Binance Exchange Review: Understand Fees, Features, Trading Pairs, and More
There are so many cryptocurrency exchanges in the world. But which one should you choose? Detailed research based on your requirements will reveal the answer.
Binance is one of the leading cryptocurrency exchanges in the world. It has the best user-friendly experience, low transaction fees, high trading volume, and efficient tools to keep you updated on your crypto portfolio.
In this Guide, we will help you understand the basics of Binance, how-to guide, fees & Limits, and the latest updates for traders and investors. Let us look into this exchange review now!
About the Exchange
Binance is a centralized exchange that was launched in 2017 by Changpeng Zhao, also called ‘CZ’. Thanks to its mainstream advertising, within 180 days it became the largest cryptocurrency exchange in the world in terms of trading volume.
It features a strong focus on altcoin trading and has its own crypto coin called Binance Coin (BNB). Though it was initially based in China, it had to move out due to tightening restrictions and regulations. Binance is presently registered in the Cayman Islands, however, CEO Changpang Zhao is not revealing the current headquarters of Binance as he believes that the exchange should be decentralized as cryptocurrencies.
The highly effective services, user-friendly access, security, low fees, speed of trade, and efficient trading tools retained the investors in the platform and also helped them to be the market leader for a long time.
A verified crypto account can enter the crypto investment and buy crypto in multiple ways. Furthermore, Binance features P2P exchange, futures trading, strategy trading, Auto investments, margin trading, Binance NFT, and much more. It supports third-party wallets like simplex and banxa and has its own acquired wallet ‘Trust Wallet’. Thus making it a perfect platform for crypto trading needs.
Binance offers a wide variety of features that enables you to trade cryptocurrencies smoothly. Now let us have a look at them
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Cryptocurrencies available on Binance
With more than 600 cryptocurrencies and 1432 trading pairs on its platform let us look at the most traded cryptos on Binance right now.
For a full list of cryptocurrencies check out the company’s market page
How to Register Using Binance App?
Setting up an account on Binance can be done in a few steps and let us explore them
1. Open the Binance App and tap [Sign Up].
2. Select a registration method. You can sign up with your email address, phone number, and Apple or Google account.
3. Select [Email] or [Phone Number] and enter your email address/phone number. Then, create a secure password for your account.
4. You will receive a 6-digit verification code in your email or phone. Enter the code within 30 minutes and tap [Submit].
5. Congratulations! You have successfully created a Binance account.
How to buy cryptocurrency?
There are a number of ways to buy cryptocurrencies from Binance, including Credit/Debit cards, Cash Balance, Google/ Apple Pay, and P2P. Let us see how you can buy crypto using a credit/ debit card
Buying crypto Via bank debit/ credit card
1. To get started select “Buy with cash” from the home screen
2. Next, select “Credit/Debit Card”
3. Tap “USD” to open the list of supported fiat currencies available
4. Type the name of your fiat currency in the search bar or scroll through the list to select your local fiat currency.
5. Enter the amount of the selected fiat currency you wish to spend and tap “BTC” to select the cryptocurrency you wish to purchase.
6. “Add a new card” or select the card and then tap [Buy]. Once you have entered the amount, Tap [Confirm]
8. Congratulations, the transaction is complete and the purchased cryptocurrency has been deposited to your Binance Spot Wallet.
How to Sell Cryptocurrency on Binance?
You can sell your cryptocurrencies using fiat and spot wallet, or P2P trading. However, if you’re looking for a quick and convenient way to sell your crypto into cash, Sell-to-Card is the answer. Sell-to-Card is an instant and convenient way for users to sell and cash out on their crypto directly to VISA credit/debit cards.
How to Deposit Crypto in Binance?
A user can transfer their cryptocurrencies from another platform and deposit them in Binance for trading or earn passive income using Binance Earn Feature.
1. Open your Binance App and tap [Wallets] – [Deposit].
2. Choose the cryptocurrency you want to deposit, for example, USDT.
3. You will see the available network for depositing USDT. Make sure that the selected network is the same as the withdrawal network
4. You will see a QR code and the deposit address. Click [Save as Image] and import the QR code on the withdrawing platform directly.
5. After confirming the deposit request, the transfer will be processed. The funds will be credited to your Binance account shortly after.
How to Withdraw Crypto on Binance?
Binance allows a smooth withdrawal system and the only thing you have to do is to follow the step-by-step procedure. Make sure that you adhere to the steps otherwise, there is a high chance that you might lose the cryptocurrencies. Let us get into step
1. Log in to your Binance App and tap [Wallets] – [Withdraw].
2. Choose the cryptocurrency you want to withdraw, for example, BNB. Then tap [Send via Crypto Network].
3. Select the Right Network you want to make the withdrawal on.
4. Enter the withdrawal amount and Tap [Withdraw] to proceed.
5. You will be prompted to confirm the transaction again. Please check carefully and tap [Confirm].
6. Verify the transaction with 2FA devices & please follow the on-screen instructions to complete the process.
7. After confirming the withdrawal request, please wait patiently for the transfer to be processed.
Binance is a secured platform however, the withdrawal time varies for cryptocurrencies. Do not be in the assumption that Binance is slow in confirming transactions. It is because the withdrawal time depends on the traffic and blockchain. If there is high traffic, it might take more time to withdraw. Same way every blockchain is also different.
For example, the Binance Smart chain can process transactions in a faster way compared to Bitcoin.
Fees and Supported Payments
In Binance the more you trade the less you pay on fees plus you will be getting many discounts too. The transaction fee corresponds to your trading volume.
Binance VIP Level Ranking
Binance uses a VIP ranking system where users are ranked based on their trading volume in 30 days. VIP 9 is the highest and a new user is the lowest.
Here is a quick view of the fee rates
Click here to know more about fee rates on Binance
Binance Deposit & Withdrawal fees
A quick glance at Binance Deposit and withdrawal fees
Please note that the minimum withdrawal limit and transaction fees vary depending on the network you choose and make sure that you choose the correct network for the transaction or else you may lose funds.
Check the official website for the most recent list of withdrawal fees for each cryptocurrency and fiat currency
Binance Mobile App is available for android and iOS users. An interesting thing is that they offer a demo account for mock trading on a mobile app for new users to get acquainted with the trading methods. Once the user gains confidence he or she can deposit money according to their budget and start investing and trading.
Here’s why you should use Binance mobile app which makes your trade go easier:
Referral Commission & other earnings in Binance
Binance offers a referral program where you can earn even if you don’t trade, for every new user you bring into the system you receive a commission whenever new referred user trades on any of Binance’s Spot (Margin) or Futures markets.
Binance Pool Referral Program
Binance pool is a platform dedicated to improving the income of miners. It provides mining services to the users with a focus on PoW (Proof of Work) & PoS (Proof of Stake). For every new user you bring into the pool you receive a commission rate of 30% when they start mining.
Binance Earn Wednesday Offer
In November 2022, Binance launched “Earn Wednesday” – a rewarding program where users can get a stable income by depositing their digital assets and get rewards across Simple Earn, DeFi Staking, Liquid Swap, Dual Investments, and more.
Here users can select digital assets and deposit them for a selected period of time. Upon maturation, the users will be getting earnings for their subscribed digital assets. Locked product duration is fixed whereas Flexible product duration is flexible.
Free Dual Investment BTC Sell High subscription
Binance also recently launched a free Dual Investment BTC Sell High subscription where users can gain knowledge about Dual Investment and Auto-Compounding, complete a quiz and get an eligible score on dual investments to be eligible for the program.
Only the first 100,000 new Dual Investment users who successfully complete this quiz, will qualify to each receive a free Dual Investment BTC Sell High subscription
Check out the Binance website for a list of products eligible for ‘Earn Wednesday program’
tercard Credit/Debit Cards in Sell-Crypto-for-Fiat Feature. Users can now directly sell crypto for fiat currencies using Master credit/debit cards
Binance is one of the most transparent and secure cryptocurrency exchanges in the world. However, the recent hacks and government scrutiny raise the eyebrows of many users. But you need to note that Binance offers so many security features for your account and they are accountable for any loss of assets in the system. Binance has so many advantages compared to its competitors. Moreover, Binance offers a learning section where a newbie can learn all about cryptocurrency and start investing wisely.
Even though the company had its origin in China and is led by a Chinese Canadian CEO you cannot brand it as a Chinese company as they are now headquartered in Malta and has employees from almost all ethnicity. Binance is registered in different countries and has people from different places, so it cannot be completely regulated by a Chinese governing body.
Yes, it is safe. Even though Binance recently had a security hack they recovered the losses and reimbursed fund to users from Security Asset Fund (SAFU). Other security reasons like SAFU, whitelisting, and offline storage of funds(cold wallets) make Binance outstanding and ahead of the pack.
Flexible Savings is a unique crypto savings account offered by Binance. Here the subscriber can get interests on their holding and staking of cryptocurrency that is deposited to Binance account.
Please note: Trading cryptocurrencies involves significant risks and can result in the loss of your capital. You should always do your own research (DYOR) to understand the risks involved before you trade.Source