Binance is one of the most popular cryptocurrency exchanges. It is the largest in the world, and was founded in 2017. The company is based out of the Cayman Islands and was founded in 2017. The advanced platform is similar to the Classic platform, but provides more trading tools within the charts. This version of Binance also allows traders to buy and sell directly from other users, utilizing margin and faster settlement. Using the advanced platform requires an account with a large amount of balance, and can be accessed only by registered users. The Basic platform is also a great way to learn more about crypto and trading.
| 👑 Cryptocurrencies | BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO |
| 📈 Securities tradable | 312 cryptocurrencies |
| 💵 Cost per trade | 0.10% |
| 💬 Customer service | Email : Yes, Phone support : Yes, live chat : Yes. |
| 💰 Desposit Fees | None |
| 💰 Withdrawal Fees | Fees vary |
| 💰 Payment Methods | Credit card |
| 🔋 Mobile app | IOS App : Yes, Google Play Android App : Yes |
Initially, Binance only offered trading via Bitcoin, but gradually started adding more digital currencies that suited its decentralized standards. It has now expanded its list to include more digital currencies like Litecoin, Ethereum, XRP, as well as many others that offer promise and suit its criteria.
Binance is a cryptocurrency platform that was founded in 2017 the current CEO is Changpeng Zhao. Binance has headquarters in Cayman Islands; Mahé, Seychelles and offers the buying and selling of over 312 cryptocurrencies to customers all over the world. Buying and selling cryptocurrency can be done online. If you are looking to trade crypto using your mobile phone, Binance offers native mobile apps to buy and sell cryptocurrencies, directly from your phone.
You can use exchanges to trade one cryptocurrency for another like Bitcoin to Dogecoin. With Binance you can also exchange your cryptocurrency with fiat currency, such as the UK Pound or US Dollar.
Risk warning : Trading cryptocurrencies is high risk. When trading CFDs losses may exceed deposits.
Binance works best particularly for active retail traders seeking to trade as well as store multiple digital currencies, as it offers an element of convenience. The platform also happens to be a viable option for institutions and businesses looking to utilize digital currencies, and it allows traders to convert one digital currency to another.
Following are the advantages of using Binance:
Binance is considered one of the simplest platforms for cryptocurrency investing. You can easily register and deal in digital currencies within minutes. Binance also offers a learning platform that rewards users with cryptocurrencies to learn about how they work.
Binance has an impressively extensive range (over a hundred and growing) of digital currencies that you can trade, not to mention the most popular ones like Bitcoin, Cardano, Solana, and many more. This is in stark contrast to other financial applications or brokers that offer the promise of cryptocurrency trading but provide only a few of the most popular coins.
High liquidity guards investors from price slippages in a market that is already volatile. Binance currently ranks among the highly liquid exchanges.
Binance offers an entire course of tutorials and exams as a means of educating users about digital currency trading as well as some of the digital currencies being offered. Taking classes also earns you certain digital currencies.
Contrary to brokers focused on trading, Binance enables traders to take custody of their cryptocurrency assets for themselves. Binance provides its cryptocurrency wallet, but traders can bring their wallets. This way, traders can pick the solution that suits them the most.
Binance also enables traders holding digital currencies with them to take part in staking rewards. Staking is similar to earning interest with a bank account. This, however, comes with different risks. Staking generates revenue from traders’ holdings as they are utilized for validating transactions in a digital currency. Binance shares that type of reward with its traders. Binance takes care of the technical side, and the extra coins are sent to the trader’s account on an established schedule.
Following are the disadvantages of Binance:
Although Binance has a vast variety of altcoin choices for beginner investors to interest themselves in. Those seriously wanting to trade in altcoins may not find a good selection there.
Binance has higher fees compared to other exchanges. Its fee structure can also be confusing. If you are using Binance ‘s basic platform, you will not be able to find a schedule before you proceed to place a trade.
Binance allows you to trade around 312 digital currencies including BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO and many more.
Binance has 312 cryptocurrencies available to registered users. These cryptocurrencies include BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO.
Binance offers its own stablecoin called Binance. Stablecoins are meant to mitigate volatility in relation to digital currencies like Bitcoin. Stablecoins are usually pegged to stable reserve assets like the US dollar or gold. Traders can buy stablecoins on Binance.
Binance has a decent variety of altcoins for traders to choose from with over 312crypto assets including alt coins listed on Binance.Binance has a decent variety of altcoins for traders to choose from with over .
Different cryptocurrencies at Binance come with different limitations and set withdrawal amounts. You may only be able to trade some with fiat currencies like the US dollar. Some may also be restricted in some countries. Users can buy cryptocurrencies via debit card. They can also purchase crypto with funds in their Binance wallet.
Binance has upwards of 312 cryptos available in multiple regions of the world.
Binance allows users to take custody of their cryptocurrency assets themselves. Users can either use Binance’s crypto wallet, or their own. Binance also has over 53 fiat currencies available including USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH all accessible to registered users.
Binance enables customers holding crypto to take part in staking rewards. It is similar to interests in a bank account; however, it comes with its risks. This generates revenue from a user’s holdings because they are used to authorize crypto transactions. That revenue is shared with customers.
Binance Users will have to pay a 0.10% trading fee as well as deposit fees of None when buying and selling cryptocurrency with Binance.
Outgoing Binance transactions to outside crypto addresses normally require a network fee, also known as a mining fee. This ensures the processing of transactions on crypto networks. This fee is then forwarded to crypto miners, the systems processing the transactions.
Trading commissions at Binance work similarly to traditional share dealing fees. That means users have to pay a variable commission. The standard trading commission at Binance is 1.49 percent, so users will have to pay this percentage when they buy or sell a digital currency.
With Binance standard cryptocurrency to fiat withdraw fees varies by cryptocurrency, instant cash-out of your Binance account. A withdrawal fee of (Fees vary) may also be required for certain 3rd party payment methods instead of using cleared bank funds.
Binance charges a percent flat fee on all currency conversions which you will have to factor into your crypto trading.
The payment methods offered at Binance are Credit card. Binance also offer wallet, wire transfer, crypto conversion, ACH transfer, and credit transactions.
If you have cryptocurrency or traditional fiat currency in your Binance account and want to withdraw it, you must use the same payment method that you used to deposit it. This is because of anti-money laundering legislation.
Users can withdraw their digital currency from Binance to fiat at any time through an ACH transfer. Such transfers usually take 1-2 working days to complete. Binance also allows instant cash-outs that run twenty-four-seven, to cards or bank accounts in exchange for extra fees (1 percent).
Contrary to holding cash in a traditional bank, cryptocurrency is not secured under federal laws. Binance stores 98 percent of its users’ cryptocurrency offline in what is known as cold storage. The remaining 2 percent is meant for facilitating trading volume. The platform also has an insurance policy that protects users’ cryptocurrency holdings.
Binance holds its customers crypto in its free wallet service. Users can even choose to hold their cryptocurrencies in separate wallets. Binance requires its users to finish a 2-factor authentication process to log in to their accounts. Other than that, Binance also has biometric login (fingerprints and Face ID) security as well as AES-256 encryption when it comes to private keys. Aside from all this, it helps to use strong passwords, i.e., ones that should not be used elsewhere.
Binance holds your cash in one of three locations: custodial accounts found at US banks, US money market funds, US Treasuries and for European Binance clients FCA regulated European banks may be used.
Binance does offer two-factor authentication for added security.
Specific device whitelisting is a feature that enables cryptocurrency withdrawals to only be sent to devices that are allowed. The two-factor authentication feature is required to enable or disable the feature. This allows Binance customers to withdraw to authorized devices.
Binance has a large amount of liquidity. In that case, wide spreads should not be a big concern. Liquidity also allows for significant transactions without any problems.
To open an account at Binance, the first step to get started is to provide your name, email address, password, and the state you live in. Choose “create an account” and move on to verify your email. Once you log in, you will be asked to provide your number and verify it. The next step is to fill in your personal information and answer any questions about the account creation. After that, you verify your identity (a two-factor authentication setup is recommended). The last step is to link a payment method.
Binance has a simple, user-friendly interface.
Binance offers features like crypto investing, custodial accounts, an advanced platform for trading, and its own designated US dollar stablecoin.
Binance is fairly easy to use. The sign-up process takes only a few minutes. The overall interface is brilliant and easily navigable, with a search bar that lets you explore the crypto offerings available at Binance.
The availability of mobile applications for such platforms is highly crucial for investors that are always on the go. This way, they can effortlessly place market offers, and keep tabs on live market data, i.e., shares, currencies, stock indices, commodities, etc. Binance has highly rated applications for both iOS and Android.
The Binance app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website.
The Binance app can be found on the Play Store on all Android devices, offering the same features as the desktop website.
Binance enables entitled customers to learn about digital currencies through their educational resources offered. Users can even unlock lessons educational content and earn cryptocurrency in the process.
Binance registered users can request support through email, phone, live chat when available. Support options are available through the Binance website and apps. If you have an issue that needs to be resolved you also speak to a representative by filling out a form on the Binance website. Binance also has a help page for solving common problems with your Binance crypto account.
Binance phone support can be accessed by called them on (929) 228-3440.
Binance email suport can be reached at [email protected]. Although Binance usually respond within 2 days it may take up to 7-14 days for a response to some queries during peak times.
Customers can reach out to Binance via live chat at any time if they have issues or difficulties with their Binance account that they can't solve. Obtaining assistance via live chat is by far the most common means of customer service compared to other types of support.
Binance is available in over 100 countries. Binance does not operate in the following countries : Afghanistan,Haiti,Iran,Iraq,Jordan,Kazakhstan,Kosovo,Lebanon,Libya,Macau,North Korea,Palestinian Territories,Panama,Sierra Leone,Syria,Yemen.
Binance offers remarkably high limits and they depend on the user’s account level. A user’s account level is determined by the amount of information they have verified. Fully verified users can buy up to 50K USD worth crypto every day.
Binance is a regulated company that is backed by major investors and holds licences for all the districts it operates in.
Yes, Binance is among the safest web wallets available. It keeps 98 percent of its assets in offline cold storage. Assets cannot be hacked while in cold storage. Binance also ensures other ways to safeguard funds, i.e., two-factor authentication and AES-256 encryption. Your wallet is also covered up to 250K, courtesy of FDIC Insurance.
Yes, Binance is compliant with all applicable regulations in every jurisdiction it operates in.
Binance ‘s customer support can be contacted via email, live chat, and via Twitter. Users can also schedule a call from a representative by filling a form on Binance‘s website. Binance also has a “Help” section for less complicated issues.
Binance makes a solid choice for traders looking to trade crypto as it has a sleek, easy-to-use interface, signing up is straightforward, and most of its processes are simple. It offers a vast collection of cryptocurrencies to trade, and users can also earn staking rewards, among other things.
🤴 Used By: 128,600,000
⚡ Crypto Available: BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO and 312 more cryptocurrency.
📈 Traded Volume: 151,558,000,000
💵 Deposit Methods: Credit card
💰 Trading Fees: 0.10%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 23,200,000
⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
📈 Traded Volume: 41,693,321
💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,
💰 Trading Fees: Fees vary. Overnight and weekend fees apply
💰 Withdrawal Fees: US$5 (minimum withdrawal of US$50)
💰 Deposit Fees: Fees vary (conversion fees for non-USD deposits)
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 13,000,000
⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
📈 Traded Volume: 42,043,394
💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,
💰 Trading Fees: Fees vary
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Fees vary
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 4,000,000
⚡ Crypto Available: BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, UNI and 820 more cryptocurrency.
📈 Traded Volume: 5,945,756,067
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: Maker: 0.20%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 1,000,000
⚡ Crypto Available: BTC and 1 more cryptocurrency.
📈 Traded Volume: 612,000,000
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: None
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Fees vary
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 8,000,000
⚡ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO and 434 more cryptocurrency.
📈 Traded Volume: 110,957,137
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: 0.10%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 10,000,000
⚡ Crypto Available: BTC, BCH, ETH, XRP, LTC, BTG, DASH, ETC, EOS, QTUM and 320 more cryptocurrency.
📈 Traded Volume: 924,266
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: Maker: 0.2%
💰 Withdrawal Fees: None
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 73,000,000
⚡ Crypto Available: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and 73 more cryptocurrency.
📈 Traded Volume: 7,622,846,254
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: Fees vary
💰 Withdrawal Fees: Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
💰 Deposit Fees: Credit/debit card: 3.99%
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 450,000
⚡ Crypto Available: BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR and 42 more cryptocurrency.
📈 Traded Volume: 64,141,140
💵 Deposit Methods: Bank transfer
💰 Trading Fees: Maker: 0.05-0.15%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: No Fees
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 10,000,000
⚡ Crypto Available: BTC, ETH, USDT, XRP, ATOM, XTZ, XLM, LINK, CRO, BCH and 153 more cryptocurrency.
📈 Traded Volume: 2,630,000,000
💵 Deposit Methods: Credit card
💰 Trading Fees: Maker: 0.04-0.20%
💰 Withdrawal Fees: Cryptocurrency: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 2,300,000
⚡ Crypto Available: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and 10 more cryptocurrency.
📈 Traded Volume: 86,072,667,390
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: 2.9-3.9% (depending on loyalty level)
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Credit card: 5%
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
Following are the most commonly asked questions (and their answers) about Binance:
Yes, Binance is backed by high profile investors and regulated by reputed financial authorities.
Users can withdraw their crypto to fiat any time they want through an ACH transfer. Such transfers normally take 1-2 working days. Binance also allows instant cash-outs to cards or bank accounts in exchange for extra fees.
Yes, because of how easy-to-use its web and application interfaces are, Binance is seen as one of the best options for beginner traders.
You will need to pay taxes on any cryptocurrency profit you accrue. How cryptocurrency is taxed differs on where your country of residence is and where you are in the world. In the USA federal income tax purposes, cryptocurrency is considered "property," which means the IRS classifies it as a capital asset. This means that the crypto taxes you pay are the same as the taxes you'd pay if you had a profit or loss on a capital asset sale or exchange.
Any earnings made on crypto assets held as a personal investment in the United Kingdom will be taxed. It is stated that you must pay capital gains tax only on gains that exceed the annual exempt level.
Individuals must pay taxes on cryptocurrency received as a result of mining, airdrops, confirmation incentives, and cryptocurrency acquired as a paycheck from an employer. Unless the donation exceeds the acquisition cost, crypto assets donated to charity are not subject to capital gains tax.
Check with a local accountant to check if any tax is due on your cryptocurrency trading.
If Binance isn’t quite what you are looking for you can check out some of the best Binance alternatives below.
If you would like to see Binance compared agains some of the best Binance alternatives available right now you can do so by clicking on the links below.
Adam Rosen - Lead financial writer