Binance is a leading cryptocurrency exchange for cryptocurrency traderBinance
Binance is a leading cryptocurrency exchange for cryptocurrency traders and enthusiasts looking to buy and sell a wide variety of cryptocurrencies at low fees. Led by its charismatic leader Changpeng Zhao, its defining features are innovation and new features, proactive community, ability to buy bitcoin and altcoins with more than 40 fiat currencies, their own Binance Chain and Binance coin (BNB), Binance Futures and margin trading with up to 125x leverage, and vision to morph into a decentralized autonomous organization (DAO) in the coming future. While its platform is capable of handling a large volume of trades without suffering a significant slowdown in transaction times, it does experience its fair share of issues from time to time, including unexpected maintenances and security vulnerabilities. Despite that, it remains one of the most important exchanges in the cryptoverse.
Binance‘s core features include:
Trade over 180 cryptocurrencies on Binance. Binance is one of the major altcoin exchanges with one of the best selection of tradable assets.
Binance Fiat Gateway. Binance lets you instant buy bitcoin and other 15 top cryptocurrencies with 40 popular fiat currencies using bank cards, cash balance, and other payment methods. Besides, you can sell them for some of the supported national currencies, too.
Low trading fees. Trading on Binance brings you some of the lowest in the industry.
Multi-platform support. Binance is accessible via its web platform, mobile apps for Android (including Android APK) and iOS, and desktop clients for macOS and Windows. Besides, you can make use of Binance API.
Binance Futures with up to 125x leverage and margin trading with up to 3x leverage. Trade cryptocurrency contracts and assets with leveraged positions for maximum returns.
Around the clock customer support. Binance has a dedicated help center, where you can reach out to the support team or real beginner guides and explanations of all sorts of exchange functions.
Binance Launchpad. All customers of Binance can participate in its initial exchange offerings (IEOs). Binance‘s IEOs are among the most profitable in the industry.
Binance Finance. Binance also supports staking, crypto lending, and other means of earning passive income from your crypto assets.
In brief, Binance is one of the most innovative cryptocurrency exchanges in the market. Binance developers and global community members continuously work to improve the ecosystem and popularize the use of cryptocurrencies globally. The exchange is a great trading option for both beginners as well as experienced traders.
Binance is one of the newest, yet best-known major crypto exchanges around. It’s been started with a simple idea in mind – provide a simple, intuitive, fast, and robust cryptocurrency trading interface.
Binance is one of the newest, yet best-known major crypto exchanges around. It’s been started with a simple idea in mind – provide a simple, intuitive, fast, and robust cryptocurrency trading interface.
Binance exchange review
Binance platform homepage. Source: Binance.com
Launched in China in July 2017, it has a fine crypto pedigree behind it: founders Changpeng Zhao and Yi He had worked previously at OKCoin exchange, while Changpeng had also been a member of the Blockchain.com wallet team since 2013.
Binance cryptocurrency exchange has proven to be one of the most successful ICO (initial coin offering) projects out there. Between July 1-20, 2017, the exchange raised USD 15,000,000 equivalent of crypto from eager investors. In turn, the investors received 100,000,000 of Binance Coin (BNB) tokens issued on Ethereum blockchain (now migrated onto Binance‘s native Binance Chain). The initial ICO price for one BNB was USD 0.115 per coin.
Ever since its launch, Binance has become the largest exchange in terms of the global trading volume. More surprisingly, it achieved this in just six months. It remains near the top today, something which can be attributed to its ease of use, its responsive ability to handle a large number of transactions, global approach to its business and platform accessibility in multiple languages (English, French, German, (simplified and traditional) Chinese, Spanish, Russian, Korean, Vietnamese, Italian, Turkish, Portuguese, Japanese, Dutch, Polish, Malay, and Ukrainian).
Although the company was founded in China, it moved its headquarters to Japan in advance of the Chinese government ban on cryptocurrency trading in 2017. In 2018, Binance established offices in Taiwan and announced its move to Malta. However, in 2020, Malta Financial Services Authority (MFSA) clarified that Binance is neither officially registered nor regulated in the country.
While Malta remains de facto Binance‘s headquarters, the company is incorporated in the Cayman Islands and Seychelles. Asides from that, the company has teams in California (United States), London (United Kingdom), Paris (France), Berlin (Germany), Moscow (Russia), Istanbul (Turkey), Singapore, New Delhi (India), Kampala (Uganda), Manila (Philippines), Ho Chi Minh (Vietnam), Jersey, and other locations in Asia. In total, its team is operating from 40+ countries.
Binance Ecosystem. Source: Binance.com
Today, the exchange has over 15 million users and settles more than USD 2 billion on an average trading day. Besides, it has evolved a suite of related products, including:
Binance Jersey. A European fiat-to-crypto cryptocurrency exchange that facilitates bitcoin (BTC), ethereum (ETH), litecoin (LTC), Binance coin (BNB), and bitcoin cash (BCH) trades for euros (EUR) and pound sterlings (GBP).
Binance US and other localized versions of Binance exchange. Regulated versions of Binance exchange dedicated to certain markets with varying regulatory climates.
Binance DEX. Binance‘s decentralized exchange built on the Binance Chain.
Binance JEX. Binance‘s cryptocurrency futures and options trading platform.
Binance Futures. Binance‘s crypto-derivative platform that lets you trade futures with up to 125x leverage.
Binance Launchpad. Binance‘s crypto crowdfunding platform for launching top-tier initial exchange offerings (IEOs). Binance‘s launchpad was the first one in the industry and the exchange has popularized the concept.
Binance P2P trading. A peer-to-peer crypto trading platform like LocalBitcoins or LocalCryptos that supports payments via WeChat, AliPay, Bank Transfers, and QIWI.
Binance Crypto Loans. A feature that allows you to take out crypto loans secured by your cryptocurrency assets.
Binance OTC.Over-the-counter trading desk for whales and other large-volume traders.
Binance Savings. Ability to employ your crypto assets by lending them out to earn interest. You can withdraw your funds anytime.
Binance Staking. Binance staking feature lets you stake certain cryptocurrencies and reap up to 16% annual yield. Supported cryptocurrencies include Ark, EOS, ARPA, TROY, Lisk, LOOM, Tezos, KAVA, THETA, and more.
Binance Fiat Gateway. A fiat gateway that lets you purchase cryptocurrencies using your national currency (currently supports nearly 40 fiat currencies.)
Binance Chain and Binance Coin (BNB). Community-driven blockchain ecosystem with its own native token (BNB) and decentralized exchange (DEX).
Binance USD (BUSD) and Binance GBP stablecoin. Binance‘s regulated stablecoins, released in partnership with Paxos Trust Company.
Binance Academy. An open-access learning hub for blockchain and crypto education resources.
Binance Charity. A not-for-profit foundation dedicated to advancing blockchain philanthropy and sustainable global development.
Binance Info. An open-source crypto encyclopedia.
Binance Labs. Binance‘s infrastructure impact fund and initiative to empower blockchain projects.
Binance Research. Institutional-grade research platform conducting analysis for investors in the crypto space.
Trust Wallet. An official, secure, and decentralized wallet of Binance.
Binance Cloud. Enterprise cryptocurrency exchange solutions for cryptocurrency ventures.
Binance Card. A crypto payment card that can be used as a payment option for everyday purchases just like a regular bank card.
In 2019 and 2020, Binance made headlines for going on an acquisition streak and acquiring India’s largest cryptocurrency exchange WazirX, Chinese dapp analytics platform DappReview, and the most popular cryptocurrency market data aggregator platform CoinMarketCap.
In the future, Binance has ambitious goals of morphing into a decentralized autonomous organization (DAO), enabling fiat-to-crypto trading for more than 180 fiat currencies, and fully open-source Binance Chain and its native Binance Coin (BNB).
Supported countries and Verification
Binance exchange is a global cryptocurrency trading company that operates in more than 180 countries. The only restriction applies to countries on economic sanctions lists or people on the U.S. Commerce Departments “Denied Persons List.”
The United States citizens and residents can use the Binance US exchange. Other locations with a local version of the Binance exchange include Binance Singapore, Binance Uganda, and Binance Jersey.
Verification procedures and requirements vary according to your jurisdiction. First-time customers must go through one-time Know-Your-Customer (KYC) verification. It requires you to submit the following documents:
Government ID document (passport, ID or driver’s license)
Residential address document (utility bill)
Verification is also fairly straightforward and quick, with Binance responding promptly to the submission of verification documents. That said, taking a selfie while holding up an ID document and a piece of paper with “Binance” and the date written on it is a very tricky maneuver.
Without verifying your profile, you will be limited to withdraw up to 2 BTC per day. After verification, you will be capable of withdrawing up to 100 BTC daily. Even without profile verification, the exchange’s security systems may trigger mandatory verification upon funds withdrawal, which has happened to several unverified customers before.
As such, Binance is not a recommended exchange for users seeking to strengthen their online security with privacy.
Binance Trading Fees
Depositing funds is entirely free with Binance. It is, however, a slightly different story with trades and withdrawals, although these remain among the cheapest in the crypto industry.
Binance takes a 0.1% cut of every trade that takes place on its trading platform, making it one of the cheaper crypto exchanges on the web. As such, 0.1% trading fees apply to both spot trading and margin trading For example, Coinbase Pro charges 0.5% for any trade, while Bittrex charges 0.2% fee per trade. Other popular altcoin exchanges like KuCoin and HitBTC charge similar rates. KuCoin matches Binance‘s trading rate of 0.1% per trade, while HitBTC charges 0.1% for market makers and 0.2% per trade for taking orders. Exchanges like Poloniex or Kraken are more expensive, too, as they are 0.15%-0.16% maker fee and 0.25%-0.26% taker fee.
You can also get significant trading fee discounts for using Binance Coin (BNB) (up to 25%), referring friends (up to 25%). Together, they make Binance one of the cheapest exchanges in the industry.
Binance Fees. Source. Binance.com
Low trading fees also apply to Binance Futures. At the most basic level (VIP 0), you will pay 0.02% maker fee and 0.04% taker fee.
Binance Review Fees
Binance Futures trading fees. Source: Binance.com
Another key factor to look at when evaluating Binance‘s fees is futures funding rate and margin position daily interest rate. These tend to change based on market conditions, and there are no fixed rates, so be sure to check them regularly at Binance‘s website here and here.
Binance Review margin borrow rates
Binance‘s margin interest borrow rates. Source: Binance.com
Last but not least, there are deposit and withdrawal fees. Cryptocurrency deposits free for all 180+ coins supported by Binance. With withdrawals, Binance offers remarkably good value for money, although fees vary from cryptocurrency to cryptocurrency. A small sample of the fees for some of the more popular coins is shown below:
As you can see, Binance lets its users withdraw either regular or BEP2 versions of their assets. BEP2 withdrawals are based on Binance Chain and use not an actual crypto asset, but a pegged BEP2 version of it.
To put these fees in some perspective, Kraken and Bittrex both charge a 0.0005 BTC withdrawal fee, while Bitfinex and HitBTC charge 0.0004 BTC and 0.001 BTC respectively.
Although Binance does not have any fiat-to-crypto trading pairs, it does facilitate fiat-to-crypto purchases using third-party service providers and integrations. Using Binance Fiat Gateway, you can buy and sell crypto with over 40 fiat currencies. The fees vary based on the payment method and floating exchange rates determined by Simplex, Koinal, TrustToken, BANXA, iDEAL, SEPA, Paxos, and other payment processors.
Typically, fiat gateway fees vary from 1% to 7% based on the chosen payment method and processor. Bank card transactions tend to cost more compared with other payment options.
Security at Binance is generally sound, although the exchange has experienced a significant hack in May of 2019. The exchange lost over 7000 BTC due to a number of compromised user accounts and used its #SAFU fund (Secure Asset Fund for Users) for user compensations. Since then, the exchange has strengthened its security by introducing the Universal 2nd Factor (U2F) authentication method and enhancing its exchange monitoring capabilities.
Besides, Binance encourages users to enable two-factor authentication (2FA) using either Google Authenticator or SMS authentication. Also, traders have an option to whitelist addresses and set up an anti-phishing code. It also has a fairly extensive security FAQ in its support section, where it advises its users on how to guard against phishing attempts and personal security lapses. Every withdrawal from Binance must be confirmed by email.
As of 2021, Binance boasts of having state-of-the-art artificial intelligence (AI) risk control solutions that use identity and facial recognition, big data analytics, and cyber forensic investigations to monitor each movement that takes place on the exchange and identifies suspicious and irregular activities.
That said, recent events have shown that Binance can respond quickly to significant threats and protect customers’ funds. For example, in March 2018, criminals managed to use phishing to hack into the accounts of numerous users, whose funds were inexplicably sold off in order to purchase the Viacoin (VIA) cryptocurrency. However, despite this, Binance was able to systematically identify and reverse all irregular trades, meaning that the only people to lose money were the hackers.
In July 2018, Binance has started a Secure Asset Fund for Users (SAFU) and allocates 10% of all trading fee revenue there. In the case of a successful hack, it is used to cover user losses like it was done in the May 2019 security breach. Later in 2019, the exchange also had a KYC data leak, which hackers have allegedly obtained from a 3rd party vendor.
According to CryptoCompare Exchange Benchmark Q4 2019 report, Binance is a solid A grade exchange. It makes it in the top 20 exchanges in terms of security grade, too, scoring an above-average 11.5 out of 20 possible points.
All in all, Binance is a secure exchange, but security is not its hallmark, and there is some room for improvements.
Who Should Use Binance?
You might have noticed from the buying part of our Binance review that there are two options to choose from – Basic and Advanced. This is what makes Binance such a popular exchange — it is great for both beginners and advanced users.
In the trading guide above, we showed you how to use the basic functions. However, once you become a trading pro, there are some extra features available in the advanced section!
If you are a more experienced trader, the advanced options allow you to view more detailed statistics. For example, if you were interested in the price movements between Bitcoin and Ethereum, there are more advanced graphs you can view.
Candlestick bars allow you to view the opening, highest, lowest, and closing price of a cryptocurrency over a specific time period.
Just remember, if you are just getting started with cryptocurrency trading, it is probably best that you use the basic option until you feel more comfortable!
If you have read our Binance review from start to finish, you should now be able to decide if it is the right exchange for you. There are many advantages to using Binance, however, there are also some disadvantages to consider — such as not being able to deposit with a debit or credit card.
Whether you decide to use the platform or not, at least now you know how to use Binance, and you should easily be able to deposit, trade and withdraw funds!
In my opinion, Binance is one of the best cryptocurrency exchanges out there for trading between different cryptocurrencies. It offers a great, easy-to-use interface that caters to all types of traders. Not only that, but it’s a platform you can trust.
So, what do you think about the layout of the exchange? Does Binance have the cryptocurrency that you want to buy?
Let us know if you enjoyed our Binance exchange review!
With Binance Pool, Binance aims to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining and financial services. By leveraging the benefits of an exchange platform, Binance Pool offers users lower fees and more comprehensive services to increase opportunities and enable miners to earn more. Binance Pool connects miners to Binance‘s suite of financial products, including Binance Futures, Spot & Margin trading, Binance Lending, and Binance Staking.
Binance Mining Pool pool servers are: (Supported ports 8888, 3333, 1800, 443)
The pool will operate with zero fees until May 31, after which the rate will be set at 2.5%.
Mining pool minimum payout
Binance continues to evolve across all cryptocurrencies. If at the start it was an ordinary crypto exchange, now it is a complex of services related to the crypto industry and one of them is a mining pool from Binance. Earlier, a mining pool for cryptocurrencies was launched on the SHA-256 mining algorithm (Bitcoin, Bitcoin Cash, Bitcoin SV). Yesterday, November 12, 2020, Binance launched a mining pool for the second most popular cryptocurrency, Ethereum. During the month until December 12, 2020, the pool will not be charged a mining commission, and after that the commission will be only 0.5%, which is half as much as for other popular Ethereum pools. In addition, two more services are offered that are in demand among miners: instant withdrawal and exchange of cryptocurrency without the need to transfer ETH to another wallet (quickly and without commissions), the second service is Pool Savings – it allows you to store the mined cryptocurrency with a yield of 30%. If you are interested in this offer, then you need to register in the Binance system, after which all functions will be available to you, including the Ethereum Binance Pool.
Crypto exchange Binance has launched an Ethereum mining pool, seven months after launching a Bitcoin mining pool.
The expansion means Binance Pool users can now also mine ether (ETH), in addition to bitcoin (BTC). Binance will charge a 0.5% pool fee for ETH mining, half of what its competitors are charging. Ethermine and SparkPool, for instance, levy a 1% fee for ETH mining rewards.
For the first month, however, i.e., up to December 12, Binance would charge no fee for ETH mining. That means users can connect their Ethereum hash power to Binance Pool and earn rewards without sharing any commission with the exchange.
Binance‘s Ethereum mining pool uses the full pay-per-share (FPPS) method for reward payouts, similar to its Bitcoin mining pool. This method distributes block rewards, as well as transaction fees to miners.
It remains to be seen whether Binance‘s Ethereum mining pool gains similar traction as its Bitcoin mining pool, especially when Ethereum is set to move from a proof-of-work mining system to a proof-of-stake system in the near future. Binance‘s Bitcoin mining pool had about 7% of the network’s hashrate in October, according to tracker BTC.com.