Check out this Binance review if you want to buy or sell cryptocurrencies more easily than ever before with a trusted business.
I have been using Binance for a few years, and I am one of the satisfied users of this crypto exchange.
Below, you can find out details about services, types of deposit and withdrawal methods, trading fees, security, and so much more.
Without further ado, let’s begin.
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All cryptocurrency exchanges have pros and cons. Binance is not any different. Here, you can see the things most customers like about Binance and the ones they don’t.
Binance is a centralized cryptocurrency exchange. Here, users can trade virtual assets easily. It is one of the more popular platforms these days, with support for over 150 cryptocurrencies.
Besides trading capabilities, Binance also offers eWallets where investors can store their digital tokens.
One of the many reasons why Binance is so popular is that it is available in over 180 countries. It is available in the United States, with some limitations (New York, Vermont, Texas, Hawaii.)
This trading platform has been available online since 2017. It was created by Changpeng Zhao and he is the CEO of the company. The company is located in the United States and has over 7,000 employees with billions in revenue.
Another thing you may want to know is the number of users. There are over 150 million registered users on Binance. Trading volume varies dramatically, but it is usually around $13 billion.
For comparison, other brokers and competitors like Coinbase have over 108 million registered users. As such, you can see that Binance is a common choice for many users.
However, this might be a bit complicated for newbies due to a simple fact. Binance offers a lot of features, and some of these are not known to beginners. Some examples can even be spot trading and margin trading. If you are a beginner, check out the educational resources at Binance to get a better idea of the features and services.
Trading pairs at crypto exchanges refer to the ability to exchange one asset for a completely different one. For instance, on this platform, the most popular trading pair at the moment is BTC/USDT.
Here, you can see that there are over 270 different pairs offered. Some of the popular options include:
The borrow feature on cryptocurrency exchanges is exactly as you may think. It may also act as your savings account. This feature allows you to borrow money from the platform and get a return. You can borrow up to $500,000. Binance’s legit system makes all of this safe and secure.
However, the limit for loans is determined by the coin you want to use and a few other factors.
In general, you can borrow a 10 times bigger amount than the assets you own on the platform. Another thing to know is that Binance allows you to borrow up to 65% of the total value of the collateral. For any trader, this is appealing.
Binance supports a variety of digital assets. Over 150 of these are offered. This is not the highest number you will see among cryptocurrency exchanges. Some alternatives support more.
But this number is still sufficient for most crypto traders. Thanks to this, Binance International is an ideal site to trade cryptocurrencies if you are a beginner or intermediate user.
Nevertheless, many professional traders have been using Binance as well. It all depends on which crypto or stablecoins you want to trade, the fees, and the trading pairs supported.
Don’t forget that Binance has its own coin. It is called Binance Coin (BNB). In the beginning, this coin worked on the Ethereum network. However, this changed a while back, and now it uses its own network.
eWallets are more than just important for traders and users who deal with cryptocurrencies. You can use these for deposits and withdrawals. As such, I want to mention that Binance supports a long list of eWallets. Some of these include:
In a nutshell, most users will never have any issue using the eWallet they like and want either for making a deposit or withdrawing their investment.
If you check Binance reviews from many users, you will find one interesting thing. Many of them use and like the provided app.
The app is available on Google Play, and App Store and Android users can also get the APK file directly from the official website. In addition, the app is available for computers running Mac, Windows, and Linux.
The app is easy to use and allows you to trade cryptocurrencies on the go. You can also deposit or withdraw funds via the app and use many additional features.
A great advantage here is that you can activate biometric security, which makes logging in to the app much more secure and easier. Without this, you will need to enter a code almost every time you try to log in.
Is Binance legit and secure? It is actually one of the most secure online crypto exchanges you will ever find. Keep in mind that none of these platforms is 100% secure, but Binance is certainly at the top.
There are a few main technologies that ensure the security of users. The first one is two-factor authentication. This makes accessing accounts much more secure.
Binance uses 2FA SMS and 2FA Google Authenticator, which are well-known features and have been used by millions. Some users have complaints about how time-consuming it is to log in to your account, due to many layers of security.
But this platform also uses additional security technologies that make it even more secure. For instance, they use withdrawal whitelists, anti-phishing codes, and more.
When all of this is combined, access to your finances is 100% secure at any given moment. The exchange has excellent safety ratings.
Security breaches on crypto exchanges are possible, and they do happen. But they are rare. This happened with Binance on May 7, 2019 , when the security was breached by hackers. Another Binance hack occurred in 2022 , when hackers stole $570 million.
However, the platform has updated its security since then, and there have been no other breaches. Binance safety has been above average.
Both of these are available and mandatory for users to complete at Binance. KYC stands for Know Your Customer. You will have to share photos of government ID documents and additional documents to prove your identity and address. Naturally, you will guarantee the accuracy of your information.
AML, or Anti-Money Laundering process is required as well. The goal of this process is to eliminate criminal use of the platform. It protects the platform and the users.
Licenses allow exchanges to operate in a specific country. I can even add that using licensed crypto exchanges is a wise choice. In this scenario, you can see that Binance has licenses from multiple regulators, from different countries. These include:
When it comes to certificates, Binance holds ISO 27001 and ISO 27701. These refer to Information security governance (protecting the user’s data) and Privacy information management (storing and keeping private information securely).
|Cryptocurrency||Annual Interest Rates||Maker Fees||Taker Fees||Staking Rewards Service Fee||Withdrawal Fee|
|BTC||1.14%||0.3%||0.4500% – 0.0375%||20%||0.000065 BTC|
|ETH||1.65%||0.3%||0.4500% – 0.0375%||20%||0.008 ETH|
|USDT||2.54%||0.3%||0.4500% – 0.0375%||20%||N/A|
|USDC||3.11%||0.3%||0.4500% – 0.0375%||20%||N/A|
For Fiat Withdrawals:
Now that you know that Binance security is top-notch, you will want to know something about the rates and fees. All cryptocurrency exchanges have these, so the goal for many users is to find the one that has the lowest.
In general, Binance has some of the lowest rates for any trade, which is definitely an advantage. The annual interest rates are different for each cryptocurrency. Here is how these look for some of the more popular coins.
Naturally, Binance also has certain fees. A nice advantage is that there are no deposit fees of any kind. Even if you deposit $10, which is the lowest deposit, you will get $10 on your account.
On the other hand, you have a Tier 1 and Tier 2 fee structure. The Tier 1 structure features no fees for takers and makers. But, Tier 2 has fees, as you can see.
Withdrawal fees are applicable, as stated above, but may change over time. Once again, these range dramatically and depend on the coin you want to withdraw. If you are a registered user, you can check the official page for fees or contact support.
I can share fees associated with a few of the most popular coins.
When withdrawing fiat currencies, you won’t have to worry about fees, if you use USD, AUD, NZD, and some others. But if you use EUR, you are looking at 0.12%, 1.8%, or 1 EUR of withdrawal fees. The fee depends on which method you are using for withdrawal.
Well, now you know what this platform is. Here is the answer to the second question. This is the list of supported countries.
Most of the Binance opinions I have heard are linked to the low fees and overall simplicity. The latter refers to the usability of the platform.
In general, Binance is easy and simple to use. Even if you are a beginner, you can create an account, deposit funds, and buy almost any cryptocurrency you like. All of this improves the user experience.
The registration process itself is not complicated. You have to provide your email, name, password, and similar things. But, once you are done with this, you will need to verify the account and email and add a telephone number.
All of this takes time. Verification will usually require more time than the actual registration. But once you are done with this, all the features are available to you, and you can start using Binance.
The overall design of Binance is modern, and simple, but still loaded with features. Try to explore the site and check out most of the options it offers. You will be amazed by the options.
In a nutshell, the overall design of Binance can be one of the advantages this exchange platform offers.
Educational resources on Binance are some of the best in the industry. First of all, there are many articles, videos, and so much more. The whole section is called Binance Academy, which makes sense.
If you want to learn what cryptocurrencies are, how to trade them, use them, and more, this option on the site is more than just recommended. You can even see that many of the Binance reviews users wrote mention educational resources as a huge advantage.
All users will have to deposit funds on Binance if they want to buy cryptocurrencies. If you want to do the same thing, you should know which methods are available. Is Binance good when it comes to payment method options? Let’s find out.
You can deposit fiat currencies and cryptocurrencies on Binance. The list of fiat methods is common and, actually, not special. But you can use most of the common methods, as mentioned below.
There are no deposit fees here. But you can also opt for cryptocurrencies. This list is much longer. Let’s just say that you can use most of the cryptocurrencies available these days. There are no fees when depositing cryptocurrencies.
When withdrawing cryptocurrencies, fees are applicable. But these fees are very low, as stated above. Those are definitely not some of Binance’s cons. On the other hand, you can use most cryptocurrencies for withdrawal transactions.
Fiat currency withdrawals might have fees as well. This depends on the currency you want to use. For instance, there are no fees when withdrawing USD. For withdrawals, you can use these two methods.
Withdrawals from Binance are generally fast. Most of these, when using cryptocurrencies, will last a few seconds. Of course, in rare cases, Binance may have too many requests to process.
If that happens, the request might take up to 24 hours. Fiat currency withdrawals usually take a couple of days.
Customer support at Binance is available via live chat and email. You can start a live chat with the chatbot first. If it cannot help you, you are free to ask an agent. If you use the email method ([email protected] , [email protected] ) the customer team will respond within 24-48 hours.
Overall, customer service is a bit slow, which is a disadvantage, but works well, and support agents can help you resolve any issues you may have.
If you have read the complete Binance review you may think that this platform is right for you. Binance is a well-known and reliable platform that has millions of active users, supports many cryptocurrencies, and has very low fees. At the moment, all I can say is that this is one of the exchanges that will probably become even more popular in the near future.
Yes, Binance is a legal, reputable, and safe cryptocurrency exchange that people from most parts of the world can use. The security is at the highest level possible, and the platform has only had one security breach in the past.
The benefits of using Binance include low fees, a simple user interface, and educational resources. In general, you can find almost any digital asset you like, trade it, and even learn how to do that.
Yes, the mobile app is available for Android and iOS devices. You can download it from the official app stores or even from Binance if you use an Android device. Within the app, you can deposit, buy, sell, and withdraw funds. As such, it comes with many recommendations from other traders.
Yes, there are a lot of educational resources at Binance. In a nutshell, beginners can learn how to trade, use cryptos, solve relevant problems, and even make investments. This is known as Binance Academy, and it is one of the best on the market.
The founder and CEO of the company is Changpeng Zhao. He has been responsible for leading the company since its conception in 2017. He is known for excellent performance.
Binance is available in over 180 countries. It’s likely legal if it is available in your country of residence. But you should still check the list above and do your research to get accurate information.