Binance Review 2024 - The World’s Leading Cryptocurrency Exchange

Binance Review Contents

• Binance Exchange Overview
• Binance History
• Binance Exchange Key Services
• Binance Fees & Limits:
• Binance Payment Methods (Account opening & deposit, withdrawal)
• Binance.US
• Cryptocurrencies Available on Binance.US
• Binance Jersey Launch
• Binance.US Institutional Features
• Binance for Advanced Trading
• Binance Trading
• Binance Mobile APP
• Binance Margin Trading
• Binance Supported Cryptocurrencies
• Countries available
• Is it safe to trade on Binance?
• Binance.US Review 2022
• Binance vs. Other Exchanges
• Trading Conditions for Binance Users
• Binance Customer Support
• Binance Review Summary

Binance Exchange Overview

Binance is a cryptocurrency exchange that deals with more than 600+ cryptocurrencies with a registered user base of more than 90 million around the world which make it one of the largest exchange in the world. For US users Binance has a dedicated service ‘Binance-US’ and similarly for Singapore users also. Binance has  launched the NFT marketplace for specific brands with the vision of future blockchain technologies.

Binance History

Binance cryptocurrency exchange was founded in 2017 by Changpeng Zhao and it is registered in the Cayman Islands. Initially, it was based in China but later moved its headquarters out of China due to the Chinese government’s increasing regulations on cryptocurrencies. Binance had a troubled history with regulations in the US, UK, and Japan, to comply with specific country laws Binance launched a dedicated service in the US Binance-US which fully complies with the US laws and had got the legal entity registered in the United States of America.

Binance Exchange Key Services

Binance cryptocurrency exchange is offering different services – exchanging fiat currencies for coins or coin-to-coin trading pair exchange. For buy and sell in the crypto exchange – depending upon the user’s experience in the cryptocurrencies market it provides users an option to choose between basic, classic, and advanced interfaces – for different trading preferences.

P2P Trading – An option that allows users to perform direct transactions without paying fees. Users can pick one of the offers available or post their own offer and wait for someone else to match.

Binance Crypto Wallet – A secured service not only to trade cryptos instantly but also to see the current prices on the crypto market and keep cryptos safe, Binance wallet is also available as a feature on the App for both iOS and Andriod.

Binance USD (BUSD) – A 1:1 USD-backed stable coin approved by the New York State Department of Financial Services (NYDFS).

Binance Coin (BNB) – The native coin of the Binance Chain. BNB use cases include fueling transactions on the Chain, paying for transaction fees on Binance Exchange (with a discount), making in-store payments, and many more.

Binance OTC – Off-exchange trading, providing great flexibility in terms of transactions and exchange pairs.

Binance Card – The Binance Visa Card to be used by more than 60 million merchants worldwide.

Binance Mining Pool – A platform to optimize miners’ income when redirecting users to the most profitable crypto to mine at a moment.

Binance Stock Tokens – Tokenization of shares of the publicly listed companies. Tokens represent a share in a stock corporation.

Binance Academy – Educational materials for Binance users.

Binance Labs – Financing to industry projects that help grow the larger blockchain ecosystem.

Binance Launchpad – Services for the project teams to start their ICO.

Binance Charity – Non-profit organization that enables charitable giving with cryptocurrency on its blockchain-enabled platform, providing transparent and immutable records of donations.

Binance NFT MarketPlace – Unique platform based on the blockchain for brands to sell products using crypto.

Binance Futures Trading – Binance supports derivative trading options to its users, setting stop losses is essential when margin trading, as this method can amplify losses as much as it can increase gains.

Binance Fees & Limits:

Binance fees are told to be one of the lowest in the industry.

• Binance charges its users on average a 0.1% fee on every transaction, its low fees is a major attraction point for traders. The higher the trading volume is (cumulative 30-day trading volume), the lower the fee is.
• If a user uses Binance Coin to cover fees, they can get a discount.
• There is no deposit fee, however, the user needs to consider the withdrawal fee. Binance charges a flat fee for each withdrawal – to cover the transaction costs of moving the cryptocurrency out of the user’s Binance account.

To check the current rates, please check the Binance website.

Binance Payment Methods (Account opening & deposit, withdrawal)

Binance offers various payment methods:

• Bank transfers, including: SEPA transfer (for transfers in euro within 36 countries, 27 of which are members of the European Union, all being members of the Single Euro Payments Area). SEPA transfers take up to 7 calendar days to be processed. It is suggested for large amount transactions, euro transactions and withdrawals;
• Debit & Credit Cards, including Binance Visa Card (to be used when a user makes a transfer to the card wallet);
• Cash balance on the platform;
• Third-party payment providers (Simplex, Banxa etc);
• Adding funds to your Binance account is a one-click process after adding the source and it is secure by Two Factor Authentication.

Binance accepts many currencies, including US Dollar, Euro, Pound Sterling, and many more. One can also use a range of stable coins e.g. Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True (TUSD)

Binance.US

Binance-US is a dedicated interface for US users, it contains all the products and services which are offered by Binance global but with regulatory compliance to US regulations and the Revenue department. It is a registered entity in the US with its headquarters situated in the Cayman Islands. Users have all the legal authority over an American company, the recent launch of the Binance Mobile app in the US gives users the flexibility to perform trading anywhere anytime.

Cryptocurrencies Available on Binance.US

It supports more than 60+ cryptocurrencies and stable coins which are directly linked with US Dollar. Most of the trading with crypto-crypto pairs is also supported.

Binance Jersey Launch

Binance offers users Fiat to crypto, it allows users to convert fiat currency into crypto and vice versa directly.

Binance.US Institutional Features

Binance.US Institutional feature is a diversified digital asset platform for institutions, it provides ease of onboarding and funding.

Binance for Advanced Trading

Binance provides a customized interface for advanced trading, it allows users to create candle margins and flat lines for stop loss and gains. Binance also provides a simulation of pre-trade where traders can set values and directly convert that into real-time trade once the fixed value is reached.

Binance Advanced trading experience is unique and is one of the fastest compute trading platforms available

Binance Trading

Binance provides a trading console for both USD-based markets and BTC, and also pre-trade customized scenarios to simulate the real-time trade.

Futures trading(derivatives) is also a supported type of trading, where traders can use margins or allocated funds.

Binance Mobile APP

Binance also provides a mobile app for crypto trade and it also includes a concept called ‘anytime-anywhere’, the registered user can create their crypto profile and add the frequently used cryptocurrencies with just one click buy crypto and sell crypto option.

Binance Margin Trading

Binance like other exchanges provides margin-based trading where traders can use their limit assigned to accounts, without funding actual funds.

Binance Supported Cryptocurrencies

Binance supports different cryptocurrencies Bitcoin, Ethereum, and many more (the options of buying/selling might be different for some countries). In company’s portfolio, a user might find the most popular tokens and many more. Those include:

Some currencies offered are subject to different trading options – some of the cryptos are available for sending only, some for sending and receiving, etc. and the service might differ by region, country and jurisdiction.

Countries available

Binance’s services are available in most of the countries in the world. The countries Binance does not offer its service in are those who are on the economic sanctions list. Users in the US might use dedicated service for Americans – binance.us. There is one also for Singapore.

Th scope of services might differ in countries.

Is it safe to trade on Binance?

Binance declares to be devoted to customers’ security. Here are some examples of security measures applied by Binance that we covered in our Binance review.

• Secure Asset Fund for Users (SAFU) – binance is allocating 10% of the trading fees to the SAFU fund to provide insurance in case of potential breaches;
• Web communication is TLS (former SSL) encrypted;
• Big Data – Together with Artificial Intelligence (AI) algorithms monitors for unusual transactions and logins to prevent potential breaches;
• Two-factor authentication (2FA) – for better authentication of the users, done by TOTP through an external app, SMS text, or a voice call;
• Bug bounty program – financial motivation for ethical hackers.

Binance cryptocurrency exchange is the largest cryptocurrency exchange in terms of transactions and user base, to secure users’ information and privacy are their highest priority.

Binance.US Review 2022

As it is a dedicated interface for US users still it inherits features from Binance global and provides the same level of services and features. It also provides a user interface to purchase crypto using local currencies as well as using BnB or any other means like credit or debit card. As compared to other exchanges available in US, Binance offers low trading fees.

Binance vs. Other Exchanges

There are plenty of exchanges available in the market but Binance’s user base and its lowest fee are key features that lead.

Trading Conditions for Binance Users

Binance supports both spot trading and derivative trading, there are no hidden charges like % of trading volumes, the quantity of the crypto, pre-trade simulation and real-time execution gives unique confidence to the user. Binance allows traders to use margins to buy and sell crypto if they are running out of funds and need urgent trade to pass over, margins are set as per user account based on the credit history of the registered user.

Binance Customer Support

• Binance offers a wide knowledge base, guiding its users through the crypto trading journey.
• Users of Binance have access to 24/7 support via email, chat bot or a ticketing system – where a user can submit any question or report a scam.

Binance Review Summary

In nutshell, Binance cryptocurrency exchange offers great services to its users and is one of the best among its competitors. The diversified services offered by Binance are – exchanging fiat currencies for coins or coin-to-coin exchange. It gives its users ease of operation and customized options to choose between basic, classic and advanced interfaces – for different trading preferences – depending on the user’s experience in the cryptocurrency market with reasonable fees. Binance’s provides vast market coverage offering its services in the majority of the countries of the world. The countries Binance does not offer its service in are those that are on the economic sanctions list. Binance provided fully compliant dedicated in-country service for its users in the US and Singapore are added advantages.

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