is a new option that was recently added to the services offered by Binance. Binance financing offers a plethora of services like Savings, Binance smart pools, Staking, Crypto loans, Binance Visa cards, and Binance liquid swaps.
Binance savings helps users make returns on idle funds via locked or flexible account types. Whereas Binance staking helps users earn returns on DeFi coins and proof of stake. The Binance Visa Card is completely free and helps users spend cryptocurrency in places that only accept fiat currency. When users purchase with a Binance Visa card their crypto holdings get converted into fiat. With the help of Binance smart pool miners can contribute to a large mining group. Miners can also switch between different cryptocurrencies to multiply and optimize their income.
Advantages of Binance
Huge variety of Altcoins
Binance exchange houses a wide range of cryptocurrencies, this is what makes it the most coveted crypto exchange company. As of yet the exchange company has 350+ cryptocurrencies in its arsenal and the number is expected to grow in the coming years. Let’s take a look at the cryptocurrencies that are trending on Binance:
| Cryptocurrency | Price ($) | Market cap ($) |
| NEON | <0.00001 | – |
| Dogai | <0.00001 | – |
| Bitcoin | 25,519.23 | 495,163.57M |
| Jesus | <0.00001 | – |
| XRP | 0.4773 | 24,813. 59M |
| Revive | 0.00034 | – |
| Terra Classic | 0.00009 | 534.94M |
| Ethereum | 1,669.97 | 200,754.91M |
| Cardano | 0.26269 | 9.171.56M |
| Polygon | 0.58948 | 5,475.95M |
Low fees
Another top feature of Binance is its low fees. In the crypto industry, Binance fees are the lowest Whenever a user is trading crypto-to-crypto they are only charged 0.1%. Withdrawals do cost money however deposits are always free. Let’s compare Binance fees with other exchange companies.
| Crypto exchange company | Fees |
| Binance | Zero fees for Tier 0 pairs0.0375% to 0.45% maker/taker fees for Tier 1 pairsZero maker/trader fees for BTC/TUSD trading pairs25% discount on Advanced Trading if using Binance coin |
| Coinbase | For wallet-to-wallet transactions fees are based on network fees.For credit transaction fee is 2% |
| CEX.IO | 0%-0.25% maker/taker feesDeposit/withdrawal fees up to 3% |
Prizes
Binance offers prizes to its regular traders. The prizes vary from time to time, one Binance gifted regular traders free cryptocurrencies such as Ontology and Waves. A fortunate trader also received the prize of a Maserati car.
Security
Binance takes extreme measures to improve its security and asks its users to set up two-factor authentication. Two-factor authentication provides an extra layer of security to the customers.
High trading volume
Binance is one of the most popular crypto exchange companies. Crypto fanatics favor Binance t buy, sell and trade their cryptocurrencies therefore there are a lot of trades happening all the time. This means that if you want to sell your cryptocurrency on Binance chances are that you will be able to sell it immediately.
Disadvantages
Customer support
Even though Binance offers email and live chat support ,users have to face long delays. This might be because Binance has a large number of customers, and it might take some time to respond to their queries. However, we hope that Binance will come up with a solution to improve its customer support fast.
Customer Reviews
