Updated · Aug 03, 2022
Best for: Cheap and secure cryptocurrency exchanges
There’s nothing better than a highly-secure crypto exchange platform to satisfy your crypto needs. This Binance review will give you all the insider information regarding Binance features. Continue reading to find out more.
What is Binance?
Binance is the world’s largest cryptocurrency exchange platform in terms of trading volume. It was created in 2017 by Changpeng Zhao, a developer who also designed the high-frequency trading systems Fusion Systems in 2005.
Due to China’s strict regulations towards cryptocurrencies, Binance moved between Taiwan and Japan until establishing its headquarters in Malta. This newly established company recorded a surprisingly strong start, averaging more than $1 billion in daily trades in 2017.
How Does Binance Work?
Binance’s primary function is crypto-to-crypto trading. Its low transaction fees, liquidity, and additional discounts for paying in Binance’s native cryptocurrency (BNB) are what attracts many users from all across the globe.
Even though Binance isn’t challenging to use if you have previous experience with online crypto exchange platforms, the Binance Academy helps anyone new to the world of crypto trading.
Binance offers services based around trading, listing, fundraising, and delisting or withdrawing cryptocurrencies. It’s open to new cryptos as it provides the possibility to launch new tokens by raising funds through an Initial Coin Offering (ICO).
To start exchanging currencies with Binance, you have to complete the necessary KYC requirements. The platform supports limit, market, and stop-limit orders: Limit orders are executed at the trader’s limit price, market orders instantly at the best available price, and stop-limit orders become valid once the price reaches a specified level.
Currently, there are no Binance deposit fees. But keep in mind that transaction fees are applied to withdrawals, depending on the type of cryptocurrency.
With only three active years, Binance has already established itself as one of the leaders in the online crypto exchange world. This popularity is mainly due to its regularly updated and newly introduced features. Our Binance review will show you the details below.
Binance Brokerage Service
The company launched an updated brokerage service in September 2020, introducing margin trading and liquid swap. Thanks to this change, brokers can now create unlimited amounts of sub-accounts through the API.
The brokerage service also provides users with leveraged tokens, spot trading, futures trading, and saving.
Does Binance have a wallet? It does - Binance has one of the most secure and trusted crypto wallets out there. By downloading the wallet, users can start trading in just a few minutes without worrying about security issues.
The wallet also allows users to track charts and prices, earn interest, and see collectibles and NFTs in one place.
Trading on Binance is easy, especially with the peer-to-peer trading service. P2P connects buyers and users instantly, which facilitates fiat payments.
Launchpad is a platform for incubating and hosting IEOs, showing vetted projects ahead of time. Previously, investors had to research IEOs and Binance currencies independently.
Many Available Currencies
Binance supports more than a hundred cryptocurrencies. You can find all available currencies on Binance’s website, but here are some of the best coins on Binance:
- BTC — Bitcoin
- BUSD — BitcoinUSD
- ETH — Ethereum
- XRP — Ripple
- TRX — TRON
- POT — PotCoin
- NMC — Namecoin
- USDT — Tether
- BCH — Bitcoin Cash
- BAT — Basic Attention Token
- LTC — Litecoin
- TIT — Titcoin
- DOGE — Dogecoin
- HBAR — Hedera Hashgraph
- XPM — Primecoin
- NEO — NEO
That concludes some of Binance’s best features, but this platform has a lot more to offer. Let’s take a look at some more details.
The Binance fee structure is quite original as it allows users to pay at a discounted rate when using BNB. Binance’s success may even be due to these prices because even the regular fee is one of the most affordable on the market.
Binance trading fees amount to 0.1% per trade, while only 0.075% when using BNB. It’s unlikely that users will find lower costs. Plus, if you opt for USDT trading, you will be able to take advantage of a 10% discount rate.
The withdrawal fees vary per digital currency. Typically, Bitcoin has the lowest fee of only 0.0005%, while 0.005% is charged for ETH withdrawals.
Binance uses 20% of its quarterly profits to buy back BNB tokens. According to many Binance reviews, this happens to increase demand while maintaining the value.
Binance doesn’t impose any limits on deposits. The limits for your Binance cards differ on a daily and monthly level:
Daily spending limits:
- Virtual Card — EUR 870
- Physical Card — EUR 8,000
Monthly spending limits:
- Virtual Card — EUR 2,000
- Physical Card — EUR 20,000
The monthly limit for ATM withdrawals is EUR 300, while a single ATM withdrawal limit is EUR 150. Binance withdrawal time is quick and typically only takes 30 minutes to be processed.
Binance supports users from more than 180 countries. There are a few restricted countries that won’t allow registry, including:
|Bosnia and Herzegovina||Libya|
|Central African Republic||Republic of North Macedonia|
|Democratic Republic of Congo||Serbia|
|Democratic People’s Republic of Korea||Somalia|
|Crimea region of Ukraine||South Sudan|
|Cuba||United States of America|
Supported Payment Methods
Binance supports various deposit payment methods, including:
- Bank fiat
- Credit/debit card
- PTP trading
- Third-party payment
Is Binance safe? Yes, Binance is 100% safe. The operator delivers high-level security to protect users’ information and assets. The security measures used on the website include:
- YubiKey 2-Factor Authentication: A hardware device used as a 2FA method to enhance account security.
- Anti-Phishing Code: Helps differentiate Binance emails and phishing attempts.
- Account Activity: Allows you to see your account activity as part of a security check.
- SMS, Email, and Google Authentication: Used for withdrawals and security modifications.
- Device Management: Allows users to see and delete devices permitted to use the account.
- Address Management: Allows users to save and write memos for each of the withdrawal addresses. The Whitelist option allows you to withdraw funds to specific addresses for additional protection.
Regarding phishing, keep in mind that platforms like Binance will never ask you to send your password. Always take time to check the details regarding your account or traction history, bookmark your frequently visited websites, and refer to the Binance official site to read more on the advanced frauds.
Based on our own experience and other user-written Binance reviews, we can conclude that customer support is relatively slow. Although there are many available ways to contact the support agents (live chat, submitting a request/ticket, search options, and an FAQ section), not all have proven effective.
Contacting the live chat support agents is not an issue as they are pretty quick to respond when traffic is slow. But, since the live chat is functional 24/7, we would expect a faster response time. Requests and tickets took even longer, as we had to wait a few days for a reply.
Despite the long waiting times, the support staff is decently informed about the website and Binance features.
Binance vs. Coinbase
Many users compare Binance to Coinbase, but there are some significant differences between these two platforms. Coinbase is primarily a cryptocurrency brokerage, while Binance is an exchange platform.
Both platforms are highly secure and among the best in the industry. Whichever is best comes down to what features you need.
Binance withdrawal fees are much lower, but Coinbase is easier to use and has more responsive customer support. Binance has more than 180 different available cryptocurrencies, while Coinbase only offers 30.
Verdict - Is Binance Worth It?
Binance is a world-leading crypto exchange platform. It has one of the most extensive crypto offerings with more than 180 available cryptocurrencies, and the platform accepts users from more than 100 countries.
The verification process and the site’s security are first-class, protecting you with Binance’s two-factor authentication security system. However, KYC compliance might be considered a negative for users wanting to buy Bitcoin on Binance and preserve their anonymity.
If you’re looking for a highly-secure exchange platform with high-volume trading, Binance is the right choice for you. But if you’re a beginner needing extra help from the support staff, we recommend trying out other platforms and come back to Binance once more experienced.
Can I withdraw money from Binance?
Yes, you can. Binance allows for money withdrawals to your Binance trust wallet. The withdrawal processing only takes about 30 minutes.
Should I keep my crypto on Binance?
Yes, Binance’s CEO states that keeping cryptos on Binance is much safer than holding individual keys. Many crypto organizations advocate for users to store their own keys, but that might not be the safest option.
For most people, a centralized exchange is a better option. In case of cyberattacks or breaches in security, recovery is much easier if your cryptocurrencies are kept on Binance.
Is Binance better than Coinbase?
Coinbase is a cryptocurrency brokerage, while Binance is a cryptocurrency exchange platform. If you are more interested in exchanging and trading cryptos, Binance is a better option for your needs. Fees are much lower on Binance than on Coinbase, and it has a longer list of available cryptocurrencies.
Does Binance report to the IRS?
The original Binance platform doesn’t allow US users to open an account and participate in Binance trading and exchanging.
However, there is a separate Binance website specifically designed for US users (Binance.us). According to the IRS, crypto is treated as property for tax purposes, so you’re liable for any capital gains when selling or trading cryptos. By reporting cryptocurrency on your tax return, you must calculate trades with USD equivalent for the IRS Form 8949.
Do I need a wallet for Binance?
No, Binance has its own wallet, and it’s a safe and easy place to store your funds outside of Binance. You are not obligated to use the trust wallet, but we recommend downloading it as it’s free and highly-secure. Our Binance review has concluded that a decentralized, private, and friendly-to-use Binance wallet is the perfect choice for Binance users.
Deyan has been fascinated by technology his whole life. From the first Tetris game all the way to Falcon Heavy. Working for TechJury is like a dream come true, combining both his passions – writing and technology. In his free time (which is pretty scarce, thanks to his three kids), Deyan enjoys traveling and exploring new places. Always with a few chargers and a couple of gadgets in the backpack. He makes mean dizzying Island Paradise cocktails too.
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