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
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%


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. 


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.  


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

Frequently Asked Questions

How does Binance work?

Binance is an online crypto exchange company where users can buy, sell and trade cryptocurrencies.

Is Binance safe?

Binance is the safe crypto exchange company. If you are planning on buying, selling or trading cryptocurrencies then Binance is the safest option. 

What is the purpose of Binance?

Binance is a cryptocurrency exchange company with a strong focus on alt coin trading, buying and selling. 
You must be logged in to post a comment.