Binance Exchange Review
- Advanced Traders
Binance is a centralized cryptocurrency exchange with more than 500 active trading pairs. Established in 2017, Binance is now the most popular cryptocurrency exchange by both user base and legitimate trading volume.
Binance Exchange - 2020 Comprehensive Review
Binance Exchange Overview
|Trading Fees||Maker: 0.1% / Taker: 0.1%|
|Fiat Trading||Euro, Lira, Naira, Ruble, South African Rand|
|Purchase Options||Crypto Deposits, Credit Cards|
|Trading Options||Spot Trading, Margin Trading, Margin Funding, Futures Trading|
|Order Types||Limit, Market, Limit-Stop|
|Exchange Token||Binance Coin|
|Token Benefits||Trading Fee Discounts, IEO Access.|
|KYC Rules||Required For Withdrawals Greater Than 2 BTC Value Per 24 Hours|
|Convert Micro Balance|
|Customer Service||Support Ticket System|
|Promotions||Earn Staking Rewards on XTZ, ATOMS, ALGO. Earn Interest on BTC, USDT, BUSD, BNB Deposits.|
Binance Mobile App Features
Live Chat Support
Binance Trading Fees (Maker & Taker)
|Tier||Monthly Volume Requirement||Maker||Taker||Maker|
|VIP 0||$1.00 + BNB Balance = 1.00||0.10%||0.10%||0.08%||0.08%|
|VIP 1||$1,000,001.00 + BNB Balance = 51.00||0.09%||0.10%||0.07%||0.08%|
|VIP 2||$5,000,001.00 + BNB Balance = 201.00||0.08%||0.10%||0.06%||0.08%|
*Trading fees subtracted from user BNB balances receive a 25% discount
*All new users begin at the VIP 0 general trading tier, and should expect 0.1% Maker & 0.1% Taker fees.
Binance Withdrawal Fees
|Asset||Withdrawal Fees||Minimum Withdrawal|
Binance does not charge deposit fees.
Binance Markets & Volume
Binance Top Markets
|Crypto Assets||Price||Pairs||24h Volume|
Binance Supported Stablecoins
|Stablecoin Assets||Price||Pairs||24h Volume|
Binance Coin (BNB) Token
Binance, Binance US
Binance Coin (BNB) Exchanges
Recommended Binance Coin (BNB) Wallets
Binance Exchange Alternatives
|Trading Fees||Maker : 0.1%|
Taker : 0.1%
|Maker : 0.1%|
Taker : 0.1%
|Maker : 0.16%|
Taker : 0.26%
|Purchase Options||Crypto Deposits, Credit Cards||Crypto Deposits, Credit Cards||Bank Transfer, Crypto Deposits|
|Trading Options||Spot Trading, Margin Trading, Margin Funding, Futures Trading||Spot Trading||Spot Trading, Margin Trading, Futures Trading, Forex Trading|
|Headquarters||Malta||Hong Kong||San Francisco, California, United States|
Pros and Cons
- Beginner Friendly - Binance has a very well designed user interface. The platform is easy for beginners to navigate but also sophisticated enough for advanced traders. A well documented FAQ and support team are available around the clock to assist users with any questions or account issues.
- Liquidity - Binance is currently the largest cryptocurrency exchange by volume and user base. Virtually every reputable crypto asset is traded on Binance.
- Trading Fees - Binance has set the industry standard benchmark for trading fees at both 0.1% for maker and taker. Trading fee discounts are available for high volume traders.
- Mobile App - Binance has fully functional Android and IOS mobile applications packed with features and 24/7 live chat support.
- IEOs - Binance has by far the most popular ‘Initial Exchange Offering’ platform in Binance Launchpad. Binance Launchpad IEO participants in 2019 have enjoyed significant returns on their contributions.
- Margin Trading - Binance has recently implemented margin trading. Users can trade bitcoin and larger cap altcoins with up to 3x leverage.
- Futures Trading - Users can now trade BTC/USDT futures on Binance with up to 20x leverage.
- Referral & Affiliate System - Every registered Binance account comes with its own unique referral link. These accounts can refer other users to Binance and receive up to 40% of their trading fees as commission.
- Regulatory Scrutiny - As the industry leader in legitimate volume, Binance has attracted the attention of governments and financial regulators across the world. Blockfer recommends that users be aware of the regulatory risks Binance is facing as they have operated in a legal grey area since their launch.
- Limited Fiat Deposit Options - Binance is primarily a crypto-to-crypto exchange. This means there are very limited options for purchasing cryptocurrency with fiat or withdrawing cryptocurrency into fiat.
Frequently Asked Questions
How safe is Binance?
Binance maintains an above average reputation amongst its competitors in the industry but has encountered issues with security breaches in the past. Users were always compensated for lost funds, but this should serve as a reminder as to why it’s important for users to only keep cryptocurrency on an exchange that they intend to trade within the immediate future.
Overall, Binance is a safe cryptocurrency exchange.
See our Complete Guide To Cryptocurrency Security series to learn more about securing and storing your cryptocurrency assets.
Does Binance accept US customers?
Binance has recently ended American user access to their main exchange. Binance.US will now become the default exchange for Americans. Binance.US is regulated and requires all registrations to KYC. Users should expect access to considerably fewer crypto assets in the early stages of the exchange.
Does Binance accept PayPal?
Binance does not currently accept PayPal.
Does Binance Have A Mobile App?
Yes. Binance has mobile apps available on the Google Play and Apple App Store.
Does Binance Have Margin Trading?
Binance has recently introduced margin trading with up to 3x leverage. BTC and USDT pairs for Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and an additional 20+ altcoins are available for margin trading.
Does Binance Accept Credit Cards?
Yes. Binance accepts both VISA and Mastercard credit and debit cards for the purchase of Bitcoin. Users can then use Bitcoin to trade or buy other cryptocurrencies. Binance charges a 3.5% fee for Bitcoin purchases with credit and debit cards.
Note: See Blockfer’s How to buy Bitcoin with a credit card guide.
Does Binance require users to KYC?
Binance allows unlimited deposit amounts without KYC but users can only withdrawal a total value of 2 Bitcoin (BTC) per 24 hours unless they complete KYC. Users who complete the KYC process can withdrawal a total value of 100 Bitcoin (BTC) or more every 24 hours.
Binance is currently the most popular cryptocurrency exchange in the world. The company has succeeded far beyond expectations given its youth - having just launched in 2017.
Innovation, retail and institutional friendly trading fees, liquidity, and user experience have all contributed to the rise of Binance.
Binance has continued its expansion into new territories including exchanges in the US, Jersey, and Uganda. Binance has even launched a decentralized exchange in Binance DEX. We fully expect Binance to continue this expansion trend in addition to opening up new options for fiat deposits and withdrawals.
Binance is Blockfer’s highest rated exchange. It has proven difficult to bet against their level of innovation and its controversial CEO Changpeng “CZ” Zhao. The company has set the industry standard in almost every way possible for cryptocurrency exchanges.
|Learn More||Best Features|
Binance Official Website
Legal & Regulation - Facts & Figures
|Legal Name||Binance Holdings Limited|
|CEO||Changpeng Zhao (aka. CZ)|
|Regulators||Malta Financial Services Authority, Malta Digital Innovation Authority|
|Links||Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn|
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Methodology: How We Review And Compare
Our mission is to provide the most informative, unbiased, and useful reviews and comparisons possible for products and services in the blockchain finance industry. Assessments are powered by experts with years of relevant experience.
The cryptocurrency exchanges found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our exchange reviews and comparisons include: liquidity, purchase options, user experience, trading fees, trading options, listed assets, reputation, mobile experience, and customer support.
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