One of the largest global exchanges featuring a massive altcoin list, Binance has transitioned into a full-fledged crypto ecosystem. The platform caters to the needs of both retail traders and institutional investors. If you’re just starting your crypto journey, it is better to stick with the Basic and not the Advanced trading feature. Also, if you’re from the US, you’re limited to Binance US, which doesn’t offer as many features as the global exchange. Read all about this incredible exchange in our bare-bones Binance Review.
Both the Binance and Binance US platforms are known to offer the lowest fees. Like most platforms, Binance also follows a flat fee and maker-taker structure, where both maker and taker fees are the same.
At first glance, Binance’s fee structure may seem confusing, but high-volume traders can vastly benefit from it. Besides, you can get additional discounts on the fees based on your VIP Level.
At the current rate, Binance only charges between 0.02% and 0.1% for each trade and purchase. Binance also runs a maker-taker fee model with volume discounts, which shrinks your trading fees to as low as 0.012%. If you use BNB to pay the fee, you can get 25% off your spot trading fee and receive a 10% discount on the USD-M futures trading fee. Deposits are always free.
Binance US charges a 0.50% fee for buy and sell transactions. However, US customers can take advantage of its competitive 0.1% standard fee via spot trade. Deposits and withdrawals are free unless you’re withdrawing via Wire Transfer. In that case, you’ll be charged $15 for domestic transfers and $35 for international transfers. Likewise, if you use your debit card to deposit funds, you’ll end up paying a 4.5% deposit fee.
Binance’s global exchanges feature a long list of products, including:
Binance US currently offers 50+ cryptocurrencies, many trading pairs, advanced trading options, OTC trading, and staking.
Binance is available in more than 180 countries, while Binance US operates across all American states, except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
Binance accepts fiat and crypto deposits from external wallets. The platform doesn’t charge any fee for crypto deposits, but you’ll need to pay the standard network fee. For crypto withdrawals, the fee varies based on the token and is charged at a flat rate.
For fiat deposits and withdrawals, the fee varies by the currency – it’s a long list you can check out for yourself here.
Binance’s official wallet is Trust Wallet (we know, cheesy AF), but you’re free to choose whichever wallet you want. Other than the 2019 incident, there haven’t been any other reports of a security breach, which is good news. The platform offers cold and hot wallets, 2FA, and fund insurance to safeguard users’ crypto assets. Other advanced security features include address whitelisting, device management, and the option to restrict certain devices. Additionally, all fiat deposits in Binance US are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) and held in custodial bank accounts.
Changpeng Zhao and Yi He are the Founder and Co-Founder of Binance. Binance is also owned in part by a group of investors that includes Limitless Crypto Investments, Sequoia Capital, Funcity Capital, Black Hole Capital, Plutus21, Chris McCann, Vertex Ventures China, Vertex Ventures, Vertex Ventures Southeast Asia & India, Karnika Yashwant, Edith Yeung, Phil Chen, AU21 Capital, Dragon Gateway, and several others.
If you have uploaded the correct documents, Binance usually takes 6-12 minutes to verify your account. However, the maximum verification period may be as long as ten days (but that’s very rare) in some cases.
Go to your Coinbase dashboard and select “Receive.” Then select the token and network type and copy the wallet address. Next, open your Binance account, go to send, choose the same token type and then paste the copied address from Coinbase. Hit “Transfer,” and it’s done.
You can buy BNB on the Binance platform using your credit or debit card, bank transfer, or P2P transfer. You can even swap other tokens like USDT/USDC for BNB. Alternatively, you can also search for BNB in your preferred exchange and follow the required steps.
You can withdraw both fiat and crypto from Binance, depending on your location. For withdrawals, go to your wallet and click on “Withdraw.” Select the token and the network type, enter the recipient’s wallet address, enter the security code, and transfer your crypto. For a fiat withdrawal, follow the same process. Just enter the banking details when Binance asks for them, and your funds will be transferred accordingly.
Click on “Security” and follow the instructions provided on the screen. Note that once you disable your account, you’ll need to contact Binance support to reopen it.